Summary of IRIDEX Conference Call - December 11, 2025 Company Overview - **Company**: IRIDEX (NasdaqCM:IRIX) - **Industry**: Ophthalmic laser technology - **Mission**: To transform laser-based eye care for patients with ophthalmic conditions globally, focusing on innovative, non-invasive laser technologies for glaucoma and retinal disorders [3][4] Key Financials - **2024 Revenue**: $49 million, with $28 million from retina products - **Margins**: Glaucoma business at 71%, retina business at 41% [4] Product Portfolio - **Retina Products**: Comprehensive portfolio including Pascal and IQ platforms, MicroPulse technology, and disposable probes, catering to surgical and medical retina needs [4][6] - **Glaucoma Products**: CycloG6 platform and MicroPulse TLT gaining traction for their safety and predictability in treatment [5][10] Market Dynamics - **Retina Market**: Over 8 million procedures annually, with a growing demand due to diabetic eye disease and aging populations [7] - **Glaucoma Market**: Estimated $700 million market outside the U.S., with significant growth potential in moderate and mild patients [10][11] Clinical Evidence - **MicroPulse Technology**: Demonstrated greater than 50% IOP reduction with excellent safety profile, repeatable treatments showing sustained results over time [13][20] - **DAME Trial**: Aims to extend visual acuity in DME patients while addressing economic burdens of repeated pharmaceutical injections [7] Operational Changes - **Cost Management**: Reduced operating expenses by $2.3 million, achieved positive adjusted EBITDA, and plans for cash flow positivity in Q4 2026 [18][19] - **Sales Strategy**: Streamlined sales team from 13 to 6, focusing on effective targeting using MedScout for better access to clinicians [21][22] Future Outlook - **Growth Opportunities**: Replacement of aging retina systems (40-50% nearing end of life) and expansion in glaucoma treatments [6][23] - **Manufacturing Strategy**: Transitioning to contract manufacturing to improve margins by 350 to 500 basis points by FY26 [31] Competitive Landscape - **Competitors**: Competes with incisional procedures and pharmaceuticals in glaucoma, and other laser companies in retina [25][26] - **Market Share**: Gained share in glaucoma, steady growth in retina business [26] Reimbursement and Financial Health - **Stable Reimbursement**: No anticipated changes to current CPT codes affecting probe utilization [34] - **Cash Position**: $5.6 million cash balance at the end of Q3, with improved cash flow management [36] Conclusion - **Company Transformation**: IRIDEX is positioned for growth with a focus on operational efficiency, innovative product offerings, and a strong clinical foundation, aiming to prove its value to investors over the next 12 months [42][43]