Iridex falls on FY revenue forecast cut

IRIDEX

16/08/2022 19:22

** Shares of ophthalmic medical devices maker Iridex Corp
 IRIX.O  decline ~14% to $2.86, set to post biggest daily pct
fall in more than two years
    ** Late on Monday, IRIX cut FY revenue forecast to a range
of $56 mln-$58 mln, from $57 mln-$59 mln previously
    ** Medical device maker said it expected lower sales of its
Cyclo G6 laser, used for treating glaucoma, than previously
forecast  urn:newsml:reuters.com:*:nGNX9dbJbL
    ** IRIX said it saw a hit from the pandemic in Q2, with
procedures impacted by capacity limitations and patient
cancellations
    ** At least two brokerages cut PT on IRIX; Roth Capital
Partners cuts PT to $10 from $10.5, Stifel cuts PT to $5 from $9
    ** Roth, however, says it is hopeful that weakness in the
quarter is temporary
    ** Including session's fall, stock down ~53% YTD

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))