Glaukos (GKOS) 2024 Wells Fargo Healthcare Conference summary

Business performance and market outlook

• Achieved solid high-teen growth in Q2 2024, building on a strong foundation in MIGS and expanding into rare disease and keratoconus.

• Company is at an inflection point, targeting a much larger market opportunity with new products like iStent infinite and iDose.

• Focus remains on changing the standard of care toward interventional glaucoma, with leadership in this market.

• U.S. glaucoma franchise is expected to be the main growth driver in 2025, with expansion into commercial and Medicare Advantage coverage.

• International growth depends on new product approvals, with European market access delayed by regulatory changes.

iDose launch and adoption

• iDose sales reached about $5 million in H1 2024, with launch execution meeting or exceeding expectations.

• Early launch focused on training key surgeons and building reimbursement confidence, now transitioning to broader clinical adoption.

• Reimbursement phase is critical; practices are moving from testing claims to increasing procedure volume as payment reliability is confirmed.

• Professional fee schedules are aligning with other glaucoma procedures, typically in the $700–$750 range.

• Training is not a major bottleneck; focus is on expanding payer coverage and clinical adoption.

Coverage expansion and metrics

• Most current utilization is among Medicare fee-for-service patients with supplemental coverage.

• Commercial and Medicare Advantage coverage is being developed, with broader rollout expected in 2025.

• Company plans to report on covered lives and coverage percentages as expansion progresses.

• No commitment to granular sales metrics; overall growth will be the main indicator shared.