Iridex drops as Stifel downgrades on low demand for glaucoma product
26/08/2022 17:38
** Shares in ophthalmic medical devices maker Iridex Corp
IRIX.O down 8.6% at $2.61
** Stifel downgrades IRIX to "hold" from "buy", saying in
the near term, it sees limited growth potential for co's Cyclo
G6 system in H2 2022
** IRIX has already cut forecast for Cyclo G6 laser, used
for treating glaucoma, earlier this month; Stifel says current
outlook still higher than historical seasonality
** "We believe 2023 estimates are more at risk as G6 may
stall" - Stifel
** IRIX down 57% YTD
(Reporting by Aniruddha Ghosh in Bengaluru)
((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))