IRIXNasdaqElectromedical & Electrotherapeutic ApparatusUS GAAP · USD

IRIDEX Corporation

IRIDEX Corp is an ophthalmic medical technology company that develops and commercializes laser-based systems and related therapies for sight-threatening eye diseases. Its core focus is on glaucoma and retinal disorders, using proprietary MicroPulse and Endpoint Management technologies to deliver tissue-sparing treatment modes in select laser consoles.

Revenue52.7m USD
+8.2 %y/y
Operating profit (EBIT)-2.6m USD
+69.0 %y/y
EBIT margin-4.9%
+12.2 ppy/y
Net income-4.4m USD
+50.2 %y/y
Free cash flow-2.3m USD
+69.1 %y/y

Fiscal year 2026 · change from previous year

Development 2019–2026

-200204060m USD2019: 43 m USD2019: EBIT -9.0 m USD20192021: 36 m USD2021: EBIT -6.6 m USD20212022: 57 m USD2022: EBIT -7.5 m USD20222023: 52 m USD2023: EBIT -10 m USD20232024: 49 m USD2024: EBIT -8.3 m USD20242026: 53 m USD2026: EBIT -2.6 m USD202653-2.6
RevenueOperating profit (EBIT)

Business

Share of revenue
Glaucoma systems24 %

Laser-based products and treatment modes used to manage glaucoma, including Cyclo G6.

Retina systems59 %

Products and procedures used to treat retinal diseases and related eye conditions.

Other products16 %

Additional ophthalmic devices, accessories, and related product sales outside the core glaucoma and retina groups.

Services and support1 %

Service revenue and support activities tied to installed systems and customer use.

Products

Reported · share of revenue
57.5%26.3%16.2%FY2026100 %
  • Retina57.5 %
  • Cyclo G Six26.3 %
  • Other16.2 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

IRIDEX sells primarily to eye-care providers that need capital equipment and treatment solutions for glaucoma and retinal disease. Its customers include hospitals, surgical centers, physician offices, and international distributors that resell or place the company’s systems in local markets. Demand depends on clinical adoption, purchasing budgets, and the timing of capital equipment decisions.

Hospitals and surgical centers

Buy ophthalmic laser systems for glaucoma and retina procedures, often as capital equipment tied to procedure volume.

Physician offices

Purchase systems for in-office treatment of sight-threatening eye conditions and to expand procedure offerings.

International distributors

Buy or place products for resale outside the U.S., extending market reach and local service coverage.

Clinicians and treatment centers

Adopt proprietary treatment modes because they can deliver low-energy, tissue-sparing therapy.

Strategy

IRIDEX is focused on commercializing its proprietary laser therapy technologies and expanding adoption in glaucoma and retina care. Near term, management is balancing product development, sales and marketing investment, and manufacturing efficiency while preserving liquidity and supporting new product introductions.

Increase adoption of proprietary treatment modesMedium term

MicroPulse and Endpoint Management differentiate the company’s systems and support clinical adoption.

Strengthen retina and glaucoma commercial executionShort term

Revenue growth depends on converting clinical demand into capital equipment purchases and procedure use.

Maintain liquidity and funding flexibilityShort term

The company expects current cash to cover 12 months, but future growth may require additional capital.

Improve manufacturing and cost structureMedium term

Gross margin is sensitive to manufacturing costs, product mix, and international mix.

Geography

IRIDEX is headquartered in the United States, but it also sells internationally through distributors and direct end users. The company noted that direct end-user sales through its German office are denominated in euros, while distributor sales are generally denominated in U.S. dollars. International mix matters because it affects pricing, foreign exchange exposure, and gross margin.

Risks

IRIDEX is exposed to cyclical capital equipment demand, since hospitals and physician offices can delay purchases when macroeconomic conditions weaken. The business also faces foreign exchange, tariff, and trade-war related pressure, while its small scale and ongoing investment needs create financing and execution risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Tariffs and trade-war related cost inflation1Delayed capital equipment purchasing by customers2Margin compression from product and geographic mix3Financing and dilution risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Tariffs and trade-war related cost inflationImpact: HighLikelihood: High

    Imported components and cross-border sales can be affected by tariff changes and retaliatory actions.

    Exposure: Manufacturing costs and international demand

  2. Delayed capital equipment purchasing by customersImpact: HighLikelihood: Medium

    Hospitals, surgical centers, and physician offices may defer buying laser systems during recessionary or uncertain periods.

    Exposure: Revenue timing and order conversion

  3. Margin compression from product and geographic mixImpact: MediumLikelihood: Medium

    Capital system sales and international mix can lower gross margin when manufacturing costs rise.

    Exposure: Gross profit and operating leverage

  4. Financing and dilution riskImpact: MediumLikelihood: Medium

    The company may need additional capital for R&D, sales expansion, or manufacturing investment.

    Exposure: Liquidity and shareholder dilution

  5. Foreign exchange pressure on international salesImpact: Medium

    A stronger U.S. dollar can make products more expensive abroad and reduce demand or profitability in local markets.

    Exposure: International distributor and euro-denominated direct sales

Accounting

Judgemental items
Revenue recognition by product and channel

Equipment, services, and distributor sales may be recognized differently depending on delivery and contract terms.

Impact: Affects quarterly revenue timing and comparability

Inventory, warranty, and manufacturing cost estimates

Cost of revenues includes components, labor, overhead, warranty, and third-party manufacturing costs.

Impact: Directly affects gross margin

Foreign currency effects

German office sales are denominated in euros and distributor sales are in U.S. dollars.

Impact: Can change reported revenue and profitability

Convertible preferred shares and convertible debt

Recent financing can create dilution and require careful classification and measurement.

Impact: Affects capital structure and per-share results

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026