IRIX - Iridex stock rises after reporting Q3 results beat reaffirming FY 2022 guidance

Shares of micro-cap eye-lasers procedure company Iridex ( NASDAQ: IRIX ) rose as much as 11.4% to $2.25 in Friday afternoon trading, after it reported a Q3 results beat and reaffirmed its FY 2022 guidance.

The gains buck a recent weak run for IRIX stock, which has posted losses in 11 of its last 13 trading sessions .

Mountain View, Calif.-based IRIX providers ophthalmic laser-based medical products for the treatment of glaucoma and retinal diseases. Its products include the Cyclo G6 and OcuLight lasers, along with retinal surgical instruments.

IRIX after hours on Thursday posted Q3 GAAP EPS of -$0.11 which beat estimates by 3 cents . Revenue rose 10.4% Y/Y to $14.64M and beat expectations by $0.77M .

The quarterly revenue growth was helped by both the Cyclo G6 glaucoma product family and retina products.

The company said it continued to expect FY 2022 revenue of $56M to $58M, in-line with the consensus revenue estimate of $57.14M.

IRIX also reaffirmed its expectation of its Glaucoma Laser System installed base to expand by 225 to 250 systems in 2022.

The company marginally slashed its FY 2022 Cyclo G6 probe unit sales expectations to about 60K versus a previous guidance of 61K to 63K.

Iridex ( IRIX ) stock had pared some of its gains and was last trading up 6.5% at $2.15 as of 1400 ET.

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