Iridex
Laser systems and procedure probes for glaucoma and retinal care.
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Profile
Builds laser consoles, delivery devices, and single-use probes for glaucoma and retinal procedures, with service and support revenue alongside equipment sales. The model pairs capital systems with recurring probe demand and depends on external suppliers, distributors, regulatory clearance, reimbursement, and clinical adoption.
Develops and markets ophthalmic laser systems, delivery devices, single-use procedure probes, and service support for glaucoma, medical retina, and broader ophthalmology. Its Cyclo G6 platform pairs a laser console with proprietary probes for MicroPulse and continuous-wave glaucoma procedures; retinal offerings include portable IQ systems, Iridex laser models, and PASCAL pattern-scanning workstations.
Generates revenue from durable equipment, recurring probe sales, repairs, service contracts, royalties, freight, and distribution-rights consideration. Products are assembled in Mountain View from externally sourced components, then sold directly in selected markets and through Topcon and other distributors elsewhere. Topcon is simultaneously a shareholder, international distributor, customer, and source of certain raw materials.
Operates in a regulated medical-device market where product changes require clearances or approvals and adoption also depends on physician acceptance and reimbursement availability.
Company facts
Key statistics
Year to date −39.6% · Average volume (30d) 87.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior target | Target |
|---|---|---|---|---|
| Mar 27, 2026 | Industrial Alliance Securities | Target | $3 | $2.75 |
| Feb 5, 2026 | Industrial Alliance Securities | Target | $3 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 18, 2026Q2 FY26 | −$0.01 | −$0.07 | −600.0% | $13.6M | $12.6M | −7.5% | −15.83% |
| May 19, 2026Q1 FY26 | −$0.07 | −$0.03 | +57.1% | $11.9M | $11.8M | −0.9% | −4.76% |
| Mar 26, 2026Q4 FY25 | −$0.02 | −$0.01 | +50.0% | $14.7M | $14.7M | −0.1% | −26.67% |
| Nov 11, 2025Q3 FY25 | −$0.02 | −$0.09 | −350.0% | $14.7M | $12.5M | −15.3% | −19.82% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $11.9M | $13.6M | $12.5M | $14.7M | $11.8M | $12.6M | |
| Gross profit | $5.1M | $4.6M | $4.0M | $5.6M | $4.7M | $4.3M | |
| Operating income | −$205.0K | −$940.0K | −$1.4M | −$15.0K | −$324.0K | −$1.0M | |
| Net income | −$1.7M | −$994.0K | −$1.6M | −$184.0K | −$524.0K | −$1.3M | |
| Diluted EPS | −$0.10 | −$0.06 | −$0.09 | −$0.01 | −$0.03 | −$0.07 | |
| Gross margin | 42.5% | 33.9% | 32.1% | 38.3% | 40.2% | 34.2% | |
| Operating margin | -1.7% | -6.9% | -11.3% | -0.1% | -2.7% | -8.2% |
Fiscal years (4-quarter sums)FY21 $53.9M · FY22 $57.0M · FY23 $51.9M · FY24 $48.7M · FY25 $52.7M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jul 4, 2026Cash & short-term investments $4.7M · Total debt $4.0M · Total assets $27.3M · Shareholders' equity $3.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 17.31M · Float 10.67M · 61.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Lin Shih-Yao David | 6.74M | 29.92% | 13D | Jul 13, 2026 |
| Paragon Associates & Paragon Associates Ii Joint Venture | 1.00M | 5.78% | 13F | May 15, 2026 |
| Novel Inspiration International Co., Ltd. · 10 percent owner | 551.4K | 3.19% | Form 4 | Jul 8, 2026 |
| Vanguard Capital Management LLC | 514.6K | 2.97% | 13F | May 15, 2026 |
| Patrick Mercer · director, officer: President and CEO | 468.8K | 2.71% | Form 4 | Jul 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +6,668 | $0.7497 |
| Jun 12, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +975 | $1.14 |
| Jun 11, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +1,675 | $1.14 |
| Jun 8, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +2,400 | $1.12 |
| Jun 5, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +2,521 | $1.15 |
Peers
- Alcon
Broad retinal-laser and glaucoma-treatment rival.
- Glaukos
High-scale procedural glaucoma alternative.
- Regeneron
Retinal-drug alternative in shared retina clinics.
- Sight Sciences
MIGS alternative for open-angle glaucoma procedures.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Iridex | $0.7082 | +0.23% | $12.2M | — | — | 0.2 | −7.4% |
| Alcon | $72.15 | +0.21% | $35.12B | 55.4 | 18.6 | 3.3 | +7.5% |
| Glaukos | $179.87 | −0.01% | $10.61B | — | 1,404.1 | 17.3 | +49.5% |
| Regeneron | $793.21 | −0.11% | $81.82B | 19.6 | 13.1 | 5.3 | +16.7% |
| Sight Sciences | $8.55 | +0.23% | $465.2M | — | — | 5.6 | +19.6% |
| Median | 37.5 | 18.6 | 5.4 | +18.1% |