Iridex Corporation · NASDAQ:IRIX
Iridex — Investor Presentation (December 2025)
28 slides from Iridex's investor presentation, Dec 11, 2025
Slide 1: Investor Presentation December 2025
ae Investor Presentation | F ID = x’ December 2025
Slide 2: Forward Looking Statements
Forward Looking Statements The information in this presentation contains estimates and other forward-looking statements regarding future events, including statements about the plans, strategies and intentions related to the development and commercialization of our products and procedures. Certain fo
Slide 3: Our Vision and Mission
OUR VISION Transform laser-based eye care to preserve sight and improve quality of life for patients suffering from ophthalmic conditions globally. OUR MISSION Deliver innovative, clinically proven, non-invasive laser technologies that safely and effectively treat glaucoma and retinal disorders. CpI
Slide 4: IRIDEX is a Global Leader in Ophthalmic Laser Solutions
IRIDEX is a Global Leader in Ophthalmic Laser Solutions Ce] $28M Ina Revenue = Offers a portfolio of established laser systems and delivery devices for a full spectrum S49 mM” RY anAA of retina and glaucoma treatments $1 3 M Total Revenue = Maintains a strong, long-term, and loyal customer base with
Slide 5: Retina Product Portfolio Snapshot
Retina Product Portfolio Snapshot Medical Retina * Includes 1Q 532® and 1Q 577® = Treatment of diabetic macular edema and other retinal diseases Bon Omn = MicroPulse® technology for a safe and effective therapy & long-term f al B f ral =] benefits with minimal tissue damage Nee Ne Surgical Retina —_
Slide 6: Glaucoma Product Portfolio Snapshot
Glaucoma Product Portfolio Snapshot Cyclo G6® Laser = Infrared (810 nm) laser with continuous-wave and patented : f MicroPulse® Technology modes. Console Ne Ak = Indications include a wide variety of glaucoma types, including } =e primary open-angle, closed-angle and refractory glaucoma cei Delivery
Slide 7: Global Commercial Footprint
iF Global Commercial Footprint ous: Us: = 1VP Sales = 1VP Sales = 12 area sales reps 4 regional managers cover Glaucoma & Retina 1.5 Support Staff = Supporting 40+ countries $26M FY2024 Actuals v = 1 Clinical Study Staff $23M FY2024 Actuals @ IRIDEX Direct @ IRIDEX Direct Distributors CpIRIDEX
Slide 8: Retina Product Overview
Retina Product Overview
Slide 9: US Retina Systems Opportunity
US Retina Systems Opportunity New platforms create a catalyst for the replacement cycle to increase annual unit sales IS Retina Systems Replacement Opportunity 75% of IQs are > 5 yrs old (EOS) 76% of PASCAL are > 5 yrs old (EOS) Aging Install Base: IQ 532® & 577° Aging Install Base: PASCAL® 1Q 532 &
Slide 10: PASCAL Laser: Technology Treatment Options
PASCAL® Laser: Technology Treatment Options MicroPulse® Technology G MicroPulse’ = Patented MicroPulse® technology chops a continuous-wave laser beam into an envelope of repetitive short “ON” pulses separated by longer “OFF” periods = “OFF” periods allow heat to dissipate and reduce thermal buildup
Slide 11: Retina Opportunities
Retina Opportunities pry A Marketing = The Global retina laser market in 2026 will be valued at 250.4 million dollars. * + Estimated 8.6 million retina laser treatments globally with a CAGR of 3.2% in 2026. * + Around 55.5 million people globally have vision threatening forms of diabetic eye disease
Slide 12: MicroPulse Technology for Retina Treatment
MicroPulse® Technology for Retina Treatment Leading clinically-based technology with full-line of retina lasers and delivery devices MicroPulse® Technology MicroPulse technology chops a continuous-wave laser beam into an envelope of repetitive short “ON” pulses separated by longer “OFF” periods. The
Slide 13: EndoProbe Handpieces Portfolio
EndoProbe® Handpieces Portfolio Single-use, disposable devices that deliver precise laser energy to targeted areas of the retina Illuminating EndoProbe Handpieces Stepped Angle Delivers energy with precision and accuracy Provides full coverage of the peripheral retina Compatible with Iridex and thir
Slide 14: Glaucoma Product Overview
Glaucoma Product Overview
Slide 15: U.S. Market Opportunity
U.S. Market Opportunity Eyes diagnosed with Glaucoma U.S. 2024 G6 Probes Sales: 26K units U.S. 2024 G6 Systems install base: 1.1K units 2.4 million potential eyes in U.S. moderate + patients Over 4,000 U.S. ASC and hospital target sites o 1,300 Glaucoma specialists o 8,700 Comprehensive ophthalmolog
Slide 16: Rest of World Market Opportunity
Rest of World Market Opportunity ¢ ROW 2024 G6 Probes Sales: 29K units 20.6 M) * ROW 2024 G6 Systems install base: 1.6K units 20.0 150 Major growth by 13.4.) | expanding penetration in moderate patients ¢ 4,5 million target eyes in developed economies o 3,000 Glaucoma specialists o 25,000 Cataract s
Slide 17: U.S. Demographics and population growth drive the glaucoma treatment landscape
U.S. Demographics and population growth drive the glaucoma treatment landscape 380K MIGS Procedures 4.5M 4.6M Glaucoma Cataracts oe 890K Trabs & Laser Tx Tubes Rx Meds in US > 50% will be * 10% fail year * ALT*/SLT>/MLT® can. 60% of patients * 18% (825K) have ineffective by over year? be performed u
Slide 18: Easing the challenge of longer glaucoma management
Easing the challenge of longer glaucoma management Earlier diagnosis Living longer Today __ 1990s Disease Duration Today Age I Ee Non-Incisional, repeatable transscleral laser with MicroPulse and continuous-wave technologies can offer a valuable addition to the new treatment paradigm: They can add y
Slide 19: Evolution of Transscleral Cyclophotocoagulation
Evolution of Transscleral Cyclophotocoagulation O Classic Conti (cw-TscPC) Gaasterland reported the first clinical results using 810 nm diode laser with the OcuLight® SLx Laser and G-Probe® Delivery Device as an advancement over 1064 nm Nd:YAG laser. ‘Subsequent prospective studies showed effective
Slide 20: A Recent Prospective Dose Escalation Study
A Recent Prospective Dose Escalation Study: Five 15-Sec Sweeps Shows a 56% IOP Decrease at 12 months»2 A 12 month prospective, randomized study evaluated the safety and efficacy of MicroPulse TLT using the Cyclo G6® Laser Console and revised MicroPulse P3® probe in a post-MIGS cohort via escalating
Slide 21: MicroPulse TLT: Long-Term Efficacy
MicroPulse TLT: Long-Term Efficacy’ 21 5-Year Treatment Outcomes In 112 pre- and post-cataract eyes, MicroPulse TLT treatment achieved: * significant average IOP reduction of 32.5% (p<0.001) * decrease in post-op medication burden by one drop compared to pre-op (p<0.005) * low rate of complications
Slide 22: MicroPulse TLT: Repeatability
MicroPulse TLT: Repeatability’ MicroPulse TLT retreatment can safely and effectively further reduce IOP in patients with glaucoma 76 eyes from patients with moderate to advanced glaucoma underwent retreatment following variable responses to their primary MicroPulse TLT procedure. * 3 months post ret
Slide 23: Transscleral CPC has favorable practice economics
Transscleral CPC has favorable practice economics CPT Code - 66710 Both CW-TSCPC and MicroPulse TLT! are reported with the same CPT code. (Ciliary body destruction; cyclophotocoagulation, transscleral approach) Medicare Reimbursement For MicroPulse* Transscleral Cyelophotocoagulation CORCOR, & corco
Slide 24: 66710 ROI: Cyclo G6 with MicroPulse P3 or G-Probe
66710 ROI: Cyclo G6® with MicroPulse P3® or G-Probe® Facility Reimbursement Ambulatory Surgical Cente hospital Monthly Patient Volume Monthly Patient Volume = MicroPulse TLT (MicroPulse P3 Probe} 2 = fea Moderate Glaucoma (MicroPulse P3 Probe) = é 7 fa SO a g ‘CW TSCPC (G Probe) ; a ae ‘Advanced Gla
Slide 25: MedScout Increases MicroPulse P3 & G-Probe Opportunities
MedScout Increases MicroPulse P3 & G-Probe Opportunities CC: “)IRIDEX 4 767) MedScout » CG | all | <Oy) (S) Targeting high- Offers visibility into potential accounts Monitors change in physicians’ Linked with based on procedure procedure volume backgrounds and Salesforce volumes schedules 25 epIRIDE
Slide 26: Current Financial Overview
Current Financial Overview
Slide 27: P&L Progress and Highlights
P&L Progress and Highlights 14,000 12,000 10,000 8,000 6,000 4,000 2,000 (2,000) (4,000) 27 P&L Progression Q1'24 to Q3'25 12,484 11,761, | - = Total Rev 7,751 5,424 (2,326) OPEX mqi'24 6 Q3'25 change 1,881 (1,411) (3,293) Op Inc Company Restructuring Began in 2024 and is Driving Toward Profitabilit
Slide 28: Thank you!
IRIDEX’ Thank you!