Here are 1-3 brief analogies to describe Glaukos (GKOS):

• Stryker for eyes: Just as Stryker is a major medical technology company known for orthopedic and surgical devices, Glaukos is an innovator in medical devices, but specifically for ophthalmic conditions like glaucoma.

• Edwards Lifesciences for eye implants: Similar to how Edwards Lifesciences specializes in heart valves and critical care monitoring, Glaukos focuses on innovative micro-scale implants and drug delivery systems for eye diseases.

• Alcon for advanced glaucoma devices: While Alcon is a broad eye care company, Glaukos is like a highly specialized Alcon, concentrating on cutting-edge surgical devices and pharmaceutical implants for the treatment of glaucoma and other eye conditions.

• iStent, iStent inject, iStent inject W micro-bypass stents: These devices enhance aqueous humor outflow when inserted during cataract surgery to treat mild-to-moderate open-angle glaucoma.
• iStent Infinite: A three-stent product designed for use as a standalone procedure in patients with refractory glaucoma.
• iDose TR: A targeted injectable implant that delivers therapeutic levels of medication.

Glaukos Corporation (GKOS) primarily sells its ophthalmic medical technology and pharmaceutical products to other companies and organizations within the healthcare sector, rather than directly to individual consumers.

Based on the nature of its products (implantable surgical devices and therapeutic treatments for eye conditions) and its distribution model, Glaukos's major customers fall into the following categories:

• Hospitals and Ambulatory Surgery Centers (ASCs): These are the healthcare facilities where ophthalmologists perform surgical procedures, such as cataract surgery, using Glaukos's iStent products and where other treatments for glaucoma, corneal, and retinal diseases would be administered.
• Ophthalmology Clinics and Practices: Individual or group practices of ophthalmologists are key customers as they are the direct users and prescribers of Glaukos's devices and therapies for their patients.
• Medical Device Distributors: Especially in international markets, Glaukos utilizes distributors to market and sell its products to various healthcare providers. While specific major distributors are not typically disclosed, these entities facilitate Glaukos's market reach.

As per Glaukos's financial disclosures, no single customer typically accounts for 10% or more of its net sales, meaning there are no individually identifiable "major customer companies" that can be listed by name and ticker symbol.

Thomas W. Burns
Chairman & Chief Executive Officer

Mr. Burns has served as Glaukos' Chief Executive Officer and as a member of its Board of Directors since March 2002, and was appointed Chairman of the Board in December 2021. He has a strong background in building successful medical device and pharmaceutical businesses and creating new markets within ophthalmology. Prior to Glaukos, Mr. Burns founded DOSE Medical Corporation (acquired by Glaukos) where he served as chairman, CEO, and president. He also led Eyetech Pharmaceuticals, Inc. (acquired by OSI Pharmaceuticals, Inc.) as its president and chief operating officer. His experience also includes senior leadership roles at Chiron Vision Corporation (acquired by Bausch & Lomb, Inc.) and Bausch & Lomb. Mr. Burns has raised nearly $400 million in enterprise capital and has helped build multiple start-up companies.

Alex R. Thurman
Senior Vice President, Chief Financial Officer

Mr. Thurman assumed the role of Senior Vice President, Chief Financial Officer in April 2022. He initially joined Glaukos in July 2016 as Vice President, Global Tax and Administration, and later served as Vice President, Finance from December 2016 to March 2022. Before joining Glaukos, Mr. Thurman accumulated over 20 years of financial leadership experience at companies such as Allergan, Inc., Deloitte, and Arthur Andersen LLP.

Joseph E. Gilliam
President & Chief Operating Officer

Mr. Gilliam became President and Chief Operating Officer in April 2022. He previously served as Glaukos' Chief Financial Officer and Senior Vice President, Corporate Development, roles he held since joining the company in May 2017. Before his tenure at Glaukos, Mr. Gilliam was a Managing Director in the Healthcare Investment Banking Group at J.P. Morgan, where he played a key role in leading Glaukos' initial public offering. He possesses nearly two decades of experience across capital markets, strategic advisory, finance, and banking services, with a particular focus on the life sciences industry. He began his career as an auditor at PricewaterhouseCoopers.

Chris M. Calcaterra
Executive Vice President, Global Commercial Operations

Mr. Calcaterra was appointed Executive Vice President, Global Commercial Operations in April 2022. He joined Glaukos in April 2008 as Chief Commercial Officer and served as Chief Operating Officer from February 2017 to March 2022. With over 25 years of experience in the ophthalmic medical technology industry, Mr. Calcaterra's prior roles include serving as senior vice president for the cataract business at Advanced Medical Optics, Inc. (AMO), which was later acquired by Abbott Laboratories. He also held various leadership positions in sales and marketing at AMO and its predecessor, Allergan, Inc.

Tomas Navratil, Ph.D.
Chief Development Officer

Dr. Navratil assumed the role of Chief Development Officer in April 2022. He previously served as Senior Vice President, Research and Development since joining Glaukos in October 2020. Dr. Navratil brings more than 20 years of experience in ophthalmic drug and medical device research and development, as well as regulatory affairs.

Key Business Risks for Glaukos (GKOS)

1. Sustained Negative Profitability and Reliance on Pipeline Success: Glaukos is a high-growth company that continues to operate with an accumulated deficit and negative profitability, as it heavily invests in research and development and commercial expansion for its innovative pipeline products. The success and market adoption of new therapies, such as iDose TR and Epioxa, are crucial to justify these significant upfront investments and achieve sustained profitability. If these products face delays in regulatory approval, experience slow market uptake, or do not perform as expected, it could materially impact the company's financial results and pathway to profitability.
2. Competitive Market and Reimbursement Challenges: The ophthalmic market in which Glaukos operates is highly competitive, with established players and new entrants vying for market share. Competition from companies offering alternative or more cost-effective solutions could erode Glaukos' market position. Additionally, the company faces ongoing volatility in the reimbursement landscape, particularly concerning Medicare rules, billing codes, and coverage determinations for its Micro-Invasive Glaucoma Surgery (MIGS) procedures and new products. Unfavorable changes in reimbursement policies or slow payer adoption can directly impact the pricing power, market access, and overall revenue growth of Glaukos' products.
3. Dependence on Key Products: Glaukos' financial performance is substantially reliant on the continued success and market demand for its current key products, primarily the iStent family and iDose TR. While these products have demonstrated success, a concentration of revenue on a few offerings exposes the company to risks if market demand shifts, if competitors introduce superior alternatives, or if there are unforeseen issues with these specific products. For example, the transition from older products like Photrexa to newer ones like Epioxa for corneal diseases also carries a risk of transient disruption in revenue.

Glaukos Corporation (GKOS) operates within significant addressable markets for its ophthalmic medical technologies and pharmaceutical products.

Minimally Invasive Glaucoma Surgery (MIGS) Devices Market

• The global market size for minimally invasive glaucoma surgery (MIGS) devices was estimated at USD 539.6 million in 2023. This market is projected to grow to USD 781.2 million by 2030, with a compound annual growth rate (CAGR) of 5.36% from 2024 to 2030.
• North America held the largest share of the MIGS devices market, accounting for 36% in 2023.
• Another estimate indicates the global minimally invasive glaucoma surgery device market was valued at USD 2.66 billion in 2024 and is anticipated to reach USD 5.45 billion by 2035, exhibiting a CAGR of 6.75% from 2025 to 2035.
• The Glaucoma Drainage Devices Market, which includes MIGS devices, is estimated to be valued at USD 718.0 million globally in 2025 and is expected to reach USD 1597.2 million by 2032, growing at a CAGR of 12.1% from 2025 to 2032.

Glaucoma Treatment Market

• The global glaucoma treatment market was valued at approximately USD 6.6 billion in 2024. It is expected to grow to USD 10.5 billion by 2034, with a CAGR of 4.8% from 2025 to 2034.
• Another report estimates the global glaucoma market size at USD 9.46 billion in 2025, projected to reach USD 16.31 billion by 2033, at a CAGR of 7.05%.
• North America led the global glaucoma treatment market in 2024. The U.S. glaucoma treatment market size was USD 2.19 billion in 2024 and is projected to reach USD 2.78 billion by 2034.

Open-Angle Glaucoma Market

• The open-angle glaucoma segment of the global glaucoma treatment market was valued at USD 5.4 billion in 2024.
• The global open-angle glaucoma market size was valued at USD 7.88 billion in 2023 and is expected to grow to USD 13.51 billion by 2030, with an 8% growth rate from 2024 to 2030.
• The open-angle glaucoma drugs market, globally, is estimated to be valued at USD 9.21 billion in 2025 and is expected to reach USD 14.6 billion by 2032, growing at a CAGR of 8.2% from 2025 to 2032.

Refractory Glaucoma Treatment Market

• The global refractory glaucoma treatment market is estimated to be valued at USD 1.4 billion in 2026 and is expected to reach USD 2.3 billion by 2033, exhibiting a CAGR of 7.4% from 2026 to 2033.

iDose TR (Glaukos Product-Specific)

• Glaukos's iDose TR, designed to treat ocular hypertension and refractory glaucoma, generated approximately $45 million in sales during the fourth quarter of 2025 in the U.S.
• Earlier, iDose TR sales amounted to approximately $31 million in Q2 2025.
• iDose TR is expected to capture the highest market share among emerging therapies in the seven major markets (7MM) by 2034.

Glaukos Corporation (GKOS) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Adoption and Expansion of iDose TR: A primary growth driver is the increasing adoption and utilization of iDose TR, a targeted injectable implant for glaucoma. The company is seeing strong real-world clinical outcomes, highly favorable healthcare provider feedback, and significant growth in the number of cases and trained surgeons. The FDA approval for unlimited re-administration of iDose TR is also a contributing factor. Future iterations, such as iDose TRIO and iDose TREX, are expected to further expand treatment options.
2. Launch and Market Penetration of Epioxa: The commercial launch and subsequent adoption of Epioxa, a new interventional approach for keratoconus and rare corneal diseases, is a significant expected growth catalyst. Glaukos is expanding its Epioxa site-of-care network and anticipates improved reimbursement with a permanent J-code expected in July 2026.
3. Expansion of the iStent Platform and Interventional Glaucoma (IG) Therapies: The existing iStent, iStent inject, and iStent inject W micro-bypass stents continue to contribute to revenue growth. Glaukos's broader strategy around Interventional Glaucoma (IG) aims to transform the standard of care by promoting earlier intervention and reducing reliance on traditional eye drops. International expansion of iStent Infinite is also expected to contribute to growth.
4. International Market Expansion: Glaukos is focused on scaling its international infrastructure and actively working to establish Minimally Invasive Glaucoma Surgery (MIGS) as the standard of care across various global regions and major markets. This strategic focus on international penetration is projected to drive high-single-digit growth in its international glaucoma franchise.
5. Advancement of a Robust Pipeline: Beyond its currently commercialized products, Glaukos maintains a robust pipeline of 13-14 disclosed programs targeting glaucoma, corneal disorders, and retinal diseases. Sustained investment in research and development and the successful progression and potential future commercialization of these novel therapies, such as iLution Travoprost and GLK-401, are expected to provide long-term revenue drivers.

Share Issuance

• Glaukos' shares outstanding increased year over year, rising 2.2% in 2022 from 2021, 2.08% in 2023 from 2022, and 8.92% in 2024 from 2023, reaching 0.053 billion shares in 2024.
• As of September 30, 2025, Glaukos had 57,414 thousand shares issued.
• In the first three months of 2025, the company received $7.0 million from the exercise of stock options and employee stock purchases.

Outbound Investments

• Glaukos acquired Mobius Therapeutics on May 16, 2025, for $12.4 million (net of cash acquired), which added the Mitosol product to its portfolio.
• The company purchased an adjacent Aliso Viejo building on April 4, 2025, for $16.6 million.

Capital Expenditures

• Capital expenditures were moderate at $6.49 million (TTM Sep '25), showing measured investment in growth.
• Glaukos anticipates higher capital expenditures in 2026 compared to 2025 for the construction of its Huntsville, Alabama property, as well as upgrades to manufacturing facilities and investments in R&D equipment.
• Construction on a planned 200,000 square foot R&D and manufacturing facility in Huntsville, Alabama, expected to commence in 2026, is projected to incur over $80 million in capital expenditures over a multi-year period.