The following is a summary of the IRIDEX Corporation (IRIX) Q4 2023 Earnings Call Transcript:
Financial Performance:
IRIDEX reported full-year revenue of $51.9 million in 2023, with Q4 revenue reaching $12.5 million.
The company experienced a net loss of $3 million in Q4, a decrease from $1.1 million in the previous year due to factors including reimbursement restrictions in the US and supply chain limitations.
The Q4 gross profit was $4.9 million, compared to $6.7 million in the same period of the previous year.
The company managed to reduce its Q4 net cash to the lowest in 2023 through cost-cutting measures.
Business Progress:
Despite the challenges, IRIDEX made strong progress in the glaucoma segment with significant presence at the World Glaucoma Congress.
The company expanded its clinical evidence base and increased utilization by launching a registry program in the UK.
FDA clearance was received for their new single spot platform for the IRIDEX 532 and 577 systems, strengthening their position in retina treatment.
They are strategizing to drive utilization across their existing installed base and build adoption among moderate-stage glaucoma patients.
In 2024, with improved business flows and resolved supply chain issues, the company anticipates a return to more normalized levels.
The company positioned itself for recovery as two new platforms were developed in the retina segment, with notable interest in the new IRIDEX PASCAL platform.
More details: IRIDEX IR
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