Total Revenue

-9% YoY (from $19,265K in Q1 2024 to $17,508K in Q1 2025)

Revenue declined sharply despite previous periods showing only a mild overall decline. This continued drop may be linked to persistent market headwinds and a weakening product mix—trends hinted at in FY2024 where Dry Eye revenue fell substantially (from $6.7M to $4.0M) while Surgical Glaucoma revenues increased slightly. Although the Q1 2025 documents don’t detail the breakdown, these shifts likely contributed to the sharper 9% decrease. " "

Net Loss

Improved by ~13% (narrowed from $(16,266)K to $(14,154)K)

Net loss improvement is driven by disciplined cost management. The 7% reduction in total operating expenses, maintained gross margin at 86%, and overall lower cash usage continued the trend seen in previous periods, resulting in a 13% better net loss quarter-over-quarter. " "

Gross Profit

-8% YoY (decline from $16,472K to $15,094K)

Gross profit fell in line with lower revenue, even though the gross margin held steady at 86%. The decline likely reflects lower production volumes and sales, mirroring previous period trends where revenue reductions were a key factor in profit decreases. " "

Total Operating Expenses

-7% YoY (decline from $31,195K to $28,953K)

Operating expenses were reduced effectively, with R&D decreasing from $4,636K to $4,430K and SG&A falling from $26,559K to $24,523K. This cost-cutting effort, continuing the approach seen in earlier periods, has favorably impacted overall expenses in Q1 2025. " "

Stockholders’ Equity

~-11% sequential decline (from $87,523K to $77,628K)

Equity declined notably, primarily driven by the net loss of $14,154K and additional reductions from withholding tax-related adjustments. Although contributions from stock-based compensation and common stock issuance partially offset the negative impact, the overall fall in equity remains consistent with trends observed in previous periods. " "

Cash Position

~-9.6% sequential decrease (from $120,357K to $108,768K)

Cash reserves dropped significantly, which likely reflects higher operating cash usage and challenges in working capital management amid lower revenue generation. While the documents do not offer explicit details for this period, the decline is in line with the impact of lower revenue and increased outflows observed in past quarters. " "

Revenue Guidance

FY 2025

"$70 million to $75 million " "

no guidance provided

no current guidance

Revenue Guidance

Q1 2025

"Expected to be down low to mid-double digits versus Q1 2024 " "

no guidance provided

no current guidance

Adjusted Operating Expenses

FY 2025

"$105 million to $107 million, representing a 4% to 6% increase vs. 2024 " "

no guidance provided

no current guidance

Gross Margin Impact

FY 2025

"Negative impact expected due to the 20% tariff " "

no guidance provided

no current guidance

Surgical Glaucoma Revenue

FY 2025

"Expected to decline compared to 2024 with 50,000 procedures removed (15% reduction) " "

no guidance provided

no current guidance

Dry Eye Segment

FY 2025

"Guidance excludes revenue growth assumptions for TearCare; expects positive reimbursement/payment decisions in 2025 " " "

no guidance provided

no current guidance

Surgical Glaucoma Performance & Innovation

Q2 2024 emphasized sequential revenue growth, strong pipeline development with clinical data and reimbursement optimism. " " Q3 2024 focused on surgical revenue dynamics, LCD–related challenges, reengagement of accounts, and pipeline innovation including new products and training. " " " Q4 2024 highlighted robust clinical outcomes, growth in ordering accounts, and the planned launch of OMNIEdge to sustain leadership despite LCD headwinds. " " "

In Q1 2025, the focus remains on leveraging the comprehensive OMNI procedure, launching OMNI Edge for enhanced viscodilation, and adapting to a 6% revenue decline due to a 10% decrease in account utilization from new LCD restrictions. " "

Consistent focus on innovation and market leadership remains, though the tone shifts as LCD restrictions lead to lower revenue and prompt emphasis on strategic adaptations and advanced product launches.

TearCare and Dry Eye Reimbursement Strategy

Q2 2024 stressed robust clinical evidence from the SAHARA trial, a budget impact analysis, and a price increase designed to reflect clinical value. " " " Q3 2024 continued with detailed discussions on payer engagement, provider training, and positive early claims with both commercial and Medicare payers. " " " Q4 2024 underscored proactive reimbursement strategies with data from the SAHARA study, increased claims volume, and the vision to tap a $3 billion market. " " "

Q1 2025 continues emphasizing ongoing payer conversations with strong clinical data from SAHARA, anticipates coverage decisions in 2025, and notes a decline in Dry Eye revenue linked to price increases. " " " " "

Ongoing commitment to securing reimbursement is evident across periods. While early periods were centered on building clinical and economic credibility, Q1 2025 reflects cautious optimism despite recent revenue impact from pricing.

Medicare LCD and Reimbursement Policy Impact

Q2 2024 discussed favorable proposed draft LCDs and the potential for device-intensive status to boost reimbursement. " " " Q3 2024 highlighted that finalized LCDs restrict combination MIGS and noted disappointment over lack of device-intensive status for OMNI procedures. " " " " " Q4 2024 detailed significant revenue impact from LCD restrictions, adjustments in reimbursement focus, and the need to adapt commercially. " " "

Q1 2025 described the new LCD restricting multiple MIGS procedures and a resultant 6% revenue decline, while reemphasizing OMNI’s competitive position amid the new single-procedure landscape; discussions also included ongoing dialogues with payers on potential device-intensive categorization for 2026. " " " "

Sentiment has grown more challenging over time. Initially optimistic proposals in Q2 shifted to disappointment and revenue pressures in Q3/Q4, with Q1 2025 reaffirming adaptation and strategic engagement despite headwinds.

Manufacturing Expansion & Tariff Mitigation

Q4 2024 mentioned the 20% tariff on Chinese-manufactured goods and reliance on both a China-based facility and a U.S.-based alternative (albeit at higher costs). " Q3 2024 and Q2 2024 did not discuss these topics.

Q1 2025 detailed significant tariff pressures (145% tariff rate) causing an estimated $3.5–$4.5 million cost impact for 2025 and described active steps to mitigate tariffs through expense reductions and establishing third-party manufacturing lines outside China, with phased capacity additions over the next 9–12 months. " " " "

New strategic emphasis emerges in Q1 2025. Whereas earlier periods briefly acknowledged tariff challenges, Q1 2025 provides a more comprehensive mitigation strategy and plans for manufacturing expansion to reduce future cost pressures.

Financial Discipline & Cash Flow Management

Q2 2024 demonstrated strong improvements with a 29% reduction in cash used and operational efficiency, supported by effective expense management and a solid funding position. " " " Q3 2024 reported a marked turnaround by generating positive cash flow and reducing cash usage compared to the prior year, attributing gains to decreased receivables and inventory levels. " Q4 2024 continued with a notable reduction in cash used and achieving cash generation in the quarter. " "

Q1 2025 did not mention financial discipline or cash flow management explicitly.

Consistent record of discipline is evident in previous periods, but no updates in Q1 2025 suggest that the focus may have temporarily shifted to other operational challenges.

Competitive Dynamics in MIGS & Eye Care Markets

Q2 2024 emphasized OMNI's differentiated clinical profile bolstered by favorable proposed reimbursement rules. " Q3 2024 provided detailed commentary on LCD impacts, positioning of OMNI in both combination and stand-alone MIGS settings, and the progress in developing the reimbursed dry eye segment through TearCare. " " " " " Q4 2024 discussed surgeon adaptation to LCD changes, competitive pricing, and efforts to educate surgeons as well as the market potential for TearCare. " " " "

Q1 2025 reinforced OMNI's competitive advantages through its comprehensive procedure and highlighted the launch of OMNI Edge to address varying physician preferences, also noting new entrants in the market; the dry eye segment remains a key differentiator with ongoing reimbursement efforts. " " " "

A consistently competitive narrative persists across all periods. While early calls focused on positioning and reimbursement optimism, Q1 2025 adds nuance by addressing new competition and advanced product innovation to stay ahead of market shifts.

CPT Code 66174 Reimbursement Opportunities

Q2 2024 provided an optimistic outlook by discussing proposed Medicare rules that would grant device-intensive status to CPT Code 66174, potentially increasing reimbursement by around 29%. " Q3 2024 reflected disappointment as device-intensive status was not assigned, despite expecting improved reimbursement, prompting a focus on surgical execution and market recovery. " " Q4 2024 did not address this topic [–].

Q1 2025 did not include any discussion of CPT Code 66174 reimbursement opportunities.

The discussion has fluctuated: Initially promising in Q2 2024, Q3 2024 brought disappointment, and by Q1 2025 the topic is not revisited—suggesting it may have been deprioritized or deferred to future discussions.