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IRIDEX (IRIX) investor relations material
IRIDEX Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved fourth consecutive quarter of year-over-year revenue growth, led by glaucoma probe and Pascal retina laser system sales, with recurring revenue from consumables and service contracts.
Reduced operating expenses and improved Adjusted EBITDA compared to the prior year, advancing toward profitability and positive cash flow for Q4 and full year 2025.
Products sold directly in the US and Germany, and through Topcon and other distributors internationally, with international sales in over 100 countries.
Management expects to achieve positive Adjusted EBITDA for the full year 2025 and sustained cash flow positivity.
Financial highlights
Q3 2025 revenue grew 8% year-over-year to $12.5 million, driven by Glaucoma and Retina product lines; nine-month revenues were $38.0 million, up 5.5%.
Gross profit was $4.0 million (32.1% margin), down from $4.3 million (37.3%) due to a $0.8 million inventory write-down.
Operating expenses reduced by 12% year-over-year for the quarter to $5.4 million.
Net loss for Q3 2025 was $1.6 million ($0.09 per share), improved from $1.9 million ($0.12 per share) in Q3 2024.
Non-GAAP Adjusted EBITDA loss improved to $131,000 from $1.4 million loss in the prior year period.
Cash and cash equivalents at quarter-end were $5.6 million.
Outlook and guidance
On track to achieve cash flow break-even in Q4 2025 and positive Adjusted EBITDA for the full year.
Management believes existing cash will be sufficient for the next 12 months; future capital needs depend on growth, R&D, and new product introductions.
Additional cost-saving initiatives, including relocating administrative functions, expected to generate $165,000 in quarterly savings starting Q1 2026.
Revenue generation anticipated to be consistent with 2024.
Given Q3 cash reduction, what supports sustained cash flow?
Impact of production transfer on future gross margin?
What is the specific outlook for Pascal system sales?
2026 cost savings from new initiatives?
Plan to overcome Asia's tariff and currency issues?
Strategy to increase G6 system utilization?
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Frequently asked questions
IRIDEX Corp is a medical technology company specializing in the development and commercialization of innovative laser-based systems for the treatment of eye diseases. The company’s products are primarily used in ophthalmology for the treatment of glaucoma, retinal diseases, and other vision-threatening conditions. IRIDEX’s laser systems and related consumables are designed to provide precise and minimally invasive treatment options for patients, improving outcomes and reducing recovery times. The company is headquartered in Mountain View, California, USA, and its shares are listed on the NASDAQ.
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