Hello, everyone, thank you all for joining us during the Lytham Partners Spring 2026 investor conference. My name is Adam Lowensteiner, Vice President at Lytham Partners. Today, Patrick Mercer, President and CEO of IRIDEX is here with us. IRIDEX trades under the ticker symbol IRIX on the Nasdaq Stock Exchange. Let's get started. Welcome, Patrick. I will turn the floor over to you for your presentation. Thank you, Adam. I want to thank everyone for taking the time today to learn about IRIDEX. As mentioned, I'm Patrick Mercer, the President and Chief Executive Officer at IRIDEX. I've been with the company for eight years. I've been CEO for a year and a half. I just want to remind everyone today that I will be providing forward-looking statements. I'd like to start with the company's vision and the company's mission statement. I just want to start with that. Our vision at IRIDEX is to transform laser-based eye care to preserve sight and improve quality of life for patients suffering from ophthalmic conditions globally. Our mission is to deliver innovative, clinically proven, non-invasive laser technologies that improve outcomes for patients with retinal diseases and glaucoma. Let's learn a little bit more about IRIDEX. As some of you may or may not know, IRIDEX has a longstanding reputation in ophthalmic lasers. The company has been designing and manufacturing laser devices since the 1990s and has really been the technology leader. We have a strong clinical credibility, and our global customer base has been really key to our success. Our portfolio covers both retina and glaucoma products, giving us solid reach across two major markets. Our retina business is primarily a capital equipment business, although 22% of that is our high-margin retina probes. Glaucoma is our reoccurring revenue business. In 2025, our revenue was $53 million, $30 million from retina with a 51% direct margin, and $14 million from glaucoma with a 72% direct margin. One of the things we're excited to talk about, and we'll expound upon later, is we achieved profitability in Q4 2025. Let's look at our retina product portfolio. It's one of the broadest in the industry. It includes our PASCAL pattern scanning systems, our legacy lasers, and our IQ lasers with MicroPulse technologies. These solutions cover both our surgical and medical laser retina needs. We also have delivery devices, our disposable retina probes, and accessories, which give us really a full suite of products that can be used by clinicians in the space. On the glaucoma side, our Cyclo G6 platform and our full range of MicroPulse and continuous wave probes are keys to tools for specialists treating all stages of glaucoma disease. MicroPulse TLT in particular is quickly becoming a go-to choice because it's safe, predictable, and repeatable. Glaucoma's on the rise around the world. Our probes offer a great mix of clinical benefits and economic values for our practices. We now have a strong global presence with direct sales in the U.S. and wide distribution around the world, reaching over 100 countries. This allows us to scale efficiently while supporting growth in both our capital systems and disposable probes. Our U.S. retina install base is aging, especially with PASCAL and our IQ platforms. Nearly three-quarters of these systems are over five years old, with many approaching end of service. This creates a significant replacement opportunity, which is particularly timely as we introduce new product platforms. Let's look at our retina product overview. Let's talk about PASCAL. We offer clinicians a full range of tissue-sparing laser options. These are sub-threshold treatments. There are three software options that can be purchased with a PASCAL: MicroPulse, Endpoint Management, and PSLT, a glaucoma treatment. These software options are safe, efficient, and effective. The PASCAL system is fast and easy to use, making it retina's flagship product. The global retina laser market is big and growing, fueled by the rise in diabetic eye disease and aging populations. With over 8 million retina laser procedures each year and more than 55 million patients at risk of vision-threatening diabetic conditions, the demand for safe, predictable laser therapy is only going up. Our MicroPulse technology puts us in a strong position to meet that demand. The DME trial simply looks to extend visual acuity in the diabetic macular edema patient population. It addresses the economic burden of repeat pharmaceutical injections. Using MicroPulse in conjunction with injections would reduce the amount of injections a patient needs. IRIDEX MicroPulse patented technology is clinically proven. The comparison here illustrates the clinical advantage of MicroPulse over traditional laser therapy, which can leave visual scarring that impacts visual function. MicroPulse minimizes thermal damage, as the off period of the laser allows the heat to dissipate, enabling effective treatment while preserving retinal tissue. Our EndoProbe line continues to be a strong contributor, offering precise surgical tools that integrate seamlessly into vitrectomy procedures. These single-use devices enhance surgeon control and generate reoccurring revenue with each case. Now looking at our glaucoma product family. The U.S. market offers substantial room for growth. Really, we're just scratching the surface. There are 2.1 million moderate patients, and that's the real opportunity for IRIDEX. We are seeing momentum here. There continues to be growing interest in non-incisional treatments, and we are seeing more comprehensive use MicroPulse TLT. This opportunity allows us to treat patients earlier in the continuum of care. Internationally, the opportunity is even larger, with millions of treatable eyes and a large global surgeon base. We estimate around $700 million probe opportunity in the rest of the world markets alone. As we strengthen distributor performance and introduce enhanced training, we expect to steadily increase utilization globally. When you look at all the different types of glaucoma treatments available out there, the great thing about our technology is its versatility. It allows us to treat patients following any of these procedures or in conjunction with them. When you talk about glaucoma, used to, glaucoma, they had diagnosed it when you were 60, and they would treat you till you died at age 75. Today, glaucoma is being diagnosed earlier and patients are living longer, meaning the disease can span 30 - 40 years. IRIDEX offers solutions that can treat patients across the entire life cycle of the disease. Let's look at the prospective data because it's quite compelling. If you look, you see a greater than 50% reduction in IOP at 12 months with an excellent safety profile. What's important here is that escalating the dose improves efficacy predictability while maintaining extremely low complication rates. This reinforces MicroPulse TLT's position as one of the safest non-incisional glaucoma therapies available. In this study by Dr. Noecker, he showed that when we look at patients long-term, we continue to see sustained IOP reduction even after five years. In this particular study, we saw an average of 32.5% IOP reduction and a decrease in drops administered, an outstanding achievement. Looking at repeatability, this isn't a one-and-done procedure. Clinical data shows that MicroPulse and continuous wave treatments can be repeated, providing meaningful and sustained IOP reduction over time. This allows ongoing treatment as needed to manage glaucoma effectively. As a lot of you know, there's been a lot of volatility in reimbursement in regards to MIGS procedures. Furthermore, the LCD no longer allows stacking of mixed procedures. MP-TLT is not a mixed procedure, and the LCD ruling has been a tailwind for us and will continue to be a tailwind as we move through 2026. If you look at the ROI for the Cyclo G6, it shows that payback for the purchase of a Cyclo G6 laser platform is one year when just performing three or more procedures per month. The economics are even more favorable when the procedure is done in a hospital setting. Since my tenure as CEO, I reduced the size of the sales force by half while still maintaining revenue growth. Tools like MedScout helped us. It gave us granular visibility into where clinicians are performing our procedures and exactly where they are doing them. This level of insight helps us understand procedure adoption and utilization, allowing us to target mid-range users to increase utilization and target big glaucoma users who haven't tried MicroPulse. Let's look at our current financial overview. Our focus in 2025 was profitability, and here are a few actions we took. We greatly reduced our headcount. We relocated our G&A to the Philippines. We increased our ASP on all probes sold in the U.S. We outsourced PASCAL to a third party, and we outsourced our PASCAL Synthesis to a new contract manufacturer. When I took over as CEO in October 2024, we took decisive actions to reduce operating expenses, eliminate the cash burn, and reduce our cost of goods. We reviewed personnel in every line of spending to rightsize the company for our revenue. Romeo and I are very excited about what we achieved in 2025, posting positive cash flow in Q4, reducing OpEx by 29%, improving our operating income, and achieving positive adjusted EBITDA for the full year in 2025, an achievement not attained in the company's recent history. We have proven that we are good stewards of capital, and in 2026, we'll continue to focus on profitability, improving margins, and reducing OpEx while driving toward cash flow positive operations. I want to thank you for listening today and joining us. Thank you, Patrick. Thank you for everyone for watching. I'm sorry, Patrick, do you have anything else to say? Nope. Well, thank you for your presentation. If you have any questions or would like to schedule a meeting with IRIDEX, please send me an email at lowensteiner@lythampartners.com. If you'd like to learn more about Lytham Partners, you can visit our website at lythampartners.com or follow us on LinkedIn to stay connected about future events. We hope you all enjoy the rest of your conference. Have a great day.