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IRIDEX Corporation(IRIX)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for IRIX
09/16/2026: IRIX (1-star) is currently NOT-A-BUY. Pass it for now.
IRIDEX Corporation is a medical device company specializing in laser systems for treating glaucoma and retinal diseases. Its primary strength lies in its proprietary MicroPulse technology, which enables minimally invasive, tissue-sparing procedures. The company’s growth story revolves around the continued clinical adoption of its Cyclo G6 platform and expanding global sales of consumables. However, IRIDEX faces significant risks, including intense competition from much larger medical device firms and the need to achieve sustained profitability. Investors should monitor the company's ability to scale operations effectively and defend its market position. It may suit investors looking for specialized small-cap exposure in ophthalmology, provided they are comfortable with volatility and execution risk.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | The company targets high-growth segments of ophthalmology but remains a smaller player with inherent scale limitations. |
| Momentum investor | Mixed fit | Performance is highly dependent on specific product adoption cycles and clinical data releases. |
| Value investor | Mixed fit | Valuation depends heavily on the company's long-term ability to reach sustainable profitability. |
| Dividend investor | Weak fit | The company does not pay a dividend, making it unsuitable for income-focused portfolios. |
| Low-risk investor | Weak fit | Small-cap medical device stocks are subject to significant volatility and execution risks. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | Small-cap stocks in niche medical sectors can experience sharp price swings based on news. |
| Valuation risk | Medium | Future growth expectations are already reflected in the stock price, leaving little room for error. |
| Competition risk (Ophthalmology giants) | High | Larger competitors with greater resources can dominate distribution channels. |
| Business quality | Medium | While the technology is well-regarded, the business relies on consistent clinical adoption. |
| Dividend income | Low / none | Investors should not expect any income from this security. |
| Execution risk | Medium / high | Success depends on the company's ability to effectively market its laser platforms globally. |
Price Behavior
Steep Decline
The stock price has dropped sharply with strong downward pressure.
Highly Choppy
The stock has experienced frequent, large price swings that make its near-term movement less predictable.
Analysis of Past Performance
Type Stock | Historic Profit -43.7% | Avg. Invested days 25 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 09/16/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 10.66M USD | Price to earnings Ratio - | 1Y Target Price 2.75 |
Price to earnings Ratio - | 1Y Target Price 2.75 | ||
Volume (30-day avg) 91.7K shares | Beta 0.63 | 52 Weeks Range 0.61 - 1.65 | Updated Date 09/16/2026 |
52 Weeks Range 0.61 - 1.65 | Updated Date 09/16/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.2 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Glaucoma Laser Systems | Cyclo G6 system and MicroPulse P3 probes. | The company earns money both by selling the laser machines and recurring sales of the probes. |
| Retina Laser Systems | IQ 532/577 lasers and delivery devices. | These products support retinal care, providing another revenue stream for ophthalmology clinics. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Valuation
Trailing PE - | Forward PE 769.23 | Enterprise Value 16.45M | Price to Sales(TTM) 0.21 |
Enterprise Value 16.45M | Price to Sales(TTM) 0.21 | ||
Enterprise Value to Revenue 0.32 | Enterprise Value to EBITDA -3.61 | Shares Outstanding 17.56M | Shares Floating 5.21M |
Shares Outstanding 17.56M | Shares Floating 5.21M | ||
Percent Insiders 36.76 | Percent Institutions 19.46 |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
About IRIDEX Corporation
Exchange NASDAQ | Headquarters 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 93 | Website https://www.iridex.com |
Full time employees 93 | 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 slit lamp adapter, which allows the physician to utilize a standard slit lamp in diagnosis and treatment procedures; TxCell scanning laser delivery system that allows the physician to perform multi-spot pattern scanning; and laser indirect ophthalmoscope for use in procedures to treat peripheral retinal disorders. In addition, it offers MicroPulse P3 Probe, which is used with its Cylco G6 laser system to perform transscleral laser therapy; G-Probe and G-Probe Illuminate, which are used in procedures to treat uncontrolled and refractory glaucoma; and EndoProbe family of products that are used for endophotocoagulation. The company serves ophthalmologists, research and teaching hospitals, government installations, surgical centers, hospitals, veterinary practices, and office clinics through direct and independent sales force in the United States, as well as through independent distributors internationally. It operates in the United States, Europe, the Middle East, Africa, the Asia/Pacific region, and the Americas. 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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