IRIDEX (NASDAQ:IRIX) Announces Earnings Results, Beats Estimates By $0.04 EPS

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

IRIDEX Stock Up 3.4%

Shares of IRIX stock traded up $0.04 during trading hours on Tuesday, reaching $1.05. 136,270 shares of the stock traded hands, compared to its average volume of 202,122. The firm has a market capitalization 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 business has a fifty day moving average price of $1.12 and a 200 day moving average price of $1.17.

Analysts Set New Price Targets

Several analysts recently commented on IRIX shares. iA Financial set a $3.00 target price on shares of IRIDEX in a research note on Thursday, February 5th. Alliance Global Partners started coverage on IRIDEX in a research report on Thursday, February 5th. They set a “buy” rating for the company. Finally, Weiss Ratings raised IRIDEX from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.00.

Institutional Trading of IRIDEX

Several large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC boosted its position in shares of IRIDEX by 93.9% in the fourth quarter. Jane Street Group LLC now owns 31,758 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 15,377 shares during the period. Susquehanna International Group LLP boosted its position in IRIDEX by 46.2% during the 3rd 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 grew its stake in IRIDEX by 53.0% during the 3rd quarter. Apexium Financial LP now owns 100,529 shares of the medical equipment provider’s stock valued at $116,000 after acquiring an additional 34,834 shares in the last quarter. Finally, Citadel Advisors LLC increased its holdings in shares of IRIDEX by 62.7% in the 3rd quarter. Citadel Advisors LLC now owns 109,473 shares of the medical equipment provider’s stock valued at $126,000 after purchasing an additional 42,202 shares during the period. 20.10% of the stock is owned by institutional investors and hedge funds.

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.