Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $12.7 million, a year-over-year increase from $12.5 million, and a sequential increase of 10% from $11.6 million in Q3 2024 [27] - Gross profit for Q4 2024 was $5.6 million, representing a gross margin of 44.0%, up from $4.9 million and a 39.2% gross margin in the prior year [29] - Net loss for Q4 2024 was $0.8 million or $0.05 per share, compared to a net loss of $3.0 million or $0.18 per share in the same period of the prior year [30] - Total adjusted EBITDA for Q4 2024 was $0.4 million, an improvement of $2.4 million compared to negative $2.0 million in the prior year [30] Business Line Data and Key Metrics Changes - Total product revenue from the Cyclo G6 glaucoma product family was $3.3 million, a 9% increase compared to Q4 2023, with sales of 13,300 probes, up from 12,700 [28] - Retina product revenue was $7.3 million, a decrease of 3% compared to the prior year, attributed to deferral of capital purchases internationally [29] - Other revenue, including royalties and services, was $2.1 million, up from $2.0 million in the prior year, driven by higher service revenue [29] Market Data and Key Metrics Changes - The company noted an improving macroeconomic environment contributing to good sales momentum entering 2025 [27] - The implementation of the LCD in November 2024 has significantly altered the landscape for physicians, limiting the use cases for mixed devices, which is expected to drive increased utilization for IRIDEX [22] Company Strategy and Development Direction - The company is focusing on modernizing its manufacturing process to decrease costs and increase product supply capacity [21] - The strategic investment by Novel Innovations is seen as a recommitment to extend IRIDEX's leadership in ophthalmology, with plans to leverage this investment for business improvement and strategic goals [23][24] - The company aims to capitalize on opportunities created by the LCD and is not planning to return to aggressive spending patterns of the past [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization and a positive outlook for the business, particularly in the glaucoma segment [8] - The successful implementation of the cost-reduction program has positioned the company to generate positive cash flow from operations [14] - Management indicated that the strategic review process has been well-timed with increased activity in the ophthalmology sector [12] Other Important Information - The company plans to pre-announce Q1 2025 results in April to address insider trading concerns and highlight the undervaluation of the business [35] - The strategic investment by Novel Innovations was made at a price of $2 per share, reflecting a significant premium to the public market pricing [15] Summary of Q&A Session - There was no question-and-answer session during this call [8]