IRIDEX Corp (IRIX) 2026 Q1 法說會逐字稿

Thank you for standing by and welcome to Iridex's first quarter 2026 earnings conference call. I'd like to remind everyone that this call is being recorded (Operator Instructions) Thank you. I would now like to turn the call over to Trip Taylor, Investor Relations. Please go ahead.

感謝各位稍候，歡迎參加 Iridex 2026 年第一季財報電話會議。我想提醒各位，本次電話會議將被錄音（接線員指示）。謝謝。現在我想把電話交給投資人關係 Trip Taylor。請開始。

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.

謝謝，也感謝各位參與今天的電話會議。與我一同出席的公司代表包括 Iridex 執行長 Patrick Mercer，以及公司財務長 Romeo Dizon。

Earlier today, Iridex released financial results for the quarter ended April 4, 2026. A copy of the press release is available on the company's website. 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 were made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

今天稍早，Iridex 已公布截至 2026 年 4 月 4 日止季度的財務結果。新聞稿副本可於公司網站取得。在開始之前，我想提醒各位，管理層在本次電話會議中將發表若干聲明，其中包含依據聯邦證券法所定義的前瞻性陳述，並係依據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

Any statements made during this call that are not statements of historical fact, including but not limited to statements concerning our strategic goals and priorities, products and development matters, sales trends, and the markets in which we operate. 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.

本次電話會議中任何非歷史事實的陳述，包括但不限於關於我們的策略目標與優先事項、產品與研發事項、銷售趨勢，以及我們所營運市場的陳述，均屬前瞻性陳述。所有前瞻性陳述皆基於我們目前的估計與各項假設。這些陳述涉及重大風險與不確定性，可能導致實際結果或事件與這些前瞻性陳述所預期或暗示者出現重大差異。因此，您不應依賴這些陳述。關於與我們業務相關之風險與不確定性的討論，請參閱我們最近向美國證券交易委員會（SEC）提交的 Form 10-K 與 Form 10-Q 文件。

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, May 19, 2026. And with that, I'll turn the call over to Patrick.

除法律要求外，Iridex 不承擔亦不意圖更新或修訂任何財務預測或前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。本次財報電話會議包含具時效性的資訊，且僅以今日（2026 年 5 月 19 日）直播時點為準。接下來，我把電話交給 Patrick。

Good afternoon, everyone, and thank you for joining us.

各位下午好，感謝各位加入我們。

I am pleased to share our first-quarter results and the continued progress we're making as we build on the positive momentum we delivered throughout last year. For context, before diving into Q1, I want to highlight some of the significant milestones we achieved last year. In 2025, we delivered positive adjusted EBITDA for the first time in the company's recent history, and we also achieved positive cash flow from operations in Q4.

我很高興與各位分享我們第一季的成果，以及我們在延續去年全年正向動能的基礎上所取得的持續進展。為了提供背景，在深入第一季之前，我想先強調我們去年達成的一些重要里程碑。2025 年，我們在公司近年來首次實現正向的調整後 EBITDA，並且在第四季也達成營運活動現金流為正。

These achievements represent a fundamental shift in Iridex's financial profile and reflect the hard work completed to reposition the business for sustainable profitability going forward. As a result of this work and our solid start to the year, we remain on track to be cash flow positive in 2026. We executed according to plan in Q1 despite several anticipated headwinds.

這些成果代表 Iridex 財務輪廓的根本性轉變，也反映出我們為了讓業務重新定位、以支持未來可持續獲利所完成的努力。基於這些工作以及今年良好的開局，我們仍按計畫在 2026 年達成現金流為正。儘管面臨數項預期中的逆風，我們在第一季仍依計畫執行。

Including the Iran conflict, temporary supply chain constraints and extended timelines associated with certain regulatory approval. Against this backdrop, we delivered revenue of $11.8 million, essentially flat year-over-year and above the guidance communicated on our last earnings call.Our highest margin business, G6 probes, was a clear bright spot during the quarter.

包括伊朗衝突、暫時性的供應鏈限制，以及與特定法規核准相關的時程延長。在此背景下，我們實現營收 1,180 萬美元，年增率基本持平，且高於我們在上次財報電話會議中所提供的指引。我們毛利率最高的業務——G6 探針——在本季是明顯的亮點。

Continued growth and adoption of our glaucoma solution underscore the strength of our clinical value proposition and the loyalty physicians have to the G6 platform. Internationally, we operated in a challenging environment with supply disruptions, regulatory delays, and geopolitical volatility, particularly impacting revenue in Asia and the Middle East. Importantly, underlying demand remained solid. And we believe revenue and earnings would have been higher had we been able to fulfill certain orders that were backlogged at the end of the quarter. Looking ahead, supply chain conditions and regulatory processes are improving, and we continue to actively manage through these dynamics. As a result, we believe some of the timing-relating impacts that affected our first-quarter performance.

我們青光眼解決方案的持續成長與採用，凸顯了我們臨床價值主張的強勁，以及醫師對 G6 平台的忠誠度。在國際市場方面，我們處於充滿挑戰的環境，供應中斷、法規延遲與地緣政治波動，特別影響了亞洲與中東的營收。重要的是，基本需求仍然穩健。我們相信，若能在季末履行部分積壓訂單，我們的營收與獲利本可更高。展望未來，供應鏈狀況與法規流程正在改善，我們也持續積極管理這些動態。因此，我們認為部分影響第一季表現的時點相關影響。

Represent incremental revenue opportunities for the balance of the year. On the operations front, we again reduced our operating expense compared to the prior-year period as we continue to drive efficiencies across the organization. We are pleased to report that the relocation of certain general and administrative functions out of California again delivering quarterly savings starting in Q1 2026.

將為今年剩餘期間帶來額外的營收機會。在營運方面，隨著我們持續推動全組織效率提升，我們再次將營運費用較去年同期降低。我們很高興報告，將部分一般與行政職能自加州遷出，已自 2026 年第一季起再次帶來每季節省。

We also remain on schedule to relocate our headquarters later this year, which is expected to reduce our fixed cost base by approximately $600,000 on an annualized basis. Additionally, our multi-year initiative to transition production to lower-cost third-party contract manufacturers is underway, with meaningful transfers initiated in the first quarter.

我們也仍按進度計畫於今年稍晚遷移總部，預期可使我們的固定成本基礎按年化計算降低約 60 萬美元。此外，我們推動多年的計畫——將生產轉移至成本較低的第三方委外代工製造商——正在進行中，並已於第一季啟動具實質意義的移轉。

Full implementation is expected to be completed in 2027, and this transition will drive gross margin improvement as we progress through the year and into next year. Turning now to our commercial performance in the first quarter, starting with our glaucoma business. In total in the first quarter, we sold 15,500 probes versus 13,900 in the prior-year period.

預期將於 2027 年完成全面導入，而此一轉移將在我們今年及明年推進過程中帶動毛利率改善。接著談第一季的商業表現，先從青光眼業務開始。第一季我們總共售出 15,500 支探針，去年同期為 13,900 支。

This represented growth in the competitive glaucoma market, which is a testament to the strength of our value proposition and physician loyalty to the G6 platform. Utilizing MedScout to target G6 adopters with average utilization continues to be our most effective strategy. Our MedScout platform continues to be a valuable tool for targeted outreach. Here, we are focused on two groups.

這代表我們在競爭激烈的青光眼市場中仍實現成長，證明了我們價值主張的強度以及醫師對 G6 平台的忠誠度。運用 MedScout 鎖定平均使用量的 G6 採用者，仍是我們最有效的策略。我們的 MedScout 平台持續是精準觸達的重要工具。在此，我們聚焦兩個族群。

The first are those who already have G6 systems and are average users, and the second are high-volume facilities that do not currently perform micropulse procedures. With the mid-utilization accounts, we focus on education, working with physicians to expand their patient selection criteria to treat patients earlier in the glaucoma severity continuum.

第一個是已擁有 G6 系統且使用量屬平均的客戶；第二個是目前尚未進行微脈衝（micropulse）療程的高量能機構。對於中度使用量的客戶，我們著重於教育，與醫師合作擴大其病患選擇標準，以便在青光眼嚴重程度連續譜中更早期治療病患。

With the second group, the focus is also on education, with particular focus on the efficacy of TLT patients who have already had a MIGS procedure. Speaking of MIGS, the Medicare LCD introduced last year are creating tailwinds for us, including expanding our target segments and supporting earlier adoption of G6 therapy for both the mild-to-moderate and post-MIDS glaucoma patients.

對於第二個族群，重點同樣在教育，並特別聚焦於已接受過 MIGS 手術之 TLT 病患的療效。談到 MIGS，去年推出的 Medicare LCD 正在為我們帶來順風，包括擴大我們的目標客群，並支持在輕度至中度以及 MIGS 術後青光眼病患中更早採用 G6 治療。

Combined with our updated sweep speed, procedural techniques, and clinical data demonstrating the IOP-lowering efficacy of the procedure. We believe we are well-positioned to drive sustainable growth in this business throughout 2026. Pricing discipline also supported our Q1 performance, as our ASP increases on both probes and systems in the U.S. carried over from 2025.

再加上我們更新的掃描速度、手術技術，以及臨床數據顯示該療程具有降低眼壓（IOP）的療效。我們相信，我們已具備良好條件在 2026 年推動此業務的可持續成長。價格紀律也支撐了我們第一季的表現，因為我們在美國對探針與系統的平均售價（ASP）調升延續自 2025 年。

This is indicative of enhanced recognition of the value proposition of our procedure and the growing recognition among ophthalmologists of G6 as a safe, effective alternative to incisional surgery. On the system side, we saw 24 G6 units in the quarter, in line with the prior year period. Unit placement has remained steady year over year, and physician relocations. Continue to drive dedicated system acquisitions at new practice sites. This steady growing installed base provides a solid foundation for driving incremental probe utilization as we execute on our commercial strategy. Turning to our international glaucoma business, performance was mixed across regions as we navigated a number of operational and macroeconomic challenges. In Europe, Middle East and Africa. We conducted multiple high-impact G6 symposiums and clinical trainings that reinforced our value proposition in multiple countries, including Russia, Saudi Arabia, Egypt and Poland. The U.K. registry product is moving forward as planned. The engagement from the clinical community has been strong, and we believe this positions us well for continued adoption in the region.

這反映出市場對我們療程價值主張的認可提升，以及眼科醫師對 G6 作為切開式手術之安全、有效替代方案的認知日益提高。在系統方面，本季我們出貨 24 台 G6，與去年同期一致。系統裝機量年對年維持穩定，而醫師搬遷也持續帶動在新執業據點購置專用系統。這個穩定成長的裝機基礎，為我們在執行商業策略時推動探針使用量的增量提供了堅實基礎。接著談國際青光眼業務，由於我們因應多項營運與總體經濟挑戰，各地區表現不一。在歐洲、中東與非洲，我們舉辦多場高影響力的 G6 研討會與臨床訓練，在包括俄羅斯、沙烏地阿拉伯、埃及與波蘭等多個國家強化了我們的價值主張。英國登錄研究（registry）專案正按計畫推進。臨床社群的參與度強勁，我們相信這使我們在該地區持續推動採用方面具備良好定位。

In Germany, G6 probe cells remain stable with existing customers, and we believe our German market utilization is well-positioned to absorb incremental volume as we work through distributor transitions in the country. In Asia, we navigated ongoing volatility throughout the year. Demand of our products remains stable, but challenging economic conditions created some headwinds for our commercial execution.

在德國，G6 探針銷售在既有客戶間維持穩定，我們相信，隨著我們在當地推進經銷商轉換，德國市場的使用量具備吸收額外增量的良好條件。在亞洲，我們全年面對持續的波動。我們產品的需求仍保持穩定，但具挑戰性的經濟環境為我們的商業執行帶來一些逆風。

In Japan, we restored G6 Pro inventory following prior regulatory challenges, which was a meaningful positive development for the region. However, macro headwinds from a weak yen continue to persist, and we are monitoring the macro environment closely and expect conditions to improve over time. In Latin America and Canada, we saw stable G6 Pro performance with uses being led by Peru and Mexico.

在日本，在先前法規挑戰之後，我們已恢復 G6 Pro 庫存，這對該地區而言是重要的正面進展。然而，日圓疲弱帶來的總體逆風仍在持續，我們正密切監控總體環境，並預期情況將隨時間改善。在拉丁美洲與加拿大，我們看到 G6 Pro 表現穩定，使用量主要由秘魯與墨西哥帶動。

Additional focus is being placed on Canada, Brazil and Argentina to leverage the sizable installed base of G6 systems. Turning to our Retina portfolio, our strategic priorities remain focused on three areas: driving the US Pascal upgrade cycle.

我們正加大對加拿大、巴西與阿根廷的關注，以運用龐大的 G6 系統既有裝機基礎。轉向我們的視網膜（Retina）產品組合，我們的策略重點仍聚焦於三個領域：推動美國 Pascal 的升級週期。

Expanding international PASCAL adoption, and obtaining regulatory clearances for our next-generation platforms to leverage our established global distribution footprint. In the United States, surgical retina was a standout performer, driven by continued strong demand for SLX, TX, and LIOs. This category exceeded expectations for the quarter and demonstrated the underlying strength of our surgical platforms.

擴大 PASCAL 在國際市場的採用，並為我們的下一代平台取得法規核准，以運用我們既有的全球經銷通路版圖。在美國，手術視網膜表現突出，主要受惠於 SLX、TX 與 LIOs 持續強勁的需求。該類別本季表現超出預期，並展現我們手術平台的內在實力。

Medical retina continued to perform strongly, particularly PASCAL, benefiting from a robust pipeline of leads generated at the American Academy of Ophthalmology annual meeting in Q4. It is worth noting that PASCAL continues to be firmly established. As our flagship system in the U.S. market. We are seeing a consistent trend of existing PASCAL customers upgrading to our newer platforms, and newly graduating ophthalmologists are selecting PASCAL systems due to our efforts to ensure PASCAL is the preferred system used at university and training programs. On the commercial front, we announced an important partnership with iPro GPO in early April.

醫療視網膜持續強勁表現，尤其是 PASCAL，受惠於在第四季美國眼科學會（American Academy of Ophthalmology）年會所產生的強勁潛在客戶線索管道。值得注意的是，PASCAL 仍然穩固建立，作為我們在美國市場的旗艦系統。我們看到既有 PASCAL 客戶持續升級至我們更新的平台的趨勢，同時，新近畢業的眼科醫師也因我們致力確保 PASCAL 成為大學與訓練計畫中優先使用的系統，而選擇 PASCAL 系統。在商務面，我們於四月初宣布與 iPro GPO 建立一項重要合作夥伴關係。

This agreement expands access to our retina laser portfolio to their more than 1800 members, including ophthalmology practices, ambulatory surgery centers, and hospitals in the United States. Through this partnership, iPro GPO members receive preferred pricing on our PASCAL laser platform, IQ532 and IQ577 lasers, and the OcuLite TX laser.

此協議將我們的視網膜雷射產品組合擴大提供給其超過 1,800 名會員，包括美國的眼科診所、門診手術中心與醫院。透過此合作，iPro GPO 會員可享有我們 PASCAL 雷射平台、IQ532 與 IQ577 雷射，以及 OcuLite TX 雷射的優惠價格。

This adds to our existing cyclogistics contract with iPro GPO and represents a significant commercial milestone. Beyond contract status reinforces the credibility of our technology, enables a more streamlined sales process for our team and customers, while expanding the addressable market for our retinal laser systems. We believe this partnership will be an important driver of retina systems placements in the coming quarters.

這也補強了我們與 iPro GPO 既有的 cyclogistics 合約，並代表一項重大的商務里程碑。除合約地位之外，亦強化我們技術的可信度，使我們的團隊與客戶能有更精簡的銷售流程，同時擴大我們視網膜雷射系統的可服務市場。我們相信，這項合作將在未來幾季成為推動視網膜系統裝機的重要動能。

Turning to international retina in Europe, Middle East and Africa, lack of MDR approval continues to constrain PASCAL growth in Europe, mildly offset by the launch of the new IRIDEX PASCAL in Africa. In Germany, endoprobe cells are gaining traction in line with plan as we take over business from our previous distributor.

轉向歐洲、中東與非洲（EMEA）的國際視網膜業務，歐洲缺乏 MDR 核准仍持續限制 PASCAL 的成長，但在非洲推出全新 IRIDEX PASCAL 的上市，對此形成些許抵銷。在德國，隨著我們從先前的經銷商手中接手業務，內探針（endoprobe）銷售正依計畫逐步獲得市場動能。

In Asia, China experienced some challenges during the quarter, including endoprobe supply constraints that materially impacted sell-through. We have been working with our manufacturing partners, and these issues should be resolved this month. In Japan, large PASCAL orders were deferred to Q2 due to regulatory delays associated with electrical safety testing. This is a timing item, not a demand concern, and we expect the order to ship in the current quarter.

在亞洲，中國本季面臨一些挑戰，包括內探針供應受限，對終端銷售（sell-through）造成實質影響。我們一直與製造合作夥伴合作，這些問題應可在本月解決。在日本，由於與電氣安全測試相關的法規延遲，大型 PASCAL 訂單延後至第二季。這是時點因素，而非需求疑慮，我們預期該訂單將於本季出貨。

In Latin America and Canada, PASCAL and medical retina sales came below expectations, impacted in part by seasonal summer holiday slowdown. As we look ahead to the remainder of 2026, our strategic priorities remain clear and focused. For the full year of 2026, we are reaffirming our revenue guidance of $51 million to $53 million.

在拉丁美洲與加拿大，PASCAL 與醫療視網膜銷售低於預期，部分受季節性夏季假期放緩影響。展望 2026 年剩餘期間，我們的策略重點仍清晰且聚焦。就 2026 全年而言，我們重申營收指引為 5,100 萬至 5,300 萬美元。

As a reminder, this guidance excludes revenue from the Middle East region and represent approximately 1% to 5% pro forma growth versus 2025. I am proud of the sustained execution we have demonstrated across all four of our 2025 commitments, revenue growth, cost reduction, positive adjusted EBITDA and positive cash flow from operations in Q4.

提醒一下，此指引不包含中東地區的營收，並代表相較 2025 年約 1% 至 5% 的擬制（pro forma）成長。我為我們在 2025 年四項承諾上的持續執行感到自豪：營收成長、成本降低、調整後 EBITDA 轉正，以及第四季營運現金流轉正。

The foundation is set for continued progress in 2026. Now, I'll hand the call to Romeo to discuss our financial results.

我們已奠定 2026 年持續進展的基礎。接下來我將把電話交給 Romeo，請他說明我們的財務結果。

Thank you, Patrick. Good afternoon, everyone. Thank you for joining us today. As we noted in our press release and in Patrick's comments, our total revenues for the first quarter of 2026 were $11.8 million, basically flat with $11.9 million reported in the first quarter of 2025.

謝謝你，Patrick。各位下午好。感謝各位今天加入我們。如同我們在新聞稿以及 Patrick 的評論中所提到的，2026 年第一季總營收為 1,180 萬美元，與 2025 年第一季所報告的 1,190 萬美元基本持平。

Revenue was in line with our expectations and the guidance we provided with our Q4 results. The decrease in revenue was primarily driven by a decrease in retina system sales, partially offset by an increase in Glaucoma Pro sales and service and other revenues. Retina product revenue was $5.8 million compared to $6.6 million in the prior year period, driven primarily by lower sell-through of retina system sales internationally.

營收符合我們的預期，也符合我們在第四季業績公布時提供的指引。營收下滑主要由視網膜系統銷售下降所致，部分被青光眼 Pro 銷售增加以及服務與其他營收增加所抵銷。視網膜產品營收為 580 萬美元，較去年同期的 660 萬美元下降，主要因國際市場視網膜系統終端銷售（sell-through）較低所致。

Total product revenue from the Cyclo G6 product family was $3.6 million, representing growth of 14% year-over-year compared to $3.2 million in the prior year quarter. The increase is attributed to both an increase in units sold domestically and internationally and an increase an increase in ASP domestically. Other revenue increased $0.2 million.

Cyclo G6 產品家族的總產品營收為 360 萬美元，較去年同期的 320 萬美元年增 14%。成長歸因於國內與國際銷售台數增加，以及國內平均售價（ASP）上升。其他營收增加 20 萬美元。

To $2.3 million in the first quarter of 2026, compared to $2.1 million in the first quarter of 2025, driven primarily by the increase in service and other certain legacy product revenues. Gross profit in the first quarter of 2026 was $4.7 million, or a 40% gross margin, a decrease of $0.3 million, compared to $5.0 million, or a 43% gross margin, in the prior-year period.

2026 年第一季為 230 萬美元，較 2025 年第一季的 210 萬美元增加，主要由服務營收增加以及部分舊有產品（legacy product）營收增加所帶動。2026 年第一季毛利為 470 萬美元，或 40% 毛利率，較去年同期的 500 萬美元或 43% 毛利率減少 30 萬美元。

Gross margin decreased primarily due to the increase in overall manufacturing costs, including increased product costs associated with the recent tariff development. On a sequential basis, first quarter gross margins improved 300 basis points compared to fourth quarter 2025 gross margins.

毛利率下降主要因整體製造成本上升，包括近期關稅變動所帶來的產品成本增加。以季比而言，第一季毛利率較 2025 年第四季毛利率改善 300 個基點。

Operating expenses were $5.1 million in the first quarter of 2026, a decrease of $0.2 million, or 4% compared to $5.3 million in the first quarter of 2025. The decrease was primarily attributable to lower general and administrative expenses driven by reduced consulting costs, reduced deal-related legal expenses, and cost savings realized from a general and administrative transfer initiative discussed in prior period. In Q4, we announced that we were relocating certain G&A functions out of California, commencing in the first quarter of 2026. We have achieved about 70% of this initiative and have realized approximately $100,000 in savings in the first quarter of 2026, short of our expected quarterly benefit of approximately $165,000. We will update you on our progress on our next call. Loss from operations was $0.3 million. An increase of $0.1 million compared to a loss from operations of $0.2 million in the first quarter of 2025. Other expense net was $0.1 million in the first quarter of 2026, primarily consisting of interest and amortization of loan expenses. Other expense net was $1.5 million in the first quarter of 2025, due primarily to costs associated with a note payable settlement.

2026 年第一季營業費用為 510 萬美元，較 2025 年第一季的 530 萬美元減少 20 萬美元，或 4%。下降主要歸因於一般與行政費用降低，係由顧問費用減少、交易相關法律費用減少，以及先前期間所討論的一般與行政職能移轉計畫所實現的成本節省所帶動。在第四季，我們宣布將部分 G&A 職能自加州遷出，並於 2026 年第一季開始執行。我們已完成約 70% 的計畫，並在 2026 年第一季實現約 10 萬美元的節省，低於我們預期每季約 16.5 萬美元的效益。我們將在下一次電話會議更新進度。營業損失為 30 萬美元，較 2025 年第一季 20 萬美元的營業損失增加 10 萬美元。2026 年第一季其他費用淨額為 10 萬美元，主要由利息與貸款費用攤銷構成。2025 年第一季其他費用淨額為 150 萬美元，主要因應付票據（note payable）和解相關成本所致。

Consequently, net loss was $0.5 million or $0.03 per share in the first quarter of 2026 compared to a net loss of $1.7 million or $0.10 per share in the same period of the prior year. Non-GAAP adjusted EBITDA for the quarter of 2026 was $0.3 million compared to non-GAAP adjusted EBITDA of $0.4 million for the first quarter of 2025.

因此，2026 年第一季淨損為 50 萬美元，或每股 0.03 美元；相較之下，去年同期淨損為 170 萬美元，或每股 0.10 美元。2026 年該季度的非 GAAP 調整後 EBITDA 為 30 萬美元，較 2025 年第一季的非 GAAP 調整後 EBITDA 40 萬美元略低。

Cash and cash equivalents as of April 4th, 2026, were $4.6 million, a decrease of $1.4 million in the quarter. As we guided on our last call, in general, our cash [shift] is highest in the first quarter of the fiscal year, resulting from payments of accrued compensation and other year-end accrued expenses and liabilities.

截至 2026 年 4 月 4 日，現金及約當現金為 460 萬美元，本季減少 140 萬美元。如同我們在上次電話會議所指引，一般而言，我們的現金[shift]在會計年度第一季最高，主要源於支付應計薪酬以及其他年末應計費用與負債。

For the remaining quarters of the year, we expect to generate cash and for the quarterly cash generation to improve sequentially as we sell through inventory and collect receivables on increased revenues. Cumulatively, this will result in positive cash flow for fiscal year 2026. Total operating expenses contained a favorable trend in Q1 2026.

在本年度剩餘季度，我們預期將產生現金，且隨著我們消化庫存並就營收增加而收回應收帳款，單季現金產生將逐季改善。累計而言，這將使 2026 會計年度的現金流轉為正。2026 年第一季的總營業費用呈現有利趨勢。

Reflecting the sustained impact of cost reduction initiatives implemented beginning in the fourth quarter of fiscal 2024. Our first quarter performance confirmed that we are on track for 2026. The sequential revenue decline we saw in Q1 was anticipated as consistent with the normal seasonality we see in our business, and we managed to reduce our net loss despite the lower revenue.

反映自 2024 會計年度第四季開始實施之成本削減措施所帶來的持續影響。我們第一季的表現確認我們正按計畫邁向 2026 年。我們在第一季看到的營收季減是預期之內，符合我們業務的正常季節性，而儘管營收較低，我們仍成功降低了淨虧損。

As Patrick mentioned, we are reaffirming our 2026 guidance.

如 Patrick 所提到的，我們重申 2026 年的指引。

We expect to generate revenue of $51 million to $53 million.

我們預期營收將達 5,100 萬美元至 5,300 萬美元。

As a result of the market disruption from the ongoing conflict in the Middle East, this guidance does not include revenue from that region.

由於中東持續衝突造成的市場擾動，本指引不包含該地區的營收。

On a pro forma basis, adjusted to exclude Middle East revenue in 2025, guidance represents 2026 growth of 1% to 5% compared to 2025.

以備考（pro forma）基礎計算，並在 2025 年排除中東營收後，本指引代表 2026 年相較 2025 年成長 1% 至 5%。

We also want to reiterate the seasonality we experienced in our business.

我們也想再次強調我們業務所呈現的季節性。

Q1 on average represents 22% of our annual revenue and is the lowest quarterly total revenue for the year.

第一季平均約占我們全年營收的 22%，且為全年各季中總營收最低的一季。

From the total dollar perspective, second and fourth quarters are seasonally stronger than the first, with the fourth quarter being the strongest quarter of the year and the third quarter is generally a sequential decline from the second quarter.

從總金額角度來看，第二季與第四季在季節性上強於第一季，其中第四季為全年最強的一季，而第三季通常較第二季呈現連續下滑。

We are also reiterating our expectations for adjusted operating expenses, which exclude depreciation, amortization and stock compensation to be in the range of $19 million to $19.5 million for the full year 2026.

我們也重申對調整後營業費用的預期（不含折舊、攤銷及股票薪酬），2026 全年將落在 1,900 萬美元至 1,950 萬美元的區間。

We also continue to expect to generate positive operating cash flow for the full year 2026.

我們也仍預期 2026 全年將產生正向的營業現金流。

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

接下來，我把電話交回給 Patrick。

Thank you, Romeo.

謝謝你，Romeo。

As I reflect on the first quarter. I am encouraged by the progress we are making on our strategic initiatives.

回顧第一季，我對我們在策略性計畫上所取得的進展感到鼓舞。

Our U.S.

我們的美國（U.S.）

Glaucoma business delivered solid growth in a competitive environment.

青光眼業務在競爭環境中實現了穩健成長。

Our cost structure improvements are flowing through as planned, and our manufacturing transition is underway and on track to drive meaningful margin expansion.

我們的成本結構改善正如計畫般逐步反映出來，而我們的製造轉移也已啟動並按進度推進，預期將帶動顯著的毛利率擴張。

We remain confident in our ability to deliver on our priorities for 2026. These priorities are clear.

我們仍對在 2026 年達成各項優先事項充滿信心。這些優先事項很明確。

Expand our G6 utilization through effective targeting, advance regulatory approvals internationally to unlock new geographies or our retina systems, and continue to transition to lower-cost contract manufacturers to drive gross margin improvement.

透過有效的目標鎖定提升 G6 使用率、在國際上推進法規核准以開拓我們視網膜系統的新市場，並持續轉向成本較低的委外代工製造商，以推動毛利率改善。

We will now turn the call over to the operator for your questions.

現在我們把電話交給接線員，開始提問。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions) Scott Henry from AGP. Your line is now open.

（接線員指示）AGP 的 Scott Henry。您的線路已開通。

Thank you, and good afternoon.

謝謝，下午好。

A lot of information in there.

裡面資訊很多。

Just to get started on the retina line, one of the lighter quarters we've seen in a while is that.

先從視網膜產品線開始，這是一段時間以來我們看到較為疲弱的一季，是這樣嗎？

A lot to do with the international headwinds, anything else there? And when we think about full-year 2026, I know last year was a strong RETNA year. Should we be thinking about that comp making the 2026 kind of a negative year-over-year move for RETNA revenues?

這主要與國際逆風有關嗎，還有其他因素嗎？另外，談到 2026 全年，我知道去年 RETNA 表現很強。那麼我們是否應該把這個比較基期（comp）納入考量，導致 2026 年 RETNA 營收可能呈現年對年下滑？

Hi, Scott.

嗨，Scott。

Thank you for your question.

謝謝你的提問。

The first quarter, we ran into some regulatory delays that hurt us internationally, particularly on Pascal.

第一季我們遇到一些法規核准延遲，對我們的國際業務造成影響，特別是在 Pascal 方面。

There were orders that didn't ship to Japan because of that.

因此有些訂單未能出貨到日本。

There were other orders that didn't ship due to a material issue with our endoprobes.

另外也有一些訂單因我們的內視探針（endoprobes）材料問題而未能出貨。

That issue has been resolved, and we're going to ship the product this month. The regulatory issues have been resolved. So going forward, we do not see these as issues at all. In fact, our PASCAL in the U.S. Performed very well, and so did our surgical retina. So going forward, we don't expect anything different.

該問題已解決，我們將於本月出貨產品。法規問題也已解決。因此往後我們完全不認為這些會再成為問題。事實上，我們的 PASCAL 在美國表現非常好，我們的手術視網膜業務也同樣表現良好。因此往後我們不預期會有任何不同。

We still see the PASCAL upgrade cycle to be ongoing, both international and in the U.S.

我們仍認為 PASCAL 的升級週期正在持續進行中，無論在國際市場或美國皆然。

We've engaged hospitals and universities for graduating ophthalmologists to start using our PASCAL systems. And, particularly with this IPRO-GPO partnership, we see things improving over Q1. Q1, we got snagged by a few challenges in supply chain and regulatory issues, but those hopefully will be behind us. We feel strong that certainly, moving forward, they will be.

我們已與醫院及大學合作，讓即將畢業的眼科醫師開始使用我們的 PASCAL 系統。並且，特別是透過這項 IPRO-GPO 的合作夥伴關係，我們看到相較第一季將有所改善。第一季我們在供應鏈與法規問題上遇到一些阻礙，但希望這些都將成為過去。我們有信心，至少在往後推進時，確實會如此。

Okay, great. And you mentioned you had some backlog at the end of the quarter.

好的，很好。另外你提到季末有一些積壓訂單（backlog）。

I didn't hear, but did you quantify the amount of that, and should that have a favorable impact on 2Q? And also was that backlog, was that in the retina section or was it in G6?

我沒聽到你們是否量化其金額，這是否會對第二季帶來正面影響？另外，這些積壓訂單是在視網膜業務，還是在 G6？

That backlog was around $800,000 and it was all retina. And we anticipated the EndoProbe backlog. We did not anticipate the regulatory. We'd hoped to get that over the finish line. But as with regulatory items, some of those things are up to the bodies of those countries. But going forward, we look for that revenue to shift this quarter, and yes.

那筆積壓訂單約為 80 萬美元，且全部都在視網膜業務。我們原本預期會有 EndoProbe 的積壓，但沒有預期到法規方面。我們原本希望能順利完成，但如同法規事項，有些進度取決於各國主管機關。不過往後，我們預期該營收會在本季移轉認列，答案是會。

Okay, great. And then shifting gears to G6.

好的，很好。接著談 G6。

The system sold was flat year-over-year. Do you think you can grow that total system sold in 2026 or will the focus be more on the probes, which did very well in the quarter?

系統銷售量年對年持平。你們認為 2026 年能讓系統銷售總量成長嗎？還是重點會更放在探針（probes），因為本季探針表現非常好？

Yeah, we think we will grow the system somewhat, but we're really focused on driving probe utilization. And driving particularly those more moderate patients. In the U.S., there's 2.1 million moderate patients, and we're just scratching the surface there.

是的，我們認為系統銷售會有些成長，但我們真正聚焦的是推動探針使用率。並且特別是推動那些病情較為中度的患者。在美國，中度患者約有 210 萬人，而我們目前只是剛開始切入。

And with our Medscout targeting that we're going after, where we can see, who's doing what procedures, we're going to continue to focus on utilization and selling more probes. Certainly, we are setting up new accounts, and we look for those numbers to remain in line with.

透過我們正在進行的 Medscout 目標鎖定，我們可以看到誰在做哪些手術，我們將持續聚焦於提升使用率並銷售更多探針。當然，我們也在開發新客戶，我們預期這些數字將維持符合……

With our expectations and our plan, but our real objective is to drive probe utilization. And one reminder is we, in the U.S. Particularly, we increased ASP on both the probes and the systems. So we saw growth from, obviously, the ASP, but also from units as well. And we're excited about that. We feel really good about our glaucoma business going throughout the rest of the year.

符合我們的預期與計畫，但我們真正的目標是推動探針使用率。再提醒一下，特別是在美國，我們已提高探針與系統的平均售價（ASP）。因此我們看到成長，顯然來自 ASP，也來自出貨量。我們對此感到振奮。我們對青光眼業務在今年剩餘期間的表現非常有信心。

Okay, great. Final question. Gross margin was up sequentially in Q1, but last year it did dip in those middle quarters.

好的，很好。最後一題。第一季毛利率較前一季上升，但去年在年中幾季確實有下滑。

How should we think about gross margin in 2Q and 3Q relative to what we saw this quarter?

我們應該如何看待第二季與第三季的毛利率，相較於本季的水準？

Thank you.

謝謝。

Hi, Scott. This is Romeo. Thanks for the question.

嗨，Scott，我是 Romeo。謝謝你的提問。

Yeah, basically, going forward now, we've the last couple of quarters, we've been setting the reserves for the contract manufacturing transition of products. So we figured those part costs, we'd expense them there. That's why the margins were lower. But given even with the continued increase in our production costs, I think they've normalized in the high 30s, low 40s, just really dependent on the product and region mix as well, which helped this quarter.

是的，基本上，往後來看，過去幾季我們一直在為產品轉移至委外代工製造的過程提列準備（reserves）。我們把那些零件成本估算後在那裡費用化，所以毛利率才會較低。但即便生產成本持續上升，我認為毛利率已趨於正常化，約落在 30% 高段到 40% 低段，主要取決於產品與地區組合，而這也在本季帶來幫助。

Okay, great.

好的，很好。

Thank you for the call, Romeo, and thank you for taking the questions.

謝謝這通電話，Romeo，也謝謝你回答問題。

Thanks, Scott.

謝謝，Scott。

That concludes our Q&A session. I will now turn the conference back over to Patrick for closing remarks.

問答環節到此結束。現在我把會議交回給 Patrick 作結語。

Thank you for your time today. We look forward to updating you on future calls.

感謝各位今天撥冗參與。我們期待在未來的電話會議中向各位更新進展。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's call.

各位女士、先生，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位參與。您現在可以掛線。