IRIDEX Corporation (IRIX) 10-Year Financial Performance & Capital Metrics

IRIX • • Industrial / General

HealthcareMedical DevicesDiagnostic & Imaging EquipmentMedical Imaging Systems

AboutIRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser photocoagulation systems, which are used for the treatment of diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments. The company also provides delivery devices, including TxCell scanning laser delivery system that allows the physician to perform multi-spot pattern scanning; slit lamp adapter, which allows the physician to utilize a standard slit lamp in diagnosis and treatment procedures; and laser indirect ophthalmoscope for use in procedures to treat peripheral retinal disorders. It offers MicroPulse P3 Probe, which is used with its Cylco G6 laser system to perform MicroPulse transscleral laser therapy; G-Probe, which is used in procedures to treat uncontrolled glaucoma; G-Probe and G-Probe Illuminate, which are used in procedures to treat refractory glaucoma; and EndoProbe family of products for use in vitrectomy procedures. The company serves ophthalmologists, research and teaching hospitals, government installations, surgical centers, hospitals, veterinary practices, and office clinics. It markets its products through direct and independent sales force in the United States, as well as through independent distributors internationally. The company was formerly known as IRIS Medical Instruments, Inc. and changed its name to IRIDEX Corporation in November 1995. IRIDEX Corporation was incorporated in 1989 and is headquartered in Mountain View, California.Show more

Revenue $49M -6.2%
EBITDA -$7M +13.8%
Net Income -$9M +6.9%
EPS (Diluted) -0.54 +8.5%
Gross Margin 40.07% -4.7%
EBITDA Margin -14.13% +8.1%
Operating Margin -17.06% +11.6%
Net Margin -18.31% +0.8%
ROE -153.37% -114.4%
ROIC -129.89% +10.8%
Debt/Equity 2.21 +667.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.7x turnover

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Expensive at 10.3x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y1.29%

5Y2.3%

3Y-3.35%

TTM4.58%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM53.91%

EPS CAGR

10Y-

5Y-

3Y-

TTM55.33%

ROCE

10Y Avg-28.39%

5Y Avg-33.53%

3Y Avg-36.9%

Latest-48.78%

Peer Comparison

Medical Imaging Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IRMDIRadimed Corporation	1.29B	101.53	67.69	11.71%	26.31%	21.54%	1.36%	0.00
BRKRBruker Corporation	7.47B	49.14	64.66	13.56%	-0.61%	-0.84%	1.82%	1.24
STESTERIS plc	25.94B	264.25	42.62	6.24%	12.07%	9.8%	3%	0.33
FONRFONAR Corporation	114.8M	18.61	15.13	1.43%	7.08%	4.62%	6.49%	0.24
PACBPacific Biosciences of California, Inc.	712.5M	2.36	-2.21	-23.19%	-325.8%	-13.95%		1.33
HYPRHyperfine, Inc.	101.82M	1.24	-2.21	16.84%	-378.17%	-149.05%		0.01
IRIXIRIDEX Corporation	22.69M	1.32	-2.44	-6.17%	-10.04%	-108.67%		2.21
MASS908 Devices Inc.	196.89M	5.44	-2.57	18.72%	-7.17%	-3.03%		0.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	41.76M	46.16M	41.59M	42.6M	43.45M	36.35M	53.9M	56.97M	51.87M	48.67M
Revenue Growth %	-0.02%	0.11%	-0.1%	0.02%	0.02%	-0.16%	0.48%	0.06%	-0.09%	-0.06%
Cost of Goods Sold+	21.8M	25.32M	26.09M	25.13M	25.51M	20.79M	31.07M	31.6M	30.06M	29.17M
COGS % of Revenue	0.52%	0.55%	0.63%	0.59%	0.59%	0.57%	0.58%	0.55%	0.58%	0.6%
Gross Profit+	19.95M	20.84M	15.5M	17.47M	17.94M	15.56M	22.83M	25.37M	21.81M	19.5M
Gross Margin %	0.48%	0.45%	0.37%	0.41%	0.41%	0.43%	0.42%	0.45%	0.42%	0.4%
Gross Profit Growth %	-0.07%	0.04%	-0.26%	0.13%	0.03%	-0.13%	0.47%	0.11%	-0.14%	-0.11%
Operating Expenses+	19.66M	23.28M	28.53M	30.34M	26.91M	22.14M	30.36M	32.91M	31.81M	27.8M
OpEx % of Revenue	0.47%	0.5%	0.69%	0.71%	0.62%	0.61%	0.56%	0.58%	0.61%	0.57%
Selling, General & Admin	14.45M	17.92M	22.8M	26.33M	23.23M	18.86M	23.5M	25.73M	24.98M	22.36M
SG&A % of Revenue	0.35%	0.39%	0.55%	0.62%	0.53%	0.52%	0.44%	0.45%	0.48%	0.46%
Research & Development	5.21M	5.37M	5.73M	4.01M	3.68M	3.28M	6.87M	7.17M	6.83M	5.45M
R&D % of Revenue	0.12%	0.12%	0.14%	0.09%	0.08%	0.09%	0.13%	0.13%	0.13%	0.11%
Other Operating Expenses	3K	-91K	-107K	92K	0	0	0	0	0	0
Operating Income+	288K	-2.56M	-12.89M	-12.87M	-8.97M	-6.58M	-7.53M	-7.54M	-10.01M	-8.3M
Operating Margin %	0.01%	-0.06%	-0.31%	-0.3%	-0.21%	-0.18%	-0.14%	-0.13%	-0.19%	-0.17%
Operating Income Growth %	-0.89%	-9.91%	-4.02%	0%	0.3%	0.27%	-0.14%	-0%	-0.33%	0.17%
EBITDA+	810K	-1.92M	-12.03M	-12.06M	-8.29M	-6.08M	-6.73M	-6.16M	-7.97M	-6.88M
EBITDA Margin %	0.02%	-0.04%	-0.29%	-0.28%	-0.19%	-0.17%	-0.12%	-0.11%	-0.15%	-0.14%
EBITDA Growth %	-0.73%	-3.37%	-5.28%	-0%	0.31%	0.27%	-0.11%	0.08%	-0.3%	0.14%
D&A (Non-Cash Add-back)	522K	648K	858K	809K	688K	504K	803K	1.38M	2.03M	1.42M
EBIT	291K	-2.44M	-13.03M	-12.87M	-8.97M	-6.58M	-7.53M	-7.54M	-10.01M	-8.3M
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	3K	-91K	-107K	92K	209K	280K	2.35M	60K	527K	-540K
Pretax Income+	291K	-2.66M	-12.99M	-12.78M	-8.77M	-6.3M	-5.18M	-7.48M	-9.48M	-8.84M
Pretax Margin %	0.01%	-0.06%	-0.31%	-0.3%	-0.2%	-0.17%	-0.1%	-0.13%	-0.18%	-0.18%
Income Tax+	-183K	9.06M	-128K	37K	48K	26K	40K	65K	90K	68K
Effective Tax Rate %	1.63%	4.41%	0.99%	1%	1.01%	1%	1.01%	1.01%	1.01%	1.01%
Net Income+	474K	-11.71M	-12.87M	-12.81M	-8.81M	-6.33M	-5.22M	-7.55M	-9.57M	-8.91M
Net Margin %	0.01%	-0.25%	-0.31%	-0.3%	-0.2%	-0.17%	-0.1%	-0.13%	-0.18%	-0.18%
Net Income Growth %	-0.95%	-25.71%	-0.1%	0%	0.31%	0.28%	0.17%	-0.44%	-0.27%	0.07%
Net Income (Continuing)	474K	-11.71M	-12.87M	-12.81M	-8.81M	-6.33M	-5.22M	-7.55M	-9.57M	-8.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.05	-1.15	-1.11	-1.05	-0.64	-0.46	-0.34	-0.47	-0.59	-0.54
EPS Growth %	-0.95%	-24%	0.03%	0.05%	0.39%	0.28%	0.26%	-0.38%	-0.26%	0.08%
EPS (Basic)	0.05	-1.15	-1.11	-1.05	-0.64	-0.46	-0.34	-0.47	-0.59	-0.54
Diluted Shares Outstanding	10.13M	10.17M	11.55M	12.2M	13.71M	13.84M	15.42M	15.94M	16.13M	16.44M
Basic Shares Outstanding	9.96M	10.17M	11.55M	12.2M	13.71M	13.84M	15.42M	15.94M	16.13M	16.44M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	30.77M	45.87M	39.45M	39.62M	30.55M	25.36M	42.25M	35.77M	27.45M	23.56M
Cash & Short-Term Investments	9.99M	23.75M	21.71M	21.19M	12.65M	11.63M	23.85M	13.92M	7.03M	2.39M
Cash Only	9.99M	23.75M	21.71M	21.19M	12.65M	11.63M	23.85M	13.92M	7.03M	2.39M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	9.28M	10.03M	7.86M	9.08M	9.32M	7.29M	9.72M	9.77M	9.65M	8.39M
Days Sales Outstanding	81.13	79.27	69	77.82	78.32	73.2	65.79	62.58	67.93	62.95
Inventory	11.11M	11.64M	9.38M	8.79M	8.17M	5.71M	7.61M	10.61M	9.91M	10.82M
Days Inventory Outstanding	185.91	167.85	131.24	127.73	116.96	100.32	89.44	122.51	120.27	135.37
Other Current Assets	386K	450K	500K	547K	0	0	0	1.47M	856K	1.96M
Total Non-Current Assets+	11.05M	2.28M	2.19M	2.05M	4.26M	2.61M	6.43M	6.52M	6.99M	5.57M
Property, Plant & Equipment	1.1M	1.53M	1.4M	1.22M	3.49M	1.88M	2.99M	2.13M	2.98M	1.91M
Fixed Asset Turnover	37.82x	30.09x	29.65x	34.92x	12.43x	19.36x	18.01x	26.79x	17.39x	25.52x
Goodwill	533K	533K	533K	533K	533K	533K	965K	965K	965K	965K
Intangible Assets	268K	132K	116K	100K	84K	68K	2.21M	1.98M	1.64M	1.31M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	164K	80K	143K	201K	151K	132K	271K	1.46M	1.4M	1.39M
Total Assets+	41.82M	48.14M	41.65M	41.67M	34.81M	27.97M	48.69M	42.29M	34.44M	29.14M
Asset Turnover	1.00x	0.96x	1.00x	1.02x	1.25x	1.30x	1.11x	1.35x	1.51x	1.67x
Asset Growth %	0%	0.15%	-0.13%	0%	-0.16%	-0.2%	0.74%	-0.13%	-0.19%	-0.15%
Total Current Liabilities+	7.43M	8.46M	10.39M	11.09M	9.78M	8.68M	12.65M	12.45M	12.97M	16.56M
Accounts Payable	2.22M	1.99M	1.72M	2.52M	2.59M	1.15M	2.77M	3.86M	4.5M	6.99M
Days Payables Outstanding	37.21	28.75	24.12	36.55	37.09	20.16	32.56	44.56	54.62	87.41
Short-Term Debt	0	0	0	0	0	1.25M	0	0	0	1.73M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	938K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.22M	2.64M	3.63M	3.23M	2.78M	1.97M	3.19M	2.45M	1.62M	770K
Current Ratio	4.14x	5.42x	3.80x	3.57x	3.12x	2.92x	3.34x	2.87x	2.12x	1.42x
Quick Ratio	2.65x	4.04x	2.89x	2.78x	2.29x	2.26x	2.74x	2.02x	1.35x	0.77x
Cash Conversion Cycle	229.84	218.37	176.12	169.01	158.2	153.36	122.67	140.54	133.58	110.91
Total Non-Current Liabilities+	704K	523K	732K	623K	2.33M	1.92M	12.74M	12.61M	11.94M	10.48M
Long-Term Debt	0	0	0	0	0	1.25M	0	0	0	1M
Capital Lease Obligations	0	0	0	0	1.79M	282K	1.73M	732K	1.75M	811K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	704K	523K	732K	623K	175K	103K	83K	132K	164K	314K
Total Liabilities	8.13M	8.98M	11.12M	11.71M	12.11M	10.6M	25.39M	25.06M	24.91M	27.04M
Total Debt+	0	0	0	0	3.21M	4.19M	2.66M	1.77M	2.75M	4.64M
Net Debt	-9.99M	-23.75M	-21.71M	-21.19M	-9.44M	-7.44M	-21.2M	-12.15M	-4.29M	2.26M
Debt / Equity	-	-	-	-	0.14x	0.24x	0.11x	0.10x	0.29x	2.21x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-12.34x	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	33.69M	39.16M	30.52M	29.96M	22.7M	17.37M	23.3M	17.23M	9.52M	2.1M
Equity Growth %	-0%	0.16%	-0.22%	-0.02%	-0.24%	-0.24%	0.34%	-0.26%	-0.45%	-0.78%
Book Value per Share	3.33	3.85	2.64	2.46	1.66	1.25	1.51	1.08	0.59	0.13
Total Shareholders' Equity	33.69M	39.16M	30.52M	29.96M	22.7M	17.37M	23.3M	17.23M	9.52M	2.1M
Common Stock	111K	124K	126K	145K	147K	148K	168K	169K	172K	174K
Retained Earnings	-4.41M	-16.12M	-28.99M	-41.8M	-50.62M	-56.94M	-62.17M	-69.72M	-79.04M	-88.01M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-9.7M	-10.34M	-11.05M	70K	80K	-19K	45K	-24K	-52K	51K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-593K	-144K	-3.56M	-10.03M	-7.91M	-3.24M	8.22M	-9.52M	-6.75M	-7.29M
Operating CF Margin %	-0.01%	-0%	-0.09%	-0.24%	-0.18%	-0.09%	0.15%	-0.17%	-0.13%	-0.15%
Operating CF Growth %	-1.15%	0.76%	-23.76%	-1.81%	0.21%	0.59%	3.54%	-2.16%	0.29%	-0.08%
Net Income	474K	-11.71M	-12.87M	-12.81M	-8.81M	-6.33M	-5.22M	-7.55M	-9.57M	-8.91M
Depreciation & Amortization	522K	648K	858K	809K	688K	504K	1.71M	1.38M	2.03M	1.42M
Stock-Based Compensation	895K	1.82M	1.92M	1.8M	1.7M	1.12M	1.63M	0	0	1.24M
Deferred Taxes	-209K	8.98M	-140K	4K	0	0	0	0	0	0
Other Non-Cash Items	67K	337K	260K	149K	74K	198K	-2.46M	1.81M	1.65M	328K
Working Capital Changes	-2.34M	-222K	6.4M	23K	-1.56M	1.27M	12.56M	-5.16M	-857K	-1.37M
Change in Receivables	-1.01M	-865K	2.16M	-1.16M	-271K	1.86M	-2.47M	-237K	358K	1.26M
Change in Inventory	-1.99M	-537K	2.09M	463K	545K	2.38M	268K	-3.02M	644K	-911K
Change in Payables	465K	-229K	-270K	788K	76K	-1.45M	1.63M	1.09M	641K	2.49M
Cash from Investing+	-1.3M	-1.47M	-782K	-827K	-509K	-93K	-5.56M	-286K	-109K	-13K
Capital Expenditures	-875K	-1.06M	-575K	-440K	-128K	-97K	-213K	-286K	-109K	-13K
CapEx % of Revenue	0.02%	0.02%	0.01%	0.01%	0%	0%	0%	0.01%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-423K	-406K	-207K	-387K	-381K	4K	0	0	0	0
Cash from Financing+	-1.42M	15.36M	2.31M	10.38M	-156K	2.47M	9.47M	-73K	-5K	2.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	146K	610K	44K	-96K	-156K	-30K	-412K	-94K	-87K	-547K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.47M	-1.21M	-4.14M	-10.46M	-8.04M	-3.33M	8M	-9.8M	-6.85M	-7.3M
FCF Margin %	-0.04%	-0.03%	-0.1%	-0.25%	-0.19%	-0.09%	0.15%	-0.17%	-0.13%	-0.15%
FCF Growth %	-1.43%	0.18%	-2.43%	-1.53%	0.23%	0.59%	3.4%	-2.23%	0.3%	-0.06%
FCF per Share	-0.14	-0.12	-0.36	-0.86	-0.59	-0.24	0.52	-0.62	-0.42	-0.44
FCF Conversion (FCF/Net Income)	-1.25x	0.01x	0.28x	0.78x	0.90x	0.51x	-1.57x	1.26x	0.70x	0.82x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	27K	22K	7K	13K	14K	0	15K	0	0	15K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.41%	-32.16%	-36.93%	-42.37%	-33.47%	-31.59%	-25.7%	-37.24%	-71.54%	-153.37%
Return on Invested Capital (ROIC)	0.98%	-9.84%	-79.79%	-109.78%	-61.11%	-42.58%	-93.92%	-157.54%	-145.56%	-129.89%
Gross Margin	47.78%	45.15%	37.27%	41.01%	41.29%	42.8%	42.36%	44.53%	42.04%	40.07%
Net Margin	1.14%	-25.38%	-30.94%	-30.08%	-20.28%	-17.41%	-9.69%	-13.25%	-18.45%	-18.31%
Debt / Equity	-	-	-	-	0.14x	0.24x	0.11x	0.10x	0.29x	2.21x
FCF Conversion	-1.25x	0.01x	0.28x	0.78x	0.90x	0.51x	-1.57x	1.26x	0.70x	0.82x
Revenue Growth	-2.47%	10.54%	-9.89%	2.42%	1.99%	-16.34%	48.3%	5.69%	-8.96%	-6.17%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Retina	-	-	-	-	22.88M	18.09M	31.11M	31.66M	29.45M	27.83M
Retina Growth	-	-	-	-	-	-20.94%	71.97%	1.77%	-6.99%	-5.49%
Cyclo G Six	-	-	-	-	-	-	13.95M	14.69M	13.46M	12.7M
Cyclo G Six Growth	-	-	-	-	-	-	-	5.33%	-8.39%	-5.68%
Product and Service, Other	-	-	-	-	-	-	-	10.62M	8.96M	8.14M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-15.61%	-9.13%
Service	-	-	-	-	-	-	-	1.51M	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Product And Service Other	-	-	-	-	7.5M	6.99M	8.85M	-	-	-
Product And Service Other Growth	-	-	-	-	-	-6.82%	26.62%	-	-	-
G Six	-	-	-	-	13.07M	11.27M	-	-	-	-
G Six Growth	-	-	-	-	-	-13.76%	-	-	-	-
Recurring Revenues	-	-	-	22.59M	-	-	-	-	-	-
Recurring Revenues Growth	-	-	-	-	-	-	-	-	-	-
Systems	-	-	-	20.01M	-	-	-	-	-	-
Systems Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	25.17M	23.02M	22.1M	22.27M	19.31M	25.56M	29.18M	26.05M	22.69M
UNITED STATES Growth	-	-	-8.56%	-4.00%	0.78%	-13.28%	32.36%	14.15%	-10.71%	-12.91%
Asia Pacific	7.16M	8.62M	8.16M	8.17M	8.43M	7.06M	12.23M	10.93M	10.23M	11.95M
Asia Pacific Growth	-	20.37%	-5.34%	0.13%	3.12%	-16.19%	73.12%	-10.59%	-6.38%	16.77%
Europe, Middle East and Africa	-	-	-	-	-	-	-	13.8M	13.52M	11.82M
Europe, Middle East and Africa Growth	-	-	-	-	-	-	-	-	-2.04%	-12.54%
Americas Excluding U S	-	-	-	2.59M	2.86M	1.97M	2.54M	3.06M	2.06M	2.21M
Americas Excluding U S Growth	-	-	-	-	10.31%	-31.15%	29.28%	20.37%	-32.64%	6.94%
Europe	7.97M	9.57M	8.1M	9.74M	9.89M	8.01M	13.57M	-	-	-
Europe Growth	-	20.07%	-15.37%	20.32%	1.56%	-19.08%	69.54%	-	-	-
Rest Of Americas	2.68M	2.8M	2.32M	-	-	-	-	-	-	-
Rest Of Americas Growth	-	4.63%	-17.18%	-	-	-	-	-	-	-
U S	23.95M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

IRIDEX Corporation (IRIX) reported $50.6M in revenue for fiscal year 2024. This represents a 53% increase from $33.2M in 2011.

IRIDEX Corporation (IRIX) saw revenue decline by 6.2% over the past year.

IRIDEX Corporation (IRIX) reported a net loss of $5.1M for fiscal year 2024.

Dividend & Returns

IRIDEX Corporation (IRIX) has a return on equity (ROE) of -153.4%. Negative ROE indicates the company is unprofitable.

IRIDEX Corporation (IRIX) had negative free cash flow of $2.8M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

...

IRIDEX Corporation (IRIX) 10-Year Financial Performance & Capital Metrics

IRIX • • Industrial / General

HealthcareMedical DevicesDiagnostic & Imaging EquipmentMedical Imaging Systems

Revenue $49M -6.2%
EBITDA -$7M +13.8%
Net Income -$9M +6.9%
EPS (Diluted) -0.54 +8.5%
Gross Margin 40.07% -4.7%
EBITDA Margin -14.13% +8.1%
Operating Margin -17.06% +11.6%
Net Margin -18.31% +0.8%
ROE -153.37% -114.4%
ROIC -129.89% +10.8%
Debt/Equity 2.21 +667.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.7x turnover

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Expensive at 10.3x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y1.29%

5Y2.3%

3Y-3.35%

TTM4.58%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM53.91%

EPS CAGR

10Y-

5Y-

3Y-

TTM55.33%

ROCE

10Y Avg-28.39%

5Y Avg-33.53%

3Y Avg-36.9%

Latest-48.78%

Peer Comparison

Medical Imaging Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IRMDIRadimed Corporation	1.29B	101.53	67.69	11.71%	26.31%	21.54%	1.36%	0.00
BRKRBruker Corporation	7.47B	49.14	64.66	13.56%	-0.61%	-0.84%	1.82%	1.24
STESTERIS plc	25.94B	264.25	42.62	6.24%	12.07%	9.8%	3%	0.33
FONRFONAR Corporation	114.8M	18.61	15.13	1.43%	7.08%	4.62%	6.49%	0.24
PACBPacific Biosciences of California, Inc.	712.5M	2.36	-2.21	-23.19%	-325.8%	-13.95%		1.33
HYPRHyperfine, Inc.	101.82M	1.24	-2.21	16.84%	-378.17%	-149.05%		0.01
IRIXIRIDEX Corporation	22.69M	1.32	-2.44	-6.17%	-10.04%	-108.67%		2.21
MASS908 Devices Inc.	196.89M	5.44	-2.57	18.72%	-7.17%	-3.03%		0.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	41.76M	46.16M	41.59M	42.6M	43.45M	36.35M	53.9M	56.97M	51.87M	48.67M
Revenue Growth %	-0.02%	0.11%	-0.1%	0.02%	0.02%	-0.16%	0.48%	0.06%	-0.09%	-0.06%
Cost of Goods Sold+	21.8M	25.32M	26.09M	25.13M	25.51M	20.79M	31.07M	31.6M	30.06M	29.17M
COGS % of Revenue	0.52%	0.55%	0.63%	0.59%	0.59%	0.57%	0.58%	0.55%	0.58%	0.6%
Gross Profit+	19.95M	20.84M	15.5M	17.47M	17.94M	15.56M	22.83M	25.37M	21.81M	19.5M
Gross Margin %	0.48%	0.45%	0.37%	0.41%	0.41%	0.43%	0.42%	0.45%	0.42%	0.4%
Gross Profit Growth %	-0.07%	0.04%	-0.26%	0.13%	0.03%	-0.13%	0.47%	0.11%	-0.14%	-0.11%
Operating Expenses+	19.66M	23.28M	28.53M	30.34M	26.91M	22.14M	30.36M	32.91M	31.81M	27.8M
OpEx % of Revenue	0.47%	0.5%	0.69%	0.71%	0.62%	0.61%	0.56%	0.58%	0.61%	0.57%
Selling, General & Admin	14.45M	17.92M	22.8M	26.33M	23.23M	18.86M	23.5M	25.73M	24.98M	22.36M
SG&A % of Revenue	0.35%	0.39%	0.55%	0.62%	0.53%	0.52%	0.44%	0.45%	0.48%	0.46%
Research & Development	5.21M	5.37M	5.73M	4.01M	3.68M	3.28M	6.87M	7.17M	6.83M	5.45M
R&D % of Revenue	0.12%	0.12%	0.14%	0.09%	0.08%	0.09%	0.13%	0.13%	0.13%	0.11%
Other Operating Expenses	3K	-91K	-107K	92K	0	0	0	0	0	0
Operating Income+	288K	-2.56M	-12.89M	-12.87M	-8.97M	-6.58M	-7.53M	-7.54M	-10.01M	-8.3M
Operating Margin %	0.01%	-0.06%	-0.31%	-0.3%	-0.21%	-0.18%	-0.14%	-0.13%	-0.19%	-0.17%
Operating Income Growth %	-0.89%	-9.91%	-4.02%	0%	0.3%	0.27%	-0.14%	-0%	-0.33%	0.17%
EBITDA+	810K	-1.92M	-12.03M	-12.06M	-8.29M	-6.08M	-6.73M	-6.16M	-7.97M	-6.88M
EBITDA Margin %	0.02%	-0.04%	-0.29%	-0.28%	-0.19%	-0.17%	-0.12%	-0.11%	-0.15%	-0.14%
EBITDA Growth %	-0.73%	-3.37%	-5.28%	-0%	0.31%	0.27%	-0.11%	0.08%	-0.3%	0.14%
D&A (Non-Cash Add-back)	522K	648K	858K	809K	688K	504K	803K	1.38M	2.03M	1.42M
EBIT	291K	-2.44M	-13.03M	-12.87M	-8.97M	-6.58M	-7.53M	-7.54M	-10.01M	-8.3M
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	3K	-91K	-107K	92K	209K	280K	2.35M	60K	527K	-540K
Pretax Income+	291K	-2.66M	-12.99M	-12.78M	-8.77M	-6.3M	-5.18M	-7.48M	-9.48M	-8.84M
Pretax Margin %	0.01%	-0.06%	-0.31%	-0.3%	-0.2%	-0.17%	-0.1%	-0.13%	-0.18%	-0.18%
Income Tax+	-183K	9.06M	-128K	37K	48K	26K	40K	65K	90K	68K
Effective Tax Rate %	1.63%	4.41%	0.99%	1%	1.01%	1%	1.01%	1.01%	1.01%	1.01%
Net Income+	474K	-11.71M	-12.87M	-12.81M	-8.81M	-6.33M	-5.22M	-7.55M	-9.57M	-8.91M
Net Margin %	0.01%	-0.25%	-0.31%	-0.3%	-0.2%	-0.17%	-0.1%	-0.13%	-0.18%	-0.18%
Net Income Growth %	-0.95%	-25.71%	-0.1%	0%	0.31%	0.28%	0.17%	-0.44%	-0.27%	0.07%
Net Income (Continuing)	474K	-11.71M	-12.87M	-12.81M	-8.81M	-6.33M	-5.22M	-7.55M	-9.57M	-8.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.05	-1.15	-1.11	-1.05	-0.64	-0.46	-0.34	-0.47	-0.59	-0.54
EPS Growth %	-0.95%	-24%	0.03%	0.05%	0.39%	0.28%	0.26%	-0.38%	-0.26%	0.08%
EPS (Basic)	0.05	-1.15	-1.11	-1.05	-0.64	-0.46	-0.34	-0.47	-0.59	-0.54
Diluted Shares Outstanding	10.13M	10.17M	11.55M	12.2M	13.71M	13.84M	15.42M	15.94M	16.13M	16.44M
Basic Shares Outstanding	9.96M	10.17M	11.55M	12.2M	13.71M	13.84M	15.42M	15.94M	16.13M	16.44M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	30.77M	45.87M	39.45M	39.62M	30.55M	25.36M	42.25M	35.77M	27.45M	23.56M
Cash & Short-Term Investments	9.99M	23.75M	21.71M	21.19M	12.65M	11.63M	23.85M	13.92M	7.03M	2.39M
Cash Only	9.99M	23.75M	21.71M	21.19M	12.65M	11.63M	23.85M	13.92M	7.03M	2.39M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	9.28M	10.03M	7.86M	9.08M	9.32M	7.29M	9.72M	9.77M	9.65M	8.39M
Days Sales Outstanding	81.13	79.27	69	77.82	78.32	73.2	65.79	62.58	67.93	62.95
Inventory	11.11M	11.64M	9.38M	8.79M	8.17M	5.71M	7.61M	10.61M	9.91M	10.82M
Days Inventory Outstanding	185.91	167.85	131.24	127.73	116.96	100.32	89.44	122.51	120.27	135.37
Other Current Assets	386K	450K	500K	547K	0	0	0	1.47M	856K	1.96M
Total Non-Current Assets+	11.05M	2.28M	2.19M	2.05M	4.26M	2.61M	6.43M	6.52M	6.99M	5.57M
Property, Plant & Equipment	1.1M	1.53M	1.4M	1.22M	3.49M	1.88M	2.99M	2.13M	2.98M	1.91M
Fixed Asset Turnover	37.82x	30.09x	29.65x	34.92x	12.43x	19.36x	18.01x	26.79x	17.39x	25.52x
Goodwill	533K	533K	533K	533K	533K	533K	965K	965K	965K	965K
Intangible Assets	268K	132K	116K	100K	84K	68K	2.21M	1.98M	1.64M	1.31M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	164K	80K	143K	201K	151K	132K	271K	1.46M	1.4M	1.39M
Total Assets+	41.82M	48.14M	41.65M	41.67M	34.81M	27.97M	48.69M	42.29M	34.44M	29.14M
Asset Turnover	1.00x	0.96x	1.00x	1.02x	1.25x	1.30x	1.11x	1.35x	1.51x	1.67x
Asset Growth %	0%	0.15%	-0.13%	0%	-0.16%	-0.2%	0.74%	-0.13%	-0.19%	-0.15%
Total Current Liabilities+	7.43M	8.46M	10.39M	11.09M	9.78M	8.68M	12.65M	12.45M	12.97M	16.56M
Accounts Payable	2.22M	1.99M	1.72M	2.52M	2.59M	1.15M	2.77M	3.86M	4.5M	6.99M
Days Payables Outstanding	37.21	28.75	24.12	36.55	37.09	20.16	32.56	44.56	54.62	87.41
Short-Term Debt	0	0	0	0	0	1.25M	0	0	0	1.73M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	938K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.22M	2.64M	3.63M	3.23M	2.78M	1.97M	3.19M	2.45M	1.62M	770K
Current Ratio	4.14x	5.42x	3.80x	3.57x	3.12x	2.92x	3.34x	2.87x	2.12x	1.42x
Quick Ratio	2.65x	4.04x	2.89x	2.78x	2.29x	2.26x	2.74x	2.02x	1.35x	0.77x
Cash Conversion Cycle	229.84	218.37	176.12	169.01	158.2	153.36	122.67	140.54	133.58	110.91
Total Non-Current Liabilities+	704K	523K	732K	623K	2.33M	1.92M	12.74M	12.61M	11.94M	10.48M
Long-Term Debt	0	0	0	0	0	1.25M	0	0	0	1M
Capital Lease Obligations	0	0	0	0	1.79M	282K	1.73M	732K	1.75M	811K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	704K	523K	732K	623K	175K	103K	83K	132K	164K	314K
Total Liabilities	8.13M	8.98M	11.12M	11.71M	12.11M	10.6M	25.39M	25.06M	24.91M	27.04M
Total Debt+	0	0	0	0	3.21M	4.19M	2.66M	1.77M	2.75M	4.64M
Net Debt	-9.99M	-23.75M	-21.71M	-21.19M	-9.44M	-7.44M	-21.2M	-12.15M	-4.29M	2.26M
Debt / Equity	-	-	-	-	0.14x	0.24x	0.11x	0.10x	0.29x	2.21x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-12.34x	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	33.69M	39.16M	30.52M	29.96M	22.7M	17.37M	23.3M	17.23M	9.52M	2.1M
Equity Growth %	-0%	0.16%	-0.22%	-0.02%	-0.24%	-0.24%	0.34%	-0.26%	-0.45%	-0.78%
Book Value per Share	3.33	3.85	2.64	2.46	1.66	1.25	1.51	1.08	0.59	0.13
Total Shareholders' Equity	33.69M	39.16M	30.52M	29.96M	22.7M	17.37M	23.3M	17.23M	9.52M	2.1M
Common Stock	111K	124K	126K	145K	147K	148K	168K	169K	172K	174K
Retained Earnings	-4.41M	-16.12M	-28.99M	-41.8M	-50.62M	-56.94M	-62.17M	-69.72M	-79.04M	-88.01M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-9.7M	-10.34M	-11.05M	70K	80K	-19K	45K	-24K	-52K	51K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-593K	-144K	-3.56M	-10.03M	-7.91M	-3.24M	8.22M	-9.52M	-6.75M	-7.29M
Operating CF Margin %	-0.01%	-0%	-0.09%	-0.24%	-0.18%	-0.09%	0.15%	-0.17%	-0.13%	-0.15%
Operating CF Growth %	-1.15%	0.76%	-23.76%	-1.81%	0.21%	0.59%	3.54%	-2.16%	0.29%	-0.08%
Net Income	474K	-11.71M	-12.87M	-12.81M	-8.81M	-6.33M	-5.22M	-7.55M	-9.57M	-8.91M
Depreciation & Amortization	522K	648K	858K	809K	688K	504K	1.71M	1.38M	2.03M	1.42M
Stock-Based Compensation	895K	1.82M	1.92M	1.8M	1.7M	1.12M	1.63M	0	0	1.24M
Deferred Taxes	-209K	8.98M	-140K	4K	0	0	0	0	0	0
Other Non-Cash Items	67K	337K	260K	149K	74K	198K	-2.46M	1.81M	1.65M	328K
Working Capital Changes	-2.34M	-222K	6.4M	23K	-1.56M	1.27M	12.56M	-5.16M	-857K	-1.37M
Change in Receivables	-1.01M	-865K	2.16M	-1.16M	-271K	1.86M	-2.47M	-237K	358K	1.26M
Change in Inventory	-1.99M	-537K	2.09M	463K	545K	2.38M	268K	-3.02M	644K	-911K
Change in Payables	465K	-229K	-270K	788K	76K	-1.45M	1.63M	1.09M	641K	2.49M
Cash from Investing+	-1.3M	-1.47M	-782K	-827K	-509K	-93K	-5.56M	-286K	-109K	-13K
Capital Expenditures	-875K	-1.06M	-575K	-440K	-128K	-97K	-213K	-286K	-109K	-13K
CapEx % of Revenue	0.02%	0.02%	0.01%	0.01%	0%	0%	0%	0.01%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-423K	-406K	-207K	-387K	-381K	4K	0	0	0	0
Cash from Financing+	-1.42M	15.36M	2.31M	10.38M	-156K	2.47M	9.47M	-73K	-5K	2.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	146K	610K	44K	-96K	-156K	-30K	-412K	-94K	-87K	-547K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.47M	-1.21M	-4.14M	-10.46M	-8.04M	-3.33M	8M	-9.8M	-6.85M	-7.3M
FCF Margin %	-0.04%	-0.03%	-0.1%	-0.25%	-0.19%	-0.09%	0.15%	-0.17%	-0.13%	-0.15%
FCF Growth %	-1.43%	0.18%	-2.43%	-1.53%	0.23%	0.59%	3.4%	-2.23%	0.3%	-0.06%
FCF per Share	-0.14	-0.12	-0.36	-0.86	-0.59	-0.24	0.52	-0.62	-0.42	-0.44
FCF Conversion (FCF/Net Income)	-1.25x	0.01x	0.28x	0.78x	0.90x	0.51x	-1.57x	1.26x	0.70x	0.82x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	27K	22K	7K	13K	14K	0	15K	0	0	15K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.41%	-32.16%	-36.93%	-42.37%	-33.47%	-31.59%	-25.7%	-37.24%	-71.54%	-153.37%
Return on Invested Capital (ROIC)	0.98%	-9.84%	-79.79%	-109.78%	-61.11%	-42.58%	-93.92%	-157.54%	-145.56%	-129.89%
Gross Margin	47.78%	45.15%	37.27%	41.01%	41.29%	42.8%	42.36%	44.53%	42.04%	40.07%
Net Margin	1.14%	-25.38%	-30.94%	-30.08%	-20.28%	-17.41%	-9.69%	-13.25%	-18.45%	-18.31%
Debt / Equity	-	-	-	-	0.14x	0.24x	0.11x	0.10x	0.29x	2.21x
FCF Conversion	-1.25x	0.01x	0.28x	0.78x	0.90x	0.51x	-1.57x	1.26x	0.70x	0.82x
Revenue Growth	-2.47%	10.54%	-9.89%	2.42%	1.99%	-16.34%	48.3%	5.69%	-8.96%	-6.17%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Retina	-	-	-	-	22.88M	18.09M	31.11M	31.66M	29.45M	27.83M
Retina Growth	-	-	-	-	-	-20.94%	71.97%	1.77%	-6.99%	-5.49%
Cyclo G Six	-	-	-	-	-	-	13.95M	14.69M	13.46M	12.7M
Cyclo G Six Growth	-	-	-	-	-	-	-	5.33%	-8.39%	-5.68%
Product and Service, Other	-	-	-	-	-	-	-	10.62M	8.96M	8.14M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-15.61%	-9.13%
Service	-	-	-	-	-	-	-	1.51M	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Product And Service Other	-	-	-	-	7.5M	6.99M	8.85M	-	-	-
Product And Service Other Growth	-	-	-	-	-	-6.82%	26.62%	-	-	-
G Six	-	-	-	-	13.07M	11.27M	-	-	-	-
G Six Growth	-	-	-	-	-	-13.76%	-	-	-	-
Recurring Revenues	-	-	-	22.59M	-	-	-	-	-	-
Recurring Revenues Growth	-	-	-	-	-	-	-	-	-	-
Systems	-	-	-	20.01M	-	-	-	-	-	-
Systems Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	25.17M	23.02M	22.1M	22.27M	19.31M	25.56M	29.18M	26.05M	22.69M
UNITED STATES Growth	-	-	-8.56%	-4.00%	0.78%	-13.28%	32.36%	14.15%	-10.71%	-12.91%
Asia Pacific	7.16M	8.62M	8.16M	8.17M	8.43M	7.06M	12.23M	10.93M	10.23M	11.95M
Asia Pacific Growth	-	20.37%	-5.34%	0.13%	3.12%	-16.19%	73.12%	-10.59%	-6.38%	16.77%
Europe, Middle East and Africa	-	-	-	-	-	-	-	13.8M	13.52M	11.82M
Europe, Middle East and Africa Growth	-	-	-	-	-	-	-	-	-2.04%	-12.54%
Americas Excluding U S	-	-	-	2.59M	2.86M	1.97M	2.54M	3.06M	2.06M	2.21M
Americas Excluding U S Growth	-	-	-	-	10.31%	-31.15%	29.28%	20.37%	-32.64%	6.94%
Europe	7.97M	9.57M	8.1M	9.74M	9.89M	8.01M	13.57M	-	-	-
Europe Growth	-	20.07%	-15.37%	20.32%	1.56%	-19.08%	69.54%	-	-	-
Rest Of Americas	2.68M	2.8M	2.32M	-	-	-	-	-	-	-
Rest Of Americas Growth	-	4.63%	-17.18%	-	-	-	-	-	-	-
U S	23.95M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

IRIDEX Corporation (IRIX) reported $50.6M in revenue for fiscal year 2024. This represents a 53% increase from $33.2M in 2011.

IRIDEX Corporation (IRIX) saw revenue decline by 6.2% over the past year.

IRIDEX Corporation (IRIX) reported a net loss of $5.1M for fiscal year 2024.

Dividend & Returns

IRIDEX Corporation (IRIX) has a return on equity (ROE) of -153.4%. Negative ROE indicates the company is unprofitable.

IRIDEX Corporation (IRIX) had negative free cash flow of $2.8M in fiscal year 2024, likely due to heavy capital investments.