Mountain View, California, May 26, 2026, 03:03 PDT
- IRIDEX shares were last at $1.01. That put the Nasdaq-listed medical device group’s market cap around $17.5 million.
- U.S. stock markets stayed closed Monday for Memorial Day and come back online Tuesday. That puts traders’ attention on last week’s Q1 update again.
- IRIDEX kept its 2026 revenue target at $51 million to $53 million after reporting a narrower loss for the quarter.
IRIDEX Corporation is around $1 in early U.S. trade Tuesday. Investors get their first chance to react to the eye-laser firm’s Q1 numbers and 2026 outlook after the market break for Memorial Day. The most recent price was $1.01, putting IRIDEX’s market value at about $17.5 million.
Markets are picking this up after Monday’s holiday. Just last week, IRIDEX said it’s sticking with its full-year revenue forecast of $51 million to $53 million. The company also still sees positive operating cash flow for the year, aiming to generate more cash from its operations than it spends.
IRIDEX is heading into the next few sessions with investors focused less on big market moves and more on whether management can keep margins up and boost retina sales. Gross margin came in at 40% in the first quarter, down from 43% a year ago.
IRIDEX posted Q1 revenue of $11.8 million, nearly flat from $11.9 million last year. The company’s net loss shrank to $524,000, or 3 cents a share, compared with a $1.7 million loss, or 10 cents per share, in the same period last year, according to a filing.
IRIDEX president and CEO Patrick Mercer said first-quarter results matched company expectations, mentioning “solid growth” in the U.S. glaucoma segment. Mercer added IRIDEX is still working on growing G6 adoption, advancing regulatory approvals, and improving margins. IRIDEX
Split results for the business: Cyclo G6 products brought in $3.6 million, up 14%, on stronger probe sales, but retina revenue dropped to $5.8 million from $6.6 million. The company pointed to supply problems overseas and late regulatory signoffs for the fall in retina.
The competitive field isn’t easy. Market reports show Alcon, Bausch + Lomb, and ZEISS as big names in ophthalmic lasers, while IRIDEX is trying to hold its smaller business with less cash.
IRIDEX moved to broaden access to its products with new distribution and buying-group agreements. In April, the company said it partnered with EyeProGPO, giving more than 1,800 members access to its retina laser hardware. EyeProGPO COO Phil Meyer said the agreement would make IRIDEX’s “retina laser technology” available to those members. IRIDEX
Coverage on IRIDEX is limited. The company’s investor page just mentions Scott Henry at A.G.P. as an analyst. There’s no sign of a bigger sell-side list, so company news sometimes makes a bigger impact on the stock.
Downside risks remain. Cash dropped to $4.6 million as of April 4, down from $6.0 million at the fiscal year’s start. Topcon made up 27% of first-quarter revenue. IRIDEX reported an accumulated deficit of about $92.9 million. Delays in retina systems, tariff pressure, or new international delivery issues could make its $51 million-to-$53 million target tougher.
