Iridex Cp Down 19.99% To $1.56 After Earnings Miss

Iridex Cp (IRIX) said after close Thursday that it lost $0.17 per share in quarter two 2023.

On the revenue line, the company reported $12.9 million, missing estimates by $1.4 million.

In the same quarter a year ago, the company lost $0.14 per share on revenue of $13.8 million.

The stock is down 19.99% to $1.56 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Iridex Cp has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 14, putting Iridex Cp in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $1.76 on June 13, 2023 and set a 52-week high on August 11, 2022 at $3.49.

IRIDEX Corp is involved in the business of developing, manufacturing and marketing laser-based medical systems, delivery devices and consumable instrumentation for ophthalmology. Its products include Lasers, Laser delivery devices, Glaucoma devices, Retinal surgical instruments, Veterinary and ENT products. The firm also powers its products with its proprietary Micropulse technology. The company operates in only one reportable segment, Ophthalmology. It derives revenues from the sale of consoles, delivery devices, consumables, service and support activities. The geographical segments of the company include the United States, Europe, the Americas, excluding the U.S and Asia/Pacific Rim.