Iridex Corporation is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. The Company's proprietary MicroPulse® technology delivers a differentiated treatment that provides safe, effective, and proven treatment for targeted sight-threatening eye conditions. Iridex's current product line is used for the treatment of glaucoma and diabetic macular edema (DME) and other retinal diseases. Iridex products are sold in the United States through a direct sales force and internationally primarily through a network of independent distributors into more than 100 countries.

Company profile
Ticker
IRIX
Exchange
Website
CEO
David I. Bruce
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Medtronic • Varian Medical Systems • Conmed • Masimo • Natus Medical • LivaNova • Outset Medical • Fonar • Cutera • Inmode ...
SEC CIK
Corporate docs
IRS number
770210467
IRIX stock data
Calendar
15 Aug 22
16 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jul 22 | Apr 22 | Jan 22 | Oct 21 | |
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Diluted EPS |
Annual (USD) | Jan 22 | Jan 21 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 17.97M | 17.97M | 17.97M | 17.97M | 17.97M | |
Cash burn (monthly) | 885K | 691.08K | 741.33K | 764.92K | 469.58K | |
Cash used (since last report) | 1.32M | 1.03M | 1.1M | 1.14M | 699.5K | |
Cash remaining | 16.65M | 16.94M | 16.86M | 16.83M | 17.27M | |
Runway (months of cash) | 18.8 | 24.5 | 22.7 | 22.0 | 36.8 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
30 Jul 22 | Patrick Mercer | Common Stock | Payment of exercise | Dispose F | No | No | 3.01 | 71 | 213.71 | 51,927 |
4 Jul 22 | Bruce David | Common Stock | Payment of exercise | Dispose F | No | No | 2.47 | 4,640 | 11.46K | 93,388 |
4 Jul 22 | Patrick Mercer | Common Stock | Payment of exercise | Dispose F | No | No | 2.47 | 2,016 | 4.98K | 51,998 |
1 Jul 22 | Bruce David | Common Stock | Payment of exercise | Dispose F | No | No | 2.47 | 5,379 | 13.29K | 98,028 |
1 Jul 22 | Patrick Mercer | Common Stock | Payment of exercise | Dispose F | No | No | 2.47 | 1,460 | 3.61K | 54,014 |
30 Jun 22 | Bruce David | Common Stock | Payment of exercise | Dispose F | No | No | 2.57 | 3,227 | 8.29K | 103,407 |
30 Jun 22 | Patrick Mercer | Common Stock | Payment of exercise | Dispose F | No | No | 2.57 | 1,728 | 4.44K | 55,474 |
30 Jun 22 | Patrick Mercer | Common Stock | Payment of exercise | Dispose F | No | No | 2.57 | 72 | 185.04 | 57,202 |
15 Jun 22 | Beverly A Huss | Common Stock | Grant | Acquire A | No | No | 0 | 27,472 | 0 | 27,472 |
15 Jun 22 | Nandini Devi | Common Stock | Grant | Acquire A | No | No | 0 | 27,472 | 0 | 37,892 |
Institutional ownership, Q1 2022
45.9% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 35 |
Opened positions | 4 |
Closed positions | 6 |
Increased positions | 12 |
Reduced positions | 6 |
13F shares | Current |
---|---|
Total value | 35.81M |
Total shares | 7.3M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Topcon America | 1.62M | $11.81M |
North Tide Capital | 760.07K | $1.91M |
Wyers Point Master | 744.3K | $1.27M |
Paragon Associates & Paragon Associates Ii Joint Venture | 562.67K | $2.61M |
Vanguard | 556.96K | $2.58M |
Renaissance Technologies | 546.81K | $2.53M |
BlueLine Capital Partners | 493.67K | $3.79M |
Bridgeway Capital Management | 319.4K | $1.48M |
Essex Investment Management | 306.99K | $1.42M |
Dimensional Fund Advisors | 240.73K | $1.12M |
Financial report summary
?Competition
Pfizer • Regeneron Pharmaceuticals • Bausch Health Companies • Roche • Novartis • Glaukos • Allergan • Nova Eye Medical Limited.Risks
- We face quality control and other production issues that could materially and adversely impact our sales and financial results and the acceptance of our products.
- Some of our laser systems are complex in design and may contain defects that are not detected until deployed by our customers, which could increase our costs and reduce our revenues.
- We rely on our direct and independent sales forces and international distributors to sell our products and if we lose our sales force or distributor relationships, it could harm our business.
- Growth in our sales and marketing organization may create operational challenges without immediately offsetting benefits.
- We depend on international sales for a significant portion of our operating results.
- If we fail to develop and successfully introduce new products and applications or fail to improve our existing products, our business prospects and operating results may suffer.
- We are exposed to risks associated with worldwide economic slowdowns and related uncertainties.
- Our operating results may fluctuate from quarter to quarter and year to year.
- We rely on continued market acceptance of our existing products and any decline in sales of our existing products would adversely affect our business and results of operations.
- We face strong competition in our markets and expect the level of competition to grow in the foreseeable future.
- Our operating results may be adversely affected by uncertainty regarding healthcare reform measures and changes in third-party coverage and reimbursement policies.
- If we fail to comply with healthcare laws, we could face substantial penalties and financial exposure, and our business, operations and financial condition could be adversely affected.
- We depend on collaborative relationships to develop, introduce and market new products, product enhancements and new applications.
- If we fail to manage growth effectively, our business could be disrupted which could harm our operating results.
- We rely on patents and proprietary rights to protect our intellectual property and business.
- If we lose key personnel or fail to integrate replacement personnel successfully, our ability to manage our business could be impaired.
- Efforts to acquire additional companies or product lines may divert our managerial resources away from our business operations, and if we complete additional acquisitions, we may incur or assume additional liabilities or experience integration problems.
- We depend on sole source or limited source suppliers.
- If our facilities were to experience catastrophic loss, our operations would be seriously harmed.
- If we fail to maintain our relationships with health care providers, customers may not buy our products and our revenue and profitability may decline. At the same time, relationships with these individuals and entities are the subject of heightened scrutiny and may present the potential for healthcare compliance risks.
- We are subject to government regulations which may cause us to delay or withdraw the introduction of new products or new applications for our products.
- Any clinical trials necessary that we may undertake for regulatory approval or marketing reasons will be an expensive, lengthy, costly, and uncertain process, and could result in delays in new product introductions or even an inability to release a product.
- If we fail to comply with the FDA’s quality system regulation and laser performance standards, our manufacturing operations could be halted, and our business would suffer.
- Our products may be misused, which could harm our reputation and our business.
- Inability of customers to obtain credit or material increases in interest rates may harm our sales.
- Our products could be subject to recalls even after receiving FDA approval or clearance. A recall would harm our reputation and adversely affect our operating results.
- Changes in U.S. tax laws could have a material adverse effect on our business, cash flow, results of operations or financial conditions.
- We are subject to federal, state and foreign laws governing our business practices which, if violated, could result in substantial penalties. Additionally, challenges to or investigation into our practices could cause adverse publicity and be costly to respond to and thus could harm our business.
- Our ability to raise capital in the future may be limited, and future sales and issuances of securities could negatively affect our stock price and dilute the ownership interest of our existing investors.
- Divestitures of some of our businesses or product lines may materially and adversely affect our financial condition, results of operations or cash flows and require us to raise additional capital to replace revenue from those business units or product lines.
- Our stock price has been and may continue to be volatile and an investment in our common stock could suffer a decline in value.
- Because we do not intend to pay dividends, stockholders will benefit from an investment in our common stock only if it appreciates in value.
- If securities or industry analysts do not continue to publish research or publish incorrect or unfavorable research about our business, our stock price and trading volume could decline.
- Ownership of our common stock is concentrated among a few investors, which may affect the ability of a third party to acquire control of us. Substantial sales by such investors could cause our stock price to decline.
- Our charter documents, anti-takeover provisions of Delaware law, and contractual provisions could delay or prevent an acquisition or sale of our company.
Content analysis
?Positive | ||
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Legalese | ||
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Readability |
H.S. freshman Good
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New words:
committed, flat, Fourth, revolving
Removed:
April, derived, inclusion
Financial reports
Current reports
8-K
Iridex Announces Second Quarter 2022 Financial Results
15 Aug 22
8-K
Submission of Matters to a Vote of Security Holders
16 Jun 22
8-K
Iridex Announces First Quarter 2022 Financial Results
12 May 22
8-K
Departure of Directors or Certain Officers
21 Apr 22
8-K
Iridex Announces the Appointment of Beverly Huss to its Board of Directors
21 Mar 22
8-K
Iridex Announces Fourth Quarter and Full Year 2021 Financial Results
10 Mar 22
8-K
Iridex Announces Preliminary Operational and Financial Results for Fourth Quarter and Full Year 2021
11 Jan 22
8-K
Iridex Announces Third Quarter 2021 Financial Results
12 Nov 21
8-K
Iridex Announces Second Quarter 2021 Financial Results
12 Aug 21
8-K
Other Events
29 Jun 21
Registration and prospectus
424B3
Prospectus supplement
27 Jul 21
S-8
Registration of securities for employees
9 Jul 21
S-3
Shelf registration
9 Jul 21
S-8
Registration of securities for employees
4 Sep 19
424B5
Prospectus supplement for primary offering
13 Sep 18
424B5
Prospectus supplement for primary offering
12 Sep 18
S-8
Registration of securities for employees
26 Jul 18
S-8
Registration of securities for employees
24 Jul 17
424B4
Prospectus supplement with pricing info
8 Dec 16
424B5
Prospectus supplement for primary offering
8 Dec 16
Proxies
DEFA14A
Additional proxy soliciting materials
29 Apr 22
DEFA14A
Additional proxy soliciting materials
30 Apr 21
DEFA14A
Additional proxy soliciting materials
27 Apr 20
DEFA14A
Additional proxy soliciting materials
12 Jun 19
DEFA14A
Additional proxy soliciting materials
27 Apr 18
DEF 14A
Definitive proxy
27 Apr 18
Other
SD
Conflict minerals disclosure
25 May 22
EFFECT
Notice of effectiveness
28 Jul 21
CORRESP
Correspondence with SEC
22 Jul 21
UPLOAD
Letter from SEC
15 Jul 21
SD
Conflict minerals disclosure
1 Jun 21
SD
Conflict minerals disclosure
1 Jun 20
SD
Conflict minerals disclosure
31 May 19
UPLOAD
Letter from SEC
4 Oct 18
CORRESP
Correspondence with SEC
30 Sep 18
UPLOAD
Letter from SEC
29 Aug 18
Ownership
4
IRIDEX / Patrick Mercer ownership change
1 Aug 22
4
IRIDEX / Patrick Mercer ownership change
5 Jul 22
4
IRIDEX / David Bruce ownership change
5 Jul 22
4
IRIDEX / Scott Shuda ownership change
16 Jun 22
4
IRIDEX / KEN LUDLUM ownership change
16 Jun 22
4
IRIDEX / Robert Earle Grove ownership change
16 Jun 22
4
IRIDEX / BEVERLY A HUSS ownership change
16 Jun 22
4
IRIDEX / Nandini Devi ownership change
16 Jun 22
4
IRIDEX / Patrick Mercer ownership change
1 Jun 22
4
IRIDEX / Nandini Devi ownership change
23 May 22
Patents
Utility
Photomedical treatment system and method with a virtual aiming device
9 Aug 22
A photomedical system and method for treating and/or diagnosing a patient's eye that includes a first light source for producing light, a scanning device for deflecting the light to produce a pattern of the light on the eye, a viewing element positioned to view the eye by a user or physician, and an alignment element aligned to the viewing element and the scanning device for optically indicating through the viewing element a location on the eye on which the pattern of the light will be located, but without projecting any alignment light onto the eye.
Utility
Methods and Systems for Large Spot Retinal Laser Treatment
21 Jul 22
In some embodiments, a system for providing a therapeutic treatment to a patient's eye includes a treatment beam source configured to transmit a treatment beam along a treatment beam path.
Utility
Methods and Probes for Intrascleral Laser Surgery
9 Jun 22
Methods of treating an eye are provided that entail partially penetrating the sclera and delivering light energy from an optical fiber within the penetration to treat the a target tissue in the eye, for example, to coagulate vasculature underlying the sclera within a planned incision area.
Utility
Probes having fiber taper and fluid collection channel for ophthalmic laser treatment
7 Jun 22
A treatment probe for treating an eye of a patient includes an elongate body that defines a handle and a treatment fiber that is housed within the elongate body.
Utility
Methods and systems for large spot retinal laser treatment
3 May 22
In some embodiments, a system for providing a therapeutic treatment to a patient's eye includes a treatment beam source configured to transmit a treatment beam along a treatment beam path.
Transcripts
2022 Q2
Earnings call transcript
15 Aug 22
2022 Q1
Earnings call transcript
13 May 22
2021 Q4
Earnings call transcript
11 Mar 22
2021 Q3
Earnings call transcript
12 Nov 21
2021 Q2
Earnings call transcript
13 Aug 21
2021 Q1
Earnings call transcript
12 May 21
2020 Q4
Earnings call transcript
23 Mar 21
2020 Q3
Earnings call transcript
9 Nov 20
2020 Q2
Earnings call transcript
8 Aug 20
2020 Q1
Earnings call transcript
12 May 20
Reddit threads
Daily Discussion Thread - August 15th, 2022
15 Aug 22
Daily Discussion Thread - August 12th, 2022
12 Aug 22
Daily Discussion Thread - May 12th, 2022
12 May 22
Daily Discussion Thread - May 11th, 2022
11 May 22
Daily Discussion Thread - March 10th, 2022
10 Mar 22
Daily Discussion Thread - March 9th, 2022
9 Mar 22
Daily Discussion Thread - March 8th, 2022
8 Mar 22
Daily Discussion Thread - March 7th, 2022
7 Mar 22
Are there any companies whose fundamentals have improved since November but are now down 20% or more off their 52 week high?
17 Jan 22
Should I Quit?
11 Nov 21