Summary of Glaukos Conference Call Company Overview - **Company**: Glaukos - **Industry**: Medical Supplies and Devices, specifically in ophthalmology - **Core Focus**: Innovation in ophthalmic treatments, particularly in minimally invasive glaucoma surgery (MIGS) and procedural pharmaceuticals [4][5] Key Points and Arguments Innovation and Market Leadership - Glaukos has pioneered the global MIGS marketplace and is creating new markets in procedural pharmaceuticals with products like iDose [4][5] - The company has invested approximately $800 million in R&D since 2018, resulting in 12 commercially available products and 13 in various development phases [7] Market Growth and Financial Performance - Achieved over 30% market growth in the past year, with a sustained CAGR of over 20% for the last decade [7] - Reported a record quarter with revenues of $507 million for 2025, projecting a 20% CAGR over the next 10 years [36] Product Development and Pipeline - Focus on changing treatment paradigms for glaucoma and keratoconus, with significant advancements in products like iDose TR and Epioxa [8][28] - iDose TR shows promising results, with 81% of patients off all medications after one year and 70% well-controlled after three years [12][13] - Epioxa is a new treatment for keratoconus, targeting a younger patient demographic and aiming to increase patient access [30][31] Market Dynamics and Challenges - The current treatment paradigm for glaucoma is inefficient, with 90% of patients non-adherent to medication regimens [10] - Glaukos aims to shift clinicians towards interventional approaches that provide continuous treatment [10][11] - The company faces challenges in reimbursement processes for Epioxa, which differ significantly from those for iDose due to the complexity of commercial payers [46][48] Future Vision and Strategy - Glaukos envisions a future where interventional glaucoma procedures could match the volume of cataract surgeries, projecting significant growth in this area by 2035 [27] - Plans to create a new cadre of interventional glaucoma surgeons who will integrate iDose and iStent Infinite into their practices [26][27] - Commitment to building a comprehensive product portfolio that addresses all stages of glaucoma treatment [28] Additional Important Insights - The company is expanding its manufacturing capabilities with new facilities in San Clemente and Huntsville, Alabama [37] - Glaukos is diversifying its operations internationally, now present in 17 countries with over 300 employees [36] - The management emphasizes the importance of educating physicians and patients about the benefits of new therapies to drive adoption [55][56] Conclusion Glaukos is positioned as a leader in ophthalmic innovation, with a strong focus on developing new treatment paradigms for glaucoma and keratoconus. The company is navigating challenges in market access and reimbursement while maintaining a robust growth trajectory and a commitment to expanding its product offerings.

Core Insights - Sight Sciences (SGHT) published a systematic literature review and meta-analysis in the European Journal of Ophthalmology, confirming the long-term safety and efficacy of the OMNI Surgical System (OMNI) for patients with primary open-angle glaucoma [1][4][9] Company Performance - Following the announcement, SGHT's shares increased by 7.9%, closing at $3.69, with a year-to-date gain of 1.4% compared to the industry's decline of 11.4% [3] - SGHT currently has a market capitalization of $179.1 million and projects an earnings growth of 17.7% for the next year [5] Clinical Evidence - The meta-analysis covered 29 publications across 22 unique studies involving 2,379 eyes, demonstrating that OMNI provides sustained reductions in intraocular pressure (IOP) and medication use while maintaining a favorable safety profile [9] - Nearly 89% of patients achieved at least a 20% reduction in IOP at 6, 12, and 24 months, with approximately 66–68% remaining medication-free at 6 and 12 months [10] Economic Value - The cost-utility analysis indicated that patients treated with OMNI achieved an average of 8.95 quality-adjusted life years (QALYs) over a lifetime horizon, slightly higher than the 8.93 QALYs for the leading market alternative, iStent inject [11]

Core Viewpoint - The systematic review and meta-analysis published in The European Journal of Ophthalmology indicates that the OMNI Surgical System is a beneficial treatment option for patients with primary open-angle glaucoma due to its favorable long-term safety and efficacy profiles [1][3]. Group 1: Study Overview - The study included 29 publications, assessing the OMNI system and its predecessors, Visco360 and Trab360, for treating open-angle glaucoma [2][4]. - A total of 2,379 eyes were analyzed across 22 unique studies, focusing on both clinical and economic outcomes [4]. Group 2: Key Findings - Approximately 89% of patients achieved treatment success (IOP reduction ≥20% from baseline) after 6, 12, and 24 months [5]. - After 6 and 12 months, 66–68% of patients remained medication-free [5]. - Mean intraocular pressure (IOP) was significantly reduced to below 18 mmHg at 12 months for patients with baseline IOP ≥18 mmHg and continued to show improvement at 24 months [5]. - The meta-analysis confirmed comparable IOP reductions for both standalone and combination therapies at multiple time points [5]. - Average IOP-lowering medication use decreased from a range of 0.9 to 3.4 at baseline to 0.1 to 2.2 at month 12 [5]. - Patients with baseline IOP ≥18 mmHg experienced a mean IOP reduction of 6.4 to 10.0 mmHg at 12 months [5]. - Adverse events were generally mild and transient [5]. - Economic analyses indicated that OMNI is cost-effective compared to the market leader, iStent inject, with slightly higher quality-adjusted life years (QALYs) attributed to OMNI's favorable adverse event profile [5][6]. Group 3: Company Commitment - The company emphasizes its commitment to generating strong clinical evidence to demonstrate the safety, effectiveness, and durability of the OMNI system [7]. - The findings aim to reinforce surgical confidence among healthcare providers and support reimbursement decisions [7].