IRIDEX (IRIX)


Market Price (9/21/2026): $0.6503 | Market Cap: $11.3 MilSector: Health Care | Industry: Life Sciences Tools & Services

IRIDEX (IRIX)


Market Price (9/21/2026): $0.6503
Market Cap: $11.3 Mil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, Diabetes Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -103%, 3Y Excs Rtn is -134%

Penny stock
Mkt Price is 0.7

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -2.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.4%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.7%, Rev Chg QQuarterly Revenue Change % is -7.4%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.9%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35%

Key risks
IRIX key risks include [1] a high probability of bankruptcy driven by persistent operational losses and the need for additional funding, Show more.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -32%
1 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, Diabetes Management, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -103%, 3Y Excs Rtn is -134%
3 Penny stock
Mkt Price is 0.7
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -2.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.4%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.7%, Rev Chg QQuarterly Revenue Change % is -7.4%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.4%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.9%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35%
8 Key risks
IRIX key risks include [1] a high probability of bankruptcy driven by persistent operational losses and the need for additional funding, Show more.

IRIX in ETFs

Weight = IRIX's share of each fund

VTI0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/18/2026

IRIDEX (IRIX) stock has lost about 35% since 5/31/2026 because of the following key factors:

1. Fiscal Q2 2026 Revenue Miss and Widened Net Loss.

IRIDEX reported a 7% year-over-year decrease in total revenue for its fiscal second quarter ended July 4, 2026, reaching $12.6 million, which missed analyst estimates by approximately $0.99 million to $1.02 million. Concurrently, the company's net loss widened to $1.3 million, or $0.07 per share, compared to a net loss of $1.0 million, or $0.06 per share, in the prior-year period, missing analyst EPS estimates by $0.06.

2. Significant Decline in Retina Product Revenue.

The overall revenue decline was largely driven by a substantial 19% year-over-year decrease in retina product revenue, which fell to $6.5 million in fiscal Q2 2026 from $8.0 million in the comparable period of the prior year. This decline was attributed to "temporary, external headwinds—including international commercial transitions and regulatory approval related factors," as well as disruptions in the Middle East and reduced sell-through in China.

Show more
Updated on 9/18/2026

IRIDEX (IRIX) stock has lost about 35% since 5/31/2026 because of the following key factors:

1. Fiscal Q2 2026 Revenue Miss and Widened Net Loss.

IRIDEX reported a 7% year-over-year decrease in total revenue for its fiscal second quarter ended July 4, 2026, reaching $12.6 million, which missed analyst estimates by approximately $0.99 million to $1.02 million. Concurrently, the company's net loss widened to $1.3 million, or $0.07 per share, compared to a net loss of $1.0 million, or $0.06 per share, in the prior-year period, missing analyst EPS estimates by $0.06.

2. Significant Decline in Retina Product Revenue.

The overall revenue decline was largely driven by a substantial 19% year-over-year decrease in retina product revenue, which fell to $6.5 million in fiscal Q2 2026 from $8.0 million in the comparable period of the prior year. This decline was attributed to "temporary, external headwinds—including international commercial transitions and regulatory approval related factors," as well as disruptions in the Middle East and reduced sell-through in China.

3. Nasdaq Minimum Bid Price Deficiency.

On September 2, 2026, IRIDEX received a notice from Nasdaq indicating that the company was not in compliance with the minimum bid price requirement of $1.00 per share for continued listing. This deficiency, coupled with the stock trading near its 52-week low of $0.65, raised concerns about the company's listing status and contributed to negative investor sentiment.

4. Overall Revenue Weakness Despite Glaucoma Segment Growth.

Despite positive performance in its glaucoma business, with Cyclo G6 product family revenue increasing by 19% year-over-year to $3.9 million, driven by a 35% surge in probe volume, the strong performance was insufficient to offset the significant weakness in the retina segment, resulting in a net 7% decline in total revenue for fiscal Q2 2026. This highlights the disproportionate impact of the retina segment's underperformance on the company's overall financial results.

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Stock Movement Drivers

Fundamental Drivers

The -36.2% change in IRIX stock from 5/31/2026 to 9/20/2026 was primarily driven by a -34.5% change in the company's P/S Multiple.
(LTM values as of)53120269202026Change
Stock Price ($)1.050.67-36.2%
Change Contribution By: 
Total Revenues ($ Mil)5352-1.9%
P/S Multiple0.30.2-34.5%
Shares Outstanding (Mil)1717-0.6%
Cumulative Contribution-36.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/20/2026
ReturnCorrelation
IRIX-36.2% 
Market (SPY)0.9%7.8%
Sector (XLV)12.7%-24.6%

Fundamental Drivers

The -52.1% change in IRIX stock from 2/28/2026 to 9/20/2026 was primarily driven by a -51.9% change in the company's P/S Multiple.
(LTM values as of)22820269202026Change
Stock Price ($)1.400.67-52.1%
Change Contribution By: 
Total Revenues ($ Mil)51521.8%
P/S Multiple0.50.2-51.9%
Shares Outstanding (Mil)1717-2.3%
Cumulative Contribution-52.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/20/2026
ReturnCorrelation
IRIX-52.1% 
Market (SPY)11.6%17.7%
Sector (XLV)5.5%-5.3%

Fundamental Drivers

The -50.0% change in IRIX stock from 8/31/2025 to 9/20/2026 was primarily driven by a -50.0% change in the company's P/S Multiple.
(LTM values as of)83120259202026Change
Stock Price ($)1.340.67-50.0%
Change Contribution By: 
Total Revenues ($ Mil)50523.7%
P/S Multiple0.50.2-50.0%
Shares Outstanding (Mil)1717-3.6%
Cumulative Contribution-50.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/20/2026
ReturnCorrelation
IRIX-50.0% 
Market (SPY)19.4%18.1%
Sector (XLV)24.1%3.8%

Fundamental Drivers

The -59.6% change in IRIX stock from 8/31/2023 to 9/20/2026 was primarily driven by a -52.1% change in the company's P/S Multiple.
(LTM values as of)83120239202026Change
Stock Price ($)1.660.67-59.6%
Change Contribution By: 
Total Revenues ($ Mil)5652-8.5%
P/S Multiple0.50.2-52.1%
Shares Outstanding (Mil)1617-7.9%
Cumulative Contribution-59.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/20/2026
ReturnCorrelation
IRIX-59.6% 
Market (SPY)75.6%17.1%
Sector (XLV)32.3%9.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IRIX Return143%-67%40%-40%-32%-43%-74%
Peers Return19%-20%-8%-19%37%8%5%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
IRIX Win Rate58%25%50%25%33%44% 
Peers Win Rate60%50%48%42%54%58% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
IRIX Max Drawdown-40%-69%-46%-61%-57%-61% 
Peers Max Drawdown-29%-44%-49%-37%-37%-43% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: A, TECH, ATEC, CERS, FRNM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

How Low Can It Go

EventIRIXS&P 500
2025 US Tariff Shock
  % Loss-47.0%-18.8%
  % Gain to Breakeven88.6%23.1%
  Time to Breakeven130 days79 days
2024 Yen Carry Trade Unwind
  % Loss-12.0%-7.8%
  % Gain to Breakeven13.6%8.5%
  Time to Breakeven14 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-35.4%-9.5%
  % Gain to Breakeven54.9%10.5%
  Time to Breakeven31 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.3%-6.7%
  % Gain to Breakeven32.1%7.1%
  Time to Breakeven108 days31 days
2020 COVID-19 Crash
  % Loss-58.9%-33.7%
  % Gain to Breakeven143.6%50.9%
  Time to Breakeven295 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-36.4%-19.2%
  % Gain to Breakeven57.1%23.8%
  Time to Breakeven789 days105 days

Compare to A, TECH, ATEC, CERS, FRNM

In The Past

IRIDEX's stock fell -47.0% during the 2025 US Tariff Shock. Such a loss loss requires a 88.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventIRIXS&P 500
2025 US Tariff Shock
  % Loss-47.0%-18.8%
  % Gain to Breakeven88.6%23.1%
  Time to Breakeven130 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-35.4%-9.5%
  % Gain to Breakeven54.9%10.5%
  Time to Breakeven31 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.3%-6.7%
  % Gain to Breakeven32.1%7.1%
  Time to Breakeven108 days31 days
2020 COVID-19 Crash
  % Loss-58.9%-33.7%
  % Gain to Breakeven143.6%50.9%
  Time to Breakeven295 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-36.4%-19.2%
  % Gain to Breakeven57.1%23.8%
  Time to Breakeven789 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-23.2%-17.9%
  % Gain to Breakeven30.2%21.8%
  Time to Breakeven112 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-23.1%-15.4%
  % Gain to Breakeven30.1%18.2%
  Time to Breakeven240 days125 days
2008-2009 Global Financial Crisis
  % Loss-76.5%-53.4%
  % Gain to Breakeven325.5%114.4%
  Time to Breakeven127 days1085 days
Summer 2007 Credit Crunch
  % Loss-41.7%-8.6%
  % Gain to Breakeven71.4%9.5%
  Time to Breakeven28 days47 days

Compare to A, TECH, ATEC, CERS, FRNM

In The Past

IRIDEX's stock fell -47.0% during the 2025 US Tariff Shock. Such a loss loss requires a 88.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About IRIDEX (IRIX)

IRIDEX Corporation (IRIX) is an ophthalmic medical technology company that specializes in developing and marketing therapeutic-based laser systems, delivery devices, and consumable instrumentation. The company's primary focus is to provide advanced solutions for ophthalmologists to treat a variety of sight-threatening eye diseases, thereby helping to preserve and restore vision.

The company's core product offerings include a range of laser consoles such as the Cyclo G6 system, specifically designed for glaucoma treatment, and the IQ 532/577 and OcuLight series, which address conditions like diabetic macular edema, other retinal diseases, and proliferative diabetic retinopathy. Alongside these systems, IRIDEX offers critical delivery devices, including the TxCell scanning laser delivery system, and specialized probes like the MicroPulse P3 for MicroPulse transscleral laser therapy, the G-Probes for refractory glaucoma, and the EndoProbe family for vitrectomy procedures.

IRIDEX serves a diverse customer base primarily within the eye care sector, including ophthalmologists, research and teaching hospitals, surgical centers, general hospitals, and office clinics. The company markets its products through a direct sales force in the United States and extends its reach internationally through a network of independent distributors, ensuring its specialized technologies are accessible to a global market of eye care professionals.

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  • Stryker for eye surgery lasers.
  • Medtronic for ophthalmic laser treatments.

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Major Products of IRIDEX (IRIX)

  • Cyclo G6 laser system: A therapeutic laser system specifically designed for the treatment of glaucoma.
  • IQ 532 and IQ 577 laser photocoagulation systems: Laser systems used for the treatment of diabetic macular edema and other retinal diseases.
  • OcuLight laser photocoagulation systems: A family of laser systems (including TX, SL, SLx, GL, GLx models) used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.
  • TxCell scanning laser delivery system: A delivery system enabling physicians to perform multi-spot pattern scanning during laser treatments.
  • Slit lamp adapter: A device that allows physicians to integrate a standard slit lamp into diagnosis and treatment procedures.
  • Laser indirect ophthalmoscope: A delivery device used for procedures treating peripheral retinal disorders.
  • MicroPulse P3 Probe: A consumable probe designed for use with the Cyclo G6 laser system to perform MicroPulse transscleral laser therapy.
  • G-Probe and G-Probe Illuminate: Probes utilized in procedures to treat uncontrolled and refractory glaucoma.
  • EndoProbe family of products: A line of probes specifically developed for use in vitrectomy procedures.

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IRIDEX (IRIX) sells its ophthalmic medical technology primarily to other companies and institutions within the healthcare sector, not directly to individual consumers. The company's customer base consists of a diverse range of professional and institutional buyers globally. The provided background information does not list specific named customer companies, but rather categories of entities that utilize their products. Therefore, IRIDEX's major customers fall into the following categories:

  • Ophthalmologists (operating within private practices or clinics)
  • Research and teaching hospitals
  • Government installations
  • Surgical centers
  • Hospitals
  • Veterinary practices
  • Office clinics

As these are categories of customers rather than specific named public companies, no stock symbols can be provided.

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Patrick Mercer
President & Chief Executive Officer

Mr. Mercer was appointed as President and Chief Executive Officer of IRIDEX Corporation effective October 1, 2024. He previously served as the company's Chief Operating Officer and President. Mr. Mercer joined IRIDEX in 2018, bringing over 20 years of experience in operational positions within the medical device industry. Prior to joining IRIDEX, he was the Chief Operating Officer of Tracknet, a privately held LoRaWAN Internet of Things (IoT) solutions provider. His experience also includes leadership roles at privately held RODO Medical and DFINE. Mr. Mercer has global experience managing manufacturing operations in various countries including Hungary, China, Korea, Costa Rica, Germany, and Australia.

Romeo R. Dizon
Chief Financial Officer

Mr. Dizon has served as Chief Financial Officer of IRIDEX Corporation since March 2025. He previously held roles within IRIDEX from 2008 to 2020, including Controller, Vice President of Finance, and Interim Chief Financial Officer. Mr. Dizon possesses over 35 years of financing management experience, primarily with technology companies. Before his current appointment, he served as Chief Financial Officer for Atlas Lifttech, Inc. from 2020 to 2023. His past experience also includes serving as Director of Internal Audit at Intervideo, Inc., prior to its acquisition by Corel, and various senior finance management roles at Fortel, Inc., formerly Zitel Corporation, where he was the Chief Financial Officer from 2000 through 2004. Mr. Dizon began his career at Touche Ross & Co.

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The key risks to IRIDEX (IRIX) include its financial viability and profitability, regulatory and technological obsolescence, and intense market competition.

  1. Financial Viability and Profitability: IRIDEX has demonstrated concerning financial health metrics, including a negative Altman Z-Score of -2.36, which suggests a potential risk of bankruptcy within the next two years. The company has consistently reported quarterly net losses and has a history of burning through cash at "alarming rates." Furthermore, the market has at times valued IRIDEX at roughly its cash on hand, essentially assigning "zero value to the business/assets." Its small market capitalization (ranging from approximately $17 million to $23 million) also exposes it to liquidity risks and high stock price volatility.
  2. Regulatory and Technological Risks: As a medical technology company operating in the healthcare sector, IRIDEX is inherently exposed to significant regulatory and technological risks. The ophthalmic market is characterized by rapid technological innovation and change, posing a risk that IRIDEX's existing products could become obsolete or be surpassed by new, superior alternatives. Maintaining necessary certifications, such as the CE mark for European markets, is crucial, and any loss of such certification would materially and adversely affect its business.
  3. Intense Competition: The market for laser systems and delivery devices used in ophthalmic treatment procedures is highly competitive, and this intensity is expected to increase. This competitive pressure can impact IRIDEX's ability to maintain or grow market share, affect pricing power, and necessitate continuous investment in research and development to remain competitive.

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IRIDEX Corporation (IRIX) operates within the ophthalmic medical technology sector, providing laser systems and devices for treating a range of sight-threatening eye diseases, including glaucoma, diabetic macular edema (DME), and other retinal disorders, as well as instruments for vitrectomy procedures. The addressable markets for their main products and services are substantial both globally and in the U.S.

Glaucoma Treatment Market

The global market for glaucoma treatment was valued at approximately USD 6.58 billion in 2023 and is projected to reach USD 10.30 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.31% from 2027 to 2033. Another estimate places the global market at USD 7.11 billion in 2024, anticipated to grow to USD 11.41 billion in 2033 with a CAGR of 5.4%. For the U.S. specifically, the glaucoma treatment market was valued at USD 2.19 billion in 2024 and is projected to grow to approximately USD 2.78 billion by 2034, with a CAGR of 2.30%. In 2022, the U.S. market for glaucoma treatment held the highest share among the 7MM (United States, EU4, UK, and Japan), with an estimated net sales revenue of USD 2,571 million.

Retinal Disorder Treatment Market (including Diabetic Macular Edema and other Retinal Diseases)

The global retinal disorder treatment market, which encompasses conditions like diabetic macular edema, proliferative diabetic retinopathy, macular holes, retinal tears, and detachments, was estimated at USD 13.69 billion in 2023 and is expected to reach USD 25.69 billion by 2030, growing at a CAGR of 9.4% from 2024 to 2030. Another report valued the global retinal disorder treatment market at USD 18.3 billion in 2024, with a projected CAGR of 6.7% from 2025 to 2034. The U.S. retinal disorder treatment industry alone was valued at USD 7.1 billion in 2024 and is projected to reach USD 13.1 billion by 2034.

More specifically for Diabetic Macular Edema (DME), the global treatment market is valued at approximately USD 5 billion in 2024 and is projected to reach USD 8 billion by 2030, exhibiting a CAGR of over 7%. The DME treatment market is also expected to reach USD 6.7 billion by 2025, with a CAGR of 5.1%. In 2023, the diabetic macular edema market size reached USD 5.4 billion and is expected to reach USD 7.5 billion by 2034, growing at a CAGR of 3.07%.

Vitrectomy Devices Market

The global vitrectomy devices market, which includes instruments used in vitrectomy procedures, was valued at USD 1.28 billion in 2023 and is projected to reach USD 1.87 billion by 2030, growing at a CAGR of 5.3% from 2024 to 2030. Other estimates indicate the market will grow from USD 1.72 billion in 2025 to USD 2.48 billion by 2031 at a 6.29% CAGR, or from USD 1.9 billion in 2026 to USD 2.51 billion by 2031 at a 5.72% CAGR. North America held the largest share of the global vitrectomy devices market, accounting for 35.9% in 2023.

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IRIDEX Corporation (IRIX) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market recoveries.

  1. Growth in Cyclo G6 Probe Sales: The company anticipates continued recovery and growth in sales of its Cyclo G6 probes, which are a key consumable for its glaucoma treatment systems. IRIDEX reported a recovery trend in probe sales in Q2 2024 and saw a significant increase in Cyclo G6 probe sales in Q4 2025, with 15,800 probes sold compared to 13,300 in the prior year quarter. Annual probe sales also increased to 57,700 units in 2025 from 55,400 in 2024. This indicates a sustained demand for these critical components.
  2. Recovery and Growth in Capital Equipment Sales: After experiencing softness and elongated purchasing cycles in prior periods, IRIDEX expects a resurgence in sales of its capital equipment, specifically Pascal and Cyclo G6 glaucoma laser systems. The company noted a recovery of capital equipment in its retina business and Cyclo G6 systems in the glaucoma business in Q2 2024. This trend continued into 2025, with higher Pascal system sales driving retina product revenue growth and an increase in Cyclo G6 Glaucoma Laser System sales, reaching 133 units in 2025 compared to 125 in 2024.
  3. Improved Commercial Efficiency and Operational Profitability: IRIDEX has emphasized focused cost reductions, gross margin expansion, and improved commercial efficiency, which are expected to bolster its financial position and support revenue growth. The company anticipates achieving positive adjusted EBITDA for the full year 2025 and reported positive cash flow in Q4 2025. These operational improvements provide a more stable foundation for sustained investments in growth initiatives.
  4. International Market Expansion and Supply Chain Optimization: Despite facing some international delays and tariff disputes, IRIDEX continues to market its products globally through a network of independent distributors in over 100 countries. Management has highlighted efforts to address supply challenges and international regulatory hurdles, indicating that overcoming these issues will unlock further growth opportunities in international markets.
  5. Launch and Adoption of New Retina Laser Products: In January 2024, IRIDEX launched new Iridex 532 and Iridex 577 Lasers in the U.S. market. These new product introductions for the retina segment are expected to contribute to future revenue as they gain market adoption and expand the company's offering in treating diabetic macular edema and other retinal diseases.

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Share Issuance

  • In March 2021, Iridex issued common shares to Topcon Corporation, which acquired an approximately 10.4% equity stake by purchasing $10 million of Iridex common shares at $6.18 per share.

Inbound Investments

  • Iridex received $19.5 million in cash in March 2021 as part of a strategic collaboration with Topcon Corporation.

Outbound Investments

  • As part of the strategic collaboration with Topcon Corporation in March 2021, Iridex acquired Topcon's PASCAL® product line.

Capital Expenditures

  • Iridex reported capital expenditures of $13,000 in the third quarter of 2025.
  • For the last 12 months (around March 2025), capital expenditures were -$46,000, contributing to a free cash flow of -$3.99 million.

Better Bets vs. IRIDEX (IRIX)

Peer Outperformance in Life Sciences Tools & Services

IRIX has trailed 72% of its 108 Life Sciences Tools & Services peers over 5Y. Among the peers that beat it are CRL, ILMN and BIO. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that IRIX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
28%
of 126 industry peers · -43.7% return
3Y
33%
of 116 industry peers · -69.5% return
5Y
28%
of 108 industry peers · -90.2% return
Life Sciences Tools & Services peers with revenue growth within 4pp of IRIX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
IRIX IRIDEX -2.7% -3.3x -43.7%-69.5%-90.2%
CRL Charles River Laboratories International -1.4% -56.0x 78.9%40.3%-36.8% +53pp
ILMN Illumina 0.3% 43.9x 133.2%84.9%-43.3% +47pp
BIO Bio-Rad Laboratories -2.1% 45.3x 32.5%5.3%-52.1% +38pp
AVTR Avantor -2.9% -18.2x 24.2%-28.0%-63.8% +26pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is IRIX's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 16.2%43.2%90.1% CAH 392% · MCK 346% · COR 168%
Managed Health Care 8 40.4%-5.3%2.3% OSCR 84% · HQY 56% · ELV 17%
Health Care Services 20 21.1%37.6%-0.3% HIMS 239% · RDNT 173% · DGX 76%
Health Care Facilities 24 6.0%6.5%-4.5% NHC 271% · THC 261% · ENSG 129%
Health Care Equipment 50 -2.7%-0.2%-21.1% POCI 11050% · UFPT 341% · GKOS 222%
Pharmaceuticals 62 -10.5%14.8%-38.6% LQDA 2472% · INDV 1099% · ETON 1051%
Health Care Supplies 12 14.1%-8.9%-39.7% LNTH 287% · HAE 54% · MMSI 20%
Life Sciences Tools & Services ← 109 4.3%-11.3%-68.4% SNWV 1757% · MEDP 231% · NTRA 199%
Health Care Technology 21 -25.8%-52.6%-79.2% SPOK 68% · HSTM 3% · VEEV -13%
Biotechnology 364 0.6%-21.7%-79.4% CELZ 1280% · DNTH 1221% · ELVN 1069%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1IRIDEX Earnings Notes12/16/2025
2Is IRIDEX Stock Built to Withstand a Pullback?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IRIXATECHATECCERSFRNMMedian
NameIRIDEX Agilent .Bio-Tech.Alphatec Cerus Freenome  
Mkt Price0.67156.4772.3710.182.6517.1113.64
Mkt Cap0.044.111.31.60.5-1.6
Rev LTM527,3721,215815222-815
Op Inc LTM-31,639273-39-2--2
FCF LTM-21,267263-6-2--2
FCF 3Y Avg-51,257252-83-8--5
CFO LTM-21,609292572-57
CFO 3Y Avg-41,630293-7-5--4

Growth & Margins

IRIXATECHATECCERSFRNMMedian
NameIRIDEX Agilent .Bio-Tech.Alphatec Cerus Freenome  
Rev Chg LTM3.7%8.6%-0.4%19.5%15.1%-8.6%
Rev Chg 3Y Avg-2.7%2.0%2.3%24.6%13.0%-2.3%
Rev Chg Q-7.4%8.1%1.3%15.1%9.5%-8.1%
QoQ Delta Rev Chg LTM-1.9%1.9%0.3%3.6%2.3%-1.9%
Op Inc Chg LTM21.0%13.5%12.3%59.1%86.2%-21.0%
Op Inc Chg 3Y Avg20.0%5.3%-1.5%29.6%56.7%-20.0%
Op Mgn LTM-5.4%22.2%22.4%-4.8%-0.7%--0.7%
Op Mgn 3Y Avg-11.3%22.1%21.2%-15.0%-5.1%--5.1%
QoQ Delta Op Mgn LTM-0.3%0.7%-1.9%1.4%0.7%-0.7%
CFO/Rev LTM-3.4%21.8%24.0%6.9%1.1%-6.9%
CFO/Rev 3Y Avg-8.9%23.8%24.5%-2.6%-3.2%--2.6%
FCF/Rev LTM-3.9%17.2%21.7%-0.7%-0.8%--0.7%
FCF/Rev 3Y Avg-9.1%18.3%21.0%-14.8%-5.0%--5.0%

Valuation

IRIXATECHATECCERSFRNMMedian
NameIRIDEX Agilent .Bio-Tech.Alphatec Cerus Freenome  
Mkt Cap0.044.111.31.60.5-1.6
P/S0.26.09.32.02.4-2.4
P/Op Inc-4.226.941.5-41.1-328.7--4.2
P/EBIT-4.225.045.2-26.0433.9-25.0
P/E-3.330.662.1-14.5-78.4--3.3
P/CFO-6.727.438.728.2219.9-28.2
Total Yield-30.4%3.9%2.1%-6.9%-1.3%--1.3%
Dividend Yield0.0%0.6%0.4%0.0%0.0%-0.0%
FCF Yield 3Y Avg-22.1%3.5%2.6%-5.5%-2.5%--2.5%
D/E0.30.10.00.40.1-0.1
Net D/E-0.10.00.00.30.0-0.0

Returns

IRIXATECHATECCERSFRNMMedian
NameIRIDEX Agilent .Bio-Tech.Alphatec Cerus Freenome  
1M Rtn-11.4%-1.6%0.2%7.4%-5.7%23.9%-0.7%
3M Rtn-40.7%23.4%25.0%15.6%-1.9%31.5%19.5%
6M Rtn-50.4%41.2%41.0%-17.7%54.1%31.5%36.3%
12M Rtn-43.7%24.9%36.9%-34.5%81.5%31.5%28.2%
3Y Rtn-69.5%45.9%5.1%-18.0%75.5%31.5%18.3%
1M Excs Rtn-13.7%1.4%0.7%5.2%-6.3%26.3%1.1%
3M Excs Rtn-42.7%21.4%23.0%13.6%-3.9%29.5%17.5%
6M Excs Rtn-65.8%24.8%24.9%-35.8%34.8%15.7%20.3%
12M Excs Rtn-64.0%8.6%25.4%-46.7%99.5%15.6%12.1%
3Y Excs Rtn-134.2%-30.1%-69.8%-98.3%-12.6%-39.7%-54.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2026202420232022
Retina30282931
Cyclo G614131314
Other9899
Total53495254


Operating Income by Segment
$ Mil2011201020012000
Ophthalmology2322  
Aesthetics88  
Unallocated-28-28  
Dermatology Medical Devices  4 
Ophthalmology Medical Devices  14 
Laser Medical Device   3
Laser Research   0
Total33183


Price Behavior

Price Behavior
Market Price$0.67 
Market Cap ($ Bil)0.0 
First Trading Date02/16/1996 
Distance from 52W High-57.1% 
   50 Days200 Days
DMA Price$0.81$1.09
DMA Trenddowndown
Distance from DMA-17.6%-38.8%
 3M1YR
Volatility52.3%67.0%
Downside Capture39.68118.75
Upside Capture-239.1030.90
Correlation (SPY)-3.9%18.8%
IRIX Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-1.70-0.580.240.740.940.85
Up Beta3.361.400.960.280.200.45
Down Beta0.681.681.912.792.541.46
Up Capture-409%-273%-119%-33%9%20%
Bmk +ve Days10213268138427
Stock +ve Days9102248106317
Down Capture-568%13%24%114%105%100%
Bmk -ve Days11213259113324
Stock -ve Days12273455112358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IRIX
IRIX-48.2%67.0%-0.70-
Sector ETF (XLV)24.4%16.1%1.162.6%
Equity (SPY)16.9%12.9%0.9418.9%
Gold (GLD)19.1%29.3%0.60-4.5%
Commodities (DBC)46.3%20.6%1.737.4%
Real Estate (VNQ)4.9%13.6%0.103.2%
Bitcoin (BTCUSD)-30.6%44.3%-0.707.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IRIX
IRIX-38.5%68.7%-0.41-
Sector ETF (XLV)6.4%15.2%0.2410.8%
Equity (SPY)12.9%17.2%0.5720.3%
Gold (GLD)19.1%18.8%0.832.3%
Commodities (DBC)11.2%19.5%0.452.3%
Real Estate (VNQ)1.1%18.8%-0.0515.7%
Bitcoin (BTCUSD)12.5%52.5%0.4213.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IRIX
IRIX-27.0%71.6%-0.13-
Sector ETF (XLV)10.6%16.7%0.5115.7%
Equity (SPY)15.1%18.0%0.7221.5%
Gold (GLD)12.1%16.4%0.613.6%
Commodities (DBC)8.3%18.1%0.378.8%
Real Estate (VNQ)4.4%20.7%0.1818.0%
Bitcoin (BTCUSD)62.6%66.2%1.028.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 8152026291.8%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity17.4 Mil
Short % of Basic Shares0.9%

Earnings Returns History

Updated 9/21/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/18/2026-15.8%-23.0%-29.9%
5/19/2026-4.8%-1.9%7.6%
3/26/2026-26.7%-27.4%-20.0%
1/12/202628.7%22.6%24.3%
11/12/2025-7.0%-0.2%3.4%
8/12/2025-9.2%-11.2%5.4%
5/13/2025-9.1%-7.3%-14.5%
3/27/202513.1%7.6%47.2%
...
SUMMARY STATS   
# Positive121214
# Negative161614
Median Positive8.2%7.1%7.6%
Median Negative-9.1%-9.5%-15.0%
Max Positive44.4%95.5%81.8%
Max Negative-28.3%-30.0%-31.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/18/2026-15.8%-23.0%-29.9%
5/19/2026-4.8%-1.9%7.6%
3/26/2026-26.7%-27.4%-20.0%
1/12/202628.7%22.6%24.3%
11/12/2025-7.0%-0.2%3.4%
8/12/2025-9.2%-11.2%5.4%
5/13/2025-9.1%-7.3%-14.5%
3/27/202513.1%7.6%47.2%
1/14/20252.9%4.8%-6.4%
11/12/202434.0%26.2%22.0%
8/8/2024-0.5%1.1%5.3%
5/14/2024-14.0%-12.7%-30.5%
11/14/20236.8%7.4%38.4%
8/10/2023-28.3%-30.0%-4.1%
5/11/2023-0.5%1.1%-16.2%
3/9/2023-9.1%-7.1%-6.2%
1/10/2023-4.0%0.4%7.5%
11/10/20225.0%-0.6%6.4%
8/15/2022-13.3%-17.5%-25.8%
5/12/20222.5%-3.1%-15.5%
3/10/2022-6.2%5.3%-0.9%
1/11/20229.6%-3.7%-9.1%
11/12/2021-10.7%-17.7%-31.2%
8/12/202120.9%12.0%11.8%
5/11/20214.1%6.9%6.4%
3/22/2021-0.4%-7.9%3.6%
1/11/202144.4%95.5%81.8%
11/9/20202.1%-12.0%-0.5%
SUMMARY STATS   
# Positive121214
# Negative161614
Median Positive8.2%7.1%7.6%
Median Negative-9.1%-9.5%-15.0%
Max Positive44.4%95.5%81.8%
Max Negative-28.3%-30.0%-31.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/18/202610-Q
03/31/202605/19/202610-Q
12/31/202504/02/202610-K
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202505/13/202510-Q
12/31/202403/27/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/14/202410-Q
12/31/202303/29/202410-K
09/30/202311/20/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/09/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/18/202610-Q
03/31/202605/19/202610-Q
12/31/202504/02/202610-K
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202505/13/202510-Q
12/31/202403/27/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/14/202410-Q
12/31/202303/29/202410-K
09/30/202311/20/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/09/202310-K
09/30/202211/10/202210-Q
06/30/202208/15/202210-Q
03/31/202205/12/202210-Q
12/31/202103/15/202210-K
09/30/202111/12/202110-Q
06/30/202108/12/202110-Q
03/31/202105/12/202110-Q
12/31/202003/23/202110-K
09/30/202011/10/202010-Q
06/30/202008/10/202010-Q
03/31/202005/12/202010-Q
12/31/201903/13/202010-K
09/30/201911/08/201910-Q

Recent Forward Guidance

Updated 8/19/2026

Latest: Q2 2026 Earnings Reported 8/18/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported51.00 Mil52.00 Mil53.00 Mil0 AffirmedGuidance: 52.00 Mil for 2026
2026 Adjusted Operating ExpensesReported19.00 Mil19.25 Mil19.50 Mil0 AffirmedGuidance: 19.25 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/19/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported51.00 Mil52.00 Mil53.00 Mil  AffirmedGuidance: 52.00 Mil for 2026
2026 Adjusted Operating ExpensesReported19.00 Mil19.25 Mil19.50 Mil  AffirmedGuidance: 19.25 Mil for 2026

Insider Activity

Updated 9/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dizon, Romeo RChief Financial OfficerDirectBuy91620260.637,9004,977116,743Form
2Dizon, Romeo RChief Financial OfficerDirectBuy91420260.652,3541,530115,314Form
3Dizon, Romeo RChief Financial OfficerDirectBuy91020260.685,1003,468119,035Form
4Dizon, Romeo RChief Financial OfficerDirectBuy82420260.751,300973123,240Form
5Dizon, Romeo RChief Financial OfficerDirectBuy82420260.755,3684,025127,447Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Dizon, Romeo RChief Financial OfficerDirectBuy91620260.637,9004,977116,743Form
2Dizon, Romeo RChief Financial OfficerDirectBuy91420260.652,3541,530115,314Form
3Dizon, Romeo RChief Financial OfficerDirectBuy91020260.685,1003,468119,035Form
4Dizon, Romeo RChief Financial OfficerDirectBuy82420260.751,300973123,240Form
5Dizon, Romeo RChief Financial OfficerDirectBuy82420260.755,3684,025127,447Form
6Dizon, Romeo RChief Financial OfficerDirectBuy61520261.149751,110154,821Form
7Dizon, Romeo RChief Financial OfficerDirectBuy61220261.141,6751,909153,900Form
8Dizon, Romeo RChief Financial OfficerDirectBuy60920261.122,4002,688149,324Form
9Dizon, Romeo RChief Financial OfficerDirectBuy60820261.152,5212,899150,564Form
10Dizon, Romeo RChief Financial OfficerDirectBuy60320261.172,4002,808150,233Form
11Dizon, Romeo RChief Financial OfficerDirectBuy52620261.005,0045,004126,004Form
12Dizon, Romeo RChief Financial OfficerDirectBuy30920261.261,1101,399152,460Form
13Dizon, Romeo RChief Financial OfficerDirectBuy21720261.342,2002,942160,326Form
14Dizon, Romeo RChief Financial OfficerDirectBuy21220261.431,5002,145168,297Form
15Dizon, Romeo RChief Financial OfficerDirectBuy21020261.461,0001,460169,637Form
16Dizon, Romeo RChief Financial OfficerDirectBuy20320261.382,5003,450158,962Form
17Dizon, Romeo RChief Financial OfficerDirectBuy12820261.461,3001,898162,920Form
18Dizon, Romeo RChief Financial OfficerDirectBuy12620261.521,2431,889162,494Form
19Dizon, Romeo RChief Financial OfficerDirectBuy12320261.485,2217,716156,156Form
20Dizon, Romeo RChief Financial OfficerDirectBuy12120261.502,1593,233150,417Form
21Dizon, Romeo RChief Financial OfficerDirectBuy12120261.502,1003,147147,294Form
22Dizon, Romeo RChief Financial OfficerDirectBuy11620261.433,4965,006137,732Form
23Moore, William M DirectBuy121820251.012,0002,020254,040Form
24Moore, William M DirectBuy121620250.0020,000  Form
25Moore, William M DirectBuy121520250.0020,920  Form
26Dizon, Romeo RChief Financial OfficerDirectBuy121520250.972,3652,29689,988Form
27Moore, William M DirectBuy121520250.009,080  Form
28Dizon, Romeo RChief Financial OfficerDirectBuy120420250.951,5841,49885,439Form
29Dizon, Romeo RChief Financial OfficerDirectBuy112120250.965,7605,53085,187Form
30Dizon, Romeo RChief Financial OfficerDirectBuy112020250.961,00096079,657Form
31Dizon, Romeo RChief Financial OfficerDirectBuy111920250.942,1332,00577,057Form
32Moore, William M DirectBuy111820250.9721,84321,087242,001Form
33Dizon, Romeo RChief Financial OfficerDirectBuy111820250.963,1242,99976,642Form
34Moore, William M DirectBuy111820250.9728,15727,245221,417Form
35Dizon, Romeo RChief Financial OfficerDirectBuy111720250.8814,76912,99767,513Form
36Dizon, Romeo RChief Financial OfficerDirectBuy91520251.361,4501,97584,359Form
37Dizon, Romeo RChief Financial OfficerDirectBuy91220251.351,2501,68281,418Form
38Dizon, Romeo RChief Financial OfficerDirectBuy91120251.341,5002,01079,395Form
39Dizon, Romeo RChief Financial OfficerDirectBuy91020251.371,5002,05579,118Form
40Dizon, Romeo RChief Financial OfficerDirectBuy90920251.4050070078,750Form
41Dizon, Romeo RChief Financial OfficerDirectBuy90820251.351,0001,35075,262Form
42Dizon, Romeo RChief Financial OfficerDirectBuy90520251.361,1251,53174,516Form
43Dizon, Romeo RChief Financial OfficerDirectBuy90420251.3662585072,930Form
44Dizon, Romeo RChief Financial OfficerDirectBuy90320251.3462583871,020Form
Core Cache Last Updated: 9/20/2026