Iridex Holds 2026 Revenue Forecast as Probe Sales Rise and Retina Shipments Lag

Iridex said an $800,000 retina backlog from international regulatory delays should clear into Q2, relying on probe demand, cost cuts, manufacturing relocations to improve margins by 2027.

Overview

Iridex reported flat Q1 2026 revenue of $11.8 million in line with guidance and reaffirmed full-year revenue guidance of $51 million to $53 million while excluding Middle East contributions.
Management attributed a roughly $800,000 shortfall in retina revenue to foreign regulatory delays and EndoProbe supply constraints and said that backlog should shift into the second quarter.
The Glaucoma G6 platform drove growth in the quarter with probe sales up about 14% year over year even as system unit sales remained flat, highlighting recurring consumable demand separate from device sales.
Iridex is pursuing cost reductions and a multi-year move to third-party contract manufacturing plus relocation of G&A out of California to lower fixed costs and expand gross margins through 2027.
Management pointed to commercial levers such as the IPRO GPO partnership to expand market access and said it expects quarterly cash generation to improve as inventory is sold through, supporting a path to positive full-year 2026 cash flow.