IRIX · Iridex Corp
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AI Brief
Q2 FY27 earnings call · Aug 18, 2026TL;DR. IRIDEX reported Q2 revenue of $12.6 million, down 7% year-over-year, as a 19% increase in Cyclo G6 product family revenue was offset by a $1.5 million decline in retina sales tied to temporary international and regulatory disruptions. The company reaffirmed full-year 2026 revenue guidance of $51–$53 million while flagging a temporary working-capital build for inventory ahead of its headquarters relocation that will weigh on cash through 2026.
- + Cyclo G6 product family revenue grew 19% year-over-year to $3.9 million on 35% higher probe volume of 17,700 units
- + Operating expenses declined 5% year-over-year to $5.3 million, delivering positive operating cash flow in the quarter
- + Company reaffirmed full-year 2026 revenue guidance of $51–$53 million, implying 1–5% pro forma growth excluding Middle East
- + Manufacturing transition to lower-cost contract manufacturers and headquarters relocation positioned as drivers of gross margin improvement into 2027
- − Total Q2 revenue fell 7% year-over-year to $12.6 million from $13.6 million
- − Net loss widened to $1.3 million ($0.07/share) from $1.0 million and adjusted EBITDA swung to a $0.4 million loss from $21,000 income
- − Cyclo G6 system placements dropped to 18 from 35 due to EMEA order timing and competitive pressures on consoles
- − Temporary inventory build for headquarters relocation will reduce cash on hand through 2026, with only a 2027 reversal expected
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | -$353K | Q2 2026 | — |
| Cyclo G6 Glaucoma Laser Systems sold | 18 | Q2 2026 | — |
| Cyclo G6 probes sold | 17,700 | Q2 2026 | — |
| Cyclo G6 product family revenue | $3.9M | Q2 2026 | +18.4% |
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| Retina product revenue | $6.5M | Q2 2026 | -19.2% |
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Medical Devices — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
IRIX
this stock
Iridex Corp
|
$10.98M | -43.6% | -9.9% | — | 0.9% |
|
ABT
Abbott Laboratories
|
$174.90B | -22.2% | +5.7% | 28.1 | 1.1% |
|
MDT
Medtronic plc
|
$113.38B | -10.1% | +8.4% | 21.8 | 1.3% |
|
SYK
Stryker Corp
|
$104.47B | -21.6% | +11.2% | 28.2 | 2.0% |
|
BSX
Boston Scientific Corp
|
$63.59B | -55.3% | +12.5% | 17.8 | 3.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| IRIX | +2.9% | -8.1% | -37.6% | +2.1% | -43.6% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | +3.1% | -7.7% | -49.7% | +1.2% | -56.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.