Iridex Corporation reported first quarter 2025 revenue of $11.9 million, a slight increase from $11.8 million in the same period of the prior year. This marks a return to year-over-year revenue growth for the company.
The company achieved positive adjusted EBITDA of $0.4 million in Q1 2025, an improvement of $2.9 million compared to a $2.5 million loss in Q1 2024. This represents the second consecutive quarter of positive adjusted EBITDA results.
Operating expenses decreased by 32% year-over-year to $5.3 million in Q1 2025, reflecting the impact of expense reduction measures initiated in late 2024. Net loss improved to $1.7 million, or $0.10 per share, from $3.5 million, or $0.21 per share, in Q1 2024.
Cyclo G6 Glaucoma product group revenue increased 8% year-over-year to $3.2 million, primarily driven by higher probe sales, while Retina product revenue decreased 3% to $6.6 million. Cash and cash equivalents totaled $7.2 million as of March 29, 2025, including the $10 million strategic investment from Novel Inspiration.
Iridex reaffirmed its 2025 financial outlook, expecting to achieve cash flow breakeven and positive adjusted EBITDA on revenue generation consistent with 2024. The company is actively identifying opportunities with Novel Inspiration to further improve operations and explore partnerships.
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