IRIDEX CORP IRIX
IRIDEX Corporation ("IRIDEX") is an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures used to treat sight-threatening eye conditions, including glaucoma and retinal diseases.
Our proprietary MicroPulse® Technology and Endpoint Management Technology are used for the treatment of glaucoma and retina disorders. Both technologies are offered as optional treatment modes in select laser consoles in addition to the standard continuous-wave ("CW") treatment mode. They allow low-energy, subvisible, tissue-sparing laser therapy by different means: MicroPulse technology uses short, microsecond-long laser pulses that allow tissue to cool between pulses giving physicians finer control of thermal elevation to minimize tissue damage. Endpoint Management technology uses a delivery algorithm to titrate the laser energy. CW laser photocoagulation can stabilize vision over the long term but can also result in varying degrees of vision loss. Both MicroPulse and Endpoint Management technologies have demonstrated clinical efficacy with a safer profile compared to standard high-energy CW laser for the treatment of both retinal diseases and glaucoma.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.7M | $48.7M | $51.9M | $57.0M | $53.9M | $36.3M | $43.4M | $42.6M | $41.6M | $46.2M |
| Cost of revenue | $33.4M | $29.2M | $30.1M | $31.6M | $31.1M | $20.8M | $25.5M | $25.1M | $26.1M | $25.3M |
| Gross profit | $19.2M | $19.5M | $21.8M | $25.4M | $22.8M | $15.6M | $17.9M | $17.5M | $15.5M | $20.8M |
| R&D | $3.7M | $5.4M | $6.8M | $7.2M | $6.9M | $3.3M | $3.7M | $4.0M | $5.2M | $5.4M |
| SG&A | $7.7M | $9.8M | $8.7M | $7.6M | $8.9M | $6.6M | $8.4M | $9.6M | $8.8M | $7.6M |
| Total operating expenses | $21.8M | $27.8M | $31.8M | $32.9M | $30.4M | $22.1M | $26.9M | $30.3M | $28.4M | $23.4M |
| Operating income | -$2.6M | -$8.3M | -$10.0M | -$7.5M | -$7.5M | -$6.6M | -$9.0M | -$12.9M | -$12.9M | -$2.6M |
| Pre-tax income | -$4.4M | -$8.8M | -$9.5M | -$7.5M | -$5.2M | -$6.3M | -$8.8M | -$12.8M | -$13.0M | -$2.7M |
| Income tax | $57.0K | $68.0K | $90.0K | $65.0K | $40.0K | $26.0K | $48.0K | $37.0K | $128.0K | $9.1M |
| Net income | -$4.4M | -$8.9M | -$9.6M | -$7.5M | -$5.2M | -$6.3M | -$8.8M | -$12.8M | -$12.9M | -$11.7M |
| EPS, basic | -0.26 | -0.54 | -0.59 | -0.47 | -0.34 | -0.46 | -0.64 | -1.05 | -1.11 | -1.15 |
| EPS, diluted | -0.26 | -0.54 | -0.59 | -0.47 | -0.34 | -0.46 | -0.64 | -1.05 | -1.11 | -1.15 |
| Shares, diluted (wtd. avg.) | $16.9M | $16.4M | $16.1M | $15.9M | $15.4M | $13.8M | $13.7M | $12.2M | $11.6M | $10.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.0M | $2.4M | $7.0M | $13.9M | $23.9M | $11.6M | $12.7M | $21.2M | $21.7M | $23.7M |
| Receivables | $7.6M | $6.0M | $6.7M | $6.2M | $6.6M | $7.3M | $9.3M | $9.1M | $7.9M | $10.0M |
| Inventory | $7.9M | $10.8M | $9.9M | $10.6M | $7.6M | $5.7M | $8.2M | $8.8M | $9.4M | $11.6M |
| Total current assets | $25.3M | $23.6M | $27.4M | $35.8M | $42.3M | $25.4M | $30.6M | $39.6M | $39.5M | $45.9M |
| Property, plant and equipment | $58.0K | $115.0K | $351.0K | $462.0K | $428.0K | $449.0K | $730.0K | $1.2M | $1.4M | $1.5M |
| Goodwill | $965.0K | $965.0K | $965.0K | $965.0K | $965.0K | $400.0K | $533.0K | $533.0K | $533.0K | $533.0K |
| Other intangibles | $984.0K | $1.3M | $1.6M | $2.0M | $2.2M | $68.0K | $84.0K | $100.0K | $116.0K | $132.0K |
| Total assets | $29.2M | $29.1M | $34.4M | $42.3M | $48.7M | $28.0M | $34.8M | $41.7M | $41.6M | $48.1M |
| Accounts payable | $5.4M | $7.0M | $4.5M | $3.9M | $2.8M | $1.1M | $2.6M | $2.5M | $1.7M | $2.0M |
| Short-term debt | — | $1.7M | — | — | — | $1.2M | — | — | — | — |
| Total current liabilities | $13.2M | $16.6M | $13.0M | $12.5M | $12.6M | $8.7M | $9.8M | $10.5M | $10.4M | $8.2M |
| Long-term debt | — | $1.0M | — | — | — | $1.2M | — | — | — | — |
| Total liabilities | $24.2M | $27.0M | $24.9M | $25.1M | $25.4M | $10.6M | $12.1M | $11.7M | $11.1M | $9.0M |
| Retained earnings | -$92.4M | -$88.0M | -$79.0M | -$69.7M | -$62.2M | -$56.9M | -$50.6M | -$41.8M | -$29.0M | -$16.1M |
| Total equity | $4.9M | $2.1M | $9.5M | $17.2M | $23.3M | $17.4M | $22.7M | $30.0M | $30.5M | $39.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.1M | -$7.3M | -$6.7M | -$9.5M | $8.2M | -$3.2M | -$7.9M | -$10.0M | -$3.6M | -$144.0K |
| Depreciation and amortisation | $200.0K | $244.0K | $277.0K | $257.0K | $640.0K | $488.0K | $672.0K | $793.0K | $842.0K | $632.0K |
| Capital expenditure | $143.0K | $13.0K | $109.0K | $286.0K | $213.0K | $97.0K | $128.0K | $440.0K | $575.0K | $1.1M |
| Investing cash flow | -$143.0K | -$13.0K | -$109.0K | -$286.0K | -$5.6M | -$93.0K | -$509.0K | -$827.0K | -$782.0K | -$1.5M |
| Financing cash flow | $6.0M | $2.6M | -$5.0K | -$73.0K | $9.5M | $2.5M | -$156.0K | $10.4M | $2.3M | $15.4M |
| Buybacks | — | — | — | — | — | — | — | — | — | $59.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002077096-26-000092.
Others in SIC 3845
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MDT | Medtronic plc | $120.46B | 25.2x | 8.4% |
| LIVN | LivaNova PLC | $4.51B | — | 10.7% |
| ITGR | Integer Holdings Corp | $4.30B | 43.8x | 8.0% |
| TMDX | TransMedics Group, Inc. | $3.12B | 18.5x | 37.1% |
| AXGN | Axogen, Inc. | $2.60B | — | 20.2% |
| BLFS | BIOLIFE SOLUTIONS INC | $1.72B | — | 28.9% |
| CNMD | CONMED Corp | $1.48B | 32.7x | 5.2% |
| CBLL | Ceribell, Inc. | $948.7M | — | 36.1% |