The following is a summary of the IRIDEX Corporation (IRIX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• IRIDEX reported a 10% decline in Q3 revenue year-over-year, totaling $11.6 million.

• Gross profit was $4.3 million with a gross margin of 37.3%, down from 43.7%.

• Operating expenses declined by $1.1 million due to cost reduction initiatives.

• Net loss widened slightly to $1.9 million, or $0.12 per share.

Business Progress:

• Under new CEO, Patrick Mercer, IRIDEX is focusing on outsourcing manufacturing for competitive pricing and enhancing product offerings with the introduction of the I-5 laser platform.

• A cost-cutting program to align expenses with revenues has been initiated to achieve EBITDA breakeven in Q4 2024.

• The strategic review process is actively ongoing with multiple parties, expected to result in significant transactions by the year-end.

Opportunities:

• The revised LCD for glaucoma reimbursement effective November 17 offers new opportunities for IRIDEX's cyclophotocoagulation products, potentially increasing adoption by physicians restricted from using MIGS devices.

Risks:

• No explicit risks detected.

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