IRIDEX Corporation (NASDAQ:IRIX) Q4 2023 Earnings Call Transcript

So I think we’re consistent with the overall capital equipment marketplace. And then I think we’ve now positioned ourselves for a better recovery out of that with two new platforms on the retina side of the business and already seeing solid interest in the new IRIDEX PASCAL platform. So I don’t think there’s any major change. I think it’s multiple quarters is really part of that longer term impact on softness in capital in general. So maybe the industry as a whole and that segment did not see that mid single digits kind of growth in ’23 versus ’22.

Tom Stephan: Last one for me, just on the balance sheet. I think burn was $1 million in the quarter. Dave or Fuad, how should we be thinking about, I guess, normalized quarterly burn or lack thereof in 2024?

David Bruce: We have been talking about adjustments to our spending rate and reducing our cash usage and we achieved that in the fourth quarter despite having some other singular expenses that offset those savings. So it wasn’t as dramatic. But we’re also managing on the balance sheet side with inventory reductions and trying to better match up our payables and receivables in terms of days outstanding. And so all of that led to a relatively good cash usage performance in the fourth quarter. Those cost reductions will carry through, that’s part of our planning to pursue the growth initiatives with an eye to the cost effectiveness of those things. And so we anticipate that we can manage through the period with cash on hand for the execution as we simultaneously pursue potential transactions.

Operator: Thank you [Operator Instructions]. I’m showing no further questions in the queue. I would now like to turn the call back over to Dave for closing remarks.

David Bruce: Thank you. And thank you all for joining the call. We look forward to reporting updates as they unfold. Good afternoon.

Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.