Iridex (NASDAQ: IRIX ) released first-quarter financial results and hosted an earnings call on Tuesday. Read the complete transcript below.
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Summary
Iridex reported flat revenue of $11.8 million for Q1 2026, aligning with guidance despite international supply chain and regulatory challenges.
The Glaucoma segment, particularly the G6 platform, showed strong performance with a 14% year-over-year increase in probe sales, despite flat system sales.
Operational improvements included cost reductions and strategic relocations, with expectations to complete manufacturing transitions by 2027 to enhance margins.
The company reaffirmed its 2026 revenue guidance of $51 million to $53 million, excluding Middle East contributions, indicating a 1-5% pro forma growth.
Management highlighted strategic partnerships, such as with IPRO GPO, to expand market reach and enhance sales of retina laser systems.
Full Transcript
OPERATOR
Trip Taylor (Investor Relations)
Patrick Mercer (Chief Executive Officer)
Romeo Dezon (Chief Financial Officer)
Patrick Mercer (Chief Executive Officer)
OPERATOR
Scott Henry (Equity Analyst)
Thank you and good afternoon. A lot of information in there. Just to get Started on the retina line. One of the lighter quarters we've seen in a while is that 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 retina year. Should we be thinking about that comp making the 2026 kind of a negative year over year move for retina revenues?
Patrick Mercer (Chief Executive Officer)
Scott Henry (Equity Analyst)
Great. And you mentioned you had some backlog at the end of the quarter. I didn't hear. But did you quantify the amount of that and should that have a favorable impact on Q2Q? And also was that backlog, was that in the retina section or was it NG6?
Patrick Mercer (Chief Executive Officer)
That backlog was around 800,000 and it was all retina. And we anticipated the endo probe backlog. We did not anticipate the regulatory. We had hoped to get that over the finish line. But as you know 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, okay, great.
Scott Henry (Equity Analyst)
And then shifting gears to 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?
Patrick Mercer (Chief Executive Officer)
Scott Henry (Equity Analyst)
Okay, great. Final question. Gross margin was up sequentially in Q1, but last year it did dip in those middle quarters. How should we think about Gross margin in 2q and 3q relative to what we saw this quarter? Thank you.
Romeo Dezon (Chief Financial Officer)
Scott Henry (Equity Analyst)
Okay, great. Thank you for the color, Romeo, and thank you for taking the questions. Thanks, Scott.
OPERATOR
That concludes our Q and A session. I will now turn the conference back over to Patrick for closing remarks.
Patrick Mercer (Chief Executive Officer)
Thank you for your time today. We look forward to updating you on future calls. Thank you.
OPERATOR
Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.
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