Glaukos (NYSE:GKOS) 2025 Conference Transcript

Summary of Glaukos Conference Call Company Overview - Company: Glaukos Corporation - Industry: Medical Technology (MedTech), specifically focused on ophthalmology and glaucoma treatment Key Financial Highlights - Q3 Results: Achieved record glaucoma revenues and total revenues, reporting $40 million from iDose for the quarter, a sequential increase from Q2 [7][40] - Guidance Update: Raised annual revenue guidance from $490 million to $495 million, indicating strong business growth as the year closes [7][40] Product Insights iDose - Market Potential: iDose is positioned to expand the total addressable market (TAM) for glaucoma treatments, with an estimated 22 million eyes affected by ocular hypertension and glaucoma, of which 12 million are currently treated [44][45] - Clinical Evidence: iDose has undergone two phase 3 trials with over 1,150 patients, demonstrating efficacy and safety [20][21] - Future Growth: Expected to exit 2025 with a run rate of approximately $180 million, with projections for 2026 around $220 million [42][40] EPIAXA - New Approval: EPIAXA is a new treatment for keratoconus that does not require corneal debridement, improving patient experience [115][121] - Market Opportunity: Currently, only 10,000 patients are treated annually, but there is potential for 50,000 patients who are not receiving treatment [117][119] - Investment Focus: Significant investments will be made to educate and identify patients, with a focus on establishing market access and reimbursement [123][129] Market Dynamics - Interventional Glaucoma (IG): The company is focused on promoting interventional glaucoma treatments, which aim to address noncompliance with topical medications [49][78] - Surgeon Adoption: The adoption of IG practices is still in early stages, with a need for education and support for surgeons to implement these treatments effectively [186][190] Regulatory and Reimbursement Landscape - MACs and J Code: All seven Medicare Administrative Contractors (MACs) are now paying for the J code, with ongoing efforts to establish pro fees for remaining MACs [93][100] - Future Reimbursement: The establishment of a J code is expected to enhance commercial plan adoption and streamline reimbursement processes [135][139] R&D and Innovation - Pipeline Development: Glaukos has 14 publicly disclosed pipeline programs, including next-generation iDose and iLution for blepharitis [167][169] - Focus on Innovation: The company aims to build a world-class ophthalmology company through continuous innovation and product development [166][167] International Market Outlook - Growth Drivers: The approval of iStent infinite in Europe is expected to drive growth, with strong demand observed at recent conferences [193][195] - Market Access Challenges: Each international market presents unique challenges, but there is significant room for growth in unlocking potential [203][205] Conclusion - Strategic Focus: Glaukos is committed to addressing unmet patient needs through innovative products and expanding market access, with a clear path towards profitability and growth in the interventional glaucoma market [209][210]