Core Insights - The company ended 2025 with strong execution, achieving revenue growth in both interventional glaucoma and interventional dry eye segments, and aims for double-digit growth in 2026 while maintaining operational discipline [1][16] - The interventional technologies, OMNI and TearCare, target prevalent diseases such as glaucoma and dry eye, presenting significant long-term market opportunities [1][5] Financial Performance - Total revenue for Q4 2025 was $20.4 million, a 7% increase year-over-year, with interventional glaucoma revenue at $19.7 million (up 5%) and interventional dry eye revenue at $700,000 (up from $300,000) [17][18] - Gross margins were strong, with interventional glaucoma at 88% and interventional dry eye improving to 68% [18] - Operating expenses decreased by 25% to $21.5 million, reflecting cost management efforts, including a reduction in force [18][19] Market Strategy - The company is focusing on interventional glaucoma and interventional dry eye, with a strategy to enhance customer engagement and expand market access [6][12] - The interventional dry eye segment is expected to grow significantly, with a revenue guidance of $5 million to $7 million for 2026, compared to $1.6 million in the prior year [20] - The company aims to pioneer the reimbursed interventional dry eye market, having established pricing for the TearCare procedure with two MACs [8][12] Growth Drivers - The interventional glaucoma market is expected to grow in the low- to mid-single digits, with a focus on expanding the combo cataract segment and standalone market opportunities [20][26] - The company is investing in commercial infrastructure to support growth in both interventional segments, particularly in areas with established reimbursement [12][41] - The potential for TearCare is significant, with an estimated 700,000 patients in the targeted MAC regions suffering from moderate to severe dry eye disease [44][50] Future Outlook - Revenue guidance for 2026 is set at $82 million to $88 million, reflecting a growth of 6% to 14% compared to 2025 [20][22] - The company anticipates that the first quarter of 2026 will be the lowest for interventional glaucoma, with expectations for growth in the second half of the year [21][56] - Continued engagement with additional MACs and commercial payers is critical for expanding access and accelerating adoption of interventional dry eye treatments [12][61]