What caused IRIX's earnings surprises in 2024?

IRIX's earnings surprises in 2024 can be attributed to several key factors: 1. **Revenue Decline in Retina Segment**: The retina segment revenue decreased by 3% compared to the prior year, primarily due to deferral of capital purchases leading to lower system sales internationally. This decline contributed to the total revenue missing the forecast. 2. **Cost Reduction Measures**: IRIX implemented aggressive cost-cutting measures, which led to a 24% decrease in operating expenses to $6.1 million. This strategic move improved the company's financial performance by reducing net losses and achieving positive adjusted EBITDA. 3. **Strategic Investment by Novel Innovations**: The company secured a strategic investment of $10 million from Novel Innovations, which not only strengthened its balance sheet but also provided additional capital for future growth initiatives. This investment was a significant catalyst for the company's turnaround and improved its liquidity. 4. **Growth in Glaucoma Products**: The Cyclo G6 glaucoma product family saw a 9% increase in revenue, driven by stabilization of probe sales and improved clarity on the glaucoma procedure reimbursement environment in the US. This growth in the glaucoma segment helped offset some of the revenue declines in other areas. In summary, IRIX's earnings surprises in 2024 were a result of a combination of revenue declines in certain segments, cost reduction strategies, strategic investments, and growth in other segments like glaucoma products.