Glaukos (GKOS) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Industry trends and product innovation

• Interventional glaucoma is shifting from reactive to proactive care, with iDose enabling sustained drug delivery and improved patient adherence, reducing reliance on topical drops.

• Practices are transitioning to long-term glaucoma patient management, making these patients central to their business and care models.

• Early feedback on iDose is positive, with strong clinical outcomes and broad applicability across patient types and disease stages.

• Reimbursement processes for iDose are progressing, with J-codes and professional fees being established, supporting increased adoption.

• The glaucoma market is experiencing increased investment and attention, moving from a niche to a major focus in ophthalmology.

Market opportunity and adoption

• Over 20 million U.S. patients have ocular hypertension or glaucoma, with 10 million actively treated, representing a large addressable market for iDose.

• Initial iDose adoption is expected among patients already in interventional paradigms or those intolerant to topical medications.

• Patient selection includes those with compliance challenges, side effects from drops, or physical and cognitive limitations.

• The company is focused on building foundational elements for long-term growth, aiming for a significant impact in 2025 and beyond.

• Seasonality in U.S. procedures has become more pronounced post-COVID, with increased holiday-related slowdowns in summer months.

Competitive landscape and portfolio strategy

• The company welcomes increased competition, seeing it as beneficial for advancing care standards and expanding the market.

• A broad product portfolio, including iStent infinite and pipeline assets for AMD and keratoconus, supports a holistic approach to disease management.

• iStent infinite has returned to growth after reimbursement adjustments, with mid-teens year-over-year growth in recent quarters.

• Internal incentives are structured to balance focus between new launches like iDose and established franchises.

• The company aims to be impartial in technology deployment, offering clinicians multiple tools for long-term patient management.