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• A bit like Intuitive Surgical (maker of the da Vinci robot), but focused on pioneering minimally invasive surgical devices for glaucoma treatment.
• The Align Technology (maker of Invisalign) of ophthalmology, bringing innovative and less invasive devices to treat glaucoma and other eye conditions.

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• iStent inject W: A micro-bypass stent designed to reduce intraocular pressure in adult patients with mild-to-moderate open-angle glaucoma, often implanted during cataract surgery.
• iTrack Advance: A microcatheter used for canaloplasty to restore natural outflow in glaucoma patients, without leaving an implant behind.
• iLuxe: A thermal pulsation device used to treat Meibomian Gland Dysfunction (MGD), a common cause of dry eye disease.
• iStent infinite: A standalone trabecular micro-bypass stent system for use in patients with primary open-angle glaucoma who have failed previous medical and/or surgical glaucoma treatments.

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Glaukos (symbol: GKOS) sells primarily to other companies and healthcare institutions rather than directly to individuals. Public disclosures, such as their annual reports (10-K filings) with the U.S. Securities and Exchange Commission, do not identify any specific customer company, distributor, or healthcare system that accounts for a material portion of their revenue (e.g., 10% or more). Therefore, it is not possible to list specific major customer companies with their symbols.

However, Glaukos' products are sold to the following categories of organizations that utilize their ophthalmic devices for patient care:

• Hospitals: Medical centers and hospital systems that have ophthalmology departments or surgical facilities and purchase devices for use in patient procedures.
• Ambulatory Surgery Centers (ASCs): Outpatient surgical facilities specializing in ophthalmic procedures, which acquire Glaukos' devices for their surgical suites.
• Ophthalmic Clinics/Practices: Private and group practices of ophthalmologists who perform surgical or in-office procedures requiring Glaukos' devices.
• Distributors: Third-party companies that purchase Glaukos' products and then resell them to hospitals, ASCs, and ophthalmic clinics in various domestic and international markets.

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Thomas Burns Chief Executive Officer; Chairman Executive Board

Mr. Burns has served as Glaukos' President, CEO, and a member of the Board of Directors since March 2002, and was appointed Chairman of the Board in December 2021. He founded DOSE Medical Corporation, where he served as Chairman from 2009 to 2019 and CEO/President from 2010 to 2015; DOSE Medical Corporation was later acquired by Glaukos. Prior to Glaukos, Mr. Burns was President, Chief Operating Officer, and a director at Eyetech Pharmaceuticals, Inc., which was acquired by OSI Pharmaceuticals. He also held leadership roles at Chiron Vision Corporation (acquired by Bausch & Lomb) as Senior Vice President and General Manager from 1990 to 1997, and then at Bausch & Lomb as Vice President, Global Strategy and General Manager, Refractive Surgery, from 1998 to 2000. Additionally, Mr. Burns served as an entrepreneur in residence at Versant Ventures Management, LLC. He has a track record of building successful medical device and pharmaceutical businesses, creating new markets in ophthalmology, and has raised nearly $400 million in private and public offerings, leading and helping build multiple start-up companies.

Joseph Gilliam President & Chief Operating Officer

Mr. Gilliam assumed the role of President and Chief Operating Officer in April 2022. He previously served as Glaukos' Chief Financial Officer and Senior Vice President, Corporate Development from May 2017 to April 2022. Before joining Glaukos, Mr. Gilliam was a Managing Director in the Healthcare Investment Banking group at JPMorgan from 2013 to May 2017, where he notably led Glaukos' initial public offering. His nearly 20 years of experience in capital markets, strategic advisory, finance, and banking services include various positions of increasing responsibility at JPMorgan, Chase Manhattan, and The Beacon Group (which combined with JPMorgan and Chase Manhattan in 2001), with expertise in mergers and acquisitions, public equity offerings, bank lending, and bond offerings. He began his career as an Auditor at PricewaterhouseCoopers LLP.

Alex Thurman Senior Vice President, Chief Financial Officer

Mr. Thurman has served as Glaukos' Senior Vice President, Chief Financial Officer since April 2022. He 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. Prior to Glaukos, he accumulated over 20 years of experience in financial and tax leadership positions at Allergan, Inc., Deloitte, and Arthur Andersen. Allergan was acquired by Actavis in 2015.

Chris Calcaterra Executive Vice President, Global Commercial Operations

Mr. Calcaterra assumed the role of Executive Vice President, Global Commercial Operations in April 2022. He previously served as Glaukos' Chief Operating Officer from February 2017 to March 2022, and as Chief Commercial Officer from April 2008 to January 2017. With over 25 years of experience in the ophthalmic medical technology industry, Mr. Calcaterra's career prior to Glaukos included serving as Senior Vice President responsible for the cataract business at Advanced Medical Optics, Inc. (AMO), which was acquired by Abbott Laboratories in 2009. He also held various sales and marketing leadership positions at AMO and its predecessor surgical division business at Allergan, Inc. Mr. Calcaterra was a board member of WaveTec Vision Systems, Inc., which was acquired by Novartis.

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The key risks to Glaukos's business (symbol: GKOS) are primarily centered around its financial sustainability, the complexities of healthcare reimbursement, and the competitive landscape for its innovative products.

1. Sustained Negative Profitability and High Cash Burn: Glaukos has consistently reported negative profitability and an accumulated deficit, indicating that the company is burning cash to fuel its high research and development (R&D) spending and market expansion efforts. For example, as of Q3 2025, the company had an accumulated deficit of $799.5 million, and analysts anticipate negative earnings per share for the full fiscal year 2025. The primary financial risk is whether the market adoption of its new products, such as iDose TR and Epioxa, will ultimately justify these significant upfront investments.

2. Reimbursement Challenges and Regulatory Changes: Glaukos faces ongoing risks from government, insurance companies, and third-party payors seeking to contain or reduce healthcare costs, which could negatively impact the company's ability to price its products for sustained profitability. Specifically, meetings with Medicare contractors and potential changes to Medicare payment rates are critical factors that could significantly affect Glaukos's future trajectory and product development decisions.

3. Intense Competition and Market Adoption of New Products: The ophthalmic market is highly competitive, and Glaukos's success is heavily reliant on the continued adoption of its commercialized products and the successful development and commercialization of new ones. There is a risk that an increasing number of ophthalmic surgeons may not continue to adopt Glaukos's products, or that competitors could introduce more effective or cost-efficient alternatives. The high valuation of Glaukos's stock, particularly its forward Price/Sales ratio, suggests that the market has high expectations for future revenue growth, which exposes the stock to risk if pipeline products face delays or underperform.

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Expected Drivers of Future Revenue Growth for Glaukos (GKOS)

Over the next 2-3 years, Glaukos (GKOS) is expected to drive future revenue growth through several key initiatives and product advancements:

• Growing Adoption and Reimbursement of iDose TR: The iDose TR implant, a sustained-release therapeutic for glaucoma, is a primary driver of revenue growth. Glaukos has seen strong adoption and increasing utilization of iDose TR since its U.S. launch, with sales significantly contributing to the U.S. glaucoma franchise's performance. Expanding reimbursement coverage across various Medicare Administrative Contractors (MACs) and streamlined J-Code coverage are crucial for its continued uptake and are expected to further accelerate its commercial momentum.
• Continued Expansion of the iStent Portfolio: The iStent portfolio, particularly iStent infinite, continues to demonstrate strong growth within Glaukos's glaucoma franchise. Efforts to expand access to interventional glaucoma tools for physicians and patients, alongside ongoing clinical education and improving market access landscapes, are contributing to the increased utilization of these devices.
• International Glaucoma Franchise Growth: Glaukos is focused on scaling its international infrastructure and executing plans to establish Micro-Invasive Glaucoma Surgery (MIGS) as the standard of care in various regions and major markets worldwide. This strategic expansion and the introduction of new products internationally are expected to fuel revenue growth from the international glaucoma segment.
• Launch and Transition to Epioxa in Corneal Health: The FDA approval of Epioxa, a next-generation corneal cross-linking therapy for keratoconus, is anticipated to be a significant growth catalyst. Glaukos plans to strategically transition from its existing Photrexa product to Epioxa, which is expected to begin contributing to revenue in 2026 and beyond. Epioxa represents a groundbreaking advancement in corneal cross-linking, offering a topical drug therapy that does not require the removal of the corneal epithelium.

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Capital Allocation Decisions of Glaukos (GKOS) over the Last 3-5 Years

Glaukos Corporation (GKOS) has made several capital allocation decisions across share repurchases, share issuances, outbound investments, and capital expenditures over the last three to five years.

Share Repurchases

• In June 2024, Glaukos announced agreements to repurchase $230 million of its outstanding convertible senior notes due in 2027. This repurchase was settled with a combination of common stock and cash.

Share Issuance

• In the three months ended March 31, 2025, Glaukos reported a $5.0 million issuance of common stock.
• As part of the $230 million convertible senior note repurchase in June 2024, common stock was issued to settle a portion of the transaction.
• The number of common shares issued was 56,472 at December 31, 2024, compared to 49,148 shares issued at December 31, 2023, reflecting an increase of 7,324 shares during 2024.

Outbound Investments

• In 2025, Glaukos made a net payment of $12.6 million associated with the acquisition of Mobius Therapeutics.

Capital Expenditures

• Glaukos' capital expenditures were -$6.94 million in 2020, -$47.78 million in 2021, -$30.11 million in 2022, -$20.25 million in 2023, and -$6.26 million in 2024.
• Capital expenditures are expected to be higher in 2025 than in 2024, focusing on upgrading manufacturing facilities and investing in R&D equipment to advance the product pipeline.
• The company plans an $80 million capital expenditure for a new 200,000-square-foot research, development, and manufacturing facility in Huntsville, Alabama, expected to be completed by 2030.