Iridex Q3 revenue $11.6M (-10% YoY); net loss $1.9M; expects EBITDA breakeven in Q4

IRIDEX CORP

2024-Q3 EPS reported -$0.49 revenue$35,973,000

Total revenue $11.6M, down 10% YoY; retina revenue $6.5M (-18% YoY).
Cyclo G6 glaucoma revenue $3.1M (+3% YoY) with 13,600 probes sold.
Net loss $1.9M ($0.12/sh) vs $1.8M loss ($0.11/sh) in Q3'23; gross margin 37.3% vs 43.7%.
Appointed Patrick Mercer as CEO (effective Oct 1, 2024); strategic review ongoing with multiple parties.
New Medicare LCDs effective Nov 17, 2024 expected to boost glaucoma product adoption.

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