• Stryker for eye surgery lasers.
• Medtronic for ophthalmic laser treatments.

Major Products of IRIDEX (IRIX)

• Cyclo G6 laser system: A therapeutic laser system specifically designed for the treatment of glaucoma.
• IQ 532 and IQ 577 laser photocoagulation systems: Laser systems used for the treatment of diabetic macular edema and other retinal diseases.
• OcuLight laser photocoagulation systems: A family of laser systems (including TX, SL, SLx, GL, GLx models) used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.
• TxCell scanning laser delivery system: A delivery system enabling physicians to perform multi-spot pattern scanning during laser treatments.
• Slit lamp adapter: A device that allows physicians to integrate a standard slit lamp into diagnosis and treatment procedures.
• Laser indirect ophthalmoscope: A delivery device used for procedures treating peripheral retinal disorders.
• MicroPulse P3 Probe: A consumable probe designed for use with the Cyclo G6 laser system to perform MicroPulse transscleral laser therapy.
• G-Probe and G-Probe Illuminate: Probes utilized in procedures to treat uncontrolled and refractory glaucoma.
• EndoProbe family of products: A line of probes specifically developed for use in vitrectomy procedures.

IRIDEX (IRIX) sells its ophthalmic medical technology primarily to other companies and institutions within the healthcare sector, not directly to individual consumers. The company's customer base consists of a diverse range of professional and institutional buyers globally. The provided background information does not list specific named customer companies, but rather categories of entities that utilize their products. Therefore, IRIDEX's major customers fall into the following categories:

• Ophthalmologists (operating within private practices or clinics)
• Research and teaching hospitals
• Government installations
• Surgical centers
• Hospitals
• Veterinary practices
• Office clinics

As these are categories of customers rather than specific named public companies, no stock symbols can be provided.

Patrick Mercer
President & Chief Executive Officer

Mr. Mercer was appointed as President and Chief Executive Officer of IRIDEX Corporation effective October 1, 2024. He previously served as the company's Chief Operating Officer and President. Mr. Mercer joined IRIDEX in 2018, bringing over 20 years of experience in operational positions within the medical device industry. Prior to joining IRIDEX, he was the Chief Operating Officer of Tracknet, a privately held LoRaWAN Internet of Things (IoT) solutions provider. His experience also includes leadership roles at privately held RODO Medical and DFINE. Mr. Mercer has global experience managing manufacturing operations in various countries including Hungary, China, Korea, Costa Rica, Germany, and Australia.

Romeo R. Dizon
Chief Financial Officer

Mr. Dizon has served as Chief Financial Officer of IRIDEX Corporation since March 2025. He previously held roles within IRIDEX from 2008 to 2020, including Controller, Vice President of Finance, and Interim Chief Financial Officer. Mr. Dizon possesses over 35 years of financing management experience, primarily with technology companies. Before his current appointment, he served as Chief Financial Officer for Atlas Lifttech, Inc. from 2020 to 2023. His past experience also includes serving as Director of Internal Audit at Intervideo, Inc., prior to its acquisition by Corel, and various senior finance management roles at Fortel, Inc., formerly Zitel Corporation, where he was the Chief Financial Officer from 2000 through 2004. Mr. Dizon began his career at Touche Ross & Co.

The key risks to IRIDEX (IRIX) include its financial viability and profitability, regulatory and technological obsolescence, and intense market competition.

1. Financial Viability and Profitability: IRIDEX has demonstrated concerning financial health metrics, including a negative Altman Z-Score of -2.36, which suggests a potential risk of bankruptcy within the next two years. The company has consistently reported quarterly net losses and has a history of burning through cash at "alarming rates." Furthermore, the market has at times valued IRIDEX at roughly its cash on hand, essentially assigning "zero value to the business/assets." Its small market capitalization (ranging from approximately $17 million to $23 million) also exposes it to liquidity risks and high stock price volatility.
2. Regulatory and Technological Risks: As a medical technology company operating in the healthcare sector, IRIDEX is inherently exposed to significant regulatory and technological risks. The ophthalmic market is characterized by rapid technological innovation and change, posing a risk that IRIDEX's existing products could become obsolete or be surpassed by new, superior alternatives. Maintaining necessary certifications, such as the CE mark for European markets, is crucial, and any loss of such certification would materially and adversely affect its business.
3. Intense Competition: The market for laser systems and delivery devices used in ophthalmic treatment procedures is highly competitive, and this intensity is expected to increase. This competitive pressure can impact IRIDEX's ability to maintain or grow market share, affect pricing power, and necessitate continuous investment in research and development to remain competitive.

IRIDEX Corporation (IRIX) operates within the ophthalmic medical technology sector, providing laser systems and devices for treating a range of sight-threatening eye diseases, including glaucoma, diabetic macular edema (DME), and other retinal disorders, as well as instruments for vitrectomy procedures. The addressable markets for their main products and services are substantial both globally and in the U.S.

Glaucoma Treatment Market

The global market for glaucoma treatment was valued at approximately USD 6.58 billion in 2023 and is projected to reach USD 10.30 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.31% from 2027 to 2033. Another estimate places the global market at USD 7.11 billion in 2024, anticipated to grow to USD 11.41 billion in 2033 with a CAGR of 5.4%. For the U.S. specifically, the glaucoma treatment market was valued at USD 2.19 billion in 2024 and is projected to grow to approximately USD 2.78 billion by 2034, with a CAGR of 2.30%. In 2022, the U.S. market for glaucoma treatment held the highest share among the 7MM (United States, EU4, UK, and Japan), with an estimated net sales revenue of USD 2,571 million.

Retinal Disorder Treatment Market (including Diabetic Macular Edema and other Retinal Diseases)

The global retinal disorder treatment market, which encompasses conditions like diabetic macular edema, proliferative diabetic retinopathy, macular holes, retinal tears, and detachments, was estimated at USD 13.69 billion in 2023 and is expected to reach USD 25.69 billion by 2030, growing at a CAGR of 9.4% from 2024 to 2030. Another report valued the global retinal disorder treatment market at USD 18.3 billion in 2024, with a projected CAGR of 6.7% from 2025 to 2034. The U.S. retinal disorder treatment industry alone was valued at USD 7.1 billion in 2024 and is projected to reach USD 13.1 billion by 2034.

More specifically for Diabetic Macular Edema (DME), the global treatment market is valued at approximately USD 5 billion in 2024 and is projected to reach USD 8 billion by 2030, exhibiting a CAGR of over 7%. The DME treatment market is also expected to reach USD 6.7 billion by 2025, with a CAGR of 5.1%. In 2023, the diabetic macular edema market size reached USD 5.4 billion and is expected to reach USD 7.5 billion by 2034, growing at a CAGR of 3.07%.

Vitrectomy Devices Market

The global vitrectomy devices market, which includes instruments used in vitrectomy procedures, was valued at USD 1.28 billion in 2023 and is projected to reach USD 1.87 billion by 2030, growing at a CAGR of 5.3% from 2024 to 2030. Other estimates indicate the market will grow from USD 1.72 billion in 2025 to USD 2.48 billion by 2031 at a 6.29% CAGR, or from USD 1.9 billion in 2026 to USD 2.51 billion by 2031 at a 5.72% CAGR. North America held the largest share of the global vitrectomy devices market, accounting for 35.9% in 2023.

IRIDEX Corporation (IRIX) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market recoveries.

1. Growth in Cyclo G6 Probe Sales: The company anticipates continued recovery and growth in sales of its Cyclo G6 probes, which are a key consumable for its glaucoma treatment systems. IRIDEX reported a recovery trend in probe sales in Q2 2024 and saw a significant increase in Cyclo G6 probe sales in Q4 2025, with 15,800 probes sold compared to 13,300 in the prior year quarter. Annual probe sales also increased to 57,700 units in 2025 from 55,400 in 2024. This indicates a sustained demand for these critical components.
2. Recovery and Growth in Capital Equipment Sales: After experiencing softness and elongated purchasing cycles in prior periods, IRIDEX expects a resurgence in sales of its capital equipment, specifically Pascal and Cyclo G6 glaucoma laser systems. The company noted a recovery of capital equipment in its retina business and Cyclo G6 systems in the glaucoma business in Q2 2024. This trend continued into 2025, with higher Pascal system sales driving retina product revenue growth and an increase in Cyclo G6 Glaucoma Laser System sales, reaching 133 units in 2025 compared to 125 in 2024.
3. Improved Commercial Efficiency and Operational Profitability: IRIDEX has emphasized focused cost reductions, gross margin expansion, and improved commercial efficiency, which are expected to bolster its financial position and support revenue growth. The company anticipates achieving positive adjusted EBITDA for the full year 2025 and reported positive cash flow in Q4 2025. These operational improvements provide a more stable foundation for sustained investments in growth initiatives.
4. International Market Expansion and Supply Chain Optimization: Despite facing some international delays and tariff disputes, IRIDEX continues to market its products globally through a network of independent distributors in over 100 countries. Management has highlighted efforts to address supply challenges and international regulatory hurdles, indicating that overcoming these issues will unlock further growth opportunities in international markets.
5. Launch and Adoption of New Retina Laser Products: In January 2024, IRIDEX launched new Iridex 532 and Iridex 577 Lasers in the U.S. market. These new product introductions for the retina segment are expected to contribute to future revenue as they gain market adoption and expand the company's offering in treating diabetic macular edema and other retinal diseases.

Share Issuance

• In March 2021, Iridex issued common shares to Topcon Corporation, which acquired an approximately 10.4% equity stake by purchasing $10 million of Iridex common shares at $6.18 per share.

Inbound Investments

• Iridex received $19.5 million in cash in March 2021 as part of a strategic collaboration with Topcon Corporation.

Outbound Investments

• As part of the strategic collaboration with Topcon Corporation in March 2021, Iridex acquired Topcon's PASCAL® product line.

Capital Expenditures

• Iridex reported capital expenditures of $13,000 in the third quarter of 2025.
• For the last 12 months (around March 2025), capital expenditures were -$46,000, contributing to a free cash flow of -$3.99 million.