Iridex (IRIX)
Laser systems and procedure probes for glaucoma and retinal care.
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Builds laser consoles, delivery devices, and single-use probes for glaucoma and retinal procedures, with service and support revenue alongside equipment sales. The model pairs capital systems with recurring probe demand and depends on external suppliers, distributors, regulatory clearance, reimbursement, and clinical adoption.
Develops and markets ophthalmic laser systems, delivery devices, single-use procedure probes, and service support for glaucoma, medical retina, and broader ophthalmology. Its Cyclo G6 platform pairs a laser console with proprietary probes for MicroPulse and continuous-wave glaucoma procedures; retinal offerings include portable IQ systems, Iridex laser models, and PASCAL pattern-scanning workstations.
Generates revenue from durable equipment, recurring probe sales, repairs, service contracts, royalties, freight, and distribution-rights consideration. Products are assembled in Mountain View from externally sourced components, then sold directly in selected markets and through Topcon and other distributors elsewhere. Topcon is simultaneously a shareholder, international distributor, customer, and source of certain raw materials.
Operates in a regulated medical-device market where product changes require clearances or approvals and adoption also depends on physician acceptance and reimbursement availability.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Mar 27, 2026 | Industrial Alliance Securities | Target | Target: $3 | Target: $2.75 |
| Feb 5, 2026 | Industrial Alliance Securities | Target | Target: — | Target: $3 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jul 4, 2026Cash & short-term investments $4.7M · Total debt $4.0M · Total assets $27.3M · Shareholders' equity $3.6M
- Revenue
- $12.6M
- Operating income
- −$1.0M
- Net income
- −$1.3M
No dividends on record.
| Institutions | 12.36% | 2.17M shares | |
|---|---|---|---|
| 29 holders · as of Jun 30, 2026 | |||
| Insiders | 6.82% | 1.20M shares | |
| 5 holders · as of Sep 16, 2026 | |||
| Strategic holders | 3.14% | 551.4K shares | |
| 1 holder · as of Jul 8, 2026 | |||
| Other | 77.68% | 13.65M shares | |
| remainder | |||
17.56M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Acuta Capital Partners LLCInstitution | 9.18% | 1.61M | filed Dec 11, 2018 |
Wasatch Advisors, Inc.Institution | 3.35% | 589,043 | filed Oct 7, 2019 |
The Vanguard GroupInstitution | 3.18% | 559,411 | filed Feb 10, 2022 |
Novel Inspiration International Co., Ltd.Strategic10 percent owner | 3.14% | 551,429 | filed Jul 8, 2026 |
Vanguard Capital Management LLCInstitution | 2.93% | 514,593 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +7,900 | $0.6300 |
| Sep 14, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +2,354 | $0.6500 |
| Sep 10, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +5,100 | $0.6800 |
| Aug 24, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +6,668 | $0.7497 |
| Jun 12, 2026 | Romeo R. Dizon | officer: Chief Financial Officer | +975 | $1.14 |
- Alcon
Broad retinal-laser and glaucoma-treatment rival.
- Glaukos
High-scale procedural glaucoma alternative.
- Regeneron
Retinal-drug alternative in shared retina clinics.
- Sight Sciences
MIGS alternative for open-angle glaucoma procedures.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Iridex | $0.6510 | +1.24% | $11.1M | — | — | 0.2 | −7.4% |
| Alcon | $65.43 | +0.86% | $31.64B | 49.9 | 17.2 | 2.9 | +7.5% |
| Glaukos | $161.05 | −0.30% | $9.53B | — | 1,257.2 | 15.5 | +49.5% |
| Regeneron | $809.86 | +1.46% | $82.23B | 19.7 | 13.4 | 5.3 | +16.7% |
| Sight Sciences | $8.57 | +0.89% | $461.9M | — | — | 5.5 | +19.6% |
| Median | 34.8 | 17.2 | 5.4 | +18.1% |