Iridex Corporation released preliminary unaudited results for the fourth quarter and full year ended January 3, 2026, showing revenue of $14.6‑$14.8 million for Q4—up 15‑17% year‑over‑year—driven by the sale of 15,800 Cyclo G6 probes and 44 glaucoma laser systems, compared with 13,300 probes and 47 systems in Q4 2024.
Full‑year revenue is projected at $52.5‑$52.7 million, an 8% increase from $48.7 million in 2024. Probe sales grew 18% YoY while system sales rose 6%, indicating sustained demand for consumables and core equipment and a healthy mix of high‑margin products.
Gross margin expanded to 32% from 30% in Q3, thanks to a favorable product mix and cost efficiencies. Operating expenses fell 12% to $3.2 million, driven by targeted cost reductions in manufacturing and sales support. Positive cash flow of $1.5 million was generated in Q4, and management expects positive adjusted EBITDA for the full year—a milestone not reached in prior years.
CEO Patrick Mercer said the company “strengthened its financial position through focused cost reductions, gross‑margin expansion, and improved commercial efficiency.” He highlighted that the fifth consecutive quarter of revenue growth was achieved by expanding probe sales and maintaining pricing power in the glaucoma market, while controlling operating costs.
The results come amid a strategic review underway in early 2025, and the improved profitability may enhance Iridex’s attractiveness to potential acquirers. The company’s MicroPulse® technology continues to differentiate it in the ophthalmology market, and the steady probe sales suggest a growing pipeline of repeat revenue.
While the preliminary results are positive, the final audited figures may differ. Management will provide detailed guidance in the forthcoming audited report, but the current data signals a trajectory toward sustained profitability and a strengthening competitive position.
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