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IRIDEX Corporation (IRIX-9.60%) has filed its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing reports total revenues of $48.7 million for 2024, a decrease from $51.9 million in 2023. The decline is attributed to softer demand in the Glaucoma and Retina product lines and lower royalties due to the expiration of licensed patents.
Cost of revenues for 2024 was $29.2 million, leading to a gross profit of $19.5 million, down from $21.8 million in 2023. The gross margin decreased to 40.1% from 42.0% the previous year.
Operating expenses in 2024 totaled $27.8 million, a decrease from $31.8 million in 2023. This reduction was primarily due to cost savings measures, including workforce reductions.
The company reported a net loss of $8.9 million for 2024, compared to a net loss of $9.6 million in 2023.
IRIDEX's liquidity position includes cash and cash equivalents of $2.4 million as of December 28, 2024, with working capital of $7.0 million.
The company continues to focus on its proprietary MicroPulse® Technology and Endpoint Management™ Technology for treating glaucoma and retinal diseases.
IRIDEX's products are sold primarily in the United States and Germany through a direct sales force, with international sales conducted via independent distributors.
The company highlights macroeconomic challenges, including recessionary fears, inflation concerns, and geopolitical uncertainties, which have impacted business spending and purchasing decisions.
IRIDEX anticipates that its existing cash and cash equivalents will be sufficient to meet its anticipated cash needs over the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IRIDEX Corporation annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.