Financial Data and Key Metrics Changes - For the full year 2025, the company achieved revenue of $52.7 million, representing an 8% growth year-over-year compared to 2024 [5] - Operating expenses were reduced by 22% year-over-year, contributing to positive adjusted EBITDA for the first time in the company's recent history [4][21] - The fourth quarter of 2025 saw revenues of $14.7 million, a 16% increase from $12.7 million in Q4 2024, driven primarily by higher retina and glaucoma sales [16] Business Line Data and Key Metrics Changes - Retina product revenue increased by 22% in Q4 2025 to $8.9 million, driven by higher PASCAL system sales [16] - Total product revenue from the Cyclo G6 glaucoma product family was $3.8 million, representing a 15% year-over-year growth [17] - The company sold 15,900 probes in Q4 2025 compared to 13,300 in the prior year period, and 57,800 Cyclo G6 probes for the full year, up from 55,400 in 2024 [9][10] Market Data and Key Metrics Changes - In the U.S., the company is focusing on leveraging its installed base of Cyclo G6 systems and driving higher procedural utilization [8] - Internationally, the company faced challenges in Asia due to macroeconomic conditions and tariff uncertainties, while Europe, the Middle East, and Africa showed strong performance in glaucoma probe sales [10][14] - The conflict in Iran has materially impacted sales in the Middle East [10][12] Company Strategy and Development Direction - The company aims to expand its G6 user base and target high-volume MIGS surgeons while driving utilization among existing customers [25] - Plans include transitioning to contract manufacturing and relocating headquarters to reduce fixed costs [7][25] - The company is pursuing international regulatory approvals to unlock new geographies for its retina products [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive cash flow from operations in 2026 and beyond, with expectations for revenue growth of 1%-5% in 2026, excluding Middle East revenue [19][23] - The company anticipates improvements in gross margins as it transitions to third-party manufacturing [21][22] - Management highlighted the importance of the American Academy of Ophthalmology annual meeting, which generated significant interest and leads for their products [15] Other Important Information - Cash and cash equivalents totaled $6.0 million at the end of Q4 2025, reflecting a $0.4 million increase from the previous quarter [19] - The company achieved a net loss of $0.2 million in Q4 2025, an improvement from a net loss of $0.8 million in the same period of the prior year [18] Q&A Session Summary Question: How large is the Middle East in terms of revenues? - Management indicated that the Middle East accounts for 5% of total revenue and 10% of international revenue [28] Question: Is the decline in the other revenue segment typical variability? - Management clarified that the fluctuations in the other revenue line are typical and dependent on service product lines [32] Question: Was there a decrease in pricing for G6 relative to previous quarters? - Management responded that ASPs for probes and systems have actually increased in both the U.S. and international markets [33][34] Question: What are the organic growth rates for the Retina segment? - Management noted that the PASCAL system has contributed to small growth in the retina product business, with expectations for continued growth as more regulatory approvals are obtained [36][37]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved revenue of $52.7 million, representing an 8% growth year-over-year compared to 2024 [5] - Operating expenses were reduced by 22% year-over-year, contributing to positive adjusted EBITDA for the first time in the company's recent history [4][21] - In the fourth quarter of 2025, total revenues were $14.7 million, a 16% increase from $12.7 million in the fourth quarter of 2024 [16] - Gross profit for Q4 2025 was $5.5 million, with a gross margin of 37%, down from 44% in Q4 2024 due to increased manufacturing costs [17][20] Business Line Data and Key Metrics Changes - Glaucoma product revenue in Q4 2025 was $3.8 million, reflecting a 15% year-over-year growth driven by higher probe sales [17] - Retina product revenue increased by 22% in Q4 2025 to $8.9 million, primarily due to higher PASCAL system sales [16] - The company sold 15,900 probes in Q4 2025 compared to 13,300 in the prior year, and 44 G6 systems versus 47 in Q4 2024 [9] Market Data and Key Metrics Changes - In the U.S., the company is focusing on leveraging its installed base of Cyclo G6 systems and driving higher procedural utilization [8] - Internationally, glaucoma probe sales grew in Europe, the Middle East, and Africa, although the conflict in Iran has materially impacted sales in the Middle East [10] - The Asia region faced operational challenges due to macroeconomic conditions and tariff uncertainties, affecting both glaucoma and retina product sales [10][14] Company Strategy and Development Direction - The company aims to expand its G6 user base and target high-volume MIGS surgeons while driving utilization among existing customers [25] - Plans include relocating headquarters to reduce fixed costs and transitioning to third-party manufacturing to improve gross margins [7][25] - The company is pursuing international regulatory approvals for its retina products to unlock new geographies [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive cash flow from operations in 2026 and beyond, with expectations for revenue growth of 1%-5% in 2026, excluding Middle East revenue [15][23] - The company anticipates continued improvement in cash usage and gross margins as it transitions to contract manufacturing [22][23] - Management acknowledged the impact of the ongoing conflict in the Middle East on revenue guidance, which does not include sales from that region [23] Other Important Information - The fiscal year 2025 was a 53-week year, affecting revenue comparisons [16] - The company achieved a net loss of $0.2 million in Q4 2025, an improvement from a net loss of $0.8 million in the same period of the prior year [18] Q&A Session Summary Question: What percentage of revenue does the Middle East represent? - Management indicated that the Middle East accounts for 5% of total revenue and 10% of international revenue [28] Question: Is the decline in the "other revenue" segment typical variability? - Management clarified that the fluctuations in the "other revenue" line are typical and dependent on service product lines [32] Question: Has pricing for G6 products decreased? - Management responded that pricing has actually increased for both probes and systems in the U.S. [34] Question: What is the expected organic growth rate for the Retina segment? - Management noted that the Retina segment has shown small growth due to the success of the PASCAL system and expects to gain market share [37]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved revenue of $52.7 million, representing an 8% growth year-over-year compared to 2024 [5] - Operating expenses were reduced by 22% year-over-year, contributing to positive adjusted EBITDA for the first time in the company's recent history [4][20] - In Q4 2025, total revenues were $14.7 million, a 16% increase from $12.7 million in Q4 2024, driven primarily by higher retina and glaucoma sales [16] Business Line Data and Key Metrics Changes - Retina product revenue increased by 22% in Q4 2025 to $8.9 million, driven by higher PASCAL system sales [16] - Total product revenue from the Cyclo G6 glaucoma product family was $3.8 million, representing a 15% year-over-year growth [17] - The company sold 15,900 probes in Q4 2025 compared to 13,300 in the prior year period, and 57,800 Cyclo G6 probes for the full year, up from 55,400 in 2024 [9] Market Data and Key Metrics Changes - In the U.S., the company is focusing on leveraging its installed base of Cyclo G6 systems and driving higher procedural utilization [8] - Internationally, glaucoma probe sales grew in Europe, Middle East, and Africa, although the conflict in Iran has materially impacted sales in the Middle East [10] - The Asia region faced operational challenges due to macroeconomic conditions and tariff uncertainties, affecting sales and forecasting [10][13] Company Strategy and Development Direction - The company aims to expand its G6 user base and target high-volume MIGS surgeons while driving utilization among existing customers [25] - Plans include relocating headquarters to reduce fixed costs and transitioning production to lower-cost third-party manufacturers [6][25] - The company is pursuing international regulatory approvals for its retina platforms to unlock new geographies [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive cash flow from operations in 2026 and beyond, with expectations for revenue growth of 1%-5% in 2026, excluding Middle East revenue [21][23] - The company anticipates improvements in gross margins as it transitions to contract manufacturing [20] - Management highlighted the importance of the American Academy of Ophthalmology annual meeting, which generated significant interest and leads for their products [15] Other Important Information - Cash and cash equivalents totaled $6.0 million at the end of Q4 2025, reflecting a reduction in cash burn [19] - The company expects to generate cash flow in the remaining quarters of the year as inventory is sold and receivables are collected [23] Q&A Session Summary Question: How large is the Middle East in terms of revenues? - Management indicated that the Middle East accounts for 5% of total revenue and 10% of international revenue [28] Question: Is the decline in the "other revenue" segment typical variability or indicative of trends? - Management clarified that the fluctuations in the "other revenue" line are typical and dependent on service product lines [31] Question: Was there a decrease in pricing for G6 relative to previous quarters? - Management stated that ASPs for probes and systems have actually increased in the U.S. [32][33] Question: What are the organic growth rates for the Retina segment? - Management noted that the PASCAL system has contributed to small growth in the retina product business, with expectations for continued share gain [34][36]

Core Viewpoint - Iridex Corporation, a leader in laser-based medical systems for ophthalmology, will participate in the Sidoti Year-End Virtual Investor Conference on December 11, 2025 [1][2]. Company Overview - Iridex Corporation specializes in developing, manufacturing, and marketing innovative laser-based medical systems, including capital equipment and consumable probes for the ophthalmology market [3]. - The company's proprietary MicroPulse technology provides effective laser treatment while minimizing tissue damage, making it a safe option for treating sight-threatening eye conditions [3]. - Iridex's product line is utilized for treating glaucoma, diabetic macular edema (DME), and other retinal diseases, with sales occurring in the U.S. through a direct sales force and internationally via independent distributors in over 100 countries [3].