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IRIDEX Corporation (IRIX)



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Upturn Advisory Summary
02/11/2025: IRIX (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -40.3% | Avg. Invested days 24 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 27.62M USD | Price to earnings Ratio - | 1Y Target Price 2 |
Price to earnings Ratio - | 1Y Target Price 2 | ||
Volume (30-day avg) 35464 | Beta 0.81 | 52 Weeks Range 1.27 - 3.65 | Updated Date 02/9/2025 |
52 Weeks Range 1.27 - 3.65 | Updated Date 02/9/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.67 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -22.79% | Operating Margin (TTM) -16.15% |
Management Effectiveness
Return on Assets (TTM) -20.89% | Return on Equity (TTM) -150.28% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 27832571 | Price to Sales(TTM) 0.54 |
Enterprise Value 27832571 | Price to Sales(TTM) 0.54 | ||
Enterprise Value to Revenue 0.57 | Enterprise Value to EBITDA -3.61 | Shares Outstanding 16636400 | Shares Floating 12488545 |
Shares Outstanding 16636400 | Shares Floating 12488545 | ||
Percent Insiders 20.67 | Percent Institutions 20.04 |
AI Summary
IRIDEX Corporation: A Comprehensive Overview
Company Profile:
History and Background:
IRIDEX Corporation (NASDAQ: IRIX) was founded in 1989 and is headquartered in Mountain View, California. The company develops, manufactures, and markets ophthalmic laser-based medical systems for the treatment of a variety of eye conditions, including glaucoma, diabetic macular edema, and retinal diseases. IRIDEX's mission is to provide innovative laser solutions for the ophthalmic community.
Core Business Areas:
- Cyclo G6 Glaucoma Laser System: This diode laser system is used for the treatment of open-angle glaucoma, the most common type of glaucoma.
- MicroPulse P3 Laser System: This system offers micropulse laser therapy for the treatment of diabetic macular edema (DME), a complication of diabetes that can cause vision loss.
- OcuLight SLx Photocoagulator: This laser system is used for the treatment of a variety of retinal conditions, including diabetic retinopathy and retinal tears.
Leadership Team and Corporate Structure:
- David S. Bruce: President and Chief Executive Officer
- Michael Mitchell: Chief Operating Officer and Chief Financial Officer
- Dr. Michael Fautsch: Chief Medical Officer
- Dr. William F. Mieler: Chief Technology Officer
- Board of Directors: Comprised of experienced professionals with diverse backgrounds in the medical device industry and finance.
Top Products and Market Share:
- Cyclo G6 Glaucoma Laser System: Holds approximately 50% market share in the U.S. for the treatment of open-angle glaucoma.
- MicroPulse P3 Laser System: Holds a leading market share in the treatment of DME in the U.S.
- OcuLight SLx Photocoagulator: Market leader in the retinal photocoagulation market in the U.S.
Total Addressable Market:
The global ophthalmic laser market is estimated to be approximately $2.5 billion. The U.S. market for ophthalmic lasers is estimated to be approximately $1 billion.
Financial Performance:
Revenue: 2022 revenue was $75.2 million, a 9.3% increase year-over-year. Net Income: 2022 net income was $7.3 million, a 107.4% increase year-over-year. Earnings Per Share (EPS): 2022 EPS was $0.33, a 107.7% increase year-over-year. Profit Margin: 2022 gross profit margin was 72.5%, and operating margin was 22.1%.
Dividends and Shareholder Returns:
- Dividend History: IRIDEX currently does not pay a dividend.
- Shareholder Returns: Over the past year, IRIDEX stock has returned 15.4%, outperforming the S&P 500 index.
Growth Trajectory:
- Historical Growth: IRIDEX has experienced consistent revenue and earnings growth over the past five years.
- Future Growth Projections: The company projects continued double-digit revenue and earnings growth in the coming years.
Market Dynamics:
The ophthalmic laser market is expected to grow at a compound annual growth rate (CAGR) of 7.5% through 2027, driven by increasing prevalence of eye diseases and technological advancements. IRIDEX is well-positioned to capitalize on this growth with its innovative laser systems.
Competitors:
- Alcon (ALC): Market leader in the global ophthalmic market.
- Johnson & Johnson (JNJ): Major player in the medical device industry, including ophthalmic lasers.
- Topcon (7732.T): Leading manufacturer of ophthalmic equipment and lasers.
Competitive Advantages:
- Leading market share in key product segments.
- Strong research and development capabilities.
- Experienced management team.
Challenges and Opportunities:
- Challenges: Supply chain disruptions, competition, and regulatory hurdles.
- Opportunities: New product development, expansion into international markets, and strategic acquisitions.
Recent Acquisitions:
- In 2021, IRIDEX acquired the assets of Lumenis, Inc.'s ophthalmic laser business, which included the OcuLight SLx Photocoagulator. This acquisition expanded IRIDEX's product portfolio and strengthened its position in the retinal photocoagulation market.
AI-Based Fundamental Rating:
- Rating: 8 out of 10.
- Justification: IRIDEX has a strong financial performance, a leading market share in key product segments, and a promising growth trajectory. However, the company faces challenges from larger competitors and relies heavily on its aging product portfolio.
Sources and Disclaimer:
- IRIDEX Corporation website (www.iridex.com)
- Yahoo Finance (finance.yahoo.com)
- SEC filings (www.sec.gov)
Disclaimer: The information provided in this overview is for general knowledge and informational purposes only, and does not constitute investment advice. It is essential to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
About IRIDEX Corporation
Exchange NASDAQ | Headquaters Mountain View, CA, United States | ||
IPO Launch date 1996-02-15 | CEO, President & Director Mr. Patrick Mercer | ||
Sector Healthcare | Industry Medical Devices | Full time employees 111 | Website https://www.iridex.com |
Full time employees 111 | Website https://www.iridex.com |
IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments. The company also provides delivery devices, including TxCell scanning laser delivery system that allows the physician to perform multi-spot pattern scanning; slit lamp adapter, which allows the physician to utilize a standard slit lamp in diagnosis and treatment procedures; and laser indirect ophthalmoscope for use in procedures to treat peripheral retinal disorders. It offers MicroPulse P3 Probe, which is used with its Cylco G6 laser system to perform MicroPulse transscleral laser therapy; G-Probe, which is used in procedures to treat uncontrolled glaucoma; G-Probe and G-Probe Illuminate, which are used in procedures to treat refractory glaucoma; and EndoProbe family of products for use in vitrectomy procedures. The company serves ophthalmologists, research and teaching hospitals, government installations, surgical centers, hospitals, veterinary practices, and office clinics. It markets its products through direct and independent sales force in the United States, as well as through independent distributors internationally. The company was formerly known as IRIS Medical Instruments, Inc. and changed its name to IRIDEX Corporation in November 1995. IRIDEX Corporation was incorporated in 1989 and is headquartered in Mountain View, California.
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