Glaukos Corporation Q2 FY2025 earnings call

• Glaukos reported record second quarter consolidated net sales of $124.1 million, up 30% y-o-y. Full-year 2025 net sales guidance raised to $480 million to $486 million. - iDose TR continues to build commercial momentum with $31 million in Q2 sales, and progress in launch plans including surgeon training and market access. - International glaucoma saw record sales, with EU MDR clearance for iStent infinite and plans for commercial launch at ESCRS Annual Meeting. - Corneal Health has FDA NDA review for Epioxa targeting October 20, 2025, and pipeline progress in various therapeutic platforms. - Acquired Mobius Therapeutics to solidify supply chain, and purchased an additional building at Aliso Viejo headquarters.

U.S. Glaucoma Franchise: Second quarter net sales of $72.3 million, a 45% year-over-year growth. iDose TR generated approximately $31 million in sales during the quarter. International Glaucoma Franchise: Record net sales of $31.3 million, a 20% year-over-year growth on a reported basis. Corneal Health Franchise: Net sales of $20.6 million, up 4% year-over-year, with Photrexa net sales at $17.9 million.

• Raised full-year 2025 net sales guidance to $480M-$486M from $475M-$485M. - International glaucoma expected to have low double-digit growth in H2. - Cornea business expected flat to low single-digit growth in Q3, then disruption in Q4 with Epioxa transition. - U.S. glaucoma non-iDose revenues expected mid-single-digit decline in H2.

• MIGS market headwind from 5 MAC LCDs continuing in 2025. - CMS proposed reductions in physician fee reimbursement for certain CPT codes, impacting ophthalmology procedures. - Transition from Photrexa to Epioxa in Corneal Health may cause transient disruption.

Q: Tom Stephan asked about 2025 sales guidance components and why more upside wasn't flushed through.

A: Joe Gilliam discussed international glaucoma growth, cornea transition, and U.S. glaucoma dynamics, noting flat to low single-digit growth in cornea Q3, mid-single-digit decline in U.S. glaucoma non-iDose in H2, and iDose expansion.

Q: Ryan Zimmerman asked about interventional glaucoma learnings and long-term opportunity.

A: Joe Gilliam spoke about interventional glaucoma momentum, with iDose and iStent infinite driving shift, and long-term potential.

Q: Rohin Patel asked about proposed reimbursement and SG&A.

A: Joe Gilliam discussed facility fee offset as neutral to slightly positive, and Alex Thurman explained SG&A step-up due to stock comp, expecting mid-teens growth.

Q: David Saxon asked about iDose reimbursement and Epioxa rollout.

A: Joe Gilliam spoke about MAC reimbursement progress and Epioxa transition timing, expecting impact in Q4 and early next year.

Q: Adam Maeder asked about iDose reimplantation timing and iDose Trio.

A: Tom Burns discussed FDA PDUFA date for reimplantation in early 2026 and iDose Trio timeline, targeting 2027 approval.