27 unchanged sentences
In operating rooms and ambulatory surgical centers, ophthalmologists use our laser systems with either an indirect laser ophthalmoscope or a single-use consumable probe, including MicroPulse P3 ® , G-Probe ® and G-Probe Illuminate ® delivery devices, and EndoProbe handpieces.
−Removed: In the offices and clinics, ophthalmologists use our laser systems with either an indirect laser ophthalmoscope or a slit-lamp adapter.
+Added: In offices and clinics, ophthalmologists use our laser systems with either an indirect laser ophthalmoscope or a slit-lamp adapter.
Our proprietary MicroPulse® and Continuous Wave laser therapies for glaucoma have been adopted by physicians around the globe as effective tools for managing and slowing the progression of glaucoma.
21 unchanged sentences
Three Months Ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: Six Months Ended
+Added: June 28, 2025
+Added: June 28, 2025
Cost of revenues
8 unchanged sentences
Provision for income taxes
−Removed: The following comparisons are between the three months ended April 4, 2026 and March 29, 2025 (in thousands):
+Added: The following comparisons are between the three months ended July 4, 2026 and June 28, 2025 (in thousands):
Three Months Ended
−Removed: April 4, 2026
−Removed: March 29, 2025
+Added: June 28, 2025
Total revenues
Our total revenues decreased by $1.0 million, or 7.4%, from $13.6 million to $12.6 million.
−Removed: Revenue in our glaucoma and other revenue product groups increased, partially offset by a decrease in our retina products.
+Added: Revenue in our retina and other revenue product groups decreased, partially offset by an increase in our glaucoma product group.
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 uncertainties, including the conflicts in the Middle East, tariffs and trade wars, and other factors.
12 unchanged sentences
General and administrative expenses decreased by $0.4 million, or 16.9% from $2.2 million to $1.8 million.
−Removed: The decrease was primarily attributable to lower consulting costs, reduced deal related legal expenses, and cost savings realized from the general and administrative function transfer initiative announced in prior periods.
+Added: The decrease primarily reflects cost savings realized from the previously announced general and administrative function transfer initiative and lower severance expense compared to the prior fiscal year.
Other Income (Expense), Net
−Removed: Other expense, net, was $0.1 million for the three months ended April 4, 2026, primarily consisting of interest and amortization of loan expenses.
−Removed: Other expense, net, was $1.5 million for the three months ended March 29, 2025, driven primarily by the costs associated with the Lind Note payable settlement.
−Removed: We recorded an income tax provision of $58 thousand and $12 thousand for the three months ended April 4, 2026 and March 29, 2025, respectively.
+Added: Other expense, net, was $167 thousand and $33 thousand, respectively, for the three months ended July 4, 2026 and June 28, 2025, primarily consisting of interest and amortization of loan expenses.
+Added: We recorded an income tax provision of $70 thousand and $21 thousand for the three months ended July 4, 2026 and June 28, 2025, respectively.
+Added: The following comparisons are between the six months ended July 4, 2026 and June 28, 2025 (in thousands):
+Added: Six Months Ended
+Added: June 28, 2025
+Added: Total revenues
+Added: Our total revenues decreased by $1.1 million, or 4.3%, from $25.5 million to $24.4 million.
+Added: Revenue in our retina product group decreased, partially offset by an increase in our glaucoma and other revenue product groups.
+Added: 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 uncertainties, including the conflicts in the Middle East, tariffs and trade wars, and other factors.
+Added: Gross Profit and Gross Margin
+Added: Gross profit decreased by $0.7 million, or 7.2% from $9.7 million to $9.0 million.
+Added: Gross margin decreased by 1.1% from 38.2% to 37.1%.
+Added: The decrease in gross margin was primarily due to higher manufacturing costs and increased product costs related to recent tariff developments as the Company continues its transition to lower-cost contract manufacturers.
+Added: 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, conflicts in the Middle East, including tariffs and trade wars, and other factors.
+Added: Research and Development
+Added: Research and development expenses increased $0.1 million from $1.7 million to $1.8 million, primarily due to increased personnel costs associated with higher headcount.
+Added: Sales and Marketing
+Added: Sales and marketing expenses increased $0.1 million from $5.0 million to $5.1 million.
+Added: The increase was primarily attributable to higher personnel-related costs resulting from increased average headcount.
+Added: General and Administrative
+Added: General and administrative expenses decreased by $0.6 million, or 16.4% from $4.1 million to $3.5 million.
+Added: The decrease primarily reflects lower consulting costs, cost savings realized from the previously announced general and administrative function transfer initiative, and lower severance expense compared to the prior fiscal year.
+Added: Other Income (Expense), Net
+Added: Other expense, net, was $0.3 million for the six months ended July 4, 2026, primarily consisting of interest and amortization of loan expenses.
+Added: Other expense, net, was $1.5 million for the six months ended June 28, 2025, driven primarily by the costs associated with the Lind Note payable settlement.
+Added: We recorded an income tax provision of $128 thousand and $33 thousand for the six months ended July 4, 2026 and June 28, 2025, 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 April 4, 2026, we had cash and cash equivalents of $4.6 million and working capital of $11.8 million compared to cash and cash equivalents of $6.0 million and working capital of $12.0 million as of January 3, 2026.
−Removed: Net cash used in operating activities was $1.3 million in the three months ended April 4, 2026 compared to net cash used in operating activities of $1.1 million in the three months ended March 29, 2025.
−Removed: The increase in net cash used in operating activities was primarily due to increase in loss from operations.
−Removed: For the three months ended April 4, 2026, net cash used in investing activities was $0.1 million, which consisted of capital expenditures.
−Removed: For the three months ended March 29, 2025, net cash used in investing activities was $11 thousand, which consisted of capital expenditures.
−Removed: For the three months ended April 4, 2026, net cash used in financing activities was $1 thousand, primarily related to taxes paid to net share settlement of equity awards.
−Removed: For the three months ended March 29, 2025, net cash from financing activities was $6.0 million.
+Added: As of July 4, 2026, we had cash and cash equivalents of $4.7 million and working capital of $10.8 million compared to cash and cash equivalents of $6.0 million and working capital of $12.0 million as of January 3, 2026.
+Added: Net cash used in operating activities was $1.2 million in the six months ended July 4, 2026 compared to net cash used in operating activities of $1.5 million in the six months ended June 28, 2025.
+Added: The decrease primarily reflects lower operating losses, partially offset by increased purchases of safety stock inventory.
+Added: For the six months ended July 4, 2026, net cash used in investing activities was $0.1 million, which consisted of capital expenditures.
+Added: For the six months ended June 28, 2025, net cash used in investing activities was $24 thousand, which consisted of capital expenditures.
+Added: For the six months ended July 4, 2026, net cash used in financing activities was $39 thousand, primarily related to taxes paid related to net share settlement of equity awards.
+Added: For the six months ended June 28, 2025, net cash from financing activities was $6.0 million.
In the first fiscal quarter of 2025, we received $10 million in issuance of convertible preferred shares and convertible debt, offset by $4.0 million in early prepayment of convertible debt.
We have historically funded our operations primarily through sales of our products to customers, sales of our common stock and borrowing arrangements.
−Removed: As of April 4, 2026, our principal sources of liquidity consisted of cash and cash equivalents of $4.6 million.
−Removed: We have incurred net losses over the last several years, and as of April 4, 2026, have an accumulated deficit of approximately $92.9 million.
+Added: As of July 4, 2026, our principal sources of liquidity consisted of cash and cash equivalents of $4.7 million.
+Added: We have incurred net losses over the last several years, and as of July 4, 2026, have an accumulated deficit of approximately $94.2 million.
On March 19, 2025, the Company entered into the Novel Securities Agreement and the Novel Note Purchase Agreement with Novel.
5 unchanged sentences
In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all.
−Removed: Any debt financing obtained by us in the future could also involve restrictive covenants relating to our capital-raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions.
+Added: Any debt financing
+Added: obtained by us in the future could also involve restrictive covenants relating to our capital-raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions.
Additionally, if we raise additional funds through further issuances of equity, our existing stockholders could suffer significant dilution in their percentage ownership of our company, and any new equity securities we issue could have rights, preferences and privileges senior to those of holders of our common stock.
5 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.