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 grew 57% year-over-year, driven by iDose; international glaucoma and corneal health also posted double-digit growth.

• Gross margin approached 84%, attributed to the high-margin iDose product; cash balance stood at $277.5 million.

• Progressing toward cash flow breakeven as a key operational goal.

iDose adoption, reimbursement, and utilization trends

• 80% of iDose volumes came from three MACs with established pro fees; NGS recently added, expected to drive further growth as operationalization occurs.

• Utilization remains primarily in standalone Medicare fee-for-service patients, but combo cataract settings are increasing as more MACs post pro fees.

• Patient mix includes post-SLT, post-Durysta, and those intolerant to drops, reflecting broad applicability.

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

Commercial and Medicare Advantage coverage

• About 50% of commercial plans have stated iDose coverage; de facto coverage exists for many others.

• Medicare Advantage presents challenges due to out-of-pocket requirements and legal restrictions on copay assistance.

• Expect commercial mix to grow in importance over time as disease prevalence starts earlier than Medicare age.