Revenue growth remains highly volatile, contracting to -0.8% in 2026Q1 while the company continues to struggle with structural gross margin fluctuations between 32.1% and 44.0%.
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 52.58M | 52.67M | 48.67M | 51.87M | 56.97M | 53.9M | 36.35M | 43.45M | 42.6M | 41.59M | 46.16M | 41.76M | 42.81M | 38.27M | 33.86M | 33.16M | 43.69M | 43.21M | 48.53M | 55.53M | 35.9M | 37.03M | 32.81M | 31.7M | 30.63M | 27.27M | 33.44M | 26.76M | 23.6M | 18.1M | 12.4M |
| Revenue Growth % | 7.73% | 8.23% | -6.17% | -8.96% | 5.69% | 48.3% | -16.34% | 1.99% | 2.42% | -9.89% | 10.54% | -2.47% | 11.86% | 13.04% | 2.11% | -24.11% | 1.12% | -10.95% | -12.61% | 54.67% | -3.04% | 12.86% | 3.5% | 3.48% | 12.32% | -18.43% | 24.94% | 13.4% | 30.39% | 45.97% | 40.91% |
| Cost of Goods Sold | 33.59M | 33.37M | 29.17M | 30.06M | 31.6M | 31.07M | 20.79M | 25.51M | 25.13M | 26.09M | 25.32M | 21.8M | 21.41M | 19.69M | 17.51M | 16.87M | 22.79M | 22.94M | 28.85M | 31.25M | 17.1M | 18.85M | 17.92M | 17.63M | 17.05M | 14.21M | 13.74M | 10.97M | 9.6M | 7.2M | 4.7M |
| COGS % of Revenue | - | 63.35% | 59.93% | 57.96% | 55.47% | 57.64% | 57.2% | 58.71% | 58.99% | 62.73% | 54.85% | 52.22% | 50% | 51.44% | 51.72% | 50.87% | 52.16% | 53.08% | 59.45% | 56.27% | 47.62% | 50.92% | 54.62% | 55.61% | 55.64% | 52.08% | 41.11% | 40.99% | 40.68% | 39.78% | 37.9% |
| Gross Profit | 18.99M | 19.31M | 19.5M | 21.81M | 25.37M | 22.83M | 15.56M | 17.94M | 17.47M | 15.5M | 20.84M | 19.95M | 21.41M | 18.59M | 16.35M | 16.29M | 20.9M | 20.27M | 19.68M | 24.28M | 18.8M | 18.18M | 14.89M | 14.07M | 13.59M | 13.07M | 19.69M | 15.79M | 14M | 10.9M | 7.7M |
| Gross Margin % | 36.12% | 36.65% | 40.07% | 42.04% | 44.53% | 42.36% | 42.8% | 41.29% | 41.01% | 37.27% | 45.15% | 47.78% | 50% | 48.56% | 48.28% | 49.13% | 47.84% | 46.92% | 40.55% | 43.73% | 52.38% | 49.08% | 45.38% | 44.39% | 44.36% | 47.92% | 58.89% | 59.01% | 59.32% | 60.22% | 62.1% |
| Gross Profit Growth % | - | -1% | -10.57% | -14.04% | 11.11% | 46.75% | -13.27% | 2.68% | 12.69% | -25.61% | 4.44% | -6.78% | 15.16% | 13.71% | 0.34% | -22.07% | 3.11% | 3.02% | -18.96% | 29.14% | 3.47% | 22.08% | 5.81% | 3.55% | 3.96% | -33.63% | 24.7% | 12.79% | 28.44% | 41.56% | 26.23% |
| Operating Expenses | 21.68M | 21.88M | 27.8M | 31.81M | 32.91M | 30.36M | 22.14M | 26.91M | 30.34M | 28.53M | 23.28M | 19.66M | 18.82M | 15.95M | 17.21M | 14.36M | 18.11M | 17.75M | 21.85M | 48.4M | 23.57M | 16.37M | 15.96M | 14.12M | 13.77M | 15.06M | 16.91M | 13.97M | 12.2M | 8.2M | 6.7M |
| OpEx % of Revenue | - | 41.53% | 57.13% | 61.34% | 57.77% | 56.33% | 60.92% | 61.94% | 71.22% | 68.6% | 50.44% | 47.09% | 43.95% | 41.68% | 50.82% | 43.29% | 41.44% | 41.09% | 45.03% | 87.16% | 65.65% | 44.2% | 48.66% | 44.54% | 44.95% | 55.21% | 50.56% | 52.19% | 51.69% | 45.3% | 54.03% |
| Selling, General & Admin | 17.91M | 18.13M | 22.36M | 24.98M | 25.73M | 23.5M | 18.86M | 23.23M | 26.33M | 22.8M | 17.92M | 14.45M | 14.19M | 12.74M | 12.82M | 11.72M | 14.29M | 14.15M | 17.84M | 27.93M | 18.06M | 12.17M | 11.46M | 10.09M | 9.45M | 10.25M | 10.75M | 9.22M | 8.4M | 6.1M | 5.2M |
| SG&A % of Revenue | - | 34.42% | 45.93% | 48.17% | 45.17% | 43.59% | 51.89% | 53.47% | 61.81% | 54.82% | 38.82% | 34.61% | 33.14% | 33.3% | 37.87% | 35.34% | 32.71% | 32.74% | 36.77% | 50.3% | 50.3% | 32.87% | 34.91% | 31.82% | 30.86% | 37.58% | 32.14% | 34.47% | 35.59% | 33.7% | 41.94% |
| Research & Development | 3.7M | 3.67M | 5.45M | 6.83M | 7.17M | 6.87M | 3.28M | 3.68M | 4.01M | 5.73M | 5.37M | 5.21M | 4.63M | 3.68M | 4.38M | 3.91M | 3.81M | 3.61M | 4.01M | 5.78M | 5.51M | 4.2M | 4.51M | 4.03M | 4.32M | 4.81M | 5.26M | 3.92M | 3.1M | 1.7M | 1.3M |
| R&D % of Revenue | - | 6.96% | 11.2% | 13.17% | 12.59% | 12.74% | 9.03% | 8.47% | 9.4% | 13.78% | 11.62% | 12.49% | 10.81% | 9.63% | 12.95% | 11.8% | 8.73% | 8.35% | 8.26% | 10.41% | 15.35% | 11.33% | 13.74% | 12.72% | 14.09% | 17.63% | 15.75% | 14.67% | 13.14% | 9.39% | 10.48% |
| Other Operating Expenses | 79K | 79K | 0 | 0 | 0 | 0 | 0 | 0 | 92K | -107K | -91K | 3K | 0 | -371K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -2.69M | -2.57M | -8.3M | -10.01M | -7.54M | -7.53M | -6.58M | -8.97M | -12.87M | -12.89M | -2.56M | 288K | 2.59M | 2.63M | -860K | 1.93M | 2.8M | 2.52M | -7.54M | -24.11M | -4.76M | 1.81M | -1.08M | -48K | -181K | -1.99M | 2.79M | 1.82M | 1.8M | 2.7M | 1M |
| Operating Margin % | -5.12% | -4.88% | -17.06% | -19.29% | -13.24% | -13.98% | -18.11% | -20.66% | -30.21% | -30.99% | -5.56% | 0.69% | 6.04% | 6.88% | -2.54% | 5.83% | 6.4% | 5.83% | -15.53% | -43.43% | -13.27% | 4.89% | -3.28% | -0.15% | -0.59% | -7.29% | 8.34% | 6.82% | 7.63% | 14.92% | 8.06% |
| Operating Income Growth % | - | 69.03% | 17.04% | -32.68% | -0.12% | -14.43% | 26.64% | 30.26% | 0.16% | -402.46% | -990.63% | -88.87% | -1.75% | 406.16% | -144.47% | -30.85% | 11.08% | 133.41% | 68.75% | -406.09% | -363.41% | 268.12% | -2141.67% | 73.48% | 90.9% | -171.37% | 52.71% | 1.39% | -33.33% | 170% | -28.57% |
| EBITDA | -1.52M | -1.02M | -6.88M | -7.97M | -6.16M | -6.73M | -6.08M | -8.29M | -12.06M | -12.03M | -1.92M | 810K | 3.01M | 3.12M | -433K | 2.34M | 3.31M | 3.42M | -4.32M | -20.3M | -4.22M | 2.24M | -692K | 655K | 688K | -1.13M | 3.68M | 2.64M | 2.5M | 3.1M | 1.2M |
| EBITDA Margin % | -2.9% | -1.94% | -14.13% | -15.38% | -10.81% | -12.49% | -16.72% | -19.07% | -28.31% | -28.92% | -4.15% | 1.94% | 7.02% | 8.16% | -1.28% | 7.07% | 7.58% | 7.91% | -8.89% | -36.55% | -11.76% | 6.06% | -2.11% | 2.07% | 2.25% | -4.14% | 11.01% | 9.87% | 10.59% | 17.13% | 9.68% |
| EBITDA Growth % | 60.03% | 85.11% | 13.76% | -29.51% | 8.5% | -10.71% | 26.64% | 31.29% | -0.24% | -527.54% | -336.67% | -73.06% | -3.71% | 821.25% | -118.47% | -29.23% | -3.07% | 179.19% | 78.74% | -380.63% | -288.19% | 424.28% | -205.65% | -4.8% | 160.88% | -130.71% | 39.29% | 5.68% | -19.35% | 158.33% | -20% |
| D&A (Non-Cash Add-back) | 1.17M | 1.55M | 1.42M | 2.03M | 1.38M | 803K | 504K | 688K | 809K | 858K | 648K | 522K | 420K | 490K | 427K | 410K | 515K | 899K | 3.22M | 3.82M | 542K | 435K | 384K | 703K | 869K | 859K | 893K | 817K | 700K | 400K | 200K |
| EBIT | -2.88M | -2.57M | -8.3M | -10.01M | -7.54M | -7.53M | -6.58M | -8.97M | -12.87M | -13.03M | -2.44M | 291K | 1.33M | 2.63M | -270K | 2.73M | 3.6M | 3.32M | -6.74M | -21.61M | -4.76M | 1.81M | -1.08M | -48K | -181K | -1.99M | 2.32M | 1.57M | 1.82M | 2.67M | 1M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.25M | -371K | -210K | -296K | -30K | -237K | -507K | -644K | 733K | 528K | 249K | 159K | 151K | 378K | 552K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 733K | 528K | 249K | 159K | 151K | 378K | 552K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.25M | 371K | 210K | 296K | 78K | 237K | 507K | 644K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -482K | -1.81M | -540K | 527K | 60K | 2.35M | 280K | 209K | 92K | -107K | -91K | 3K | -1.25M | -371K | -110K | 504K | 722K | 563K | 293K | 1.86M | 733K | 528K | 319K | 212K | 122K | 426K | 569K | 556K | 500K | 600K | 700K |
| Pretax Income | -3.17M | -4.38M | -8.84M | -9.48M | -7.48M | -5.18M | -6.3M | -8.77M | -12.78M | -12.99M | -2.66M | 291K | 1.33M | 2.26M | -270K | 2.44M | 3.52M | 3.08M | -7.24M | -22.26M | -4.03M | 2.34M | -757K | 164K | -59K | -1.56M | 3.36M | 2.38M | 2.3M | 3.3M | 1.7M |
| Pretax Margin % | -6.03% | -8.32% | -18.17% | -18.28% | -13.13% | -9.62% | -17.34% | -20.17% | -29.99% | -31.24% | -5.75% | 0.7% | 3.11% | 5.91% | -0.8% | 7.35% | 8.05% | 7.13% | -14.93% | -40.08% | -11.23% | 6.31% | -2.31% | 0.52% | -0.19% | -5.73% | 10.04% | 8.9% | 9.75% | 18.23% | 13.71% |
| Income Tax | 103K | 57K | 68K | 90K | 65K | 40K | 26K | 48K | 37K | -128K | 9.06M | -183K | -8.71M | 31K | -100K | 297K | 473K | 496K | 127K | 13K | 1.72M | 666K | -355K | -207K | -209K | -962K | 940K | 763K | 600K | 1.2M | 700K |
| Effective Tax Rate % | -3.25% | -1.3% | -0.77% | -0.95% | -0.87% | -0.77% | -0.41% | -0.55% | -0.29% | 0.98% | -341% | -62.89% | -653.6% | 1.37% | 37.04% | 12.18% | 13.44% | 16.1% | -1.75% | -0.06% | -42.68% | 28.5% | 46.9% | -126.22% | 354.24% | 61.55% | 28.01% | 32.05% | 26.09% | 36.36% | 41.18% |
| Net Income | -3.27M | -4.44M | -8.91M | -9.57M | -7.55M | -5.22M | -6.33M | -8.81M | -12.81M | -12.87M | -11.71M | 474K | 10.04M | 2.23M | 1.44M | 2.61M | 3.05M | 2.58M | -7.37M | -22.27M | -5.75M | 1.67M | -402K | 371K | 150K | -1.27M | 2.42M | 1.62M | 1.7M | 2.1M | 1M |
| Net Margin % | -6.23% | -8.42% | -18.31% | -18.45% | -13.25% | -9.69% | -17.41% | -20.28% | -30.08% | -30.94% | -25.38% | 1.14% | 23.45% | 5.83% | 4.25% | 7.87% | 6.97% | 5.98% | -15.19% | -40.11% | -16.02% | 4.51% | -1.23% | 1.17% | 0.49% | -4.67% | 7.23% | 6.05% | 7.2% | 11.6% | 8.06% |
| Net Income Growth % | 54.08% | 50.2% | 6.9% | -26.81% | -44.44% | 17.44% | 28.19% | 31.22% | 0.42% | -9.85% | -2571.1% | -95.28% | 349.93% | 55.15% | -44.9% | -14.31% | 17.83% | 135.07% | 66.91% | -287.14% | -444.28% | 515.67% | -208.36% | 147.33% | 111.78% | -152.69% | 49.32% | -4.82% | -19.05% | 110% | 0% |
| Net Income (Continuing) | -3.27M | -4.44M | -8.91M | -9.57M | -7.55M | -5.22M | -6.33M | -8.81M | -12.81M | -12.87M | -11.71M | 474K | 10.04M | 2.23M | -170K | 2.14M | 3.05M | 2.58M | -7.37M | -22.27M | -5.75M | 1.67M | -402K | 371K | 150K | -601K | 2.08M | 1.45M | 1.75M | 2.1M | 1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 469K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.19 | -0.26 | -0.54 | -0.59 | -0.47 | -0.34 | -0.46 | -0.64 | -1.05 | -1.11 | -1.15 | 0.05 | 0.97 | 0.22 | 0.16 | 0.26 | 0.30 | 0.29 | -0.84 | -2.69 | -0.75 | 0.21 | -0.06 | 0.05 | 0.02 | -0.19 | 0.33 | 0.24 | 0.26 | 0.31 | 0.16 |
| EPS Growth % | 55.85% | 51.85% | 8.47% | -25.53% | -38.24% | 26.09% | 28.13% | 39.05% | 5.41% | 3.48% | -2400% | -94.85% | 340.91% | 37.5% | -38.46% | -13.33% | 3.45% | 134.52% | 68.77% | -258.67% | -457.14% | 476.34% | -211.6% | 150% | 110.53% | -157.58% | 37.5% | -7.69% | -16.13% | 93.75% | -30.43% |
| EPS (Basic) | - | -0.26 | -0.54 | -0.59 | -0.47 | -0.34 | -0.46 | -0.64 | -1.05 | -1.11 | -1.15 | 0.05 | 1.01 | 0.24 | 0.16 | 0.29 | 0.34 | 0.29 | -0.84 | -2.69 | -0.75 | 0.23 | -0.06 | 0.05 | 0.02 | -0.19 | 0.36 | 0.25 | 0.27 | 0.33 | 0.16 |
| Diluted Shares Outstanding | 17.31M | 17.19M | 16.44M | 16.13M | 15.94M | 15.42M | 13.84M | 13.71M | 12.2M | 11.55M | 10.17M | 10.13M | 10.36M | 10.1M | 8.94M | 10.22M | 10.13M | 8.94M | 8.82M | 8.29M | 7.71M | 7.88M | 7.2M | 7.42M | 6.93M | 6.76M | 7.29M | 6.85M | 6.76M | 6.75M | 6.25M |
| Basic Shares Outstanding | 17.31M | 17.19M | 16.44M | 16.13M | 15.94M | 15.42M | 13.84M | 13.71M | 12.2M | 11.55M | 10.17M | 9.96M | 9.89M | 9.24M | 8.5M | 8.96M | 8.94M | 8.84M | 8.82M | 8.29M | 7.71M | 7.41M | 7.2M | 7.42M | 6.87M | 6.76M | 6.64M | 6.5M | 6.48M | 6.41M | 6.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited liquidity and burn
As reported in financial statements, IRIDEX experienced a volatile revenue trajectory over the last ten quarters, with growth peaking at 16.0% in 2025Q4 before contracting to -0.8% in 2026Q1, suggesting that the company struggles to maintain consistent momentum in its core ophthalmic laser markets.
The lack of sustained top-line expansion indicates that the company's reliance on a hybrid model of capital equipment and consumables remains susceptible to lumpy sales cycles. Investors should monitor whether the recent partnership with Topcon can stabilize these fluctuations or if the underlying demand for legacy retina hardware continues to face secular headwinds.
Based on reported figures, IRIDEX's gross margin has fluctuated significantly between 32.1% and 44.0% over the observed period, reflecting a lack of pricing power and potential sensitivity to the mix of lower-margin retina hardware versus higher-margin MicroPulse consumables within the total revenue base.
The inability to maintain a consistent gross margin profile suggests that manufacturing overhead and component cost pressures remain significant hurdles. This volatility complicates the path to profitability, as the company appears unable to leverage its proprietary technology to command premium pricing in a competitive medical device landscape.
According to recent SEC filings, IRIDEX has failed to achieve positive operating income in any of the last ten quarters, with operating margins reaching a low of -28.0% in 2024Q1, demonstrating that the company has yet to scale its revenue sufficiently to cover fixed operating expenses.
The persistent negative operating margin suggests that the current cost structure, particularly regarding R&D and sales force investment, is misaligned with the company's revenue generation capacity. Without a significant inflection in top-line growth or a drastic reduction in overhead, the company may continue to struggle with operational efficiency.
As indicated by the income statement data, IRIDEX has attempted to manage its SG&A expenses, which declined from $6.3M in 2023Q4 to $4.2M in 2026Q1, yet these efforts have not been enough to offset the persistent gross profit shortfalls and achieve bottom-line profitability.
While the reduction in SG&A suggests a management focus on expense discipline, the concurrent decline in revenue growth raises concerns about whether these cuts are impacting the company's ability to drive future sales. Investors should evaluate whether this cost-cutting strategy is sustainable or if it risks eroding the company's competitive position in the ophthalmic market.
Based on the provided financial data, the company's cash position of $6M against a history of recurring quarterly losses suggests a precarious financial situation that may necessitate further capital raises, potentially diluting existing shareholders if the company cannot reach cash-flow neutrality in the near term.
Short-sellers would likely focus on the persistent negative net income and the reliance on a distributor-heavy model, which may mask underlying weakness in end-user demand. The combination of limited liquidity and the competitive threat from newer surgical interventions warrants a cautious outlook regarding the company's long-term viability.
Quick answers to the most common questions about buying IRIX stock.
For fiscal year 2025, IRIDEX Corporation (IRIX) reported total revenue of $52.7M. This represents a 324.8% increase compared to $12.4M in 1996.
IRIDEX Corporation (IRIX) reported a net loss of $4.4M for the fiscal year ending 2025.
IRIDEX Corporation (IRIX) reported an operating income of $-2.6M, resulting in an operating profit margin of -4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
IRIDEX Corporation (IRIX) generated $19.3M in gross profit for the year, representing a gross profit margin of 36.7%. This demonstrates the company's core pricing power and production efficiency.