IRIDEX (NASDAQ:IRIX) Releases Earnings Results, Beats Estimates By $0.01 EPS

IRIDEX (NASDAQ:IRIX) issued its earnings results on Thursday. The medical equipment provider reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01, FiscalAI reports. IRIDEX had a negative return on equity of 1,204.74% and a negative net margin of 10.04%.The company had revenue of $14.72 million during the quarter, compared to analysts’ expectations of $14.74 million.

IRIDEX Trading Up 1.9%

NASDAQ:IRIX traded up $0.03 during mid-day trading on Thursday, reaching $1.35. 71,469 shares of the company’s stock traded hands, compared to its average volume of 78,598. The company has a 50 day moving average price of $1.41 and a 200-day moving average price of $1.20. The firm has a market capitalization of $23.21 million, a price-to-earnings ratio of -4.50 and a beta of 0.67. The company has a debt-to-equity ratio of 62.29, a current ratio of 1.94 and a quick ratio of 1.35. IRIDEX has a 12-month low of $0.79 and a 12-month high of $1.65.

Institutional Investors Weigh In On IRIDEX

A number of large investors have recently made changes to their positions in IRIX. Jane Street Group LLC increased its stake in shares of IRIDEX by 93.9% during 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. Susquehanna International Group LLP lifted its stake 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 worth $65,000 after acquiring an additional 17,834 shares during the period. Apexium Financial LP lifted its stake in IRIDEX by 53.0% in the third quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock worth $116,000 after acquiring an additional 34,834 shares during the period. Finally, Citadel Advisors LLC boosted its holdings in IRIDEX by 62.7% in the third quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after acquiring an additional 42,202 shares in the last quarter. 20.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. Alliance Global Partners initiated coverage on IRIDEX in a research report on Thursday, February 5th. They issued a “buy” rating for the company. iA Financial set a $3.00 target price on shares of IRIDEX in a research note on Thursday, February 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of IRIDEX in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.00.

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.