Iridex Stock Price, News & Analysis

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.