Financial Data and Key Metrics Changes - The company achieved strong year-over-year revenue growth of 8%, with total revenues for Q3 2025 reaching $12.5 million [5][14] - Operating expenses were reduced by 12% to $5.4 million compared to $6.2 million in Q3 2024, contributing to improved financial performance [5][18] - Adjusted EBITDA improved by $1.3 million, resulting in a loss of $131,000 for Q3 2025, compared to a loss of $1.4 million in the prior year [5][18] - Cash and cash equivalents totaled $5.6 million at the end of Q3 2025, a decrease of $1.2 million from the previous quarter [18] Business Line Data and Key Metrics Changes - The glaucoma product line saw a revenue increase of 13% year-over-year, totaling $3.5 million [15] - Retina product revenue increased by 4% to $6.7 million, driven by higher Pascal system sales, despite a decrease in surgical retina probe sales [15] - CycloG6 system sales increased to 30 units from 26 in the prior year, indicating strong demand and utilization [9] Market Data and Key Metrics Changes - International glaucoma performance was strong, particularly in Europe, the Middle East, and Africa, with positive contributions across geography [10] - The Asia market faced challenges due to macro factors, including a tariff dispute with China and currency fluctuations affecting Japan [10][12] - Latin America and Canada showed improved momentum following the appointment of new distributors [11] Company Strategy and Development Direction - The company is focused on streamlining operations and advancing towards profitability, with a goal of achieving cash flow positive operations in 2026 [4][20] - Cost reduction programs implemented in late 2024 have significantly lowered operating expenses and improved the financial position [5][18] - The company is negotiating with contract manufacturers to reduce the cost of goods sold and enhance gross margins [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive cash flows in Q4 2025 and positive adjusted EBITDA for the full year [4][19] - The company remains committed to cost discipline and improving financial performance, with expectations of sustained cash flow positivity [20] - Management acknowledged the challenges in the Asia market but noted solid underlying demand for products [12] Other Important Information - A one-time inventory write-down impacted gross profit, but excluding this charge, gross margin would have improved to 38.7% [16][18] - The company is relocating certain administrative functions to generate savings, expected to be approximately $165,000 quarterly starting Q1 2026 [6] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $11,900,000, a slight increase from $11,800,000 in Q1 2024 [17] - Adjusted EBITDA for Q1 2025 was $400,000, an improvement of $2,900,000 compared to an adjusted EBITDA loss of $2,500,000 in Q1 2024 [9][20] - Net loss for Q1 2025 was $1,700,000 or $0.10 per share, compared to a net loss of $3,500,000 or $0.21 per share in the same period last year [20] Business Line Data and Key Metrics Changes - Revenue from the Cyclo G6 glaucoma product family increased by 8% year over year to $3,200,000, driven by higher probe sales [19] - Retina product revenue decreased by 3% to $6,600,000, primarily due to lower PASCAL system sales, partially offset by higher medical and surgical retina system sales [17][18] - Surgical retina sales exceeded expectations, with notable increases in TX product sales, marking the highest volume since Q3 2023 [12] Market Data and Key Metrics Changes - EMEA remains the most stable revenue generator with strong growth potential in the glaucoma segment [14] - In Asia, regulatory approvals for the IRIDEX PASCAL system are driving strong capital equipment sales, particularly in India and Japan [14] - Latin America is stabilizing with clear growth momentum following the approval of IRIDEX PASCAL systems in key markets [14] Company Strategy and Development Direction - The company is focused on innovation and long-term value creation in partnership with Novel Inspiration, aiming to leverage its global customer base and improve operations [15] - Future strategies include optimizing gross margins and exploring partnerships, distribution agreements, or small acquisitions to expand the product portfolio [16] - The company aims to achieve cash flow breakeven and positive adjusted EBITDA results in 2025, contingent on current conditions [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved financial condition and operational efficiency, highlighting the positive trajectory towards profitability [6][23] - The company anticipates minimal direct exposure to new tariff policies due to its manufacturing and sourcing primarily within the United States [22] - Management emphasized the importance of maintaining financial discipline and continuing to reduce costs while driving revenue growth [28] Other Important Information - A strategic investment of $10,000,000 from Novel Inspiration was made in March 2025, strengthening the company's balance sheet [7][21] - The company has implemented significant cost reduction measures, resulting in a decrease in operating expenses from $7,800,000 in Q1 2024 to $5,300,000 in Q1 2025 [20] Q&A Session Summary Question: Impact of tariffs on the company - The company expects minimal direct exposure to recent tariff policies as most products are sourced and manufactured in the U.S., providing a pricing and supply chain advantage [24][25] Question: Product extension discussions with Novel - The company is exploring opportunities to expand its product portfolio through distribution agreements, partnerships, or small acquisitions, supported by Novel [26][27] Question: Change in cash burn and achieving cash flow breakeven - Management confirmed that the company is on track to end cash burn, with a significant reduction in operating expenses and a plan to achieve positive adjusted EBITDA and cash flow breakeven this year [28][29]