Zacks: Analysts Expect IRIDEX Co. (NASDAQ:IRIX) Will Post Quarterly Sales of $10.88 Million

Brokerages expect IRIDEX Co. (NASDAQ:IRIX) to announce $10.88 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for IRIDEX’s earnings. The lowest sales estimate is $10.70 million and the highest is $11.05 million. IRIDEX posted sales of $11.47 million in the same quarter last year, which would indicate a negative year over year growth rate of 5.1%. The business is expected to report its next earnings results on Tuesday, March 3rd.

According to Zacks, analysts expect that IRIDEX will report full year sales of $42.57 million for the current fiscal year, with estimates ranging from $42.40 million to $42.74 million. For the next fiscal year, analysts forecast that the business will post sales of $45.45 million, with estimates ranging from $45.30 million to $45.60 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow IRIDEX.

IRIDEX (NASDAQ:IRIX) last announced its quarterly earnings data on Thursday, November 7th. The medical equipment provider reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.05. IRIDEX had a negative net margin of 23.42% and a negative return on equity of 37.78%. The company had revenue of $10.66 million during the quarter, compared to analyst estimates of $10.08 million.

Separately, Zacks Investment Research lowered IRIDEX from a “buy” rating to a “hold” rating in a research note on Monday.

In related news, Director Robert Earle Grove acquired 14,600 shares of the stock in a transaction on Monday, November 18th. The shares were bought at an average price of $2.00 per share, with a total value of $29,200.00. Insiders have acquired 29,600 shares of company stock valued at $59,450 in the last three months. Insiders own 5.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Balter Liquid Alternatives LLC acquired a new stake in shares of IRIDEX in the second quarter valued at $901,000. Isthmus Partners LLC purchased a new position in IRIDEX in the 2nd quarter valued at approximately $677,000. LPL Financial LLC purchased a new position in IRIDEX in the second quarter valued at $82,000. Renaissance Technologies LLC boosted its holdings in IRIDEX by 2.9% in the second quarter. Renaissance Technologies LLC now owns 385,862 shares of the medical equipment provider’s stock valued at $1,756,000 after purchasing an additional 10,808 shares during the period. Finally, Vanguard Group Inc. grew its stake in IRIDEX by 119.2% during the 2nd quarter. Vanguard Group Inc. now owns 749,545 shares of the medical equipment provider’s stock worth $3,410,000 after purchasing an additional 407,600 shares in the last quarter. Institutional investors and hedge funds own 41.14% of the company’s stock.

Shares of NASDAQ:IRIX traded up $0.09 on Friday, reaching $2.23. The company had a trading volume of 1,052 shares, compared to its average volume of 74,439. IRIDEX has a 52-week low of $1.50 and a 52-week high of $5.69. The firm’s 50 day simple moving average is $2.01 and its 200-day simple moving average is $3.12. The firm has a market capitalization of $30.18 million, a PE ratio of -2.12 and a beta of 0.86. The company has a current ratio of 3.36, a quick ratio of 2.40 and a debt-to-equity ratio of 0.09.

About IRIDEX

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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