Glaukos (GKOS) Stephens Annual Investment Conference summary

Financial performance and business highlights

• Achieved record quarterly revenue of $133.5 million, with mid-to-high 30% growth rates across franchises.

• U.S. glaucoma revenue reached $81 million (57% YoY growth), international glaucoma $29 million (20% YoY), and corneal health $23 million (13% YoY).

• Gross margin approached 84%, driven by high-margin iDose product.

• Cash balance at $277.5 million, nearing cash flow breakeven.

• Preliminary 2026 revenue guidance set at $600–$620 million, supported by multiple growth drivers.

iDose adoption, reimbursement, and utilization trends

• 80% of iDose volumes came from three MACs with established pro fees; NGS recently added, with expected ramp over several months.

• Utilization remains majority standalone, but combo cataract use is increasing as more MACs establish pro fees.

• Patient mix includes post-SLT, post-Durysta, and those intolerant to drops; broad opportunity as interventional glaucoma messaging expands.

• Surgeon training is not a barrier; both new and existing trained surgeons are contributing to growth.

• About 50% of commercial plans cover iDose, with Medicare and Medicare Advantage still comprising the majority of patients.

Regulatory, payer, and market access updates

• CAC meeting reinforced iDose’s robust clinical evidence and broad FDA label; educational efforts ongoing with MACs.

• Some MACs raised off-label use questions, highlighting need for continued education.

• Potential LCD restrictions (e.g., requiring documentation of drop intolerance) are not expected to fundamentally alter long-term outlook.