Brokerages Anticipate IRIDEX Co. (NASDAQ:IRIX) Will Announce Quarterly Sales of $13.40 Million

Equities research analysts predict that IRIDEX Co. (NASDAQ:IRIXGet Rating) will post sales of $13.40 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for IRIDEX’s earnings, with the highest sales estimate coming in at $13.80 million and the lowest estimate coming in at $13.00 million. IRIDEX posted sales of $11.96 million during the same quarter last year, which would indicate a positive year over year growth rate of 12%. The firm is expected to report its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that IRIDEX will report full year sales of $58.50 million for the current fiscal year, with estimates ranging from $58.00 million to $59.00 million. For the next year, analysts forecast that the firm will post sales of $65.68 million, with estimates ranging from $64.90 million to $66.45 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for IRIDEX.

IRIDEX (NASDAQ:IRIXGet Rating) last issued its quarterly earnings results on Thursday, March 10th. The medical equipment provider reported ($0.15) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.04). The company had revenue of $15.25 million during the quarter, compared to analyst estimates of $15.18 million. IRIDEX had a negative net margin of 9.69% and a negative return on equity of 32.53%. During the same quarter last year, the firm earned ($0.01) EPS.

A number of equities research analysts have weighed in on IRIX shares. Zacks Investment Research lowered IRIDEX from a “hold” rating to a “sell” rating in a report on Wednesday, March 16th. StockNews.com started coverage on IRIDEX in a report on Wednesday. They issued a “buy” rating on the stock.

Large investors have recently made changes to their positions in the company. Morgan Stanley purchased a new stake in shares of IRIDEX during the 1st quarter worth approximately $40,000. Northern Trust Corp boosted its stake in shares of IRIDEX by 6.4% during the 4th quarter. Northern Trust Corp now owns 38,889 shares of the medical equipment provider’s stock worth $237,000 after acquiring an additional 2,347 shares in the last quarter. State Street Corp boosted its stake in shares of IRIDEX by 53.5% during the 4th quarter. State Street Corp now owns 40,762 shares of the medical equipment provider’s stock worth $249,000 after acquiring an additional 14,200 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of IRIDEX during the 3rd quarter worth approximately $266,000. Finally, Perkins Capital Management Inc. boosted its stake in shares of IRIDEX by 8.8% during the 1st quarter. Perkins Capital Management Inc. now owns 69,346 shares of the medical equipment provider’s stock worth $321,000 after acquiring an additional 5,600 shares in the last quarter. 22.10% of the stock is currently owned by institutional investors and hedge funds.

Shares of IRIX stock opened at $3.86 on Friday. The stock has a market capitalization of $61.31 million, a PE ratio of -11.35 and a beta of 1.19. IRIDEX has a 52-week low of $3.69 and a 52-week high of $9.46. The stock’s 50-day moving average price is $4.37 and its 200 day moving average price is $5.72.

About IRIDEX (Get Rating)

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. It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser photocoagulation 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 photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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