Equities analysts forecast that IRIDEX Co. (NASDAQ:IRIX) will post sales of $10.84 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for IRIDEX’s earnings. The lowest sales estimate is $10.40 million and the highest is $11.27 million. IRIDEX posted sales of $10.24 million during the same quarter last year, which suggests a positive year-over-year growth rate of 5.9%. The company is expected to announce its next quarterly earnings report on Thursday, March 14th.
According to Zacks, analysts expect that IRIDEX will report full year sales of $42.00 million for the current fiscal year, with estimates ranging from $41.60 million to $42.40 million. For the next fiscal year, analysts expect that the firm will post sales of $47.07 million, with estimates ranging from $44.90 million to $49.24 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for IRIDEX.
IRIDEX (NASDAQ:IRIX) last released its quarterly earnings results on Thursday, November 1st. The medical equipment provider reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.03. IRIDEX had a negative return on equity of 52.65% and a negative net margin of 36.52%. The firm had revenue of $11.32 million for the quarter, compared to analysts’ expectations of $9.64 million.
IRIX has been the topic of several recent analyst reports. Zacks Investment Research raised IRIDEX from a “hold” rating to a “buy” rating and set a $8.50 price target on the stock in a report on Thursday, August 9th. Stifel Nicolaus initiated coverage on IRIDEX in a report on Friday, October 26th. They issued a “buy” rating and a $9.00 price target on the stock. Finally, Roth Capital reaffirmed a “buy” rating and issued a $10.00 price target on shares of IRIDEX in a report on Friday, October 12th.
In other news, insider Associates & Paragon A. Paragon acquired 70,000 shares of IRIDEX stock in a transaction dated Tuesday, September 18th. The shares were purchased at an average cost of $6.00 per share, for a total transaction of $420,000.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman William M. Moore acquired 10,000 shares of IRIDEX stock in a transaction dated Friday, September 14th. The shares were purchased at an average price of $6.56 per share, for a total transaction of $65,600.00. Following the completion of the transaction, the chairman now directly owns 201,800 shares in the company, valued at approximately $1,323,808. The disclosure for this purchase can be found here. 4.80% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Quantum Capital Management bought a new position in shares of IRIDEX during the 3rd quarter valued at about $100,000. BlackRock Inc. increased its position in shares of IRIDEX by 29.2% during the 2nd quarter. BlackRock Inc. now owns 35,807 shares of the medical equipment provider’s stock valued at $249,000 after purchasing an additional 8,083 shares during the last quarter. Perkins Capital Management Inc. increased its position in shares of IRIDEX by 23.1% during the 2nd quarter. Perkins Capital Management Inc. now owns 71,950 shares of the medical equipment provider’s stock valued at $501,000 after purchasing an additional 13,500 shares during the last quarter. Eidelman Virant Capital bought a new position in shares of IRIDEX during the 2nd quarter valued at about $760,000. Finally, Renaissance Technologies LLC grew its position in IRIDEX by 9.9% during the 2nd quarter. Renaissance Technologies LLC now owns 321,400 shares of the medical equipment provider’s stock worth $2,237,000 after acquiring an additional 28,900 shares during the last quarter. Hedge funds and other institutional investors own 49.21% of the company’s stock.
Shares of NASDAQ:IRIX traded down $0.46 on Wednesday, hitting $5.09. The company’s stock had a trading volume of 26,701 shares, compared to its average volume of 56,857. IRIDEX has a 1 year low of $4.28 and a 1 year high of $9.52. The stock has a market cap of $72.46 million, a P/E ratio of -4.59 and a beta of 1.81.
IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. The company offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser 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 systems, which are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.
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