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IRIX

IRIDEX Corporation

IRIX

IRIDEX Corporation • NASDAQ
$0.96 ▲ 1.04% (+0.01)
Market Cap $16.50 M
52w High $1.95
52w Low $0.78
Dividend Yield 0%
P/E -3.2
Volume 18.30K
Outstanding Shares 17.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $12.484M ▼ $5.424M ▼ $-1.573M ▼ -12.6% ▼ $-0.09 ▼ $-1.203M ▼
Q2-2025 $13.571M ▲ $5.543M ▲ $-994K ▲ -7.324% ▲ $-0.059 ▲ $-595K ▲
Q1-2025 $11.896M ▼ $5.26M ▼ $-1.686M ▼ -14.173% ▼ $-0.1 ▼ $-1.293M ▼
Q4-2024 $12.696M ▲ $6.088M ▼ $-834K ▲ -6.569% ▲ $-0.05 ▲ $-125K ▲
Q3-2024 $11.581M $6.193M $-1.933M -16.691% $-0.12 $-1.595M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.573M ▼ $28.353M ▼ $23.672M ▼ $4.681M ▼
Q2-2025 $6.778M ▼ $31.585M ▼ $25.526M ▼ $6.059M ▲
Q1-2025 $7.244M ▲ $34.236M ▲ $33.384M ▲ $852K ▼
Q4-2024 $2.387M ▼ $29.135M ▼ $27.038M ▼ $2.097M ▼
Q3-2024 $3.86M $30.154M $27.531M $2.623M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.573M ▼ $0 ▲ $0 ▲ $0 ▲ $-1.205M ▼ $0 ▲
Q2-2025 $-994K ▲ $-397K ▲ $-13K ▼ $-14K ▼ $-466K ▼ $-410K ▲
Q1-2025 $-1.686M ▼ $-1.149M ▲ $-11K ▼ $6.039M ▲ $4.857M ▲ $-1.16M ▲
Q4-2024 $-834K ▲ $-1.238M ▲ $-9K ▼ $-218K ▼ $-1.473M ▼ $-1.247M ▲
Q3-2024 $-1.933M $-3.073M $-1K $2.823M $-250.999K $-3.074M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cyclo G Six
Cyclo G Six
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Retina
Retina
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement IRIDEX’s income statement shows a small, fairly steady revenue base but persistent losses. The company generates positive gross profit, meaning its products are priced above production cost, but overall expenses – like sales, marketing, and R&D – consistently exceed that gross profit. As a result, operating income and net income have been negative for several years in a row, and per‑share losses have not shown a clear, sustained improvement. In plain terms, the business has not yet reached the scale or efficiency needed to cover its cost structure and move into durable profitability.

Balance Sheet

Balance Sheet The balance sheet looks thin and getting leaner. Total assets and cash have trended down over the past few years, while there is effectively no financial debt, so the company is not burdened by interest payments. However, equity has also eroded, reflecting accumulated losses over time. This combination – shrinking cash, no borrowing, and a small equity cushion – points to a limited financial safety buffer and suggests that future operations may depend on tight cost control and access to additional capital if growth does not quickly translate into profits.

Cash Flow

Cash Flow Cash flow from the core business has been negative in most recent years, with the company using cash rather than generating it. There was a brief period around 2021 where operating and free cash flow turned positive, but that did not persist. Capital spending is very light, which means the cash burn is largely tied to operating needs, not big investment projects. Overall, IRIDEX is not yet self‑funding; it relies on its existing cash balance and potential external funding to support operations and ongoing development.

Competitive Edge

Competitive Edge IRIDEX occupies a specialized niche in ophthalmic lasers, with its MicroPulse technology providing a tissue‑sparing, less destructive alternative to traditional laser treatments. This is supported by patents, clinical data, and a recurring revenue model from disposable probes, which together create some competitive barriers. The company also sells globally through direct and distributor channels. At the same time, it competes against much larger eye‑care players with broader product lines and far greater resources. Its position is therefore one of a differentiated specialist with a credible technology edge, but operating in the shadow of big, well‑funded rivals and needing to keep proving its value to physicians and clinics.

Innovation and R&D

Innovation and R&D Innovation is clearly a core strength. MicroPulse technology underpins a focused portfolio for glaucoma and retinal disease, including the Cyclo G6 system and PASCAL and IQ laser platforms. The company continues to refine these systems with newer wavelengths, better user interfaces, and software features, and it invests in clinical research to broaden indications and support adoption. Future progress depends on maintaining this R&D and evidence‑generation while managing limited financial resources. There is meaningful upside potential if new clinical uses gain traction and next‑generation products are well received, but the pace of innovation is naturally constrained by the company’s small scale and ongoing losses.

Summary

Overall, IRIDEX combines a medically attractive, tissue‑sparing laser technology and recurring consumable revenues with a financially fragile profile. The company has carved out a niche in ophthalmic lasers and built a portfolio that clinicians recognize, yet it has not translated this into consistent profits or strong cash generation. The balance sheet is light, cash is limited, and equity has been worn down by repeated losses, heightening execution and funding risk. Future outcomes will hinge on whether IRIDEX can deepen adoption of its MicroPulse‑based systems, leverage its installed base and consumables model, and bring expenses in line with its revenue so that its innovation platform is supported by a more durable financial foundation.

NEWS

November 11, 2025 · 4:05 PM UTC

Iridex Reports Third Quarter 2025 Financial Results

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October 28, 2025 · 4:05 PM UTC

Iridex to Report Third Quarter 2025 Financial Results on November 11, 2025

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September 9, 2025 · 4:05 PM UTC

Iridex Corporation Receives Formal Notification of Nasdaq Listing Compliance

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