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IRIX IRIDEX

IRIDEX Corp. engages in developing, manufacturing, and marketing medical systems, delivery devices and consumable instrumentation for the ophthalmology market. Its products include lasers, laser delivery and glaucoma devices, retinal surgical instruments, veterinary, and ENT. The company was founded by Eduardo Arias, Theodore A. Boutacoff, David M. Buzawa and James L. Donovan in February 1989 and is headquartered in Mountain View, CA.

Company profile

Ticker
IRIX
Exchange
Website
CEO
David I. Bruce
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
770210467

IRIX stock data

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Calendar

23 Mar 21
13 Apr 21
2 Jan 22
Quarter (USD)
Jan 21 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jan 21 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from IRIDEX earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 11.63M 11.63M 11.63M 11.63M 11.63M 11.63M
Cash burn (monthly) 102K 85.58K 100K 548.58K (positive/no burn) 285.92K
Cash used (since last report) 344.65K 289.18K 337.9K 1.85M n/a 966.1K
Cash remaining 11.28M 11.34M 11.29M 9.77M n/a 10.66M
Runway (months of cash) 110.6 132.5 112.9 17.8 n/a 37.3

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Mar 21 Patrick Mercer Common Stock Payment of exercise Dispose F No No 7 85 595 34,051
28 Feb 21 Patrick Mercer Common Stock Payment of exercise Dispose F No No 5.88 85 499.8 34,136
30 Jan 21 Patrick Mercer Common Stock Payment of exercise Dispose F No No 4.6 85 391 34,221
30 Dec 20 Patrick Mercer Common Stock Payment of exercise Dispose F No No 2.82 72 203.04 34,306

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

36.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 25 25
Opened positions 5 1 +400.0%
Closed positions 5 2 +150.0%
Increased positions 7 6 +16.7%
Reduced positions 6 7 -14.3%
13F shares
Current Prev Q Change
Total value 13.53M 8.88M +52.4%
Total shares 5.63M 4.53M +24.3%
Total puts 125 0 NEW
Total calls 125 0 NEW
Total put/call ratio 1.0
Largest owners
Shares Value Change
Paragon Associates & Paragon Associates Ii Joint Venture 1.32M $3.31M 0.0%
North Tide Capital 760.07K $1.91M NEW
Vanguard 749.05K $1.88M 0.0%
Wyers Point Master 744.3K $1.27M NEW
Renaissance Technologies 666.42K $1.67M +28.1%
Invenomic Capital Management 500.82K $1.26M +13.5%
Isthmus Partners 226.2K $568K -0.6%
Dimensional Fund Advisors 142.85K $359K -14.1%
Bridgeway Capital Management 141.5K $355K +73.6%
Perkins Capital Management 91.85K $231K -11.6%
Largest transactions
Shares Bought/sold Change
North Tide Capital 760.07K +760.07K NEW
Wyers Point Master 744.3K +744.3K NEW
Wasatch Advisors 0 -629.28K EXIT
Renaissance Technologies 666.42K +146.18K +28.1%
Bridgeway Capital Management 141.5K +60K +73.6%
Invenomic Capital Management 500.82K +59.41K +13.5%
SNEX StoneX 26.1K +26.1K NEW
Dimensional Fund Advisors 142.85K -23.49K -14.1%
UBS UBS Group AG - Registered Shares 18.02K +16.52K +1101.1%
Gabelli Funds 0 -15K EXIT

Financial report summary

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Risks
  • We have incurred indebtedness under the CARES Act which may be subject to audit, may not be forgivable and may eventually have to be repaid. Any repayment of such indebtedness may limit the funds available to us and may restrict our flexibility in operating our business or otherwise adversely affect our results of operations.
  • 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.
  • 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 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.
  • 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 cannot increase our sales volumes, reduce our costs or introduce higher margin products to offset potential reductions in the average unit price of our products, our operating results may suffer.
  • 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.
  • If we fail to accurately forecast demand for our product and component requirements for the manufacture of our product, we could incur additional costs or experience manufacturing delays and may experience lost sales or significant inventory carrying costs.
  • 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 experience a significant disruption in our information technology systems or breaches of data security, our business could be adversely affected.
  • 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.
  • If we modify one of our FDA cleared devices, we may need to submit a new 510(k), or potentially a PMA, and if clearance or approval is not obtained, it would prevent us from selling our modified products or cause us to redesign our products.
  • 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.
  • If product liability claims are successfully asserted against us, we may incur substantial liabilities that may adversely affect our business or results of operations.
  • 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.
  • 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.
  • If we fail to comply with environmental requirements, our business, financial condition, operating results and reputation could be adversely affected.
  • 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.
  • As a public company, we are obligated to develop and maintain proper and effective internal control over financial reporting. We may not complete our analysis of our internal control over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may adversely affect investor confidence in our company and, as a result, the value of our common stock.
  • Our charter documents, anti-takeover provisions of Delaware law, and contractual provisions could delay or prevent an acquisition or sale of our company.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • IRIDEX Corporation is an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures used to treat sight-threatening eye conditions, including glaucoma and retinal diseases. Certain of our laser products are powered by our proprietary MicroPulse technology, which is a method of delivering laser energy using a mode which chops the continuous wave laser beam into short, microsecond-long laser pulses. Our products consist of laser consoles, delivery devices and consumable instrumentation, including laser probes.
  • Our business generates recurring revenues through sales of consumable products, predominantly single-use laser probe devices and other instrumentation, as well as repair, servicing and extended service contracts for our laser systems. Our laser probes consist of the following product lines:
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