Iridex(NASDAQ) IRIX

IRIDEX makes laser systems that help treat serious eye diseases. Its products support doctors treating glaucoma and retinal problems. These tools help protect vision for patients in clinics and hospitals worldwide.

Laser Focus: What IRIDEX Sells

• Retina Laser Systems (59.3% of Q2 2025 revenue): Devices for treating diabetic eye disease and retinal damage, used by eye doctors.
• Glaucoma Laser Systems (24.3%): Tools like the Cyclo G6 system, designed to lower eye pressure in glaucoma patients.
• Consumable Probes and Accessories: Single-use probes and adapters for laser procedures, supporting recurring sales.
• Service, Royalties, and Distribution (16.4%): Maintenance contracts, intellectual property licensing, and distribution rights.

Growth Spurts and Global Moves

• Formed a 10-year exclusive international distribution deal with Topcon in 2021.
• Raised $6M in Series B preferred stock and $4M in convertible notes in H1 2025.
• Entered direct sales in Germany and expanded global reach through Topcon partnership.

What Makes IRIDEX Stand Out

IRIDEX combines capital equipment sales with recurring revenue from single-use probes and service contracts. Its proprietary MicroPulse technology aims to reduce tissue damage during eye treatments. The company relies on a global distribution network, with a major partnership with Topcon for international sales.

Five Things You Need to Know

• Revenue was $14M in Q2 2025, up 7.4% from Q2 2024.
• Gross margin fell to 34.5% in Q2 2025, down from 40.7% a year earlier.
• Operating loss improved to $-940K in Q2 2025, from $-3M in Q2 2024.

Bottom Line

IRIDEX has evolved by focusing on both equipment and recurring consumables. Its global partnerships and technology investments support its position in the eye care device market.