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- **Revenue Growth**: 8% YoY to $12.5 million, supported by glaucoma and retina product sales.
- **Cost Efficiency**: 12% expense reduction to $5.4 million, with 25% nine-month savings.
- **Gross Margin Initiatives**: $165k quarterly savings from relocations; contract manufacturing to improve margins.
- **Regional Performance**: Europe and Latin America growing, Asia facing tariffs and currency challenges.
- **Financial Targets**: Q4 cash flow breakeven and 2025 positive EBITDA.

**【CEO Summary Section】**
- IRIDEX achieved 8% year-over-year revenue growth in Q3 2025, reaching $12.5 million, with operating expenses reduced by 12% to $5.4 million.
- The company is on track for positive cash flows in Q4 2025 and full-year adjusted EBITDA positivity, with a 25% reduction in operating expenses over nine months.
- Initiatives to enhance gross margins include negotiating with contract manufacturers and relocating functions to save $165,000 quarterly starting Q1 2026.
- Commercial success driven by glaucoma (30 G6 systems sold, 14,900 probes) and retina (10% growth in medical/surgical sales) products, despite Asia's challenges with tariffs and currency issues.

**【CFO Financial Commentary】**
- Q3 2025 gross margin was 32.1% (38.7% excluding a $0.8 million inventory write-down), with non-GAAP adjusted EBITDA improving by $1.3 million to a loss of $131,000.
- Cash decreased to $5.6 million, but the company expects Q4 cash flow breakeven and positive 2025 EBITDA.
- Revenue growth driven by glaucoma (13% increase) and retina (4% increase) products, offsetting surgical retina probe declines.

IRIDEX Corporation(IRIX)-20251112-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

IRIX

IRIX fundamentals

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