IRIDEX Full Year 2023 Earnings: Misses Expectations

IRIDEX (NASDAQ:IRIX) Full Year 2023 Results

Key Financial Results

• Revenue: US$51.9m (down 9.0% from FY 2022).
• Net loss: US$9.57m (loss widened by 27% from FY 2022).
• US$0.59 loss per share (further deteriorated from US$0.47 loss in FY 2022).

All figures shown in the chart above are for the trailing 12 month (TTM) period

IRIDEX Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 28%.

In the last 12 months, the only revenue segment was Ophthalmology contributing US$51.9m. Notably, cost of sales worth US$30.1m amounted to 58% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Sales & Marketing costs, amounting to US$16.2m (51% of total expenses). Over the last 12 months, the company's earnings were enhanced by non-operating gains of US$437.0k. Explore how IRIX's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Medical Equipment industry in the US.

Performance of the American Medical Equipment industry.

The company's shares are up 23% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 3 warning signs for IRIDEX (1 is potentially serious!) that you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.