IRIDEX Corporation

August 2017
Corporate Presentation

NASDAQ: IRIX
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Accordingly, during the course of this
presentation we may make forward-looking
statements regarding future events or the
future performance of the Company.
We caution you that such statements are just
predictions that involve risks and uncertainties,
and that actual events or results could differ
materially. We discuss a number of the risks in
our business in detail in the Companys SEC
reports, including our latest Form 10-K and our
latest Form 10-Q.
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 Investment Highlights

Growth Opportunity in Glaucoma (~$5 bn)

and Medical Retina (~$9 bn)

Differentiated & disruptive Transforming the Existing Platform of revenue

New Technology driven by treatment of generating business in
MicroPulse front and back of Surgical Retina
eye diseases

Early Traction in Glaucoma with Margin

Expansion and Ramping Revenue
3
Transitioning to High Growth

Surgical Retina Medical Retina Glaucoma

Legacy Premium Proprietary Scalable Platform

Razor/Razorblade

4
Glaucoma Business Overview

Glaucoma

5
 Glaucoma: Growth Opportunity

Large Market: $5B*

80M people with glaucoma; 25M diagnosed

Unmet Need
Significant shortcomings in current pharmaceutical and
device treatment alternatives

New business model

Scalable platform: Recurring probe sales from installed
base of systems

*Source: Market Scope estimate of 2015 global glaucoma treatment market excluding glaucoma diagnostic equipment
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 New Solutions Across the Continuum of Care
Cyclo G6TM System and associated probes
MicroPulse P3 (MP3) Probe G-Probe Illuminate G-Probe

Intelligence resides in the

probe, not the appliance

Revolutionary approach Early to Late-Stage Refractory

provides strong Glaucoma Glaucoma
Eye Drops Traditional Laser Invasive Surgery
competitive advantage MIGS

Portfolio enables treatment

along the glaucoma
continuum of care

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 Cyclo G6 Addresses Significant Unmet Need
Prescription eye drops
High non-compliance rates
Complex dosing regimens
Adverse side effects
High, recurring costs
Shortcomings of Current Options
Lasers SLT, ALT, MLT
Effects dissipate over time
High rate of failed IOP
control within 12 months
Repeat procedures less
effective
MIGS devices
Limited to use in cataract
surgery
Incisional procedure with
implant left behind
Long term efficacy unclear
Invasive surgery
High complication rate
High failure rate
Limited long-term efficacy
Significant post-operation
patient management

Cyclo G6 Offers Compelling Solutions

Safe Repeatable Titrateable Durable
Non-incisional Easy to perform Cost effective Across continuum of care
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 Cyclo G6: Immediate Commercial Impact

G6 Systems Sold* G6 Probes Shipped*

630 Total 48,500 Total

Guidance:
30,000 - 35,000
450 Guidance: 40,000

400
384 350 - 400
35,000
350
30,000 27,210
300
25,000
250 13,750
20,000
200
133 15,000
150 113
100
10,000 7,590
50 5,000

- -

2015 2016 2017 2015 2016 2017

*As of June 30, 2017. Product Launched in March 2015

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 Cyclo G6: Broad Global Support

Selected customers 50+ countries have purchased with recent

Japan approval and pending approval in China

Reimbursement established with permanent

U.S. CPT code

Three of six probes for G6 have been

authorized by FDA

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 Compelling Clinical Evidence:
NUHS Study 33% IOP reduction at 18 months
NUHS Clinical Study
MP3 Clinical Outcomes Mean IOP (n=38)

Summary at 18 Months 45
40
39.3

33% mean IOP reduction at 18 months 35 31.1

30 28.0 27.4 27.1 26.6
Reduction in eye drops from mean of 2.1 to 1.3 25.8 26.2

IOP (mmHg)
25
On average 1.3 treatments per patient with MP3 probe 20

Procedure can be add-on therapy as well as monotherapy 15

10
No adverse events
5
0

NUHS

Source: Clin Experiment Ophthalmol 2010;38(3):266-72

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 Compelling Clinical Evidence:
NUHS Followup Study 43% IOP reduction at 78 months
NUHS Clinical Study
MP3 Clinical Outcomes Mean IOP (n=14)

Summary at 78 Months 50
Mean IOP

43.3
43% mean IOP reduction at 78 months 45
40
Reduction in eye drops from mean of 1.8 to 1.1
35

IOP in (mmHg)
On average 3.6 treatments per patient with MP3 probe 30
24.8
25 20.9
18.2 19.6
20
15
10
5
0
0 6 12 18 78
Follow-up in Months

Source: EGS abstract, Prague, Czech Republic, June 19-22, 2016

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 Compelling Clinical Evidence:
Additional Studies Provide Consistent Outcomes
Dr. Robert Noecker MP3 Patient Case Series 1 Dr. Rolando Toyos Peer Reviewed Study 3
Mean IOP (n=46) Mean IOP (n=26)

30 30
30% reduction in IOP
25 25 @ 6-12 months; reduction
41% reduction in IOP in eye drops: 3.3 to 1.8
IOP (mmHg)

20 @ 12 months 20

IOP (mmHg)
15 15

10 10

5 5

0 0

Pre-Op (Mean) Post-Op (Mean) Pre-Op (Mean) Post-Op (Mean)

Wills Eye Hospital MP3 Peer Reviewed Study 2 Dr. Thomas John Patient Case Series 4
Mean IOP (n=19) Mean IOP (n=20)
50 25
30% reduction in IOP

IOP (mmHg)
40 20
IOP (mmHg)

39% reduction in IOP

30 @ 50 days 15

20 10

10 5

0 0

Pre-Op (Mean) Post-Op (Mean) Pre-Op (Mean) Post-Op (Mean)

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1 ARVO Abstract, Baltimore, Maryland, May 7-11, 2016 2 Lasers Medical Science (2016)31:393-396, DOI 10.1007/s10103-015-1856-9 3 Journal of Clinical & Experimental Ophthalmology, December 2016 4 ASCRS Paper Presentation, Los Angeles, CA, May 2017
 Compelling Clinical Evidence:
Additional Studies Provide Consistent Outcomes
Drs. Thomas Samuelson and Doheny Eye Center UCLA, Dr. University of Missouri, Dr. Wills Eye Hospital, Dr. Marlene
Mark Hansen, Minnesota Eye Brian Francis 2 Rohit Krishna 2 Moster 2
Consultants 1
Reviewed 119 procedures and 43% IOP reduction @ approximately 43% IOP reduction @ 6 months 50% IOP reduction @ an average of
concluded that MicroPulse is an 2 months follow-up (N=20) follow-up (N=30) 7.5 months follow-up (N=78)
effective, non-invasive treatment to
lower IOP and is a viable option for all
types of glaucoma at various stages.

University of Washington, Dr.
Murray Johnstone 2
Clinically used MicroPulse parameters
induce outflow system configuration
changes generally associated with
improved aqueous flow.
UCSF, Dr. Shan Lin 2 Yale University study 3 Multi-Center Retrospective
study 4
No presence of suprachoroidal fluid Study demonstrating minimal tissue 30% IOP reduction at three months
or anatomical changes were found. disruption from MP3
The study concluded, MP-TCP is
effective at lowering IOP in the
majority of patients and appears safe
without major complications.

1 ASCRS Paper Presentation, Los Angeles, CA, May 2017 2 ARVO Abstract, Baltimore, MD, May 2017 3 AGS Abstract, Fort Lauderdale, FL, March 2016 4 AGS Abstract, San Diego, CA, February 2015

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 Medical Retina Business Overview

Retina

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 Medical Retina: Growth Opportunity

Large Market for DME: $9B*

Aging population and diabetes epidemic

Unmet Need
High cost of treatment and treatment burden to physicians
and patients

Evolving business model

Capital equipment model transitioning to include additional
revenue sources

* Source: Market Scope estimate of global retinal pharmaceutical market plus retinal laser market in 2015 16
 Medical Retina: Broad Global Support

Selected customers
Over 65 countries have purchased

Over 135 publications, posters and podium

presentations

Over 700 systems sold and estimated ~1 million

patients treated

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 Financial Snapshot as of Q2 2017

Revenue Revenue Mix

($ in millions)

60 41% 43%
43.0- 59% 57%
50 46.2 46.0**
42.8 41.8*
38.3
40 U.S. O.U.S Recurring Systems

30
20.5 Balance Sheet
20
($ in millions)

10 Cash $24.6

0
2013 2014 2015 2016 2017 Debt $0.0

* 2015 revenue impacted by supply chain issues

**Revenue guidance provided on August 3, 2017 18
 Focused Execution to Achieve Goals

Near and Mid-Term Goals

Expand US and International salesforce; further penetrate territories

Increase manufacturing capacity; improve design and processes for scale
Product enhancements to introduce new features and benefits

Future Programs in Development

MicroPulse technology for other eye diseases

Lower cost and improved reliability laser technologies
New delivery modalities

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 Key Investment Highlights
1

7 Large Target Markets 2

Compelling Recurring
Revenue Model Significant Unmet Need

6 3
Global Differentiated
Commercialization Technology with Broad
Infrastructure Patent Portfolio

5 4
Value Based Medicine
Strong Brand and
Backed By Clinical
Trademarks
Evidence 20
Thank You

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Clinical Resources

Saksonov, Poster Mahootchi, Rethinking Saksonov, MicroPusle 577 Gossage, 532 TxCell Inagaki, MicroPulse for Caskey 577 nm MicroPulse Wong, MicroPulse
MicroPulse 577 Cystoid Regimen for Retina vs Classic ME due to BRVO MicroPulse ME due to ME due to BRVO, J Ophth CRVO, RP 2013 abstract, ASRS 2014doc
ME due to BRVO, APVRS Disease, RT 2014 AVPRS-VRSI 2011 BRVO, RT 2014 2014
2011

Luttrull, Retinal Protective Luttrull, Laser Luttrull, Long-term safety Parodi, Intravitreal Luttrull, Laser for BRVO, Saskonov, 577 nm ARM, Parodi, Subthreshold Grid
Therapy Dry AMD, IOVS Resensitization AMD, MicroPulse, Retina 2011 combined w grid for ME Retina Today 2011 RP 2011 Laser 810, Ophth 2006
2016 Retina 2015 in BRVO, BJO 2008 FRO

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Video Resources

Video 1: Video 2: Video 3:

MicroPulse Technology Animation Cyclo G6 Laser System Technology Transscleral Cyclophotocoagulation with Cyclo G6

Video 4: Video 5: Video 6:

Interview with Dr. Jacky Lee at ESCRS 2015 Media Release on New Treatments for Glaucoma News Report Dr. Harris on IQ577 for MLT and MP3
(Chinese with English subtitles)

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