Glaukos Q4 2024: Unpacking Contradictions in iDose Growth, Reimbursement Challenges, and Market Dynamics

These are the key contradictions discussed in Glaukos Corporation's latest 2024Q4 earnings call, specifically including: iDose Utilization and Market Growth Expectations, Reimbursement Dynamics, iDose Adoption and Reimbursement, and the Impact of LCD Headwinds on iDose Growth:



Record Revenue and Strong Growth across Franchises:
- Glaukos Corporation reported record fourth quarter consolidated net sales of $105.5 million, up 28% year-on-year, and full-year 2024 consolidated net sales of $383.5 million, growing 22% versus 2023.
- The growth was driven by strong performance in both the U.S. and international glaucoma franchises.

iDose TR Acceleration:
- The U.S. glaucoma franchise delivered record fourth-quarter net sales of $56.3 million, with year-over-year accelerating growth of 45%.
- This was attributed to the successful launch of iDose TR, which is designed to deliver glaucoma drug therapy for up to three years, along with other strategic objectives such as training programs and reimbursement improvements.

International Growth and Market Expansion:
- The international glaucoma franchise posted record net sales of $27.9 million in Q4, representing 28% growth reported and 29% on a constant currency basis.
- The growth was broad-based and supported by scaling international infrastructure and executing plans to drive MIGS forward as the standard of care in major markets worldwide.

Pipeline and Product Development:
- Glaukos advanced its pipeline with the commencement of Phase 2b/3 clinical programs for iDose TREX and plans to initiate Phase 2 trials for iLution Blepharitis and PRESERFLO MicroShunt in 2025.
- Continued investment in operations and research facilities, such as the Huntsville, Alabama site, supports the company's long-term expansion plans and strategic focus on transforming vision through pioneering technologies.