Iridex Reports Third Quarter 2025 Financial Results

Core Insights - Iridex Corporation reported a strong financial performance for Q3 2025, achieving year-over-year revenue growth for the fourth consecutive quarter, driven by sales of the G6 probe and Pascal retina laser system [3][4] - The company expects to maintain improved financial performance, aiming for adjusted EBITDA positivity for the full year 2025 and sustained cash flow positivity [3][8] Financial Highlights - Total revenue for Q3 2025 was $12.5 million, an 8% increase from $11.6 million in Q3 2024, primarily due to higher sales of glaucoma probes and Pascal systems [4][9] - Revenue from the Cyclo G6 product family reached $3.5 million, a 13% increase from $3.1 million in the prior year quarter [4][9] - Gross profit was $4.0 million with a gross margin of 32.1%, down from $4.3 million and 37.3% in the previous year, impacted by a one-time inventory write-down [5][9] Operating Expenses and Losses - Operating expenses decreased by 12% to $5.4 million in Q3 2025 from $6.2 million in Q3 2024, due to cost reduction measures [6][9] - The net loss for Q3 2025 was $1.6 million, or $0.09 per share, an improvement from a net loss of $1.9 million, or $0.12 per share, in the same period last year [6][9] Cash Flow and Outlook - Non-GAAP adjusted EBITDA for Q3 2025 was a loss of $131 thousand, an improvement of $1.3 million compared to a loss of $1.4 million in Q3 2024 [7][9] - Cash and cash equivalents as of September 27, 2025, were $5.6 million, a decrease of $1.2 million during the quarter [7][9] - The company plans to achieve cash flow breakeven in Q4 2025 and positive adjusted EBITDA for the full year [8]