35 unchanged sentences
Cost of revenues consists primarily of our direct manufacturing costs which include the cost of components and sub-systems, assembling, packaging, shipping and testing components at our facility, direct labor and associated overhead, warranty, royalty and amortization of intangible assets and depot service costs.
−Removed: For certain of the Company's products, the Company responsible for the cost of the fully assembled product that is manufactured by a third-party.
+Added: For certain of the Company ’ s products, the Company is responsible for the cost of the fully assembled product that is manufactured by a third-party.
Research and development expenses consist primarily of personnel costs, materials to support new product development and research support provided to clinicians at medical institutions developing new applications, which utilize our products and regulatory expenses.
3 unchanged sentences
Impact of Macroeconomic Conditions to our Business
−Removed: Current macroeconomic conditions exhibit challenges that can affect capital equipment purchasing demand and timing, including recessionary fears, inflation concerns, tariffs and retaliatory responses, trade wars, heightened interest rates as a result of government actions to combat inflation, and uncertainty in the global banking and financial services market, as well as other geopolitical developments, have impacted and may continue to impact business spending and the economy as a whole.
+Added: Current macroeconomic conditions exhibit challenges that can affect capital equipment purchasing demand and timing, including recessionary fears, inflation concerns, tariffs and retaliatory responses, trade wars, lapse in government funding, healthcare reform initiatives, heightened interest rates as a result of government actions to combat inflation, and uncertainty in the global banking and financial services market, as well as other geopolitical developments, have impacted and may continue to impact business spending and the economy as a whole.
As a result, the Company has seen customers extend purchase decision cycles.
5 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: Nine Months Ended
+Added: September 27, 2025
+Added: September 28, 2024
+Added: September 27, 2025
+Added: September 28, 2024
Cost of revenues
8 unchanged sentences
Provision for income taxes
−Removed: The following comparisons are between the three months ended June 28, 2025 and June 29, 2024 (in thousands):
+Added: The following comparisons are between the three months ended September 27, 2025 and September 28, 2024 (in thousands):
Three Months Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: September 27, 2025
+Added: September 28, 2024
Total revenues
Our total revenues increased by $0.9 million, or 7.8%, from $11.6 million to $12.5 million.
−Removed: The increase was driven by an increase in our retina product group and in services and other revenue, partially offset by a decrease in our glaucoma product group.
+Added: All of our product groups increased, led by probe sales in the glaucoma product group and system sales in the retina product groups.
While we believe that the market for our products remains strong, the overall capital expenditure landscape within hospitals, surgical centers and physician offices may continue to be negatively impacted by persistent macroeconomic concerns, including those from ongoing geopolitical uncertainty, tariffs and trade wars.
2 unchanged sentences
Gross margin decreased by 5.2% from 37.3% to 32.1%.
−Removed: The decrease in gross margin was driven primarily by an increase in overall manufacturing costs, product mix weighing toward capital system sales and geographic mix weighting toward international sales, partially offset by increases in average selling prices.
+Added: The decrease in gross margin was driven by a $0.8 million loss on inventory write down, partially offset by shift to more favorable geographic and product mix.
Gross margins may fluctuate due to changes in the relative proportion of domestic and international sales, the product mix of sales, introduction of new products, manufacturing variances, total unit volume changes, responses to the evolving macroeconomic and geopolitical uncertainty, including tariffs and trade wars, and other factors.
4 unchanged sentences
Sales and Marketing
−Removed: Sales and marketing expenses decreased $1.0 million, or 27.3%, from $3.5 million to $2.5 million.
−Removed: The decrease was related to our cost savings measures, resulting in lower headcount expenses, consulting expenses, travel expenses, tradeshows and public relations expenses, and clinical studies expenses.
+Added: Sales and marketing expenses remained relatively flat, though we continued realizing cost savings from lower headcount and being disciplined with our expenses.
General and Administrative
General and administrative expenses decreased by $0.4 million, or 20.2% from $2.2 million to $1.8 million.
−Removed: The decrease was a primarily due to a decrease in consulting costs and deal related legal expenses.
+Added: The decrease was a primarily due to a decrease in consulting costs.
Other Expense, Net
−Removed: Other expense, net was $33 thousand for the three months ended June 28, 2025 compared to other expense, net, of $22 thousand for the three months ended June 29, 2024.
+Added: Other expense, net was $158 thousand for the three months ended September 27, 2025 compared to $46 thousand for the three months ended September 28, 2024.
Other expense, net, consisted primarily of interest income or expense and foreign currency gain or loss.
−Removed: The Company recorded an income tax provision of $21 thousand and $19 thousand for the three months ended June 28, 2025 and June 29, 2024, respectively.
−Removed: The following comparisons are between the six months ended June 28, 2025 and June 29, 2024 (in thousands):
−Removed: Six Months Ended
−Removed: June 28, 2025
−Removed: June 29, 2024
+Added: The Company recorded an income tax provision of $4 thousand and $17 thousand for the three months ended September 27, 2025 and September 28, 2024, respectively.
+Added: The following comparisons are between the nine months ended September 27, 2025 and September 28, 2024 (in thousands):
+Added: Nine Months Ended
+Added: September 27, 2025
+Added: September 28, 2024
Total revenues
Our total revenues increased by $2.0 million, or 5.5%, from $36.0 million to $38.0 million.
−Removed: All of our product groups increased, with the retina product group seeing the largest increase.
+Added: All of our product groups increased, led by probe sales in the glaucoma product group and system sales in the retina product groups.
While we believe that the market for our products remains strong, the overall capital expenditure landscape within hospitals, surgical centers and physician offices may continue to be negatively impacted by persistent macroeconomic concerns discussed above.
Gross Profit and Gross Margin
−Removed: Gross profit increased $0.1 million, or 1.5%, from $9.6 million to $9.7 million.
+Added: Gross profit decreased $0.1 million, or 1.2%, from $13.9 million to $13.8 million.
Gross margin decreased by 2.5% from 38.7% to 36.2%.
−Removed: The decrease in gross margin was driven primarily by an increase in overall manufacturing costs, product mix weighing toward capital system sales and geographic mix weighting toward international sales, partially offset by increases in average selling prices.
+Added: The decrease in gross margin was driven by a $0.8 million loss on inventory write down, partially offset by shift to more favorable geographic and product mix.
Gross margins may fluctuate due to changes in the relative proportion of domestic and international sales, the product mix of sales, introduction of new products, manufacturing variances, total unit volume changes, responses to the evolving macroeconomic and geopolitical uncertainty, including tariffs and trade wars, and other factors.
10 unchanged sentences
Other Expense, Net
−Removed: Other expense, net, was $1.5 million for the six months ended June 28, 2025, driven primarily by the costs associated with the settlement of the Lind Note.
−Removed: Other expense, net, was $0.2 million for the six months ended June 29, 2024, consisting primarily of interest and amortization of loan expenses related to the Lind Note transaction.
−Removed: The Company recorded an income tax provision of $33 thousand and $57 thousand for the six months ended June 28, 2025 and June 29, 2024, respectively.
+Added: Other expense, net, was $1.7 million for the nine months ended September 27, 2025, driven primarily by the costs associated with the settlement of the Lind Note.
+Added: Other expense, net, was $0.2 million for the nine months ended September 28, 2024, consisting of interest and amortization of loan expenses related to the Lind Note transaction and foreign currency loss.
+Added: The Company recorded an income tax provision of $37 thousand and $74 thousand for the nine months ended September 27, 2025 and September 28, 2024, respectively.
Liquidity, Capital Resources and Management Plans
1 unchanged sentence
In addition, liquidity includes the ability to obtain appropriate financing or to raise capital.
−Removed: As of June 28, 2025, the Company had cash and cash equivalents of $6.8 million and working capital of $13.2 million compared to cash and cash equivalents of $2.4 million and working capital of $7.0 million as of December 28, 2024.
−Removed: Net cash used in operating activities was $1.5 million in the six months ended June 28, 2025 compared to net cash used in operating activities of $3.0 million in the six months ended June 29, 2024.
+Added: As of September 27, 2025, the Company had cash and cash equivalents of $5.6 million and working capital of $11.7 million compared to cash and cash equivalents of $2.4 million and working capital of $7.0 million as of December 28, 2024.
+Added: Net cash used in operating activities was $2.7 million in the nine months ended September 27, 2025 compared to net cash used in operating activities of $6.0 million in the nine months ended September 28, 2024.
The decrease in net cash used in operating activities was primarily due to reduction in net loss and reduction in inventory, offset by decreases in collections of accounts receivable and a paydown of liabilities.
−Removed: For the six months ended June 28, 2025 and June 29, 2024, net cash used in investing activities was $24 thousand and $3 thousand, respectively, which consisted of capital expenditures.
−Removed: For the six months ended June 28, 2025, net cash provided by financing activities was $6.0 million.
+Added: For the nine months ended September 27, 2025 and September 28, 2024, net cash used in investing activities was $37 thousand and $4 thousand, respectively, which consisted of capital expenditures.
+Added: For the nine months ended September 27, 2025, net cash provided by financing activities was $6.0 million.
The Company received $10 million in issuance of convertible preferred shares and convertible debt, offset by $4.0 million in early prepayment of convertible debt and taxes paid related to net share settlements of equity awards.
−Removed: For the six months ended June 29, 2024, no net cash was used in financing activities.
+Added: For the nine months ended September 28, 2024, net cash $2.8 million was provided by financing activities of issuance of convertible notes, net.
The Company has historically funded our operations primarily through sales of our products to customers, sales of our common stock and borrowing arrangements.
−Removed: As of June 28, 2025, our principal sources of liquidity consisted of cash and cash equivalents of $6.8 million.
−Removed: The Company has incurred net losses over the last several years, and as of June 28, 2025, have an accumulated deficit of approximately $90.7 million.
+Added: As of September 27, 2025, our principal sources of liquidity consisted of cash and cash equivalents of $5.6 million.
+Added: The Company has incurred net losses over the last several years, and as of September 27, 2025, have an accumulated deficit of approximately $92.3 million.
+Added: The Company’s purchase commitments consist primarily of non-cancellable purchase commitments with vendors to manufacture certain components and ophthalmic instrumentation.
+Added: As of September 27, 2025, the Company’s future minimum payments through fiscal year 2027 for its purchase commitments were approximately $20.7 million, with $12.4 million committed for the next 12 months.
On March 19, 2025, the Company entered into the Novel Securities Agreement and the Novel Note Purchase Agreement with Novel.
Pursuant to the Novel Securities Agreement and the Novel Note Purchase Agreement, Novel has the right to purchase additional convertible promissory notes (the “Growth Notes”) in an aggregate principal amount of $10,000,000.
−Removed: The Growth Notes are issuable in three installments, with one third of the aggregate principal amount issuable upon each yearly anniversary after March 19, 2025.
+Added: The Growth Notes are
+Added: issuable in three installments, with one third of the aggregate principal amount issuable upon each yearly anniversary after March 19, 2025.
The Company believes its existing cash and cash equivalents will be sufficient to meet its anticipated cash needs over the next 12 months.
The Company’s future capital requirements will depend on many factors, including its growth rate, the timing and extent of its spending to support research and development activities, the timing and cost of establishing additional sales and marketing capabilities, the introduction of new and enhanced products and its costs to implement new manufacturing technologies.
−Removed: financing obtained by the Company in the future could also involve restrictive covenants relating to its capital-raising activities and other financial and operational matters, which may make it more difficult for the Company to obtain additional capital and to pursue business opportunities, including potential acquisitions.
−Removed: Additionally, if the Company raises additional funds through further issuances of equity, its existing stockholders could suffer significant dilution in their percentage ownership of the Company, and any new equity securities the Company issue could have rights, preferences and privileges senior to those of holders of our common stock.
+Added: Any debt financing obtained by the Company in the future could also involve restrictive covenants relating to its capital-raising activities and other financial and operational matters, which may make it more difficult for the Company to obtain additional capital and to pursue business opportunities, including potential acquisitions.
+Added: Additionally, if the Company raises additional funds through further issuances of equity, its existing stockholders could suffer significant dilution in their percentage ownership of the Company, and any new equity securities the Company issues could have rights, preferences and privileges senior to those of holders of our common stock.
Off-Balance Sheet Arrangements
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.