Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $20.4 million, a 7% increase year-over-year [17] - Interventional glaucoma revenue was $19.7 million, up 5% year-over-year, while interventional dry eye revenue was $0.7 million, up from $0.3 million [17] - Gross margin was 87%, consistent with the prior year, with interventional glaucoma gross margin at 88% and interventional dry eye gross margin improved to 68% from 51% [18] - Total operating expenses decreased by 25% to $21.5 million compared to $28.5 million in the prior year [18] - Net loss was $4.2 million or $0.08 per share, compared to a net loss of $11.8 million or $0.23 per share in the previous year [19] - Cash and cash equivalents at the end of the quarter were $92 million, down from $120.4 million at the end of 2024 [19] Business Line Data and Key Metrics Changes - Interventional dry eye revenue in Q4 was $0.7 million, driven by the sale of approximately 700 Smart Lids to about 80 accounts, with 30 being new engagements [9][10] - Interventional glaucoma revenue was $19.7 million, with ordering accounts increasing by 2% year-over-year [13] - Utilization in interventional glaucoma remained healthy, down slightly after a strong Q3 [13] Market Data and Key Metrics Changes - The interventional dry eye market is expected to grow significantly, with a focus on expanding market access and engaging new eye care providers [11][12] - The interventional glaucoma market is projected to grow in the low to mid-single digits, with a focus on expanding the combo cataract segment and standalone market opportunities [25][27] Company Strategy and Development Direction - The company aims to return to double-digit growth while maintaining operational rigor and financial discipline [5] - A shift in terminology from surgical glaucoma and dry eye to interventional glaucoma and interventional dry eye reflects a focus on earlier procedure-based interventions [6] - Investments are being made in commercial infrastructure to support growth in both interventional dry eye and interventional glaucoma segments [21][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity within the interventional markets for glaucoma and dry eye, emphasizing the importance of their proprietary technologies [5][6] - The company is focused on pioneering the reimbursed interventional dry eye treatment market and enhancing customer engagement [11][12] - Management expects revenue guidance for 2026 to be between $82 million and $88 million, reflecting growth of 6% to 14% compared to 2025 [19][20] Other Important Information - The company has established pricing for CPT code 0563T associated with the TearCare procedure, marking a significant milestone for the interventional dry eye business model [9] - The company is actively engaging with additional MACs and commercial payers to accelerate adoption and expand access for patients [12][63] Q&A Session Summary Question: Can you provide color on low-end versus high-end assumptions for guidance? - Management indicated a stable market for interventional glaucoma and emphasized prudent guidance for interventional dry eye, which is still early in its market access journey [25][26] Question: What are the assumptions for underlying market growth in interventional glaucoma? - Management estimates low to mid-single digit market growth for interventional glaucoma [27] Question: How do you see the standalone glaucoma market evolving? - Management highlighted the importance of educating eye care providers on earlier interventions and activating the standalone market through targeted investments [34][36] Question: What is the revenue opportunity for dry eye in the two MACs? - Management noted a significant opportunity with 10.4 million covered lives and approximately 700,000 patients with moderate to severe MGD in those markets [46] Question: Can you discuss the peak sales potential of TearCare? - Management acknowledged the large market opportunity for TearCare but refrained from quantifying peak sales potential at this time [51][54] Question: What is the expectation for reimbursement with new goniotomy codes? - Management is aware of the potential impact of new goniotomy codes and expects some pressure on utilization but believes it could also create a tailwind for their OMNI technology [66]