Glaukos(US:GKOS)2025-09-03 15:15Financial Data and Key Metrics Changes - The company reported four consecutive quarters of over 20% growth, with a notable acceleration to 29% in constant currency during the second quarter [5][6] - Sales for iDose reached $31 million in the second quarter, an increase of approximately $10 million sequentially [11] Business Line Data and Key Metrics Changes - The iDose product is still in the early stages of market development, with significant sales driven by Noridian and Novitas, which cover about 50% of Medicare lives [12][13] - The company anticipates continued growth in iDose sales, although seasonality may affect trends in the third quarter [14][15] Market Data and Key Metrics Changes - The potential market for glaucoma procedures has expanded significantly, with estimates of 21 to 22 million eyes affected, compared to a previous estimate of 500,000 potential procedures in the U.S. [6][7] - The company is focusing on increasing market access and reimbursement to drive adoption of iDose and other products [12][25] Company Strategy and Development Direction - The company aims to change the standard of care in combination cataract and glaucoma surgery, with a focus on long-term growth opportunities [6][10] - Management emphasizes the importance of maintaining flexibility to invest in growth rather than prioritizing immediate profitability [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained growth above market rates, with a focus on unlocking larger market opportunities over the next decade [6][7] - The company is preparing for potential challenges in 2026 related to commercial payer dynamics and the adoption of new products [50][66] Other Important Information - The company is actively working on advocacy and education efforts to facilitate the adoption of iDose among remaining MACs [23][24] - Management indicated that while there will be a transition period for Epioxa, they expect to see growth in the corneal health segment in 2026 [66] Q&A Session Summary Question: What is the company's growth outlook? - The company has posted four consecutive quarters of over 20% growth and expects to maintain this trajectory moving forward [5][6] Question: When will profitability become a focus? - The near-term focus remains on cash flow breakeven rather than immediate profitability, with management indicating that profitability will be addressed when appropriate [9][10] Question: How is the launch of iDose progressing? - The launch has been strong, with significant sales driven by key Medicare providers, and management expects continued growth despite seasonal fluctuations [11][14] Question: What are the competitive dynamics in the market? - Management believes that the industry is moving towards a larger opportunity in ophthalmology, focusing on changing the standard of care rather than competing for market share [58][59] Question: What challenges are anticipated in 2026? - The company expects normal commercial payer dynamics to create headwinds in 2026, but they are focused on driving advocacy to improve access to their products [50][66]