Glaukos (GKOS) 46th Annual William Blair Growth Stock Conference summary

Company overview and innovation

• Focused on solving glaucoma treatment challenges by pioneering micro-invasive glaucoma surgery (MIGS) and dropless therapies.

• Developed the first eye stent, shifting treatment from invasive surgeries and drop regimens to interventional procedures.

• Achieved 30% top-line growth in 2025 and 41% in Q1, with a 10-year CAGR of 20%.

• Expanded from one to 12 commercial products and from four to 13 pipeline products since IPO.

• Invested nearly $1 billion in R&D over six years, emphasizing innovation and product development.

Product platforms and pipeline

• Five platforms: stents (iStent), sustained-release pharmaceuticals (iDose), cross-linking (iLink), novel drug delivery (iLution), and retina.

• iDose TR provides up to three years of drug delivery, reducing patient reliance on drops.

• Pipeline includes iDose TREO (smaller incision, in-office use) and iDose TREX (extended duration, 5–7 years).

• iStent infinite enables standalone glaucoma treatment, expanding market reach beyond cataract combination.

• PRESERFLO, a micro-invasive bleb surgery product, is in clinical trials in the US and approved internationally.

Market strategy and growth drivers

• Interventional glaucoma and keratoconus are key revenue drivers at a company inflection point.

• Large glaucoma market: 22 million affected, 12 million diagnosed and treated, most still using drops.

• Promoting combination therapy (iDose + stent) and in-office procedures to improve outcomes and practice economics.

• PE groups increasingly influence ophthalmology, recognizing long-term patient value.

• Expecting doctors to specialize in interventional glaucoma as the market grows.