IRIDEX (NASDAQ:IRIX) Issues Earnings Results, Beats Expectations By $0.04 EPS

IRIDEX (NASDAQ:IRIX) issued its quarterly earnings data on Tuesday. The medical equipment provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04, FiscalAI reports. The firm had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $11.91 million. IRIDEX had a negative net margin of 8.42% and a negative return on equity of 1,204.74%.

IRIDEX Stock Up 3.4%

Shares of IRIX stock traded up $0.04 during trading hours on Tuesday, hitting $1.05. 157,731 shares of the company were exchanged, compared to its average volume of 202,359. The firm has a market cap of $18.26 million, a PE ratio of -4.04 and a beta of 0.64. IRIDEX has a 1 year low of $0.87 and a 1 year high of $1.65. The firm has a fifty day moving average of $1.12 and a 200 day moving average of $1.17.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IRIX. Weiss Ratings raised shares of IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 4th. iA Financial set a $3.00 price target on shares of IRIDEX in a research note on Thursday, February 5th. Finally, Alliance Global Partners began coverage on shares of IRIDEX in a research note on Thursday, February 5th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, IRIDEX currently has a consensus rating of “Hold” and an average price target of $3.00.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Citadel Advisors LLC lifted its holdings in shares of IRIDEX by 62.7% during the 3rd quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock worth $126,000 after acquiring an additional 42,202 shares during the period. Apexium Financial LP raised its holdings in IRIDEX by 53.0% in the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after buying an additional 34,834 shares during the period. Susquehanna International Group LLP raised its holdings in IRIDEX by 46.2% in the third quarter. Susquehanna International Group LLP now owns 56,470 shares of the medical equipment provider’s stock valued at $65,000 after buying an additional 17,834 shares during the period. Finally, Jane Street Group LLC raised its holdings in IRIDEX by 93.9% in the fourth quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock valued at $36,000 after buying an additional 15,377 shares during the period. 20.10% of the stock is currently owned by hedge funds and other institutional investors.

About IRIDEX

IRIDEX Corporation (NASDAQ: IRIX) is a medical technology company specializing in the development, manufacturing and commercialization of innovative ophthalmic laser and imaging systems. The company’s offerings focus on energy-based therapies designed to treat retinal vascular disorders, glaucoma and other ocular conditions. IRIDEX’s portfolio includes laser photocoagulation platforms, micro-pulse laser technology, and related consumable devices for use by ophthalmologists and retina specialists.

The company’s flagship products include the Cyclo G6 Glaucoma Laser System, which delivers precise, controlled micro-pulse laser therapy for patients with refractory glaucoma, and the IQ 532 Retina Laser System, designed to support minimally invasive laser treatments for diabetic retinopathy and age-related macular degeneration.