IRIDEX Corp (IRIX) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Second Quarter 2025 IRIDEX Earnings Conference Call. (Operator Instructions)

感謝您的耐心等待。我叫喬丹，今天將擔任您的會議主持人。現在，我歡迎大家參加 IRIDEX 2025 年第二季業績電話會議。 （接線生指示）

I would now like to turn the conference over to Trip Taylor, Investor Relations. You may begin.

現在，我想把會議交給投資者關係部的 Trip Taylor。您可以開始了。

Thank you, and thank you all for participating in today's call. Joining me from the company are Patrick Mercer, IRIDEX's Chief Executive Officer; and Romeo Dizon, the company's Chief Financial Officer. Earlier today, IRIDEX released financial results for the quarter ended June 28, 2025. A copy of the press release is available on the company's website.

謝謝大家，也謝謝大家參加今天的電話會議。與我一同出席電話會議的還有IRIDEX執行長Patrick Mercer和公司財務長Romeo Dizon。今天早些時候，IRIDEX發布了截至2025年6月28日的季度財務業績。新聞稿副本可在公司網站上查閱。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made during this call that are not statements of historical facts, including, but not limited to, statements concerning our strategic goals and priorities, product development matters, sales trends and the markets in which we operate.

在我們開始之前，我想提醒大家，管理階層將在本次電話會議中發表聲明，其中包括聯邦證券法所定義的前瞻性聲明，這些聲明是根據 1995 年《私人證券訴訟改革法》的安全港條款做出的。本次電話會議中發表的任何非歷史事實陳述，包括但不限於有關我們的策略目標和優先事項、產品開發事項、銷售趨勢和我們經營的市場的陳述。

All forward-looking statements are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place reliance on these statements. For a discussion of the risks and uncertainties associated with our business, please see our most recent Form 10-K and Form 10-Q filings with the SEC.

所有前瞻性陳述均基於我們目前的估計和各種假設。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性陳述的預期或暗示產生重大差異。因此，您不應依賴這些陳述。有關我們業務相關風險和不確定性的討論，請參閱我們最近向美國證券交易委員會提交的10-K表格和10-Q表格。

IRIDEX disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, August 12, 2025.

除法律要求外，IRIDEX 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論其是否因新資訊、未來事件或其他原因而產生。本次電話會議包含時效性訊息，其準確性僅限於今日（2025年8月12日）的直播。

And with that, I'll turn the call over to Patrick.

說完這些，我會把電話轉給派崔克。

Good afternoon, everyone, and thank you for joining us. Today, I'm excited to highlight our second quarter business results. Our performance over the past three quarters has demonstrated the transformation we have made in the business to improve business execution and drive greater operating efficiency at IRIDEX.

大家下午好，感謝大家的參與。今天，我很高興向大家介紹我們第二季的業績。過去三個季度的業績展現了我們在業務轉型方面取得的成果，這些轉型旨在提升業務執行力，並提高 IRIDEX 的營運效率。

In the second quarter, we achieved year-over-year revenue growth, operating expense reductions compared to the prior year period and positive adjusted EBITDA. Importantly, this is our third quarter in a row achieving each of these items, and I can confidently say we have successfully transitioned our business consistent with the mandate I was given upon becoming CEO in October of last year.

第二季度，我們實現了營收年增、營運費用較上年同期下降，且調整後息稅折舊攤提前利潤（EBITDA）為正。重要的是，這已是我們連續第三個季度同時實現上述目標。我可以自信地說，我們已成功完成業務轉型，這與我去年10月就任執行長時所肩負的使命一致。

As you will remember, starting in the fourth quarter of 2024, we initiated a number of aggressive cost reduction programs that have steadily reduced our cost. As a result of these changes made starting in October 2024, we reduced operating expenses by 28% compared to the prior year period. This decrease in expenses is expected to hold and continue throughout the year. These improvements have resulted in lower cash burn and ultimately, the improved financial health of the business.

各位應該還記得，從2024年第四季開始，我們啟動了一系列積極的成本削減計劃，這些計劃穩步降低了我們的成本。由於這些從2024年10月開始實施的調整，我們的營運費用較去年同期減少了28%。預計這一費用下降趨勢將持續到全年。這些改進措施降低了現金消耗，並最終改善了業務的財務狀況。

On top of these significant improvements, we have identified additional opportunities to continue improving the financial profile of the business. We are now taking action to further reduce operating expenses and improve our gross margins. This includes continuing negotiation with several contract manufacturers who we expect will be able to help reduce our manufacturing costs relative to our current infrastructure in Mountain View, California. Our current facilities lease expires in August 2026, and we intend to relocate to a smaller space in a less expensive ZIP code in order to realize further savings.

除了這些顯著的改進之外，我們還發現了其他機會來繼續改善業務的財務狀況。我們目前正在採取行動，進一步降低營運費用並提高毛利率。這包括繼續與幾家合約製造商進行談判，我們預計這些製造商能夠幫助我們降低相對於我們目前位於加州山景城的基礎設施的生產成本。我們目前的設施租約將於2026年8月到期，我們計劃搬遷至一個成本更低的郵遞區號區域，面積更小，以進一步節省成本。

We have made significant strides in reducing our cost structure. We will continue and extend these efforts to increase our profitability, and we are on track to deliver upon our financial commitments of achieving cash flow breakeven and positive adjusted EBITDA in 2025. We will update the progress and status of these activities on our next call.

我們在降低成本結構方面取得了顯著進展。我們將繼續並擴大這些努力，以提高獲利能力，並有望兌現我們的財務承諾，在2025年實現現金流盈虧平衡和調整後EBITDA為正。我們將在下次電話會議上更新這些活動的進度和狀態。

I am also very pleased to report that in the second quarter, our top line revenue increased year-over-year and sequentially despite a reduced Salesforce and scaled down marketing programs. We are very proud of the increased efficiency and continued success of the team. They continue to leverage technology and relationships to drive product sales.

我還非常高興地報告，儘管Salesforce業務有所下降，行銷項目也縮減，但我們第二季的營收年增，季比成長。我們為團隊效率的提升和持續的成功感到非常自豪。他們繼續利用技術和客戶關係來推動產品銷售。

Now taking a closer look at the second quarter revenue. We generated a second quarter top line of $13.6 million, representing 7% growth year-over-year and 14% sequential growth over the first quarter of 2025. Growth in the quarter was driven primarily by higher laser console sales, particularly Pascal and G6 systems. Medical and surgical retina system sales were particularly strong and were partially offset by lower G6 and surgical retina probe sales, which is something I will provide additional commentary later on.

現在仔細看看第二季的營收。我們第二季的營收為1,360萬美元，年增7%，季增14%。本季的成長主要得益於雷射控制台銷售的成長，尤其是Pascal和G6系統。醫療和外科視網膜系統的銷售尤其強勁，但G6和外科視網膜探針銷售的下降部分抵消了這一增長，我將在稍後對此進行補充說明。

Focusing on our retina product family, our current priorities are focused on driving adoption of our flagship Pascal system and achieving additional international regulatory approvals for our newer retina systems in order to leverage our very strong global distribution network.

專注於我們的視網膜產品系列，我們目前的重點是推動我們的旗艦 Pascal 系統的採用，並為我們較新的視網膜系統獲得更多的國際監管批准，以利用我們非常強大的全球分銷網絡。

In the US, Pascal sales came in above plan where we are seeing consistent momentum toward adoption of this premier system, and our sales teams are actively capitalizing on the strong customer demand. Medical and surgical retina both exceeded our expectations, and we ended the quarter with some backlog that is expected to carry into Q3. EndoProbe sales held steady throughout the quarter, and we are tracking ahead of the planned annual run rate, which is a very promising sign relating to the overall health of the business.

在美國，Pascal 的銷售額超出預期，我們看到這款頂級系統的採用勢頭持續強勁，我們的銷售團隊正在積極利用強勁的客戶需求。醫療和外科視網膜業務均超出預期，本季末我們仍有一些積壓訂單，預計將延續至第三季。 EndoProbe 的銷售額在整個季度保持穩定，並且我們正努力實現年度運行率的預期，這對整體業務的健康狀況而言是一個非常積極的信號。

Turning to international retina performance. In EMEA, revenue continues to be strong and aligned with our forecast, driven especially by robust Pascal system sales in the Middle East and Africa. We are seeing great work by the team there. In GmbH, unfortunately, progress was slowed by a few key issues. This includes some ongoing service challenges and delays in MDR certification for the IRIDEX Pascal system.

談到國際視網膜市場表現。在歐洲、中東和非洲地區 (EMEA)，營收持續強勁，與我們的預測一致，這主要得益於中東和非洲地區 Pascal 系統強勁的銷售。我們看到那裡的團隊表現出色。遺憾的是，在 GmbH，由於一些關鍵問題，進展有所放緩。這些問題包括持續存在的服務挑戰以及 IRIDEX Pascal 系統 MDR 認證的延遲。

In Asia, the quarter was challenging as uncertainty around the tariff dispute with China led to a rush in stock orders that added strain to supply chains affecting both Q2 and potentially future quarters. Logistics delays have impacted the Pascal rollout in Japan, but those are being resolved. We believe we have identified key impacts and have plans in place to mitigate the challenges going forward.

在亞洲，本季充滿挑戰，因為圍繞中美關稅爭端的不確定性導致庫存訂單激增，這給供應鏈帶來了壓力，這不僅會影響第二季度，甚至可能影響到未來幾季。物流延誤影響了Pascal在日本的推廣，但這些問題正在解決。我們相信，我們已經確定了主要影響因素，並制定了應對未來挑戰的計劃。

In Latin America and Canada, Pascal sales fell short of expectations due to pricing pressures. However, we had a highly successful PAAO meeting in Colombia, where we conducted several strategic activities aimed at turning around the situation in that territory.

在拉丁美洲和加拿大，由於價格壓力，Pascal 的銷售額低於預期。不過，我們在哥倫比亞召開了一次非常成功的 PAAO 會議，並開展了多項策略活動，旨在扭轉該地區的局面。

Furthermore, we officially launched the IRIDEX Pascal in the Latin America region. We also hosted a well-attended and impactful glaucoma retina symposium and restructured distribution appointments across multiple countries.

此外，我們在拉丁美洲地區正式推出了IRIDEX Pascal。我們還舉辦了一場參與人數眾多、影響深遠的青光眼視網膜研討會，並重新調整了多個國家的分銷預約。

Turning to glaucoma. We remain excited by the growth potential for the business globally. Our strategy with the G6 system in the US is to leverage our large installed base and drive increased system utilization. Shifting product mix towards higher-margin disposables will support increasing overall company gross margins. Not only are we focused on driving more procedures per user, but we have identified opportunities where we can train additional users and practices that already own G6 systems.

談到青光眼。我們仍然對該業務在全球範圍內的成長潛力感到興奮。我們在美國推廣G6系統的策略是利用我們龐大的安裝基礎，提高系統利用率。將產品組合轉向利潤率更高的一次性設備將有助於提升公司整體毛利率。我們不僅專注於提高每位使用者的手術量，而且還發現了一些機會，可以為更多已經擁有G6系統的使用者和診所提供培訓。

The team is effectively communicating G6 systems ROI and clinical data that supports broader use cases and demonstrates the value of our G6. Our consensus panel data and dose escalation studies clearly outline optimal procedure guidelines for improved clinical outcome. This information is resonating with users, and we believe it will support increasing utilization.

團隊正在有效地溝通G6系統的投資報酬率和臨床數據，這些數據支持更廣泛的應用案例，並展現了G6的價值。我們的共識小組數據和劑量遞增研究清晰地概述了改善臨床結果的最佳操作指南。這些資訊引起了用戶的共鳴，我們相信它將支持提高利用率。

The new Medicare LCDs have also created an opportunity for G6 use earlier in the continuum of care. Operationally, we are using MedScout, a sales efficiency tool to identify accounts that fall in the middle of the utilization bell curve. We believe these users have shown a commitment to G6 and through additional engagement, we can significantly increase their utilization.

新的聯邦醫療保險固定費用 (LCD) 也為在醫療照顧的早期階段使用 G6 創造了機會。在營運方面，我們正在使用一款銷售效率工具 MedScout 來識別處於利用率鐘形曲線中間位置的帳戶。我們相信這些用戶已經展現出對 G6 的忠誠度，透過進一步的互動，我們可以大幅提高他們的使用率。

During the second quarter, Cyclo G6 unit sales came in over plan. Probe units, however, were materially lighter than expected with this due to supply constraints that impacted our ability to ship against orders at the end of the quarter. This issue has been resolved, and we're shipping against the backlog while keeping up with current orders.

第二季度，Cyclo G6 的銷售量超出計畫。然而，由於供應限制，探針台的銷售量大幅低於預期，影響了我們季度末按訂單發貨的能力。此問題已解決，我們正在按積壓訂單發貨，同時滿足當前訂單需求。

Now turning to international glaucoma. In EMEA glaucoma, we saw a continuation of sales and usage per prior levels. In GmbH, the story was different and G6 probe sales are climbing steadily, providing a solid base to build on within the glaucoma segment.

現在來看看國際青光眼市場。在歐洲、中東和非洲地區，我們看到青光眼的銷售和使用量繼續保持先前的水平。在德國，情況有所不同，G6探頭的銷售量穩定攀升，為青光眼細分市場的發展奠定了堅實的基礎。

In Asia, the glaucoma business remained stagnant, a decline in G6 console sales in certain regions was offset by a rush order from China. The G6 probe business also no signs of growth. However, we are implementing new business models aimed at driving higher probe consumption.

在亞洲，青光眼業務依然停滯不前，部分地區G6主機銷售的下滑被來自中國的緊急訂單所抵銷。 G6探頭業務也未見成長跡象。不過，我們正在實施新的商業模式，旨在推動更高的探頭消費。

Latin America and Canada, G6 business growth was modest as competitors emphasize reusable probe offerings. While this impacted our disposable probe sales, we see this as an opportunity to reinforce the clinical and economic benefits of our solutions.

由於競爭對手強調可重複使用探頭，拉丁美洲和加拿大的G6業務成長溫和。雖然這影響了我們的一次性探頭銷售，但我們認為這是一個機會，可以增強我們解決方案的臨床和經濟效益。

Now I will hand the call over to Romeo to discuss our financial results.

現在我將把電話交給羅密歐來討論我們的財務結果。

Thank you, Patrick. Good afternoon, everyone, and thank you for joining us today. I'd like to begin by reviewing our financial performance for the second quarter ending June 28, 2025. As we noted in the press release, our total revenues for the second quarter of 2025 were $13.6 million, representing a 7% year-over-year growth and a 14% sequential growth versus the first quarter of 2025.

謝謝帕特里克。大家下午好，感謝您今天加入我們。首先，我想回顧一下我們截至2025年6月28日的第二季的財務表現。正如我們在新聞稿中提到的，我們2025年第二季的總營收為1,360萬美元，年增7%，較上季成長14%。

(inaudible) product revenue increased 10% in the second quarter of 2025 to $8.0 million compared to the second quarter of 2024, driven primarily by higher pass scale system sales, medical and surgical retina system sales, partially offset by a decrease in surgical retina probe sales. Low product revenues from the G6.com product group was $3.3 million essentially flat year-over-year. Other revenue increased $0.2 million to $2.2 billion in the second quarter of 2025 compared to $2.0 million in the second quarter of 2024, driven primarily by an increase in service revenue.

（聽不清楚）2025年第二季產品營收較2024年第二季成長10%，達到800萬美元，主要得益於通量系統銷售額、醫療和外科視網膜系統銷售額的成長，但部分被外科視網膜探針銷售額的下降所抵銷。 G6.com產品組低階產品收入為330萬美元，與去年同期基本持平。 2025年第二季其他營收較2024年第二季的200萬美元增加20萬美元，達到22億美元，主要得益於服務收入的成長。

Gross profit in Q2 2025 was $4.7 million or a gross margin of 34.5%, a decrease of $0.4 million compared to $5.1 million or a gross margin of 40.7% in the second quarter of 2024. This was driven primarily by an increase in overall manufacturing costs, partially offset by an increase in ASPs. Manufacturing costs were higher due to product mix with materially higher console sales, which are lower margin than consumable probes, strong international sales which are lower margin due to working through distributors and due to the various impacts related to tariffs and rising costs from inflation. We believe we'll return to more normal levels in future quarters.

2025年第二季毛利為470萬美元，毛利率為34.5%，較2024年第二季的510萬美元或40.7%的毛利率下降40萬美元。這主要歸因於整體製造成本的上升，但部分被平均售價的上漲所抵消。製造成本上升的原因是產品組合：主機銷售額大幅增加，但利潤率低於消耗性探針；國際銷售強勁，但利潤率較低，原因是透過經銷商銷售；以及關稅和通貨膨脹導致的成本上升等各種影響。我們相信，未來幾季我們的銷售額將恢復到更正常的水平。

Operating expenses were $5.6 million in Q2 2025, a decrease of $2.2 million compared to $7.8 million in Q2 2024 due to expense reduction measures taken in late 2024. Consequently, net loss was $1.0 million or $0.06 per share for Q2 2025 compared to a net loss of $2.7 million or $0.16 per share in the same period of the prior year.

2025 年第二季的營運費用為 560 萬美元，與 2024 年第二季的 780 萬美元相比減少了 220 萬美元，原因是 2024 年底採取了費用削減措施。因此，2025 年第二季的淨虧損為 100 萬美元或每股 0.06 美元，而去年同期的淨虧損為 270 萬美元或每股 0.16 美元。

Non-GAAP adjustment EBITDA for Q2 2025 was $21,000, an improvement of $1.7 million compared to non-GAAP adjusted EBITDA loss of $1.7 million for Q2 2024. Improvement is driven primarily by the expense reduction measures implemented in late 2024.

2025 年第二季非 GAAP 調整後 EBITDA 為 21,000 美元，與 2024 年第二季非 GAAP 調整後 EBITDA 虧損 170 萬美元相比改善了 170 萬美元。改善主要得益於 2024 年底實施的費用削減措施。

Cash and cash equivalents total $6.8 million out of the second quarter of 2025, a reduction of just $0.4 million compared to $7.2 million at the end of Q1. We are very pleased with the reduction in cash usage and expect cash use to continue or improve from these levels.

2025年第二季現金及現金等價物總額為680萬美元，較第一季末的720萬美元僅減少40萬美元。我們對現金使用量的減少感到非常滿意，並預計現金使用量將持續或在此基礎上有所改善。

As you can see, we are making significant progress advancing our business model with a focus on profitability. We are pleased with the start of 2025 and are excited to continue executing our plan to improve the financial profile of the business.

如您所見，我們在推動以獲利能力為重點的商業模式方面取得了顯著進展。我們對2025年的開局感到滿意，並期待繼續執行我們的計劃，以改善業務的財務狀況。

And with that, I'll turn the call back to Patrick.

說完這些，我就把電話轉回給派崔克。

Thank you, Romeo. Despite isolated challenges this quarter, our team executed with resilience and captured opportunities across the business. We outperformed in key areas, including the US, in EMEA and with our retina business, particularly our flagship Pascal systems.

謝謝你，羅密歐。儘管本季面臨一些個別挑戰，我們的團隊仍展現出韌性，抓住了整個業務領域的機會。我們在包括美國、歐洲、中東和非洲地區在內的關鍵地區以及視網膜業務（尤其是我們的旗艦產品Pascal系統）都表現出色。

With strong fundamentals and clear plans to address obstacles, we're confident in the path ahead, especially as we head into Q3 with healthy carryover revenue, improved supply visibility and growing demand across our strategic platforms. Thank you for joining us. We look forward to updating you on our progress in the future.

憑藉強勁的基本面和清晰的應對挑戰的計劃，我們對未來充滿信心，尤其是在我們即將邁入第三季度之際，我們擁有健康的結轉收入、更佳的供應可視性以及各戰略平台不斷增長的需求。感謝您的參與。我們期待未來與您分享我們的進展。

This concludes the meeting. You may now disconnect.

會議到此結束。您可以斷開連線了。