IRIDEX is a small medical device company that makes laser systems for treating glaucoma and retinal eye diseases. The core glaucoma product is the Cyclo G6 laser system, used with single-use disposable probes—primarily the MicroPulse P3—to perform transscleral laser therapy (TLT), a non-incisional procedure that lowers intraocular pressure by targeting the ciliary body. The flagship retina product is the PASCAL laser, a pattern-scanning platform used by retinal specialists to treat conditions like diabetic retinopathy and macular edema. IRIDEX also sells portable IQ laser systems and single-use EndoProbe handpieces for surgical settings. IRIDEX sells directly in the U.S. and Germany, and through distributors internationally; international sales represent over half of total revenue. The business model is razor-and-blade: laser consoles are sold once, but each procedure requires a single-use disposable probe, creating a recurring revenue stream tied to procedural volume. Disposable probes carry higher margins than capital equipment sales, and international sales carry lower margins than domestic due to distributor economics. IRIDEX manufactures in Mountain View, California, which is expensive, and the company is transitioning production to contract manufacturers to improve margins. A recent Medicare coverage expansion for TLT in mild-to-moderate glaucoma has broadened the addressable patient population for G6 probe procedures. IRIDEX's growth strategy centers on increasing probe utilization in its installed base, expanding PASCAL adoption domestically, securing regulatory approvals for PASCAL in Europe, and potentially adding complementary products through its existing distribution network.