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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Europe, Middle East and Africa
- Asia/Pacific Rim
- Americas, excluding the U.S.
| Region | FY2025 | FY2024 |
|---|---|---|
| United States | $23.2M | $22.7M |
| Europe, Middle East and Africa | $14.4M | $11.8M |
| Asia/Pacific Rim | $13.0M | $11.9M |
| Americas, excluding the U.S. | $2.1M | $2.2M |
As the company reported it, from the “Business Segments and Geographical Information - Revenue Information by Geographic Region (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46.2M | $41.6M | $42.6M | $43.4M | $36.3M | $53.9M | $57.0M | $51.9M | $48.7M | $52.7M |
| Gross profit | $20.8M | $15.5M | $17.5M | $17.9M | $15.6M | $22.8M | $25.4M | $21.8M | $19.5M | $19.2M |
| Net income | -$11.7M | -$12.9M | -$12.8M | -$8.8M | -$6.3M | -$5.2M | -$7.5M | -$9.6M | -$8.9M | -$4.4M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3845
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MDT | Medtronic plc | $122.04B | 25.6x | 8.4% |
| LIVN | LivaNova PLC | $4.46B | — | 10.7% |
| ITGR | Integer Holdings Corp | $4.30B | 43.8x | 8.0% |
| TMDX | TransMedics Group, Inc. | $2.45B | 14.5x | 37.1% |
| AXGN | Axogen, Inc. | $2.05B | — | 20.2% |
| BLFS | BIOLIFE SOLUTIONS INC | $1.89B | — | 28.9% |
| CNMD | CONMED Corp | $1.48B | 32.6x | 5.2% |
| CBLL | Ceribell, Inc. | $1.04B | — | 36.1% |