The following is a summary of the IRIDEX Corporation (IRIX) Q4 2023 Earnings Call Transcript:

Financial Performance:

• IRIDEX reported full-year revenue of $51.9 million in 2023, with Q4 revenue reaching $12.5 million.

• The company experienced a net loss of $3 million in Q4, a decrease from $1.1 million in the previous year due to factors including reimbursement restrictions in the US and supply chain limitations.

• The Q4 gross profit was $4.9 million, compared to $6.7 million in the same period of the previous year.

• The company managed to reduce its Q4 net cash to the lowest in 2023 through cost-cutting measures.

Business Progress:

• Despite the challenges, IRIDEX made strong progress in the glaucoma segment with significant presence at the World Glaucoma Congress.

• The company expanded its clinical evidence base and increased utilization by launching a registry program in the UK.

• FDA clearance was received for their new single spot platform for the IRIDEX 532 and 577 systems, strengthening their position in retina treatment.

• They are strategizing to drive utilization across their existing installed base and build adoption among moderate-stage glaucoma patients.

• In 2024, with improved business flows and resolved supply chain issues, the company anticipates a return to more normalized levels.

• The company positioned itself for recovery as two new platforms were developed in the retina segment, with notable interest in the new IRIDEX PASCAL platform.

More details: IRIDEX IR

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