Key Takeaways EW sees strong global uptake in surgical tech and TAVR, with Q1 TAVR sales topping $1 billion again. Edwards' TMTT sales rose 58% in Q1, driven by PASCAL and EVOQUE system adoption across the U.S. and Europe. Macro volatility and foreign exchange headwinds are pressuring EW's operating margin and sales growth.Edwards Lifesciences (EW) is gaining from the robust uptake of its premium surgical technologies. The company’s Transcatheter Aortic Valve Replacement (“TAVR”) platform is positioned fo ...

Core Insights - Iridex Corporation reported a return to year-over-year revenue growth and achieved positive adjusted EBITDA for the first two quarters of 2025, indicating a transformation in operations [3][7] - The company aims to achieve cash flow breakeven and positive adjusted EBITDA in 2025, maintaining revenue generation consistent with 2024 [10] Financial Performance - Total revenue for Q1 2025 was $11.9 million, slightly up from $11.8 million in Q1 2024 [4][9] - Retina product revenue decreased by 3% to $6.6 million, while Cyclo G6 Glaucoma product revenue increased by 8% to $3.2 million [4][9] - Gross profit for Q1 2025 was $5.1 million, representing a gross margin of 42.5%, an increase from 37.9% in Q1 2024 [5] - Operating expenses were reduced by 32% to $5.3 million compared to $7.8 million in Q1 2024 [5][9] - The net loss for Q1 2025 was $1.7 million, or $0.10 per share, an improvement from a net loss of $3.5 million, or $0.21 per share, in the same period of the prior year [7][9] Strategic Developments - The company received a strategic investment of $10 million from Novel Inspiration, which helped to strengthen its balance sheet and settle a note payable [8][9] - Iridex is exploring additional partnerships and distribution agreements to leverage its global customer base [3]