IRIDEX (IRIX) Company Report

Iridex Corporation expects Q4 2025 total revenue to be between $14.6 million and $14.8 million, reflecting 15% to 17% year-over-year growth, and full year 2025 total revenue between $52.5 million and $52.7 million, an 8% increase from 2024.
The company achieved positive cash flow in Q4 2025 and anticipates achieving positive adjusted EBITDA for the full year 2025.
Operational results include selling 15,800 Cyclo G6® probes in Q4 2025 and 57,700 for the full year 2025, alongside 44 Cyclo G6® Glaucoma Laser Systems in Q4 2025 and 133 for the full year.
These financial and operational results are preliminary and unaudited, pending the completion of year-end financial reporting processes and audit.

Jan 12, 2026, 12:00 PM

Iridex Corp. Outlines 2024 Performance and Future Growth Strategy

IRIX

Revenue Acceleration/Inflection

Guidance Update

Management Change

Iridex Corp. reported $49 million in revenue for 2024, with $28 million generated from its retina business. The company has reduced operating expenses by $2.3 million and is targeting operating income and cash flow positivity in 2026.
The glaucoma business, which has 71% margins, is a key growth area, leveraging its repeatable MicroPulse TLT technology to address a $700 million international market opportunity. The retina business, with 41% margins, anticipates a significant replacement cycle for its aging U.S. installed base.
The company plans to improve profitability through operational efficiencies, including transitioning to contract manufacturing, which is expected to expand gross margins by 350 to 500 basis points by late FY26/early 2027, and by relocating G&A operations to save $150,000-$160,000 per quarter. Iridex's cash balance was $5.6 million at the end of Q3.

Dec 11, 2025, 3:45 PM

IRIDEX Provides Business and Financial Turnaround Update

IRIX

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

In 2024, IRIDEX reported $49 million in revenue, with $28 million from its retina business. The glaucoma business has 71% margins, while the retina business has 41% margins.
The company has reduced operating expenses by $2.3 million, achieved positive adjusted EBITDA, and expects cash flow positivity in Q4. Management projects to be operating income positive and cash flow positive in 2026.
As of the end of Q3, IRIDEX's cash balance was approximately $5.6 million. The company anticipates a 350 to 500 basis point expansion in gross margin by late FY26/early 2027 through a shift to contract manufacturing.
A significant replacement opportunity exists in the U.S. retina installed base, with nearly half of systems approaching end-of-life. The glaucoma business is also gaining market share due to clinical evidence and improved treatment parameters.

Dec 11, 2025, 3:45 PM

IRIX Reports 2024 Revenue and Outlines Path to Profitability

IRIX

Revenue Acceleration/Inflection

Guidance Update

New Projects/Investments

IRIX reported $49 million in revenue for 2024, with $28 million from retina, and achieved positive adjusted EBITDA. The company is on track for cash flow positivity in Q4 2025 and aims for operating income and cash flow positivity in 2026. Its cash balance was $5.6 million as of the end of Q3 2025.
The company implemented significant cost reductions, including a $2.3 million decrease in OpEx. Future plans include moving manufacturing to contract manufacturers, which is projected to expand margins by 350-500 basis points by late FY2026/early 2027, and relocating G&A operations out of California for initial savings of $150,000-$160,000 per quarter.
Despite reducing its glaucoma sales team from 13 to 6, IRIX has achieved four consecutive quarters of year-over-year revenue growth through Q3 2025. The company is gaining market share in the glaucoma business and sees a significant replacement opportunity in its aging U.S. retina installed base, where nearly half of systems are approaching end of life/service.

Dec 11, 2025, 3:45 PM

IRIX Reports Q3 2025 Financial Results with Revenue Growth and Improved Profitability

IRIX

Earnings

Revenue Acceleration/Inflection

Guidance Update

IRIDEX reported Q3 2025 revenue of $12.5 million, an 8% year-over-year increase, marking its fourth consecutive quarter of year-over-year revenue growth.
The company achieved a non-GAAP adjusted EBITDA loss of $131,000 in Q3 2025, an improvement of $1.3 million compared to the prior year, driven by a 12% reduction in operating expenses.
Net loss for Q3 2025 was $1.6 million, or $0.09 per share, an improvement from the prior year's net loss of $1.9 million, or $0.12 per share.
Gross margin for Q3 2025 was 32.1%, impacted by a $0.8 million inventory write-down; excluding this, the gross margin would have been 38.7%.
IRIDEX anticipates achieving positive cash flows in Q4 2025 and positive adjusted EBITDA for the full year 2025, with a strategic goal of cash flow positive operations in 2026.

Nov 11, 2025, 10:00 PM

Iridex Reports Q3 2025 Financial Results

IRIX

Earnings

Guidance Update

Revenue Acceleration/Inflection

Iridex Corporation reported total revenue of $12.5 million for the third quarter ended September 27, 2025, representing an 8% year-over-year increase compared to $11.6 million in the prior year quarter.
The company's net loss improved to $1.6 million (or $0.09 per share) in Q3 2025, compared to a net loss of $1.9 million (or $0.12 per share) in the same period of the prior year.
Non-GAAP adjusted EBITDA for Q3 2025 was a loss of $131 thousand, an improvement of $1.3 million compared to a $1.4 million loss for Q3 2024.
Operating expenses decreased by 12% to $5.4 million in Q3 2025, down from $6.2 million in Q3 2024.
Iridex expects to achieve positive adjusted EBITDA for the full year 2025 and cash flow breakeven in the fourth quarter of 2025.