The following is a summary of the IRIDEX Corporation (IRIX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• In Q1 2024, IRIDEX recorded total revenue of $11.8 million, a significant decrease from the prior year period due to loss of royalty revenue and reduced capital equipment purchases.

• Cyclo G6 product family revenue was $3 million, down from $3.7 million in Q1 2023. The Retina product revenue also decreased by 6% compared to the prior year period.

• Gross profit for Q1 2024 was $4.5 million with a gross margin of 37.9%, lesser than in Q1 2023.

• The net loss for Q1 2024 was $3.5 million or $0.25/share, which is an increase compared to the net loss in 2023.

Business Progress:

• IRIDEX still holds global leadership in ophthalmic laser treatment systems used by Retina specialists despite market challenges.

• New additions to the company's portfolio include the Pascal laser scanning platform with MicroPulse capability and operational rollout of new single spot platform.

• The company started a strategic review process aimed at benefiting shareholders but faced setbacks with an attempted asset sale.

• Longer sales cycles and purchase deferrals resulted in decreased sales volume, but the company expects a boost in future revenue due to customer interest in its new retina portfolio.

• Despite reimbursement uncertainties, the company expects improved environmental factors and an uptick in capital equipment trends to drive growth in its retina business.

More details: IRIDEX IR

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