IRIDEX Corporation Q3 FY2025 earnings call

• Patrick Mercer highlighted that the third quarter achieved 8% year-over-year revenue growth, reduced operating expenses by 12%, and improved adjusted EBITDA by $1.3 million. - Since the fourth quarter of 2024, targeted cost reduction programs have reduced operating expenses by 25% for the 9 months ending September 27. - In manufacturing, negotiating with contract manufacturers to reduce cost of goods sold and enhance gross margins, and relocating certain general and administrative functions outside of California to generate quarterly savings of approximately $165,000 starting in Q1 2026. - Commercial performance: Top line revenue grew 8% year-over-year. Glaucoma business saw growth with Cyclo G6 system sales increasing to 30 units from 26 in the prior year period, probe sales up, and international glaucoma performance strong in some regions. Retina product portfolio had PASCAL sales strong in the U.S., medical and surgical retina revenue grew over 10% year-over-year, and international retina performance varied by region.

In the third quarter, total revenue grew 8% year-over-year to $12.5 million. Retina product revenue increased 4% year-over-year to $6.7 million in the third quarter of 2025, driven primarily by higher PASCAL system sales. Total product revenue from the Cyclo G6 glaucoma product group was $3.5 million, representing a 13% year-over-year growth. Other revenue increased to $2.2 million in the third quarter of 2025 from $2.0 million in the same period of the prior year, driven primarily by an increase in service revenue. Gross profit in the third quarter of 2025 was $4.0 million or a gross margin of 32.1%, a decrease compared to the third quarter of 2024. Excluding a one-time inventory write-down, gross margin would have improved to 38.7%. Operating expenses were $5.4 million in the third quarter of 2025, a decrease of 12% compared to the third quarter of 2024 due to expense reduction measures.

-有望在2025年第四季度实现正现金流，2025年全年实现正调整后EBITDA。-2026年有望实现现金流正运营。-制造方面新的关系建立和产品线过渡需要时间，2026年将推进相关举措。-2026年第一季度开始行政职能迁移预计每季带来约16.5万美元节省。

-制造关系建立和产品线过渡存在时间不确定性。-国际市场面临宏观因素影响，如中国关税纠纷 disrupt销售规划和预测，日本货币疲软影响市场等。-一次性库存减记带来的相关风险。