Iridex - Public Comps and Valuation Multiples

Iridex Overview

About Iridex

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, and 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, services, and support activities. The geographical segments of the company include the United States, which drives maximum revenue, Europe, and the Americas, excluding the U.S. and Asia/Pacific Rim.

Founded

1989

HQ

Employees

Website

iridex.com

Sectors

Medical Devices
HealthTech
DeepTech

Financials

LTM Revenue $48.7M

LTM EBITDA n/a

EV

$24.1M

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Iridex Financials

Iridex has a last 12-month revenue of $48.7M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Iridex achieved revenue of $48.7M and an EBITDA of -$6.9M.

Iridex expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Iridex P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$51.9M	$48.7M	XXX	XXX	XXX
Gross Profit	$25.4M	$21.8M	XXX	XXX	XXX
Gross Margin	49%	45%	XXX	XXX	XXX
EBITDA	-$8.0M	-$6.9M	XXX	XXX	XXX
EBITDA Margin	-15%	-14%	XXX	XXX	XXX
Net Profit	-$7.5M	-$9.6M	XXX	XXX	XXX
Net Margin	-15%	-20%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Iridex Stock Performance

As of April 29, 2025, Iridex's stock price is $1.

Iridex has current market cap of $21.8M, and EV of $24.1M.

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Iridex Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$24.1M	$21.8M	XXX	XXX	XXX	XXX	$-0.54

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Iridex Valuation Multiples

As of April 29, 2025, Iridex has market cap of $21.8M and EV of $24.1M.

Iridex's trades at 0.5x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Iridex's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Iridex Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$24.1M	XXX	XXX	XXX
EV/Revenue	0.5x	XXX	XXX	XXX
EV/EBITDA	-3.5x	XXX	XXX	XXX
P/E	-2.4x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	-3.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

Iridex Valuation Multiples

Iridex's NTM/LTM revenue growth is -100%

Iridex's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, Iridex's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Iridex's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Iridex Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-6%	XXX	XXX	XXX	XXX
EBITDA Margin	-14%	XXX	XXX	XXX	XXX
EBITDA Growth	-14%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.3M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	26%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	20%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	11%	XXX	XXX	XXX	XXX
Opex to Revenue	57%	XXX	XXX	XXX	XXX

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