IRIDEX withdraws FY2023 guidance after Medicare LCD restricts glaucoma reimbursement

IRIDEX CORP

WPS Medicare LCD effective Dec 24, 2023 will likely limit cyclophotocoagulation coverage to only refractory glaucoma patients meeting strict criteria.
Company withdrawing previously announced 2023 annual guidance due to uncertainty from the LCD.
WPS jurisdiction covers ~8% of US glaucoma probe sales; similar MAC actions could impact majority of US glaucoma revenue.
IRIDEX plans to appeal LCD, engage with MACs, and initiate a clinical study to meet LCD evidence requirements.
Outside US (50% of glaucoma revenue) not materially impacted by the LCD.

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