Glaukos (GKOS) Stephens 26th Annual Investment Conference | NASH2024 summary

Company overview and innovation

• Focuses on innovative treatments for glaucoma and corneal diseases, moving away from traditional eye drops and invasive surgeries.

• Developed iStent and its successors, as well as iDose, a long-duration implant for glaucoma drug delivery.

• Acquired Avedro in 2019, expanding into corneal health with products like Epioxa, which is nearing NDA filing.

iDose product and market positioning

• iDose addresses noncompliance and side effects of topical glaucoma medications by providing sustained drug delivery for up to three years.

• Supported by robust clinical data, iDose has a broad label for ocular hypertension and open-angle glaucoma, targeting a large U.S. market.

• Early adoption is focused on Medicare fee-for-service patients, with plans to expand to commercial and Medicare Advantage populations.

Reimbursement and adoption dynamics

• Facility fee and J-code for iDose are established; pro fees are being rolled out across MACs, with progress varying by region.

• Surgeons are enthusiastic, but practice CFOs have been cautious, awaiting reimbursement consistency before broader adoption.

• Utilization increases significantly in regions where reimbursement is automated and predictable.