IRIDEX Corp (NASDAQ: IRIX) is a medical device company that develops, manufactures, and sells laser systems and delivery devices for the treatment of eye diseases, primarily glaucoma and retinal disorders. Revenue comes from three streams: product sales of laser consoles, delivery devices, and single-use disposable probes; service contracts sold in one-year increments after the standard two-year warranty expires; and out-of-warranty system repairs. The company sells directly to end users in the United States and Germany, and uses independent third-party distributors in all other international markets. Total revenues were $52.7 million in fiscal year 2025 (ended January 3, 2026) and $48.7 million in fiscal year 2024 (ended December 28, 2024). The company reported net losses of $4.4 million in fiscal year 2025 and $8.9 million in fiscal year 2024. Headquartered in Mountain View, California, IRIDEX serves ophthalmologists, research and teaching hospitals, surgical centers, and veterinary practices worldwide.

Revenue model

Three revenue streams: (1) transactional product sales of laser consoles, delivery devices, and consumable single-use probes recognized at point of shipment; (2) recurring service contracts sold in one-year increments after the two-year standard warranty, recognized ratably over the contract period; (3) out-of-warranty system repair fees recognized at point of service. International distributor sales are denominated in U.S. dollars; German direct sales are denominated in Euros.

Products and services

Laser systems: Cyclo G6 and IQ laser platforms. Delivery devices and disposable probes: MicroPulse P3 (single-use, transscleral glaucoma treatment via MicroPulse technology), G-Probe (single-use, refractory glaucoma), G-Probe Illuminate (single-use, refractory glaucoma with built-in transillumination), EndoProbe handpieces (endophotocoagulation for retinal procedures). Procedures supported include MicroPulse Transscleral Laser Therapy (TLT), MicroPulse Laser Trabeculoplasty (MLT), Pattern Scanning Laser Trabeculoplasty (PSLT), and continuous-wave cyclophotocoagulation. Service contracts and depot repair services are offered from the Mountain View facility.

Customers and end markets

Primary customers are ophthalmologists specializing in glaucoma and retinal diseases. Additional customers include research and teaching hospitals, government installations, surgical centers, hospitals, veterinary practices, and outpatient office clinics. End markets are glaucoma (open-angle, closed-angle, refractory) and retinal disorders. No individual customer concentration figures are disclosed in the filing excerpts.

Value-chain role

Vertically integrated medical device manufacturer: designs, manufactures (Mountain View facility), and sells laser systems and proprietary single-use disposable probes directly to end users in the U.S. and Germany, and through independent distributors in all other international markets. Provides post-sale depot service, warranty, and service contracts.

Geographic exposure

United States and Germany via direct sales force. All other international markets via independent third-party distributors. International distributor sales denominated in U.S. dollars; German direct sales denominated in Euros. Fiscal year 2025 total revenues were $52.7 million (ended January 3, 2026).

Source: SEC 10-K, filed 2026-04-02

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