Here are 1-3 brief analogies to describe IRIDEX (IRIX):

• The Intuitive Surgical of laser eye treatments.
• Alcon, but focused entirely on advanced laser eye treatments.

• Cyclo G6 Glaucoma Laser System: A proprietary laser system utilizing MicroPulse technology for the non-incisional treatment of glaucoma to reduce intraocular pressure.
• MicroPulse P3 Probe: A disposable, single-use probe designed for use with the Cyclo G6 Glaucoma Laser System, delivering laser energy to the ciliary body.
• IQ 532 and IQ 577 Laser Systems: Multi-purpose photocoagulation laser systems used by ophthalmologists for the treatment of various retinal diseases and glaucoma.
• TxCell Scanning Laser Delivery System: An accessory for certain IRIDEX laser systems that enables rapid, precise pattern scanning for more efficient treatment of retinal diseases.

IRIDEX (symbol: IRIX) sells primarily to other companies and organizations within the healthcare sector.

Based on the company's latest financial filings (most recent 10-K), IRIDEX does not report any single customer accounting for 10% or more of its total revenue. Therefore, there are no "major customers" in the sense of individual companies representing a significant concentration of sales that require specific disclosure.

Instead, IRIDEX's customer base is diversified across the following categories of organizations:

• Ophthalmology Practices and Clinics: These include private practices, group practices, and specialized eye clinics that utilize IRIDEX's laser systems for various ophthalmic procedures.
• Hospitals and Ambulatory Surgical Centers (ASCs): Larger healthcare institutions and surgical centers purchase and use IRIDEX equipment for treating patients with eye conditions such as glaucoma and diabetic retinopathy.
• International Distributors: For sales outside of the United States and select direct international markets, IRIDEX partners with a network of distributors who then sell the products to local healthcare providers.

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Patrick Mercer, President & Chief Executive Officer

Patrick Mercer was appointed President and Chief Executive Officer of IRIDEX effective October 1, 2024. Prior to this role, he served as the company's Chief Operating Officer and President. Mr. Mercer joined IRIDEX in 2018, bringing over 20 years of experience in various operational positions within the medical device industry. His previous experience includes serving as Chief Operating Officer of Tracknet, a privately held LoRaWAN Internet of Things (IoT) solutions provider, and holding leadership roles at privately held RODO Medical and DFINE. He possesses global experience in managing manufacturing operations across several countries including Hungary, China, Korea, Costa Rica, Germany, and Australia. Mr. Mercer served in the US Navy Nuclear Power Program and holds a BSEE in Electrical Engineering / Computer Engineering from the University of Alabama.

Romeo R. Dizon, Chief Financial Officer

Romeo R. Dizon was appointed Chief Financial Officer of IRIDEX in March 2025. He has a long history with the company, having previously served as Vice President of Finance from April 2019 to March 2020, and in various capacities including Controller, VP Finance, and Interim Chief Financial Officer between 2008 and 2020. Mr. Dizon brings over 35 years of financing management experience, primarily with technology companies. His prior roles include serving as Chief Financial Officer for Atlas Lifttech, Inc. from 2020 to 2023. He also served as Director of Internal Audit at Intervideo, Inc. (before its acquisition by Corel) and held senior finance management roles, including Chief Financial Officer from 2000 to 2004, at Fortel, Inc. (formerly Zitel Corporation). Mr. Dizon began his career at Touche Ross & Co. He holds a B.S. in Accounting from Southern Illinois University, Carbondale.

Scott Shuda, Executive Chairman

Scott Shuda was appointed Executive Chairman of IRIDEX's board of directors effective October 1, 2024. He has been a director of IRIDEX since April 2019, and previously served on the board from December 2012 to April 2017. Mr. Shuda is a Co-founder and Managing Director of Meridian OHC Partners, LP and BlueLine Partners, LLC, investment firms focused on publicly listed technology and healthcare companies. He has extensive experience in public and private transactions, including initial public offerings, venture financings, and mergers and acquisitions. His career includes working in a legal capacity with financial institutions such as Chase Capital Partners, Kohlberg Kravis Roberts & Co. (KKR), The Blackstone Group, and BT Capital Partners, indicating a pattern of involvement with private equity firms. Mr. Shuda previously served as General Counsel to Vicinity Corporation, an internet search company that went public in 2000 and was acquired by Microsoft in 2002. He also practiced corporate finance law in California and New York. Mr. Shuda holds both a J.D. and an M.B.A. from Georgetown University.

The following clear emerging threats have been identified for IRIDEX (IRIX):

• Advancements in Minimally Invasive Glaucoma Surgery (MIGS): The market for MIGS devices and procedures is rapidly evolving, with continuous innovation leading to new technologies and expanded indications. As MIGS options become more effective, safer, and applicable to a wider spectrum of glaucoma severity, they could be increasingly adopted by ophthalmologists as a preferred intervention, potentially reducing the patient pool suitable for or requiring laser-based treatments like IRIDEX's Transscleral Cyclophotocoagulation (TCP) system (e.g., Cyclo G6). While MIGS typically target earlier to moderate stages, and TCP often addresses more advanced or refractory cases, the expanding capabilities of MIGS could shift treatment paradigms, delaying or preventing the need for more destructive procedures.
• Emergence of Sustained-Release Glaucoma Therapies: New drug delivery systems that provide long-term (months-long) sustained release of glaucoma medications (e.g., Allergan's Durysta, Glaukos' iDose TR) are gaining traction. These innovations aim to reduce patient compliance issues associated with daily eye drops and could offer effective, long-lasting intraocular pressure reduction without the need for surgical intervention, including laser procedures, for significant periods. If these therapies prove highly successful and widely adopted, they could delay or potentially obviate the need for IRIDEX's laser-based glaucoma treatments for a segment of the patient population.

IRIDEX (IRIX) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth of Recently Launched PASCAL Systems in Retina Business: The company has reported robust growth in its retina business, particularly from sales of PASCAL scanning laser systems. The full U.S. market launch of the next-generation Iridex PASCAL platform, which integrates MicroPulse technology, occurred in April 2023, and its continued adoption is expected to contribute to revenue.
2. Increased Probe Sales and Stabilization in the Glaucoma Market: An expected driver is the continued increase in probe sales within the glaucoma market, particularly for the Cyclo G6 product family. This growth is supported by improved clarity regarding U.S. Medicare reimbursement for MicroPulse TLT procedures, which has led to stabilization in the market.
3. Introduction and Adoption of New Laser Systems (IRIDEX 532 and 577): In January 2024, IRIDEX launched its next-generation platform Iridex 532 and Iridex 577 lasers in the U.S. market. These new lasers incorporate MicroPulse Technology and are designed to optimize treatments for retinal disorders and glaucoma, suggesting a new product cycle that will contribute to revenue.
4. International Expansion and Regulatory Approvals for MicroPulse Technology: The company's retina segment has seen growth from strengthening system sales internationally. Furthermore, the MicroPulse Transscleral Laser Therapy (MPTLT) for glaucoma is expected to see further adoption and growth driven by recent regulatory approval in China, expanding its market reach.
5. Operational Efficiencies and Manufacturing Modernization: While not a direct revenue driver, management's focus on modernizing manufacturing processes is expected to decrease manufacturing costs and increase product supply capacity. This enhanced capacity and improved cost structure can support higher sales volumes and better margins, indirectly fueling revenue growth by allowing the company to meet increased demand more efficiently.

Share Repurchases

• In the fiscal year ended December 28, 2024, Iridex withheld 27,423 shares to satisfy approximately $58 thousand of employees' minimum tax obligation on released restricted stock units, which had the effect of share repurchases.

Share Issuance

• In March 2025, Iridex closed a strategic investment transaction that included the sale of $6 million of new Series B Preferred Stock and $4 million in aggregate principal amount of notes convertible into Series B Preferred to Novel Inspiration International Co., Ltd.
• In 2024, net proceeds of $3.4 million were generated from the issuance of a senior convertible promissory note payable to Lind.
• In March 2021, Topcon Corporation completed a $10 million equity investment in Iridex.

Inbound Investments

• In March 2025, Iridex secured a strategic investment of $10 million from Novel Inspiration International Co., Ltd., with an option for an additional $10 million for future growth initiatives.
• In March 2021, Topcon Corporation made a $10 million equity investment in Iridex as part of a strategic collaboration.

Outbound Investments

• In March 2021, Iridex completed the purchase of assets related to the PASCAL® laser product line as part of a transaction with Topcon Corporation.

Capital Expenditures

• In 2024, net cash used in investing activities for capital expenditures was $13 thousand.
• In 2023, net cash used in investing activities for capital expenditures was $109 thousand.