Iridex ( (IRIX) ) has released its Q4 earnings. Here is a breakdown of the information Iridex presented to its investors.
Iridex Corporation is a global leader in the development and marketing of laser-based medical systems for ophthalmology, focusing on innovative treatments for glaucoma and retinal diseases. The company recently released its financial results for the fourth quarter and full year of 2024, highlighting significant achievements and strategic initiatives.
In the fourth quarter of 2024, Iridex reported a positive adjusted EBITDA and a reduction in operating expenses by 24% compared to the previous year. The company generated a total revenue of $12.7 million, with the Cyclo G6® product family contributing $3.3 million, marking an increase from the prior year. Additionally, Iridex strengthened its financial position through a strategic investment that raised $10 million, with potential for further funding.
For the full year 2024, Iridex’s total revenue was $48.7 million, a decrease from $51.9 million in 2023, primarily due to lower sales in retina products and the Cyclo G6® family. Despite this, the company successfully reduced its operating expenses by 13%, leading to an improved net loss of $8.9 million compared to $9.6 million in the previous year. The strategic investment by Novel Innovations is expected to bolster Iridex’s market position and support future growth.
Looking ahead, Iridex management is optimistic about achieving cash flow breakeven and maintaining positive adjusted EBITDA in 2025, with revenue levels consistent with 2024. The company plans to leverage its international distribution capabilities and explore new product opportunities to expand its business.