The 76ers suffered their fifth straight loss.
To make matters worse, the Sixers were reduced to eight players after Iverson's replacement, Speedy Claxton, went down with a twisted left ankle at the start of the second quarter.
The Grizzlies took a 35-24 lead after the opening period as Tony Massenburg hit his first career three-pointer at the buzzer. Philadelhia got within seven points in the second quarter, but Memphis was not threatened.
Vonteego Cummings scored 28 points and Matt Harpring added 22 for the Sixers, who shot 44.5 percent.