Company Overview - Glaukos Corporation is an ophthalmic medical technology and pharmaceutical company headquartered in San Clemente, CA, focused on developing and commercializing surgical devices and sustained pharmaceutical therapies for glaucoma treatment [2] - The company's flagship product, iStent, is the first FDA-approved surgical device for insertion during cataract surgery [2] Stock Performance - Glaukos' shares have surged 77.9% year-to-date, significantly outperforming the industry's 3.4% growth and the S&P 500's 24.5% rise [1] - The company's strong fundamentals and growth opportunities make it a solid wealth creator for investors [1] Revenue Growth - Glaukos reported Q3 2024 revenues of $96.7 million, a 23.9% year-over-year increase [5] - The company raised its full-year 2024 sales guidance to $377-$379 million from the prior estimate of $370-$376 million [5] - Revenues for 2024 and 2025 are anticipated to rise 20.3% and 25.8%, respectively, to $378.7 million and $476.2 million [11] Product Pipeline - Glaukos' glaucoma franchise saw revenue growth driven by its iStent portfolio and contributions from iDose TR [4] - The company successfully executed launch plans for iDose TR, with a unique permanent J-code effective July 1, 2024, likely to increase patient access and drive sales growth [4] - Glaukos is on track to submit an NDA for its corneal cross-linking therapy, Epioxa, by the end of 2024, following successful Phase 3 trial results [6][7] - The company plans to initiate a pivotal study for its next-generation iDose therapy, iDose TREX, by year-end [7] International Expansion - Glaukos' International Glaucoma franchise delivered record sales of $83.5 million in the first nine months of 2024, representing 17% year-over-year growth [8] - The company is focused on scaling up its global infrastructure and establishing MIGS as a standard of care in multiple regions [8] Financial Estimates - The loss per share estimate for 2024 and 2025 implies a year-over-year improvement of 13.7% and 42.6%, respectively, to $1.96 and $1.13 [10] - The Zacks Consensus Estimate for the company's 2024 loss has narrowed by 10.5% in the past 30 days [11] Industry Comparison - Masimo (MASI), AngioDynamics (ANGO), and Globus Medical (GMED) are other top-ranked stocks in the medical industry [12] - Masimo has an estimated growth rate of 13.5% for 2025 and has seen its shares rise 40.7% year-to-date [13] - AngioDynamics has an estimated growth rate of 38.2% for 2025 but has seen its shares lose 14% year-to-date [13] - Globus Medical has an estimated long-term growth rate of 14.1% and has seen its shares rise 56.9% year-to-date [14]

Financial Performance - Glaukos reported revenue of $96 67 million for the quarter ended September 2024, a year-over-year increase of 23 9% [1] - EPS for the quarter was -$0 28, an improvement from -$0 50 in the same period last year [1] - The revenue surpassed the Zacks Consensus Estimate of $91 32 million by 5 86% [1] - EPS also exceeded the consensus estimate of -$0 52, with a surprise of +46 15% [1] Revenue Breakdown by Segment - Revenues from Glaucoma in the United States were $51 57 million, a 35 5% increase year-over-year and above the five-analyst estimate of $47 06 million [3] - Revenues from Corneal Health in the United States were $18 45 million, a 6 4% increase year-over-year and slightly above the five-analyst estimate of $17 98 million [3] - International revenues totaled $26 65 million, a 17 7% increase year-over-year and above the five-analyst estimate of $25 93 million [3] - Revenues from Corneal Health internationally were $2 19 million, a 7 8% decrease year-over-year and below the five-analyst estimate of $2 50 million [3] - Total United States revenues were $70 02 million, a 26 4% increase year-over-year and above the five-analyst estimate of $65 04 million [3] - Revenues from Glaucoma internationally were $24 47 million, a 20 7% increase year-over-year and above the five-analyst estimate of $23 42 million [3] - Total Corneal Health revenues were $20 64 million, a 4 7% increase year-over-year and slightly above the six-analyst estimate of $20 40 million [3] - Total Glaucoma revenues were $76 03 million, a 30 3% increase year-over-year and above the six-analyst estimate of $71 18 million [3] Stock Performance - Glaukos shares returned +3 9% over the past month, outperforming the Zacks S&P 500 composite's -0 5% change [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]

Financial Performance - Third-quarter sales reached $96.7 million, a 24% year-over-year increase, surpassing the consensus estimate of $91.49 million [1] - Adjusted EPS loss improved to $(0.28) from $(0.50) year-over-year, beating the consensus estimate of $(0.48) [1] - Gross margin for Q3 2024 was approximately 77%, up from 76% in the same period in 2023 [1] - Non-GAAP gross margin for Q3 2024 was approximately 82%, slightly down from 83% in the same period in 2023 [2] Product Segment Performance - Glaucoma products recorded net sales of $76.0 million, a 30% year-over-year increase [2] - Corneal Health net sales reached $20.6 million, a 5% year-over-year increase [2] Management Commentary - The company attributed its record third-quarter results to successful global execution of key strategic plans and strong business momentum [2] Guidance and Market Reaction - The company raised its 2024 net sales guidance to $377 million-$379 million, up from prior guidance of $370 million-$376 million and above the consensus estimate of $373.758 million [3] - Despite strong results, the stock declined 9% in after-hours trading, partly due to a modest $3 million increase in the high-end guidance [3] - The stock was down 1.16% at $129.83 at publication time [4] Industry and Competitive Landscape - The company anticipates peak headwinds from the Medicaid Drug Rebate Program (MDRP) in Q4 2024 [3] - Increasing competition in the international glaucoma segment is expected, aligning with prior management guidance [3] - Competitive pressures may ease with upcoming key product approvals, which are set to expand the company's international pipeline in the coming quarters [4]

Glaukos Corporation (GKOS) reported third-quarter 2024 adjusted loss of 28 cents per share, surpassing the Zacks Consensus Estimate by 46.15%. The figure was narrower than the year-ago quarter’s adjusted loss of 50 cents per share.The GAAP loss per share was 39 cents compared with the prior-year quarter’s reported loss of 63 cents.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Revenue DetailsGlaukos registered revenues of $96.7 million in the third quarter, up 23.9% year over year ...

Financial Data and Key Metrics Changes - Glaukos Corporation reported record third quarter consolidated net sales of $96.7 million, representing a 24% increase compared to the same quarter last year [8] - The company raised its full year 2024 net sales guidance range to $3.77 billion to $3.79 billion, up from the previous range of $3.70 billion to $3.76 billion [8] Business Line Data and Key Metrics Changes - The U.S. Glaucoma franchise achieved record third quarter sales of $51.6 million, reflecting a strong year-over-year growth of 35%, driven by contributions from iDose TR and the iStent portfolio [11] - The procedural pharmaceutical franchise, iDose TR, is advancing with positive outcomes and feedback from trained surgeons, indicating its potential to reshape glaucoma management [13][18] - The international glaucoma franchise generated sales of $24.5 million, with a year-over-year growth of 21%, supported by the new French CEPS agreement [20] - The Corneal Health franchise reported sales of $20.6 million, with a 5% year-over-year growth, including Photrexa net sales of $17.9 million [21] Market Data and Key Metrics Changes - The company noted that five of the seven MACs issued final MIGS LCDs, establishing coverage for iStent infinite, which is expected to enhance market access [11][12] - The international market is facing potential headwinds due to trialing new standards products as the company enters 2025 [20] Company Strategy and Development Direction - Glaukos aims to advance glaucoma treatment by driving earlier intervention and expanding access to interventional glaucoma tools [9][10] - The company is focused on increasing reimbursement confidence and market access for iDose TR, with plans to expand efforts into the commercial arena in 2025 [16][18] - The company is also investing in its pipeline, with a focus on Epioxa, a next-generation corneal cross-linking therapy, expected to support an NDA submission by the end of 2024 [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team's ability to execute and drive clinical adoption of interventional glaucoma treatments, with a focus on establishing consistent professional fee payments [30][33] - The company anticipates challenges in the international market due to currency fluctuations and increased competition [39][98] - Management remains optimistic about the potential for profitability in the future, particularly as iDose sales ramp up [91] Other Important Information - The company issued a Notice of Redemption for the remaining $57.5 million in principal amount of its convertible Senior Notes due 2027, which is expected to strengthen its capital position [24][25] - The FDA has agreed that the clinical data package for Epioxa is sufficient to support an NDA submission, indicating progress in the regulatory pathway [70][71] Q&A Session Summary Question: Can you discuss the learnings from the iDose launch? - Management highlighted the importance of clinical outcomes and reimbursement confidence as key factors for the successful adoption of iDose TR [29][30] Question: What are the expectations for iDose revenue in Q4 and 2025? - Management indicated that iDose TR sales are expected to continue growing, with a projected revenue of approximately $10 million in Q4 [35][36] Question: How is the reimbursement landscape evolving for iDose? - Management noted that while some MACs are paying in a normalized manner, others are still navigating the transition, which may impact reimbursement dynamics [75][76] Question: What is the outlook for Epioxa and its reimbursement pathway? - Management confirmed that Epioxa will be covered under an existing T-code and plans to apply for a J-code following its approval [87][88] Question: How does the company view its operating expenses and cash flow breakeven? - Management stated that while the focus is on achieving cash flow breakeven, there is potential for profitability in the coming quarters as iDose sales increase [91][92]

Glaukos (GKOS) came out with a quarterly loss of $0.28 per share versus the Zacks Consensus Estimate of a loss of $0.52. This compares to loss of $0.50 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 46.15%. A quarter ago, it was expected that this glaucoma treatments developer would post a loss of $0.52 per share when it actually produced a loss of $0.52, delivering no surprise.Over the last four quarters, the company has sur ...

Financial Performance - For the three months ended September 30, 2024, net sales were $96.7 million, compared to $78.0 million for the same period in 2023, representing a 23.3% increase[108]. - The company incurred net losses of $21.4 million for the three months ended September 30, 2024, compared to a net loss of $30.4 million for the same period in 2023, indicating a 29.5% improvement[107]. - Net sales for Q3 2024 were $96.7 million, a 24% increase from $78.0 million in Q3 2023[146]. - The net loss for Q3 2024 was $21.4 million, a 30% improvement from a net loss of $30.4 million in Q3 2023[148]. - Net sales for the nine months ended September 30, 2024, were $278.0 million, a 20% increase from $232.3 million for the same period in 2023[162]. - The net loss for the nine months ended September 30, 2024, was $112.8 million, compared to a net loss of $97.9 million in the same period of 2023, reflecting a 15% increase[190]. Cost and Expenses - Operating expenses increased to $98.7 million for the three months ended September 30, 2024, compared to $87.5 million for the same period in 2023, reflecting a 12.9% rise[108]. - Cost of sales increased to $22.6 million in Q3 2024 from $18.5 million in Q3 2023, aligning with the increase in net sales[152]. - SG&A expenses rose to $64.0 million in Q3 2024, an increase of 18% from $54.2 million in Q3 2023[153]. - R&D expenses for Q3 2024 were $34.7 million, up from $33.3 million in Q3 2023, with core R&D expenses at $22.3 million[155]. - Selling, general, and administrative expenses grew by 19% to $192.2 million, primarily due to increased compensation and discretionary expenses[169][170]. - Research and development expenses decreased to $99.9 million from $101.7 million, influenced by a one-time payment related to the iDose TR NDA[171]. - Non-operating expenses surged to $18.2 million, a 163% increase from $6.9 million, largely due to expenses from a Convertible Note exchange[175]. Sales and Market Performance - U.S. glaucoma product sales increased by 35% to $51.6 million in Q3 2024, driven by the introduction of iDose TR and higher demand for the iStent family[147]. - International sales of glaucoma products rose by 21% to $24.5 million in Q3 2024, reflecting growth in key international markets[148]. - U.S. net sales of glaucoma products increased by 30%, reaching $143.3 million compared to $112.8 million in the prior year[163]. - International sales of glaucoma products rose by 19%, totaling $75.8 million, driven by growth in key markets despite unfavorable foreign exchange rates[164]. Margins and Financial Ratios - Gross margin for the three months ended September 30, 2024, was 77%, slightly up from 76% in the same period of 2023[108]. - Gross margin improved to 77% in Q3 2024, compared to 76% in Q3 2023[152]. - Cost of sales increased to $65.4 million, reflecting a 15% rise from $56.7 million, maintaining a gross margin of 76%[166]. Cash Flow and Liquidity - Cash and cash equivalents totaled approximately $100.1 million as of September 30, 2024, up from $93.5 million at the end of 2023[183]. - The company had net working capital of $325.6 million, indicating sufficient current assets to cover short-term liabilities[186]. - For the nine months ended September 30, 2024, net cash from investing activities was $36.0 million, compared to $27.0 million for the same period in 2023, reflecting an increase of approximately 33.3%[196]. - Cash received from stock option exercises and employee stock purchases was $36.9 million in 2024, compared to $12.9 million in 2023, marking an increase of approximately 185.3%[196]. - Financing activities provided $31.4 million of net cash in the nine months ended September 30, 2024, significantly higher than $7.7 million in 2023, representing an increase of approximately 308.9%[196]. Strategic Developments - The company received FDA approval for the iDose TR in December 2023 and began commercialization in February 2024, aiming to enhance treatment options for glaucoma[105]. - The company acquired a clinical-stage biopharma company for $5.0 million in stock and $5.1 million in cash, with potential milestone payments of up to $201.0 million[115]. - A new government tiered rebate structure was negotiated with France's CEPS, expected to reduce rebate accrual rates in 2024 compared to historical levels[114]. - The company closed a transaction to exchange $230.0 million in Convertible Senior Notes for 4,253,423 shares of common stock, reducing the balance of Convertible Notes by $226.7 million[110]. Risks and Future Outlook - Supply chain challenges and inflationary pressures have led to increased costs for certain components and raw materials, which may continue throughout 2024[123]. - The company expects capital expenditures to be modestly lower for the remainder of 2024 as expansion activities related to manufacturing facilities wind down[196]. - The company believes that cash from operating, financing, and investing activities will be sufficient to meet ongoing operations and liquidity requirements for at least the next 12 months[198]. - There have been no significant changes to material cash requirements as of September 30, 2024, compared to disclosures in the Annual Report for the year ended December 31, 2023[198]. - There have been no material changes in exposure to market risk since December 31, 2023[203]. - The company has no off-balance sheet arrangements[197]. - There have been no material changes to critical accounting policies and significant estimates during the three and nine months ended September 30, 2024[202].

Exhibit 99.2 NOVEMBER 4, 2024 GLAUKOS CORPORATION (NYSE: GKOS) THIRD QUARTER 2024 IN REVIEW Important Information This document is intended to be read by investors in advance of regularly scheduled quarterly conference calls and was designed to provide a review of Glaukos Corporation's recent financial and operational performance and general business outlook. Please see "Forward-Looking Statements" and "Statement Regarding Use of NonGAAP Financial Measures" in the "Additional Information" section of this do ...

Glaukos (GKOS) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 4. ...

Glaukos Corporation (GKOS) recently announced that the second Phase 3 confirmatory pivotal trial for Epioxa, the company's next-generation corneal cross-linking iLink therapy for the treatment of keratoconus, successfully met the study's pre-specified primary efficacy endpoint. The results demonstrated a clinically relevant and statistically significant improvement in maximum corneal curvature (Kmax) at 12 months from baseline between the Epioxa treated arm and the sham/placebo-controlled arm. Kmax is a FDA ...