Financial Data and Key Metrics Changes - In Q4 2024, total revenue was $19.1 million, reflecting a 2% increase compared to the same period in the prior year [10][36] - Surgical glaucoma revenue for Q4 2024 was $18.8 million, up 9% year-over-year, driven by a 7% increase in ordering accounts and a 6% increase in account utilization [37][16] - Dry eye revenue for Q4 2024 was $0.3 million, a decrease from $1.6 million in the same period last year, primarily due to fewer SmartLid sales [38][36] - Gross margin for Q4 was 87%, an increase from 85% in the prior year, mainly due to an improved surgical glaucoma product mix [39] - The net loss for Q4 was $11.8 million, or $0.23 per share, compared to a net loss of $10.7 million, or $0.22 per share for Q4 2023 [39] Business Line Data and Key Metrics Changes - Surgical glaucoma revenue grew 9% year-over-year, despite headwinds from new Medicare LCDs [16][37] - The number of customers ordering surgical glaucoma products increased by 3% sequentially and 7% year-over-year [38] - The dry eye segment is focused on achieving reimbursed market access, with a significant decline in revenue due to strategic shifts [36][25] Market Data and Key Metrics Changes - The MIGS market has faced challenges due to new Medicare LCDs, impacting the ability to bill for multiple MIGS procedures [17][19] - Despite short-term declines in MIGS utilization, the company anticipates long-term growth driven by increasing patient demand for glaucoma treatment [19][42] - The company estimates over 13 million U.S. patients are diagnosed with Meibomian gland disease, indicating a significant market opportunity for TearCare [25] Company Strategy and Development Direction - The company aims to build commercial momentum in MIGS and establish equitable reimbursement for TearCare, focusing on customer education and engagement [13][34] - Plans for 2025 include launching the next-generation Omni Edge and continuing to develop the Pseudophakic standalone market [21][45] - The company is committed to addressing the unmet needs in glaucoma and dry eye markets through innovative interventional technologies [11][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow break-even without raising additional equity capital [35] - The company expects 2025 to be transformational, anticipating positive coverage decisions for TearCare [14][41] - Management acknowledged the impact of tariffs on gross margins and operational results, while planning to mitigate these costs through various adjustments [44][45] Other Important Information - The company ended Q4 with $120.4 million in cash and cash equivalents and $40 million in debt [40] - The company has not yet received monetary damages from a patent infringement case against Alcon, with the final ruling pending [41] Q&A Session Summary Question: How is market development on the standalone MIGS market going? - Management noted good momentum in capturing broader adoption of interventional mindset in glaucoma care, with ongoing education efforts [48][51] Question: Can you provide updates on TearCare reimbursement claims? - Management reported increasing volume of claims with some early traction from specific payers, but standardization is still lacking [58][61] Question: What are the trends in surgical glaucoma since the new LCDs? - Management indicated that trends are tracking as expected, with good engagement from customers on where OMNI fits into treatment paradigms [66][70] Question: How is the competitive landscape affecting OMNI volumes? - Management expressed confidence in OMNI's strong market position despite new entrants, emphasizing the importance of clinical evidence and usability [115][117]