Iridex Reports Fourth Quarter and Full Year 2024 Financial Results
Iridex (IRIX) reported its Q4 and full year 2024 financial results, highlighting positive adjusted EBITDA in Q4 2024. The company generated Q4 revenue of $12.7 million, up from $12.5 million year-over-year, while implementing cost reductions that decreased operating expenses by 24% to $6.1 million.
Key Q4 metrics include Cyclo G6® product revenue of $3.3 million and Retina product revenue of $7.3 million. The company's net loss improved to $0.8 million from $3.0 million in the prior year quarter. For full year 2024, total revenue was $48.7 million, down from $51.9 million in 2023.
Notably, Iridex secured a strategic investment of $10 million at $2.00 per share, with an option for an additional $10 million for future growth. The company expects to achieve cash flow breakeven and positive adjusted EBITDA in 2025 on revenue consistent with 2024 levels.
Iridex (IRIX) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, evidenziando un EBITDA rettificato positivo nel Q4 2024. L'azienda ha generato un fatturato nel Q4 di 12,7 milioni di dollari, in aumento rispetto ai 12,5 milioni di dollari dello stesso periodo dell'anno precedente, mentre ha implementato riduzioni dei costi che hanno abbattuto le spese operative del 24%, portandole a 6,1 milioni di dollari.
I principali indicatori del Q4 includono un fatturato del prodotto Cyclo G6® di 3,3 milioni di dollari e un fatturato del prodotto Retina di 7,3 milioni di dollari. La perdita netta dell'azienda è migliorata a 0,8 milioni di dollari rispetto ai 3,0 milioni di dollari del trimestre dell'anno precedente. Per l'intero anno 2024, il fatturato totale è stato di 48,7 milioni di dollari, in calo rispetto ai 51,9 milioni di dollari del 2023.
In particolare, Iridex ha ottenuto un investimento strategico di 10 milioni di dollari a 2,00 dollari per azione, con un'opzione per ulteriori 10 milioni di dollari per la crescita futura. L'azienda prevede di raggiungere il pareggio di flusso di cassa e un EBITDA rettificato positivo nel 2025, con un fatturato in linea con i livelli del 2024.
Iridex (IRIX) informó sobre sus resultados financieros del Q4 y del año completo 2024, destacando un EBITDA ajustado positivo en el Q4 2024. La compañía generó ingresos en el Q4 de 12,7 millones de dólares, un aumento respecto a los 12,5 millones de dólares del año anterior, mientras implementaba reducciones de costos que disminuyeron los gastos operativos en un 24%, llevándolos a 6,1 millones de dólares.
Los principales indicadores del Q4 incluyen ingresos del producto Cyclo G6® de 3,3 millones de dólares e ingresos del producto Retina de 7,3 millones de dólares. La pérdida neta de la compañía mejoró a 0,8 millones de dólares desde 3,0 millones de dólares en el trimestre del año anterior. Para el año completo 2024, los ingresos totales fueron de 48,7 millones de dólares, en comparación con los 51,9 millones de dólares en 2023.
Notablemente, Iridex aseguró una inversión estratégica de 10 millones de dólares a 2,00 dólares por acción, con una opción para un adicional de 10 millones de dólares para el crecimiento futuro. La compañía espera alcanzar el equilibrio de flujo de caja y un EBITDA ajustado positivo en 2025, con ingresos consistentes con los niveles de 2024.
Iridex (IRIX)는 2024년 4분기 및 연간 재무 결과를 보고하며, 2024년 4분기에 긍정적인 조정 EBITDA를 강조했습니다. 이 회사는 4분기 매출로 1,270만 달러를 기록했으며, 이는 지난해 같은 기간의 1,250만 달러에서 증가한 수치입니다. 또한 운영 비용을 24% 줄여 610만 달러로 감소시켰습니다.
4분기의 주요 지표로는 Cyclo G6® 제품 매출이 330만 달러, Retina 제품 매출이 730만 달러입니다. 회사의 순손실은 지난해 같은 분기의 300만 달러에서 80만 달러로 개선되었습니다. 2024년 전체 연간 매출은 4,870만 달러로, 2023년의 5,190만 달러에서 감소했습니다.
특히, Iridex는 주당 2.00달러에 1,000만 달러의 전략적 투자를 확보했으며, 향후 성장을 위한 추가 1,000만 달러 옵션도 있습니다. 이 회사는 2025년에 현금 흐름 균형과 긍정적인 조정 EBITDA를 달성할 것으로 기대하고 있으며, 2024년 수준의 매출을 유지할 계획입니다.
Iridex (IRIX) a annoncé ses résultats financiers du Q4 et de l'année entière 2024, mettant en avant un EBITDA ajusté positif au Q4 2024. L'entreprise a généré un chiffre d'affaires de 12,7 millions de dollars au Q4, en hausse par rapport à 12,5 millions de dollars d'une année sur l'autre, tout en mettant en œuvre des réductions de coûts qui ont diminué les dépenses d'exploitation de 24% à 6,1 millions de dollars.
Les indicateurs clés du Q4 incluent un chiffre d'affaires du produit Cyclo G6® de 3,3 millions de dollars et un chiffre d'affaires du produit Retina de 7,3 millions de dollars. La perte nette de l'entreprise s'est améliorée à 0,8 million de dollars contre 3,0 millions de dollars au trimestre de l'année précédente. Pour l'année complète 2024, le chiffre d'affaires total était de 48,7 millions de dollars, en baisse par rapport à 51,9 millions de dollars en 2023.
Notamment, Iridex a sécurisé un investissement stratégique de 10 millions de dollars à 2,00 dollars par action, avec une option pour un investissement supplémentaire de 10 millions de dollars pour la croissance future. L'entreprise s'attend à atteindre l'équilibre de trésorerie et un EBITDA ajusté positif en 2025, avec des revenus conformes aux niveaux de 2024.
Iridex (IRIX) hat seine finanziellen Ergebnisse für das Q4 und das gesamte Jahr 2024 veröffentlicht und dabei ein positives bereinigtes EBITDA im Q4 2024 hervorgehoben. Das Unternehmen erzielte im Q4 einen Umsatz von 12,7 Millionen Dollar, ein Anstieg von 12,5 Millionen Dollar im Vorjahresvergleich, während es Kostensenkungen umsetzte, die die Betriebskosten um 24% auf 6,1 Millionen Dollar reduzierten.
Wichtige Kennzahlen für das Q4 umfassen Umsätze des Cyclo G6®-Produkts von 3,3 Millionen Dollar und Umsätze des Retina-Produkts von 7,3 Millionen Dollar. Der Nettoverlust des Unternehmens verbesserte sich auf 0,8 Millionen Dollar von 3,0 Millionen Dollar im Vorjahresquartal. Für das gesamte Jahr 2024 betrugen die Gesamteinnahmen 48,7 Millionen Dollar, ein Rückgang gegenüber 51,9 Millionen Dollar im Jahr 2023.
Bemerkenswert ist, dass Iridex eine strategische Investition von 10 Millionen Dollar zu einem Preis von 2,00 Dollar pro Aktie gesichert hat, mit der Option auf weitere 10 Millionen Dollar für zukünftiges Wachstum. Das Unternehmen erwartet, 2025 den Cashflow-Break-even und ein positives bereinigtes EBITDA zu erreichen, mit Umsätzen, die den Niveaus von 2024 entsprechen.
- Achieved positive adjusted EBITDA in Q4 2024
- 24% reduction in operating expenses to $6.1M in Q4
- Net loss improved by $2.2M to $0.8M in Q4
- Secured $10M strategic investment with option for additional $10M
- Q4 revenue increased to $12.7M from $12.5M YoY
- Cyclo G6 probe sales increased to 13,300 units in Q4
- Full year 2024 revenue declined to $48.7M from $51.9M in 2023
- Annual gross margin decreased to 40.1% from 42.0% in 2023
- Full year net loss of $8.9M in 2024
- Retina product revenue declined 6% to $27.8M in 2024
- Cash position decreased to $2.4M as of December 2024
Insights
Iridex's Q4 results signal a meaningful financial inflection point. The company achieved positive adjusted EBITDA of
While full-year revenue declined
The
Management's outlook for cash flow breakeven and positive adjusted EBITDA in 2025 appears achievable given the substantial Q4 improvements. The stated focus on potential industry consolidation suggests Iridex may be positioning itself as either an acquirer or acquisition target in the medical device space.
Iridex's product performance reveals important market dynamics within ophthalmology. Their Cyclo G6 glaucoma product family showed promising Q4 momentum with
The November 2024 Local Coverage Determination (LCD) introducing reimbursement limitations for MIGS devices represents a pivotal regulatory shift potentially favoring Iridex's laser-based glaucoma treatments. This could accelerate the Q4 sales momentum into 2025 as physicians reassess treatment options based on reimbursement economics.
The retina segment continues to face headwinds with Q4 revenue declining
Notably, the company's mention of ongoing industry consolidation discussions positions Iridex within broader ophthalmology market restructuring. Their focus on cash generation rather than revenue growth suggests a strategic shift toward building shareholder value through operational efficiency rather than market expansion. The
MOUNTAIN VIEW, Calif., March 27, 2025 (GLOBE NEWSWIRE) -- Iridex Corporation (Nasdaq: IRIX), a worldwide leader providing innovative and versatile laser-based medical systems, delivery devices, and procedure probes for the treatment of glaucoma and retinal diseases, today reported financial results for the fourth quarter and full year ended December 28, 2024.
Fourth Quarter 2024 Results & Recent Highlights
- Achieved positive adjusted EBITDA in the fourth quarter of 2024
- Successfully implemented previously announced cost reduction program, resulting in operating expenses of
$6.1 million , a24% reduction compared to$8.0 million in the prior year period - Generated total revenue of
$12.7 million , compared to$12.5 million in the prior year quarter - Cyclo G6® product family revenue in the fourth quarter reached
$3.3 million , compared to$3.0 million in the prior year quarter- Sold 13,300 Cyclo G6® probes, compared to 12,700 in the prior year quarter
- Sold 47 Cyclo G6® Glaucoma Laser Systems in the fourth quarter of 2024, compared to 35 in the prior year quarter
- Retina product revenue was
$7.3 million , compared to$7.5 million in the prior year quarter - Net loss for the quarter was
$0.8 million , compared to$3.0 million in the prior year quarter, an improvement of$2.2 million - Strengthened balance sheet through a strategic investment in the Company, announced on March 19, 2025, resulting in
$10 million of gross proceeds priced at a common stock equivalent of$2.00 per share, along with an option by the investor to fund up to$10 million of additional proceeds for future growth initiatives, which would be priced at the then prevailing public market price - The Company plans to schedule a special call for Iridex investors in April 2025, prior to the ASCRS Annual Meeting, which is scheduled for April 25-28 in Los Angeles, to discuss opportunities to expand its historic business via new products that will leverage its strong international distribution capabilities
Full Year 2024 Results
- Generated total revenue of
$48.7 million , compared to$51.9 million in 2023 - Cyclo G6® Glaucoma product family revenue of
$12.7 million , compared to$13.4 million in 2023- Sold 55,400 Cyclo G6® probes, compared to 54,800 in 2023
- Sold 125 Cyclo G6® Glaucoma Laser Systems compared to 164 in 2023
- Retina product revenue was
$27.8 million , compared to$29.4 million in 2023 - OPEX was
$27.8 million , compared to$31.8 million in 2023, due to expense reduction measures implemented in the 2ndhalf of 2024 - Cash and cash equivalents as of December 28, 2024 were
$2.4 million , a reduction of$1.5 million in the quarter.
“We are pleased to announce the successful execution of the cost reduction program started in the second half of 2024, and the achievement of positive adjusted EBITDA operations in the fourth quarter,” said Patrick Mercer, Iridex's President and CEO. “We intend for this operating and spending discipline to continue in 2025, and for the Company to deliver positive cash flow for the year on revenue in-line with that seen in the prior year.”
Mr. Mercer continued, “We are seeing positive momentum in our business, including rising physician engagement following the November 2024 Local Coverage Determination (LCD), which we believe significantly altered the reimbursement landscape by introducing new limitations for implantable Micro-Invasive Glaucoma Surgery (MIGS) devices. This, together with our commitment to continued cost discipline, is expected to result in much improved bottom line results going forward. To that end, we intend to preannounce our first quarter 2025 results as soon as we are able to in April 2025. The purpose of this one-time preannouncement of first quarter results is to reaffirm and highlight the improved financial condition of our business, while also opening the Company’s insider trading window. This will provide employees and other insiders their first opportunity in over a year, due to the lengthy strategic process, to make open market purchases of the Company’s stock.”
Scott Shuda, Iridex’s Chairman of the Board of Directors, commented, “Iridex has frequently over the years participated in discussions relating to industry consolidation and the potential of selling various operating assets. Interested observers have likely noted recent announcements regarding transactions and potential deals involving the Company’s industry peers. The strategic investment in Iridex by Novel Innovations is an important development in the ongoing industry consolidation process. The Company expects to continue to be involved in discussions relating to industry consolidation, and the Board of Directors will consider all opportunities deemed likely to benefit the Company’s shareholders, including small accretive transactions, partnerships, and distribution agreements involving new product offerings.”
Investment by Novel Innovations at a Common Stock Price Equivalent of
On March 19,2025, Iridex announced the closing of a strategic investment involving
The Company will host a special call to be scheduled in mid-April 2025 to discuss the partnership with Novel Innovations, and how it strengthens Iridex’s market position and bolsters its future business prospects.
Fourth Quarter 2024 Financial Results
Revenue for the three months ended December 28, 2024 was
In the retina business, deferral of capital purchases led to lower system sales internationally. The decrease, however, was partially offset by increased sales in the U.S. In the glaucoma business the reimbursement uncertainty in the U.S. led to temporary softness in glaucoma probe and new system sales. Internationally, glaucoma probe and new system sales increased.
Gross profit for the fourth quarter of 2024 was
Operating expenses were
Net loss for the fourth quarter of 2024 was
Total adjusted EBITDA for the fourth quarter of 2024 was
Full Year 2024 Financial Results
Revenue for the year ended December 28, 2024 was
Gross profit for the full year 2024 was
Operating expenses for 2024 decreased
Net loss for 2024 decreased to
Total adjusted EBITDA loss for 2024 was
Cash and cash equivalents totaled
Financial Outlook
The Company expects to achieve cash flow breakeven and positive adjusted EBITDA in 2025 on revenue generation consistent with 2024.
Webcast and Conference Call Information
Iridex’s management team will host a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET. Investors interested in listening to the conference call may do so by accessing the live and recorded webcast on the “Event Calendar” page of the “Investors” section of the Company’s website at www.iridex.com.
About Iridex Corporation
Iridex Corporation is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology market. The Company’s proprietary MicroPulse® technology delivers a differentiated laser treatment that provides safe, effective, and proven treatment for targeted sight-threatening eye conditions. Iridex’s current product line is used for the treatment of glaucoma and diabetic macular edema (DME) and other retinal diseases. Iridex products are sold in the United States through a direct sales force and internationally primarily through a network of independent distributors into more than 100 countries. For further information, visit the Iridex website at www.iridex.com.
MicroPulse® is a registered trademark of Iridex Corporation, Inc. in the United States, Europe and other jurisdictions. © 2024 Iridex Corporation. All rights reserved.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, including those statements concerning clinical expectations and commercial trends, market adoption and expansion, value-maximizing transactions, demand for and utilization of the Company's products and results and expected sales volumes. The Company can provide no assurance that it will complete any value-maximizing transactions on behalf of its stockholders. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2024. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
Use of Non-GAAP Financial Information
This press release contains financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Management evaluates and makes operating decisions using various performance measures. In addition to Iridex’s GAAP results, we consider Adjusted EBITDA. This non-GAAP result should not be considered as an alternative to net income, net cash provided by operating activities, or any other performance measure derived in accordance with GAAP. We present this non-GAAP result because management considers it to be an important supplemental measure of Iridex’s performance and refers to such measure when analyzing Iridex’s strategy and operations.
In calculating the above non-GAAP result: Adjusted EBITDA is defined as earnings before interest income and expense, taxes, depreciation, amortization, and share-based compensation, as well as excluding certain other non-GAAP adjustments. Adjusted EBITDA exclude from their GAAP equivalents items listed below;
- Share-based compensation expense. We excluded from our non-GAAP results the expense related to equity-based compensation plans as it represents expenses that do not require cash settlement from Iridex.
- Severance-related expenses. We excluded from our non-GAAP results the expenses related to restructuring events, partially offset by reversals of previously recognized severance expenses in subsequent periods. These expenses are unrelated to our ongoing operations, vary in size and frequency and are subject to significant fluctuations from period to period due to varying levels of restructuring activity. We believe that excluding these expenses provides a more meaningful comparison of the financial results to our historical operations and to the financial results of peer companies.
- Strategic process expenses. We excluded from our non-GAAP results certain non-recurring legal, consulting and other third party non-labor costs related to our strategic process undertakings. We believe that excluding these expenses provides a more meaningful comparison of the financial results to our historical operations and to the financial results of peer companies
Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational or non-cash expenses involving stock compensation plans or other items.
A detailed reconciliation between Iridex’s non-GAAP and GAAP financial results is set forth in the financial tables at the end of this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results that are contained in this press release as well as in Iridex’s other reports filed with or furnished to the SEC.
Investor Relations Contact
Philip Taylor
Gilmartin Group
investors@iridex.com
| IRIDEX Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023 | ||||||||||||
| Total revenues | $ | 12,696 | $ | 12,458 | $ | 48,669 | $ | 51,869 | |||||||
| Cost of revenues | 7,110 | 7,573 | 29,167 | 30,062 | |||||||||||
| Gross profit | 5,586 | 4,885 | 19,502 | 21,807 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 1,113 | 1,694 | 5,449 | 6,829 | |||||||||||
| Sales and marketing | 2,700 | 3,867 | 12,579 | 16,237 | |||||||||||
| General and administrative | 2,275 | 2,405 | 9,776 | 8,748 | |||||||||||
| Total operating expenses | 6,088 | 7,966 | 27,804 | 31,814 | |||||||||||
| Loss from operations | (502 | ) | (3,081 | ) | (8,302 | ) | (10,007 | ) | |||||||
| Other income (expense), net | (338 | ) | 181 | (540 | ) | 527 | |||||||||
| Loss from operations before provision for income taxes | (840 | ) | (2,900 | ) | (8,842 | ) | (9,480 | ) | |||||||
| Provision for income taxes | (6 | ) | 60 | 68 | 90 | ||||||||||
| Net loss | $ | (834 | ) | $ | (2,960 | ) | $ | (8,910 | ) | $ | (9,570 | ) | |||
| Net loss per share: | |||||||||||||||
| Basic | $ | (0.05 | ) | $ | (0.18 | ) | $ | (0.54 | ) | $ | (0.59 | ) | |||
| Diluted | $ | (0.05 | ) | $ | (0.18 | ) | $ | (0.54 | ) | $ | (0.59 | ) | |||
| Weighted average shares used in computing net loss per common share: | |||||||||||||||
| Basic | 16,636 | 16,245 | 16,439 | 16,128 | |||||||||||
| Diluted | 16,636 | 16,245 | 16,439 | 16,128 | |||||||||||
| IRIDEX Corporation Condensed Consolidated Balance Sheets (In thousands) | |||||||
| December 28, 2024 | December 30, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 2,387 | $ | 7,034 | |||
| Accounts receivable, net | 8,394 | 9,654 | |||||
| Inventories | 10,817 | 9,906 | |||||
| Prepaid expenses and other current assets | 1,964 | 856 | |||||
| Total current assets | 23,562 | 27,450 | |||||
| Property and equipment, net | 115 | 351 | |||||
| Intangible assets, net | 1,307 | 1,642 | |||||
| Goodwill | 965 | 965 | |||||
| Operating lease right-of-use assets, net | 1,792 | 2,632 | |||||
| Other long-term assets | 1,394 | 1,396 | |||||
| Total assets | $ | 29,135 | $ | 34,436 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 7,594 | $ | 4,727 | |||
| Accrued compensation | 1,672 | 1,619 | |||||
| Accrued expenses | 477 | 1,996 | |||||
| Convertible note payable, current | 1,734 | — | |||||
| Other current liabilities | 1,812 | 1,233 | |||||
| Deferred revenue, current | 2,176 | 2,404 | |||||
| Operating lease liabilities, current | 1,094 | 995 | |||||
| Total current liabilities | 16,559 | 12,974 | |||||
| Long-term liabilities: | |||||||
| Deferred revenue | 8,350 | 10,025 | |||||
| Operating lease liabilities | 811 | 1,751 | |||||
| Convertible note payable | 1,004 | — | |||||
| Other long-term liabilities | 314 | 164 | |||||
| Total liabilities | 27,038 | 24,914 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 174 | 172 | |||||
| Additional paid-in capital | 89,881 | 88,444 | |||||
| Accumulated other comprehensive income (loss) | 51 | (52 | ) | ||||
| Accumulated deficit | (88,009 | ) | (79,042 | ) | |||
| Total stockholders’ equity | 2,097 | 9,522 | |||||
| Total liabilities and stockholders’ equity | $ | 29,135 | $ | 34,436 | |||
| IRIDEX Corporation Reconciliation of GAAP Net Loss to Adjusted EBITDA (In thousands) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023 | ||||||||||||
| Reconciliation of GAAP net loss to Adjusted EBITDA(a): | |||||||||||||||
| GAAP net loss | $ | (834 | ) | $ | (2,960 | ) | $ | (8,910 | ) | $ | (9,570 | ) | |||
| Less | |||||||||||||||
| Interest (income) expense, net | 269 | (18 | ) | 332 | (244 | ) | |||||||||
| Other (income) expense, net | 68 | (162 | ) | 208 | (283 | ) | |||||||||
| (Benefit from) provision for income taxes | (6 | ) | 60 | 68 | 90 | ||||||||||
| Depreciation and amortization | 135 | 619 | 584 | 1,098 | |||||||||||
| Stock-based compensation | 316 | 406 | 1,243 | 1,650 | |||||||||||
| Severance related expense (for head count reduction) | 421 | 18 | 752 | 172 | |||||||||||
| Strategic process legal expenses | — | 80 | 633 | 80 | |||||||||||
| Adjusted EBITDA | $ | 369 | $ | (1,957 | ) | $ | (5,090 | ) | $ | (7,007 | ) | ||||
| (a)Defined as earnings before interest income and expense, taxes, depreciation, amortization, and share-based compensation, as well as certain non-GAAP adjustments. | |||||||||||||||
FAQ
What was Iridex (IRIX) Q4 2024 revenue and how did it compare to last year?
How much did Iridex (IRIX) reduce its operating expenses in Q4 2024?
What was the size of the strategic investment received by Iridex (IRIX) in March 2025?
What is Iridex's (IRIX) financial outlook for 2025?
How many Cyclo G6 probes did Iridex (IRIX) sell in Q4 2024?
