Core Viewpoint - Glaukos (GKOS) has received FDA approval for its repeat dosing label for iDose, aligning with Wells Fargo's expectations, which is seen as supportive of the long-term iDose annuity model [1] Group 1 - The FDA approval for iDose includes some corneal-safety limits, indicating a broad label [1] - Wells Fargo maintains an Overweight rating on Glaukos shares with a price target set at $122 [1]

Core Insights - Alger Weatherbie Specialized Fund focuses on investing in a portfolio of 50 small and mid-cap companies with promising growth potential [1] - The US equity market ended Q4 2025 positively, with the S&P increasing by 2.7%, driven by better-than-expected corporate earnings and a supportive macroeconomic environment [1] - The fund's Class A shares underperformed the Russell 2500 Growth Index in Q4 2025, with Real Estate and Consumer Staples contributing positively while Information Technology and Health Care sectors detracted from performance [1] Company Highlights - Glaukos Corporation (NYSE:GKOS) is highlighted as a key stock, focusing on novel therapies for glaucoma and other eye disorders [2][3] - Glaukos experienced a one-month return of -7.131% but a 52-week gain of 22.99%, with a market capitalization of $7.131 billion as of January 21, 2026 [2] - The company reported a revenue growth of approximately 37% year-over-year, driven by its flagship glaucoma product, iDose, and received FDA approval for its next-generation corneal health product, Epioxa, which is expected to drive further growth [3]

Group 1 - U.S. stock futures are lower, with Dow futures down approximately 100 points [1] - Glaukos Corp reported preliminary FY25 sales of $507 million, leading to a 12.1% drop in shares to $96.97 in pre-market trading [1] Group 2 - Briacell Therapeutics Corp experienced a significant decline of 53.1% to $5.12 after announcing a $30 million public offering [2] - Trip.com Group Ltd shares fell 9.3% to $68.55 amid an investigation by China's SAMR for potential anti-monopoly violations [2] - Pearson PLC shares decreased by 7.2% to $13.36 following a trading update for 2025 [2] - Olema Pharmaceuticals Inc shares declined 5.5% to $26.37 after a previous drop of 3% [2] - Fresenius Medical Care AG shares fell 4.8% to $21.79 [2] - Ambitions Enterprise Management Co LLC shares dropped 4.3% to $11.81 after a significant increase of 134% the previous day [2] - NovaBay Pharmaceuticals Inc shares decreased by 3.8% to $12.55 following a 3% drop on Tuesday [2] - SmartRent Inc shares fell 2.3% to $1.74 in pre-market trading [2]

Group 1: Company Performance - Gelteq Ltd (NASDAQ:GELS) shares rose sharply by 50.1% to $1.25 in pre-market trading after reporting positive preclinical results for its cannabinoid oral gel delivery platform [1][2] - The proprietary oral gel platform achieved a greater than 22% increase in the bioavailability of cannabidiol compared to an existing FDA-approved oil-based product [1] Group 2: Other Notable Stock Movements - Inspire Veterinary Partners Inc (NASDAQ:IVP) gained 141.3% to $0.056 after filing a Certificate of Amendment to increase its authorized Class A common stock from 100 million to 700 million shares [5] - Oriental Culture Holding Ltd (NASDAQ:OCG) rose 40.8% to $0.016 following the board's approval of a special cash dividend of 5 cents per share [5] - XCF Global Inc (NASDAQ:SAFX) gained 30.2% to $0.22 after announcing expansion financing plans [5] - AiRWA Inc (NASDAQ:YYAI) rose 15.8% to $1.46 after a director purchased 1.109 million shares at an average price of $1.35 per share [5] - Autolus Therapeutics PLC (NASDAQ:AUTL) gained 7.3% to $1.47 after announcing preliminary fourth-quarter and FY25 revenue results [5] Group 3: Declining Stocks - Briacell Therapeutics Corp (NASDAQ:BCTX) fell 53.1% to $5.12 after announcing the pricing of a $30 million public offering [5] - Moolec Science SA (NASDAQ:MLEC) fell 19.8% to $3.94 after a previous jump of 19% [5] - Hub Cyber Security Ltd (NASDAQ:HUBC) fell 19.1% to $0.43 after gaining 56% on the previous day [5] - Trip.com Group Ltd (NASDAQ:TCOM) dipped 9.3% to $68.55 amid an investigation by China's SAMR for potential anti-monopoly violations [5]

Core Insights - Innovation is central to the company's strategy, driving its leadership in the ophthalmology market [1] - The company has pioneered the global MIGS (Minimally Invasive Glaucoma Surgery) marketplace and continues to lead in this area [1] - The introduction of iDose is aimed at creating a new market for procedural pharmaceuticals [1] - The company is expanding into the rare disease market and developing new procedures for corneal cross-linking to treat keratoconus [1] - There is an initiative to explore transdermal creams with active pharmaceutical ingredients (APIs) for anterior segment disease treatment, marking a novel approach in the industry [1]

Summary of Glaukos Conference Call Company Overview - **Company**: Glaukos - **Industry**: Medical Supplies and Devices, specifically in ophthalmology - **Core Focus**: Innovation in ophthalmic treatments, particularly in minimally invasive glaucoma surgery (MIGS) and procedural pharmaceuticals [4][5] Key Points and Arguments Innovation and Market Leadership - Glaukos has pioneered the global MIGS marketplace and is creating new markets in procedural pharmaceuticals with products like iDose [4][5] - The company has invested approximately $800 million in R&D since 2018, resulting in 12 commercially available products and 13 in various development phases [7] Market Growth and Financial Performance - Achieved over 30% market growth in the past year, with a sustained CAGR of over 20% for the last decade [7] - Reported a record quarter with revenues of $507 million for 2025, projecting a 20% CAGR over the next 10 years [36] Product Development and Pipeline - Focus on changing treatment paradigms for glaucoma and keratoconus, with significant advancements in products like iDose TR and Epioxa [8][28] - iDose TR shows promising results, with 81% of patients off all medications after one year and 70% well-controlled after three years [12][13] - Epioxa is a new treatment for keratoconus, targeting a younger patient demographic and aiming to increase patient access [30][31] Market Dynamics and Challenges - The current treatment paradigm for glaucoma is inefficient, with 90% of patients non-adherent to medication regimens [10] - Glaukos aims to shift clinicians towards interventional approaches that provide continuous treatment [10][11] - The company faces challenges in reimbursement processes for Epioxa, which differ significantly from those for iDose due to the complexity of commercial payers [46][48] Future Vision and Strategy - Glaukos envisions a future where interventional glaucoma procedures could match the volume of cataract surgeries, projecting significant growth in this area by 2035 [27] - Plans to create a new cadre of interventional glaucoma surgeons who will integrate iDose and iStent Infinite into their practices [26][27] - Commitment to building a comprehensive product portfolio that addresses all stages of glaucoma treatment [28] Additional Important Insights - The company is expanding its manufacturing capabilities with new facilities in San Clemente and Huntsville, Alabama [37] - Glaukos is diversifying its operations internationally, now present in 17 countries with over 300 employees [36] - The management emphasizes the importance of educating physicians and patients about the benefits of new therapies to drive adoption [55][56] Conclusion Glaukos is positioned as a leader in ophthalmic innovation, with a strong focus on developing new treatment paradigms for glaucoma and keratoconus. The company is navigating challenges in market access and reimbursement while maintaining a robust growth trajectory and a commitment to expanding its product offerings.

Financial Projections - 2025 projected topline growth of 30% and a 10-year revenue CAGR of 20%[4] - Net sales for 2023 were $283 million, with a projected increase to $383 million in 2024 and $610 million in 2026, reflecting a 20%+ 10-year CAGR[25] - Preliminary unaudited net sales for FY2025 were $507 million as of January 13, 2026[25] - Revenue guidance for FY2026 is set at $610 million, indicating strong growth expectations[25] Research and Development - $800 million invested in R&D since 2018, supporting a robust pipeline of 12 programs[4] - iDose platform expansion includes 6+ future products designed to enhance utilization and applicability[9] - The company is currently in Phase 2 clinical trials for its customized spherical therapy for keratoconus, which aims to enhance patient experience and treatment efficacy[20] - The Retina XR platform targets a market of over 28 million people in the US affected by retinal diseases, with an estimated market size exceeding $10 billion by 2024[23] Product Innovations - iDose TR designed to deliver up to 3 years of drug therapy, with 81% of subjects free of IOP-lowering topical meds at 12 months[8] - New Phase 3 data analysis shows iDose TR is non-inferior to topical timolol at 3 years[9] - iStent infinite launched in 2025, providing up to 240° of outflow coverage, backed by 14 years of commercial MIGS leadership[10] - The product roadmap includes several FDA-approved products such as iDose TR for ocular hypertension and Epioxa for keratoconus, with Epioxa expected to launch in Q1 2026[13][21] - The iDose TR product received FDA approval in 2023, further strengthening the company's portfolio in glaucoma treatment[24] Market Opportunities - The company reported a patient population of 22 million eyes with 13 million diagnosed and 12 million treated for glaucoma, indicating a significant market opportunity[11] - Annual US cataract procedures are estimated at 15 million eyes, with a projected professional fee reduction of approximately 15-20% for procedures involving co-morbid glaucoma[12] - The estimated US market size for demodex blepharitis is projected to reach $400 million by 2025, indicating a substantial growth opportunity for the iLution platform[22] Company Positioning and Strategy - Glaukos aims to fundamentally reset keratoconus management, improving patient access to effective care[5] - The company is positioned to lead the shift towards a proactive, compliance-independent glaucoma care paradigm[7] - The company is focusing on expanding its market access and patient education initiatives to improve awareness and treatment rates for keratoconus and other rare diseases[18] - The company emphasizes innovation in addressing unmet needs in chronic eye diseases, positioning itself as a leader in the industry[26] Financial Health - Gross margin for Q3 2025 was reported at 84%, adjusted for certain accounting and other adjustments[27] - The gross profit for Q3 2025 was $112 million, with a gross margin of 78% on a GAAP basis[27] - Cash and equivalents stood at $283 million as of December 31, 2025, with no debt reported[25] Operational Capabilities - The company operates in 17 countries with over 300 global commercial personnel, indicating significant market presence[25] - The sales mix for Q4 2025 includes US Glaucoma, Corneal Health, and International Glaucoma segments[25] - The company is enhancing its manufacturing capabilities with a new facility in Huntsville, AL, to support its micro-scale manufacturing expertise[25] Patient Compliance and Preferences - 90% of patients are non-compliant with topical eye drops, highlighting the need for innovative solutions[6] - Strong user preference (~90% favorability) indicated in initial human factors study for new iDose products[9] - The company is pursuing dropless innovations to enhance care standards and improve outcomes for underserved patient populations[24]

Group 1 - The firm Stephens raised the price target on Glaukos (GKOS) to $145 from $115 and maintains an Overweight rating on the shares [1] - The outlook for non-iDose U.S. glaucoma revenue was slightly moderated, while iDose revenue expectations were modestly increased [1] - Glaukos is viewed as "one of the best multi-year medtech growth stories" entering 2026, driven by expanding reimbursement, deeper utilization, a growing surgeon base, and a long runway of untreated and uncontrolled glaucoma patients [1]

Core Insights - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] Group 1 - The article suggests that users may face blocks if ad-blockers are enabled, indicating a need to disable them for proper access [1]

Financial Data and Key Metrics Changes - The company has transitioned from a cash-burning phase to a cash flow break-even profile, with the convertible debt retired and a focus on capital-light operations [31][32] - Revenue growth is expected to continue, with operating margins projected in the 30% to 35% range as the company progresses towards profitability [76][77] Business Line Data and Key Metrics Changes - The core MIGS market has seen double-digit growth over the past year but is projected to decline in the mid-single digits next year, with the stent business expected to stabilize [13][16] - iDose is becoming a significant driver of revenue, with a shift towards pharmaceutical revenue potentially surpassing device revenue [9][10] Market Data and Key Metrics Changes - The reimbursement landscape for concomitant MIGS is facing low double-digit decreases, impacting professional fees while facility economics remain stable [20] - The company is currently working with four of the seven MACs that are reimbursing for professional fees, representing about 70% of Medicare lives [44] Company Strategy and Development Direction - The company aims to establish itself in the interventional glaucoma market, focusing on innovative product solutions and expanding its pipeline to include rare disease treatments like Epioxa [9][62] - The strategy includes enhancing education and awareness for rare diseases, which requires a different approach compared to more prevalent conditions like glaucoma [60][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of clinical outcomes and physician enthusiasm for iDose, which is expected to drive growth [28][30] - The company is focused on executing its strategies and addressing reimbursement challenges to facilitate broader adoption of its products [84][85] Other Important Information - The next-generation iDose TREX is in development, designed to carry a larger drug payload and potentially allow for longer durations of effect [55][56] - The company is also exploring in-office procedures for iDose, which could expand its market reach [57] Q&A Session Summary Question: What are the expectations for the iDose launch? - Management noted that while there were initial challenges with reimbursement, the clinical performance of iDose has exceeded expectations, leading to increased physician interest [26][28] Question: How is the company approaching profitability? - The focus remains on achieving cash flow breakeven in the short term while balancing revenue growth with necessary investments in product launches and R&D [75] Question: What is the outlook for the reimbursement landscape? - Management indicated that continued education and clinical demand are essential for expanding reimbursement coverage, with a goal of reducing the focus on reimbursement issues over time [49][50]