Iridex Corporation (NASDAQ:IRIX)

Iridex Corporation (NASDAQ:IRIX)($3.28; $53.2M market cap)(marked down ~38% pre market), an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases.

The company announced that the Government Health Administrator published a local coverage determination that will limit the coverage on IRIX’s procedures for Micro-Invasive Glaucoma Surgery. The company is withdrawing its previously announced annual guidance, the company plans to provide an update with its third quarter earnings which are scheduled for November 14, 2023. 

On October 20, 2023 we highlighted the company as it is exploring strategic alternatives and what potential scenarios it could lead to. For more details see summarization of contributor research here.