Glaukos Corporation (NYSE:GKOS) Q3 2023 Earnings Call Transcript

Operator: All right. Thank you. And our next question comes from the line of Allen Gong from JPMorgan. Allen, Please go ahead.

Allen Gong: Hi. Thanks for the question. I just had a quick one on the kind of iDose timing. I understand you can’t really share the details of the mid-cycle review meeting, but you sound confident on the December time frame. And I guess I was wondering relative to kind of your past attractions with the FDA, your past meetings like do you feel better or worse or roughly in line. I’m just asking because we’ve seen some FDA approvals getting pushed out and delayed with reasons that are kind of not visible to us on this side of the table. So just curious if there’s any that you can provide and what gives you that kind of confidence?

Tom Burns: Yes. I guess, Allen, I’d be happy to give as best of reasonable assurances I can from everything that I’m aware of, given the mid-cycle review and searching for any potential impediments that might come up between now and the final conclusion, I feel pretty confident that we’re going to be able to move towards — and we’re tracking towards that date for the FDA review of December 22nd.

Allen Gong: Got it. And then just another question. I understand that we don’t want to talk about 2024 too much now. But when we just think about the growth of the MIGS market kind of XI dose, there’s clearly been quite a few puts and takes over the last few years. Hopefully, 2024, there’s going to be some bumpiness with the LCDs and the reimbursement changes. But how should we think about stable market growth going forward? Thank you.

Tom Burns: Yes, Alan, I’m not sure that 2024 is perhaps the right measurement period because we’re obviously going to be making our way through all the puts and takes associated with these ships on the LCD front from the various MAX. I think we’ve certainly settled in that aside from maybe some of the moving parts there, that we’re talking about an underlying market that continues to grow in a healthy fashion as MIGS becomes increasingly the standard-of-care in combination cataract. Our expectation would be that from a macro standpoint, that starts to accelerate in the coming years, again, as we drive our technologies, including iDose and iStent infinite into a much, much larger patient population that’s served by the interventional glaucoma approach in stand-alone patients.

So, I think 2024 may be a period where some things settle out in the context of what procedures are being done where the net effect of which, as we said, we’ll comment once we’ve got some additional work done on that front. But overall, I think that we’re headed to a more favorable environment from a MAP standpoint because we’re going to be going after a much larger market.

Operator: All right. Thank you. And our next question comes from the line of Steven Litchman from Oppenheimer. Steven, please go ahead.

Unidentified Analyst: Hi guys, this is Ron on for Steve. Congrats on the quarter. I just wanted to ask another question on LCD, and it was just a short one, hopefully, since everyone else asked everything. I know following LCD, you can think about maybe as a net positive your competitors will probably lose much more business? Or do you guys see also a possible trade-off and as this LCD might shrink the market for maybe in general? And how do you guys think about this new balance? Thanks.