IRIX Q1 revenue flat as gross margin compresses 230bp on tariffs, manufacturing transition

Filed May 19, 2026 · Period ending April 4, 2026 · ~1 min read

Key Changes

• high

  Gross margin fell 230 basis points to 40.2% (from 42.5% prior year) driven by tariff-related cost increases and expenses from transitioning to lower-cost contract manufacturers.

  MD&A: Gross Margin verify on EDGAR →
• high

  Revenue essentially flat at $11.8M (down 0.8% YoY) as 14.5% growth in glaucoma products offset 12.3% decline in retina products; operating loss widened to 2.8% of revenue from 1.7%.

  MD&A: Revenue & Operations verify on EDGAR →
• high

  Cash declined $1.4M during quarter to $4.6M; company has access to $10M convertible note facility from Novel (drawable in three annual installments starting March 2026) but has not yet tapped it.

  MD&A: Liquidity verify on EDGAR →