MOUNTAIN VIEW, Calif. — November 11, 2025 — Leads & Copy — Iridex Corporation (Nasdaq: IRIX) reported its third-quarter financial results, with total revenue reaching $12.5 million, an 8% increase compared to the same period last year. The company’s Cyclo G6 product family saw a 13% revenue increase, reaching $3.5 million, driven by the sale of 14,900 probes, up from 13,600 in the prior year quarter, and 30 Glaucoma Laser Systems, up from 26 in the same period last year.
Retina product revenue also experienced growth, rising 4% year-over-year to $6.7 million. Iridex reduced operating expenses by 12% compared to the prior year, while cash and cash equivalents totaled $5.6 million as of September 27, 2025. The net loss for Q3 2025 was $1.6 million, or $0.09 per share, an improvement from the previous year’s $1.9 million, or $0.12 per share. Non-GAAP adjusted EBITDA for Q3 2025 showed a loss of $131,000, a $1.3 million improvement compared to the $1.4 million loss in Q3 2024.
President and CEO of Iridex, Patrick Mercer, expressed pride in the team’s accomplishments, highlighting the fourth consecutive quarter of year-over-year revenue growth, reduced operating expenses, and improved adjusted EBITDA. Mercer anticipates continued improvements in financial performance through cost reduction measures, expecting positive adjusted EBITDA for the full year 2025 and sustained cash flow positivity.
The gross profit for the third quarter was $4.0 million, with a gross margin of 32.1%, reflecting a decrease due to a one-time inventory write-down charge of $0.8 million. Operating expenses decreased by 12% to $5.4 million due to expense reduction measures implemented in late 2024, primarily affecting headcount and consulting costs.
Iridex plans to achieve cash flow breakeven in the fourth quarter, with revenue generation consistent with 2024.
Iridex’s management hosted a conference call today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the results. The company is a worldwide leader in laser-based medical systems for ophthalmology, focusing on glaucoma and retinal diseases, with products sold in over 100 countries.
MicroPulse® is a registered trademark of Iridex Corporation, Inc.
Philip Taylor
Gilmartin Group
investors@iridex.com
Source: Iridex Corporation
