Welcome to our dedicated page for Iridex news (Ticker: IRIX), a resource for investors and traders seeking the latest updates and insights on Iridex stock.
Iridex Corporation (NASDAQ: IRIX) is a global leader in the development, manufacturing, and marketing of innovative and versatile laser-based medical systems and delivery devices. Founded in 1989, the company specializes in providing advanced medical solutions across multiple specialties, including ophthalmology, aesthetic medicine, and otolaryngology.
Iridex's core products include lasers, laser delivery devices, glaucoma devices, and retinal surgical instruments. The company's proprietary MicroPulse® technology offers a differentiated treatment that is both safe and effective for managing sight-threatening eye conditions. This technology powers many of its products, enhancing their clinical efficacy.
Operating primarily in the ophthalmology segment, Iridex derives its revenue from the sale of consoles, delivery devices, consumables, services, and support activities. The company has a significant presence in the United States, generating maximum revenue from this region, followed by Europe, the Americas excluding the U.S., and Asia/Pacific Rim.
Iridex's recent achievements include successful advocacy for the revision of Medicare Local Coverage Determinations (LCDs) for Cyclophotocoagulation (CPC), which broadened patient qualification criteria. This change aligns the criteria with recommendations from the 2001 American Academy of Ophthalmology paper, thereby expanding access to essential glaucoma treatments.
The company operates with a robust commitment to the success of its customers, offering comprehensive technical, clinical, and service support programs. Iridex products are distributed in over 100 countries, with sales managed through a direct sales force in the United States and a network of independent distributors globally.
Financially, Iridex has faced challenges such as reimbursement uncertainties and supply chain limitations, which impacted its revenue and gross margins. However, the company is actively pursuing strategic reviews to unlock shareholder value and remains focused on expanding its market reach and product offerings.
For more detailed information about Iridex Corporation, please visit their website at www.iridex.com.
Iridex (IRIX) announced a landmark five-year peer-reviewed study published in Ophthalmology Therapy, demonstrating the long-term effectiveness of their MicroPulse Transscleral Laser Therapy (TLT) for glaucoma treatment. The study, conducted at University Eye Clinic Maastricht, evaluated 165 eyes with 112 completing the five-year follow-up.
Key findings showed significant results using the Cyclo G6® Laser and MicroPulse P3® Delivery Device: a 32.5% average reduction in intraocular pressure (IOP), decreased need for IOP-lowering medications, and only 38% of eyes requiring retreatment. The study confirms TLT as a viable alternative to invasive surgery, with sustained effectiveness and minimal complications across various glaucoma types.
Iridex (Nasdaq: IRIX) confirms the adoption of Local Coverage Determination (LCD) L37531 for Micro-Invasive Glaucoma Surgery (MIGS), effective November 17, 2024. The new LCD clarifies that Iridex's laser-based treatments are not MIGS procedures and remain unaffected by new reimbursement limitations. The company's Cyclo G6® product family, which currently sells over 50,000 probes annually, offers noninvasive, repeatable treatments across various stages of glaucoma progression. The LCD's restrictions on MIGS procedures are expected to increase physician interest in Iridex's laser-based alternatives.
Iridex reported its third quarter 2024 financial results, showing a total revenue of $11.6 million, a sequential decline of 8% from Q2 2024 and a 10% decline from Q3 2023. The Cyclo G6 product family generated $3.1 million in revenue, a 3% increase from Q3 2023. However, retina product revenue fell to $6.5 million, a 12% sequential decline and an 18% drop year-over-year. The company strengthened its balance sheet with $3.4 million in net proceeds from a convertible note offering. Cash and cash equivalents were approximately $3.9 million as of September 28, 2024.
Iridex expects to achieve EBITDA breakeven in Q4 2024 due to cost-cutting measures. The company also announced new Local Coverage Determinations (LCDs) for Medicare reimbursement, effective November 17, 2024, which could boost the use of its glaucoma products. The company is undergoing a strategic review and is in discussions with multiple parties regarding potential transactions.
Iridex (NASDAQ: IRIX), a provider of laser-based medical systems for glaucoma and retinal diseases treatment, has scheduled its third quarter 2024 financial results release for November 12, 2024, after market close. The company will host a conference call at 2:00 p.m. PT / 5:00 p.m. ET on the same day. Investors can join via phone (1-888-596-4144 for domestic, +1-646-968-2525 for international callers, conference ID: 3650755) or through a webcast available on the company's website.
Iridex (Nasdaq: IRIX), a leader in laser-based medical systems for glaucoma and retinal diseases, has announced significant leadership changes. Patrick Mercer, previously the company's Chief Operating Officer and President, has been appointed as the new Chief Executive Officer and President, effective October 1, 2024. This change comes as David Bruce, the former CEO, transitions out of the company.
Simultaneously, Scott Shuda has been named Executive Chairman of the board of directors, upgrading from his previous role as Chairman. The board believes these leadership changes could accelerate progress towards a potential transaction, as part of the strategic review process announced last year. Iridex continues to engage in discussions with multiple entities regarding potential transactions.
Mr. Mercer expressed his commitment to advancing Iridex's mission and highlighted the company's value as a global leader in ophthalmic laser treatment systems, featuring technologies like the Next Gen Pascal® with MicroPulse® for retina and MicroPulse Transscleral Laser Therapy for glaucoma.
Iridex (Nasdaq: IRIX) announced its Q2 2024 financial results. The company reported total revenue of $12.6 million, marking a 7% sequential growth from Q1 2024. The Cyclo G6 product family revenue increased by 13% sequentially to $3.3 million. Retina product revenue grew 8% sequentially and 6% YoY to $7.3 million. The company sold 15,100 Cyclo G6 probes and 28 Glaucoma Laser Systems.
Gross profit was $5.1 million with a 40.7% margin, down from 41.7% YoY. Net loss stood at $2.7 million, or $0.16 per share. Operating expenses decreased to $7.8 million. Cash and equivalents were $4.1 million as of June 29, 2024, reduced by $1.3 million in the quarter, and excluding $3.4 million from a convertible note offering on August 7, 2024.
CEO David Bruce emphasized the company's focus on strategic review processes and achieving a transaction this fiscal year. A webcast and conference call were scheduled to discuss these results.
IRIDEX (Nasdaq: IRIX), a leader in laser-based medical systems for glaucoma and retinal diseases, has announced a private placement financing with Lind Global Asset Management IX The deal involves a senior convertible promissory note that will provide net proceeds of approximately $3.5 million at closing, with potential for an additional $1.5 million through a subsequent note.
Key points:
- Initial note has a principal amount of $4,200,000
- 24-month term for each note
- Convertible into common stock at $2.44 per share
- Company can repay with reduced principal within 180 or 365 days
- Monthly repayments start after 120 days, with options for cash, stock, or combination
CEO David Bruce states this financing provides balance sheet liquidity and operating runway as they pursue their strategic process and growth recovery.
Iridex (NASDAQ: IRIX), a leader in laser-based medical systems for glaucoma and retinal diseases, has announced its plan to release second quarter 2024 financial results on August 8, 2024, after market close. The company will also provide a business update during a conference call scheduled for the same day at 2:00 p.m. PT / 5:00 p.m. ET.
Investors can join the call by dialing (646) 307-1963 (domestic) or (800) 715-9871 (international) using conference ID: 9156340. A live and recorded webcast will be available on the company's website at www.iridex.com under the 'Investors' section's 'Event Calendar' page.
Iridex (Nasdaq: IRIX) reported first-quarter 2024 financial results, showing a decline in revenue to $11.8 million from $13.7 million in Q1 2023. The Cyclo G6 product family revenue fell to $3.0 million from $3.7 million, despite selling more probes. Revenue from retina products decreased by 6% to $6.8 million. Cash and cash equivalents dropped to $5.4 million, a reduction of $1.6 million. The gross margin narrowed to 37.9% from 43.3%, and net loss widened to $3.5 million, or $0.21 per share, from $2.1 million, or $0.13 per share. CEO David Bruce noted longer sales cycles and end-of-quarter purchase deferrals but remains optimistic for the second quarter.
Iridex (NASDAQ: IRIX) will report its financial results for the first quarter of 2024 on May 14, 2024. The company specializes in laser-based medical systems for glaucoma and retinal diseases, with a conference call scheduled after the market closes.
FAQ
What is the current stock price of Iridex (IRIX)?
What is the market cap of Iridex (IRIX)?
What does Iridex Corporation specialize in?
What is MicroPulse® technology?
Which markets does Iridex operate in?
What are Iridex's core product lines?
How does Iridex support its customers?
What recent achievements has Iridex made?
How does Iridex distribute its products?
What financial challenges has Iridex faced recently?
What strategic initiatives is Iridex pursuing?
Where can I find more information about Iridex?
