Earnings call transcript Q1 2023

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Operator

Welcome to Glaukos Corporation’s First Quarter 2023 Financial Results Conference Call.

Copies of the company's press release and quarterly summary document will be issued after the market close today are available at www.glaukos.com.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] This call is being recorded and an archived replay will be available online in the Investor Relations section at www.glaukos.com.

the Relations to and turn President Lewis, now Investor of Corporate will call Chris over Vice I Affairs.

Chris Lewis

Thank you and good afternoon.

are Joe Alex today President me Glaukos CEO, and Joining Tom and COO, Gilliam; Thurman. CFO, and Chairman Burns;

Similar with Quarterly the on under Investor document a posted investment its and to titled and section quarters associated Quarterly the to accessible key company's and document the document Relations community reference Filings provide any is the designed or prior Financials guidance has strategies, details the a company summarized we that the quarter, Results business may with website Summary. easily statements This and of state make. facts objectives forward the

scheduled This document is to read designed regularly conference quarterly be by the call. before investors

will that this to brief to limit into ample for and transition To we request questions-and-answer opportunity one time and and follow-up. such, we remarks you call, a questions, prepared session. ensure one yourself question everyone's make address As

questions, If queue. you still have you may back the into get additional

our general international operations. including and financial market expected efficacy currency of the These efforts, Please products, other macroeconomic our of development prospects anticipate trials, as this results or of are and objectives, market than for clinical and on on regulatory historical our made activities, facts address among foreign as occur position, that competitive regarding, operations, commercialization, strategies statements. about things, strategies call future and conditions, we the statements that may in or fluctuations current and products, products, other U.S. expect, forward-looking pipeline believe and developments all impact will include statements business technologies condition or well sales, statements of note our and our future plans, events, our reimbursement

predict based which factors on and future events are to about all are are or and to control. current risks, filings of they and information risk our cause relating factors. Therefore, these our us today's which uncertainties our those and to business for may by expressed subject environment, actual difficult are statements. implied expectations to and our many Review results from These SEC of operations affecting about release beyond forward-looking recent more differ materially press statements

documents these of www.glaukos.com. find in the You'll website at section our Investors

comparing section press the Finally, call, please these during note when adjusted certain ongoing basis. results the Please today's believe greater an their into release website Glaukos' non-GAAP will measures earnings operations, comparable Investor we measure. measures, and to that directly particularly reconciliation financial for discuss a of in underlying facilitate tables to from results also these in measures refer on most results financial can of available complete analysis We transparency financial our Relations period-to-period. of more GAAP our including a

Glaukos and With that, I over call will to Tom CEO, turn Burns. Chairman the

Tom Burns

Okay, thanks Chris. us. thank Good for and afternoon you joining all

Today net basis. sales $XX reported XX% constant up on quarter a quarter basis X% a on and first versus million, the Glaukos ago up currency year reported of approximately

who I'd in initiatives. our reemerging international the glaucoma and key top quarter and health reflects by continued teams our recognize to launch dedication performance to advancing iStent remain initial and of the continued like work of the around commercial our their globe infinite. the committed glaucoma return alongside results line performance across Our first our growth driven corneal to growth in franchises, strong franchise U.S.

previously. are forward our range raising our guidance net first $XXX million million million versus and sales to $XXX million quarter outlook, Given $XXX to we XXXX solid latest to $XXX

coverage and the where of are continue efforts year-over-year key iStent advance strong MAC and combo-cataract execution perspective, within quarter, an growth we X% U.S. progressing strategies start ahead we drove our commercial payment. core Within in encouraging infinite of our franchises a franchise to to year. From the glaucoma delivered establishing formal our

which presented. of believe highlighting of disease will further are Diego, symposia validates novel kind standard of parallel, significant be topical the of intervention combined efforts technologies weekend real-world treatment a of will display prostaglandin turn our Phase Glaukos, over time. iDose. the on therapies for effectiveness founding of components changing the subgroup X superiority includes full our in the standalone versus iDose where earlier effect in current IOP-lowering at analysis therapy. array These glaucoma at this this iDose’s ASCRS We a market be first accelerating a new is This of the in In advance an meeting of paradigm care to we driving statistically data potential by and game care which trials, mission extensive demonstrated pioneering glaucoma new San

business. broad-based Moving strategic international saw basis strong, basis. a delivered in this hold growth key glaucoma reported our our currency important quarter support continue take on XX% corneal a initiatives franchise and constant franchise this XX% as of XX% of And on growth to health on,

in our also fundamentally have significantly advance and our company our pipeline invest to platform our believe to we continue promising addressable time. we and novel, transform that to commercial addition ability markets technologies efforts, prudently In expand of the robust over

this, eye continuously We're from received end. imminently, quarter, the the significant continue to proprietary time. and successful date formulation our announce learning approval review. with periods deliver travoprost of to company planning by targeted for therapeutic NDA our preparation pleased with will first from substantive achieved milestone iDose recently also today a now encouraging our extended line TR, to of micro-invasive for year. progress the of implant been iDose submission a for received within intraocular During designed and next early be We PDUFA accepted we of levels FDA the that teams our novel we launch, our forward expect commercial in the with make of which year has Alongside we to of submission communication target

keratoconus, trial to now are to for next prior on for year health confirmatory of cross-linking the ahead corneal completion X end. Turning and by mid-year, generation in the our targeted journey we Epioxa, strong Phase track we our of subject corneal expectations pipeline, momentum to enrolment built therapy treatment of enrolment second

excited we believe see, a lot it have pipeline can potential you to as significant about that comes our to be create. So, programs we may value when

our time, commercial At the we and right the the investment to of macro cadence support position iDose, future. as based in we the of prioritization social launch and of risk potential anticipated the as environment to economic strike review as uncertainties, and and now balance our investments given well investments same the strive capital to continue prudently

adjust to pipeline. earlier-stage with associated As continue keep such, development you as we'll timelines we our potentially evaluate and updated

start excited to and Glaukos come to to I'm as what vision about technologies. In disruptive year with conclusion, continue to the we very pleased is game-changing our strong mission advance the transform and with truly

Operator. to call with I'll So the that, open questions.

Operator

Thank [Operator with is question Tom Instructions] you. Stephan Stifel. first from The

Your open. line is

Tom Stephan

or Great. the Hey value big the be of about beyond even also guys, in where what kind start iDose ask I'll with should share, for think to with candidly, quarter products just platform with And pipeline? thanks technology familiar type not picture But Rock, the how IP, of to and can this cetera. itself acceptance. and the optionality the totally I'm broader form this maybe Maybe drug I'm just you're guess willing in technology. And of the beyond about of the we I with technology. there be the have? the iDose is what want iDose. I going questions thinking on And even possibly the the NDA iDose optionality congrats licensing strong et the actually I the TREX, does themselves patents,

Tom Burns

Yes, Tom, question. be that I'd to happy take

but to have so And that be happy it this previously, talk is something about to able addressed I again.

is able the analog patients to iDose incredible able on obtain an travoprost, being same fewer in and glaucoma. at think what so been you've three XX% I control we've do to the – or platform, years with meds prostaglandin seen of

a pursuing also the encapsulated future. think we active aware anterior be can iDose think be for to of allows the an inhibitor, treatment treat be which be able I extraordinary we vessel is in disease. you're combinatorial itself which us agents number that can real The kinase that platform, It robust. technology the could segment in of to pharmaceutical pretty to able consider glaucoma we're

where on concentrations have of to That's molecules the consider have to we there host small as I small focus potent. but focus of are have think platform we molecules molecules. be will could rest, you and we They These need that to nanomolar be limitations the insoluble. forward. high look small invariably have relatively and develop to to they

into and us different be decade. at next the the looking know Having of to method number able The both that we've a are a and opportunity carry profound said technology standpoint. the us on of exploit that forward can itself then decade agents created into and the platform be from we take that that next patents must apparatuses you the

then and being for think, with able platform well, iDose we taking able travoprost current extended know, being the believe a calling of TREX, you release to an will the first-generation And modification twice version. to to in just XXXXs. I event of version itself, a to And second-generation simple able the create that be the that we're that iDose as a kind look product product amount another medication as nearly will launch us hold we iDose give of material the

a is So as we're this business. focused where

and that platforms, iDose this future the in can we number with powerful variations. have in now of I about exceedingly talked general, As have both a platform an serve multiple company is

Tom Stephan

the changing? Great you, we thought Super really see is the components to think you Tom. what's was in helpful. quarter. guys that How just I of flat strong And I U.S. then but the raise it. second question thinking glaucoma be just about should was guidance. Thank be to guess my on it.

or single glaucoma, O-U.S. changing? health corneal think low what's Alex, digits previously. double maybe digits and Joe high I

And and U.S. a of point I hit of any we glaucoma, the past are on we your reimbursement iStent, the then the of view to [indiscernible] in confidence just maybe as follow-up guess, stability potential, updated worst true headwinds. U.S. with and a level

two the for So but parter questions. there, thanks

Joe Gilliam

if with Hey, definitely noted. pleased I'll you it Alex quarter million by he – Sure. and high to Obviously be to are quality we as solid execution in, and a it dig first the it's start $X was can. wants was in to guidance you more jump Tom raise Joe. tonight that able as

despite quarter to original asked think not perspective. the thought sure is there that I'm the If we that context a the about you about change a board, strength you the the franchise, franchise significant individual material so across in in guidance on first question, the by how the franchise way the of

Although obviously we're board probably slightly incrementally positive particular. in in and U.S. glaucoma across the

franchise get and infinite what and still our our accelerating around terms somewhat way U.S. we that XXXX cautious with the be growth particularly in mean until through want overall of iStent to we we and certainty business XXXX. can But associated of more in timelines as the make the math

you here you obviously about is one as that sub-component talked mixed the As characterize U.S. it combo-cataract and of the iStent. business in obviously

where encouraged in business were as were to in was restoration the quarter. CMS well to the see stability you related return encouraging that year we as our in very out started first the coming last as a headwinds sign think cadence impact, quarter a the franchise of growth continued an I year. it to know as of having we combo-cataract actually And growth the see a for that

Tom Stephan

helpful, thank Very you.

Operator

is Margaret from Blair. William next question Kaczor The with

line Your is open.

Unidentified Analyst

and [ph] on from is the on for questions. Margaret. nice this taking guys, the quarter actually Mike Congrats Hey thanks

new like U.S. a glaucoma. or core it mentioned? out on year? expected or wanted out would you just your iPRIME call having better that maybe returning this Was I products you the iStent follow-up on tracked was mostly the on Like maybe than quarter So, little guys growth, to any comments iAccess, start there to bit even you

Tom Burns

the thanks Yes, for question, Mike.

little working we it which it what just I'd growth that. some multiple, starting stabilization think was the recap based demonstrate. I we a potential point broad the as said, context the coming the combo-cataract of within of bit to in franchise, out and tools probably of of modest now and the a of sort have were ultimately growth able I was of stabilization characterize

first infinite started we our performance in expectations were, sure. we I think as impact to in infinite one and And being out, particular, the that I of that call for would then that in thing I driver particular, on in really versus the of going to see a that, top iStent the outperformance of iStent out nice quarter call was if

Unidentified Analyst

you maybe in you market. making intervention the opportunity, building standalone That's picking one raise an started it. for may have any you effort pursue And initiatives to Got with term, the part then market Can iDose then maybe maybe of to picture look longer helpful. standalone becoming the on speak or next up infinite iStent in year, mentioned future? just awareness to the at and guys

Joe Gilliam

and been would been it's here, then Yes, from to Mike as Tom to let of I Tom apart because be jump happy comment. well, something think founding has frankly, mission I that's has part good been I'll the this so him the for which quite on beginning, a

But mentality about is now heard as today, and the a And come some it. and here that that and us investment attractive side talk an truly standpoint the It's of an fact of from we're more various we marketing changing we invasive alongside for paradigm. us putting lot it. that topical a medications than really and and now minimally The intervene, for work. really time able you've risk us, for into sit And a to organic available be with I that rates putting traditional things years a initiative tools effects that benefit treatment topical is of that medications challenge right. the in compliance are effort to and program, the have way think behind suite

the to forward infinite, next about as context from as help think in a iDose level. support This the opinion to really there, various Tom? important key for energy and us out leaders for some of that time, tools been behind folks saying iStent the the us this and enthusiasm the have that industry standpoint. all to and two the you who is product Particularly, then going about trying drive help the leaders, of

Tom Burns

an Yes, think was a just this either that course or evolved would of lives. we injection patients whole the got consignment over drug be to say, really interventional to a able to I Mike, an that iStent is iDose glaucoma the company And we've their birthright concept the for what I single how of a from as of take therapy founded. liberate tremendous could saw opportunity

that risk I topical entirely calculus drops do and the despite changed have they patients the fact And progress, And to benefit know on think, are are so followed. to been topical we diagnosed iDose therapy what able MIGS, that patients. and for that of drop

market the new be treat changes paradigm confront And to infinite whole iStent forces advent and iDose of creating I by the algorithm And market now how of we'll to be we driving patients. will they the glaucoma a be and the that. iDose able of think current of surgeons MIGS, created Much infinite. interventional like entire iStent led this of and we catalyst

will I a iDose as happening they speak, know launch where first, think the will on while place. they question always do standalone infinite comes with sea get up, that pseudophakic look surgeons take we we will they patients legs certainly it's be seated their basis. and iStent and where When to we

and that And are then whole of there a patients surgeons is that non-compliant clinicians array conserve.

there's of of patients et You've We patients those high high that think promise to who is tremendous periorbital be of fat are some showing patients. most data of there as serve seen intolerant open-angle have the can non-compliance medications, that as degrees hyperemia, recent which allergy, the cetera. atrophy, encapsulates really XX%, glaucoma rate to

it Over can there foundational drug burden to And two think patients them reason more glaucoma can non-compliance are we a iDose, therapy difference. or make of also I reduce half will medications, placing like diagnosed drug considerable a be reduce which tremendous and in exacerbates on a further by who around burden.

a the surgeons And believe patients. be – for that from huge quality think such like will Topical a are will life liberate convenience procedure look another currently and of difficult glaucoma. finally treat standalone as a Let's technologies patients procedure patient drops. ability you so burden clinicians not and now, surgeons the topical we interventional focused nuisance as be have of anytime and they're that infinite of able make iDose. to will appetite they well life and believe that mistake these we forget that a see And that combined these the you to comorbid there's look are have and and drops strong I factor. at to opportunities where to We a for do the cataract quality a and on

Unidentified Analyst

a Very guys. lot helpful. Thanks

Tom Burns

Thanks [ph]. Mike

Operator

Zimmerman question The Ryan next with from is BTIG.

Your line is open.

Ryan Zimmerman

again, have taking efficient the and we call the for of questions the thanks guys, on most earnings Chris hat Lewis here. tip Hey that to

couple ask So just just wanted a to highlight or couple things a things, Tom.

rights. just usage other the context the you So today their run, stage your about they on versus do each you're their to the investors you and is, of data to kind know and you've viewing the study, think I'd those the of love merits like the guys highlighted label come? it for own in have think PGAs iDose given iDose? do the data in submitted ultimately study the recall on the when so, studies do And of studies care ultimately, repeat of kind of some what I you want and use does the of studies what I what thoughts package, looks But get what with and utilization is, to how set

Tom Burns

let that a I that prostaglandin label that a therapy Ryan. XXXbX mean, the designation is and we're head seeking label based hit Well, basically wide of based travoprost. a on. me like open label, predicate topical on the on Okay, is that, that is

basically with ocular glaucoma. say that So in the hypertension for is that pressure we're label of open-angle seeking and intraocular the one will reduction patients

array So have that patients who to will pre-glaucoma hypertension. data ocular glaucoma label patients – us of allow the full that approach and

restrictions. no there's So

medications, show to patients which topical payers. on vast The to that the will label the that's majority controlling of serving Xb our or same out and we're served of fewer we'll go upon studies, years, effect how the of has duration find effect duration again The be what at is. three the never been trying Phase based by

seminal And there. that's kind so of the interest

When subgroup millimeters This at went about, pressures excited They up a to and of data I that extremely XX what talked be. were of about that analysis the the patients of the iDose, topical The you've propensity after lead matter can XX% get medication. in than roughly order that were look implantation just prostaglandins. pre-treatment, will you the a I by is washed any the actually possibilities out glaucomas of indication on which surgeon any greater progression. of pressures than the fact millimeter, pre-treatment. were on to lower XX% they tell here a were for a will to driven decrease And the

is will the finding, significant think statistically So a talk actually highly I not shorter about us and iDose this view versus therapy. more one that the but prostaglandin topical the only help world of efficacy real term long-term

Ryan Zimmerman

Tom, helpful, to very and looking That's it. Okay. certainly forward

application the accepted. On on itself, congrats getting

wanted PDUFA Just no yet. date to be clear,

given waiting are on a – when letter? into to not nothing You're yet? there, that clear you XX PDUFA wanted there's you What don't read – to that make be that expect you sure hand in have and just day

Tom Burns

a – a question. No, it's good it's good

receiving We matter a letter, confidence day of in have a high days. that few the literally, we'll be XX literally

expectation place our the so is which PDUFA issue achieve to of date will of approval iDose year. then a in at of put time, by us the to And end that FDA be our target

Ryan Zimmerman

Okay. Thank you. stuff, guys. Good

Tom Burns

Welcome.

Operator

from next George Sellers Stephens. with question The is

is line open. Your

George Sellers

from the Could have on And the markets you Thank the have thanks a of standpoint just throughout question. you. internationally? increased seen I international the then pressure trended Hey, the also on glaucoma taking one quarter? some you some competitive how for color house. side give us any international just of

Joe Gilliam

was had standpoint George, strong the of north million right? international We a generated the I the can't a just across Joe. across various standout event It sales Americas, quarter, regions. $XX performance performance global on Europe, Hi, based and of really little headline was cover that. From it's point any the to broad that quarter. I'll particular a and board, outsized Asia in an basis. across across record it that

particular expect. versus do think more see virtually pronounced forces. all might that bit continue very of a the I to in as we In that we well competitive in you Europe markets

lot business team our to to continue great holding in think effort I from and And of job grow the of a that face quite competition. continues line of impressively a do the

it generated franchise. that benefit the I amount the plus of risk around calculus optimization course with a to associated the the lot speaks data of iStent last think of the we've over the decade

performance So we pleased with the be continued U.S. the couldn't outside more

George Sellers

Okay, great. Congrats quarter. one. it a I'll at just on leave great

Joe Gilliam

Thanks George.

Tom Burns

Thanks, George.

Operator

with from is The Matthew next Piper Sandler. question O'Brien

is line Your open.

Unidentified Analyst

Matt. this our taking for Thanks questions. Phil is on for Hey,

Do still Just begin? received some exactly apologies here, NDA does end standard review PDUFA expect accelerated and expect bit the receive by on process that and to because or approval months week, the clarification end. is the opposed XX date here to a if at but of last rudimentary, year you you you as iDose and this math clock by when six my

Tom Burns

recall, was by XXth. Well, February be I there, ranging a on date would looking Phil, be forgive that and PDUFA so probably February as XXth, it you we'd from me we actually at filed, believe

be we so course we receive when And we'd the to looking from starting from PDUFA file when that of date. date the expect the is to

should your questions we identify be a a approval a FDA. mid-cycle XX day review us NDA to be with And will year. be position by review and confident along, Any achieve – in so question, the PDUFA again submission able of that to review the we'll date to the then end that and to potential remain give that move entertaining the the

Unidentified Analyst

pertains to than and be of specifically it the when staffing as why guidance, Is at as just expectations you. about your in line one the site That's $X of quarter, $X now that by And the any by then pertains beat staffing? I same current there raised getting backlog hearing mean, until Okay. any about you are to the helpful. reason Thank about million. million on about We're start better? might year this and it

Tom Burns

Sure, Phil.

first point million of passing think, $X around outperformance. well a just I the macro through

guidance. And of $X million $X scheme of guidance. error versus We really rounding recall we the give in grand think QX things. million gave kind a is I you'll didn't annual

And it. arrow narrative bar still have broadly initial draw the conclusions around it's before speaking, an on So only any established you that early. companies I is More the for expectations established a say guidance we year. that's our strong like obviously that a pretty it in the I probably this since two guidance it before needs we months walk It's relates run quarter. to setting are right been reporting to we first believe I'd we And that step clear today generally as think direction. all to wanted rate XXXX in

If of with and foundation you think Epioxa. us the about what about ahead a for ultimately iDose XXXX all possible is hope it is we establishing strongest us transformational period infinite, for then

a start in that So QX direction early. still but was good it's

Unidentified Analyst

questions. for Thanks taking my

Operator

The next JP question Allen Gong is with from Morgan.

Your line open. is

Allen Gong

– Hi pertinent business team. think the health one Epi-off about good leave My this Congrats already the corneal on But been since at lot the and I'll designation Epi-on. specifically also be understanding asked have would I a orphan for was and that the of year. just expiring questions quarter. Epi-off it most thinking drug

maybe see if had competitors Or that any to any we front? little you into that to longer a looking something potential just So wait on we if own before start visibility that's anything curious I'm have their bit trials? Thank you. still

Joe Gilliam

happy be this on. take I'll Yes. to

would we're what to answer aware approval. us. directly, entered question trial a drug X Phase about previous file competitive into in begin to does to that terminated calls, that be is So has talked we've competitor that a clinical of allow no the is your competitor as orphan designation to and for But wholesome

version several cross-linking And any years. expect for any so to products see alternative corneal wouldn't of therefore, we

Operator

The is next David Needham. question from with Saxon

open. Your line is

Unidentified Analyst

wood could is to traction seeing there there? point on more the are longer you of an then penetration high Health, David. for Maybe this Joseph you for would Thanks. maybe the reimbursement continuing do taking for Maybe give doctors? we're access group group is our issue there's guys, now around for Or no doctors, where if Hi say Thanks of possible docs? Corneal maybe thoughts of you with at the what outside [ph] think volume a team? questions. us kind And chop of market maybe you your

Tom Burns

franchise. to in context Corneal Yes. about the of I'm talk happy Health that overall the

the the always half that our think market over I of It's commercial for going one XXXX in the, be that will and of the reimbursement relevant. in to of focus our made there. monitoring of we going payer second and access always side practices. organization. say on course what's They're watching highly will general, significant the their I surgeons more investments certainly was – be in

think I inevitably a for commercial terms payers address they made can of those has our speed difference with to us And a that certainly front in as have volatility. merged that's out issues of our world in ability you best to in as stay and always some

we So of I surgeons some far as that really that that confidence the call seen asked. the investments how reimbursement historically, deliver the the into therapy of for – then have we're some Photrexa thus I'll that I'll we've has, made and course volatility there that pleased with and say it you quieted how translates the

if in diagnosis of of that awareness the towards asked to I is this more and macro business, drive the would I say from portion a think standpoint broadly disease. you investment raising we as penetration, continue big and about a that

perform technology job, great cross-linking there I think and of out deployed of done think practices a Photrexa and the who a We've lot out are market. there into I the getting today. the solutions

to bigger getting time alternative to at continue over the drive sure disease their to therapies put that make awareness corneal is that quite our of frankly. risk patients that these One of lost to challenges aren't

campaigns around centers well can who various to the creative the bit quite DTC you it So those initial, I'll therapy. as and referrals things a call then doing we've imagine helping ecosystem as offer initial and been the diagnosis to Photrexa drive

Unidentified Analyst

a spend for And sense. you the wondering makes the of lot little us bit have guess talking cadence just some That maybe been quarterly given if give like about. off a OpEx all Great. you Yes. I Okay. maybe I was building that year, guys cadence? around investments could more,

Alex Thurman

this Joseph one. Hey answer is Alex. happy that to I'm

So it things. there's is, I a think to couple the way think about

some in we – printed million. items all number mention XX of there for that call OpEx, were First I'll non-recurring quarter I'll them million of one-time $X about within the but that

some Some items some to of to of the fee, it it PDUFA related related compensation. stock

So you that, think $XX backing about to if more on about basis. a million normalized you an get out

last with that at about the then call, we in rest what starting modest you're to is assume the near around over the over day levels. growth XX% increases about take the year year, arrive cadence course the and So our talked going some year's base, rate of to which of a of normalized if kind the of the the way the last that kind end think OpEx for you is of

Unidentified Analyst

great. Okay, Well, for you and helpful. a appreciate guys. questions That's congrats it Thanks our on quarter. great taking super

Tom Burns

Thank you.

Alex Thurman

Thanks.

Operator

is question Mizuho next with Anthony The Group. Petrone from

is line open. Your

Anthony Petrone

here. one on Thanks and congrats just on One base the iDose. strong XQ result on business,

Just ophthalmology this on hearing seeing procedure the obviously and that about quarter on in lot rebounds we're as we're the, a base, well.

Although the meeting in that earlier trying at and that J&J again idea a that so updated you're we to congrats. look at quick just just point? seeing? thoughts recapture on then panel Is follow the be when are a business, And quarter, the where backlog this any little bit procedures nuanced there's and an iStent the core just if expecting, with on get date. on – you're a process? clarification up Thanks panel would And advisory there iDose of PDUFA

Joe Gilliam

it second part Yes. hand I'll of over the for Tom your start question. and I'll then to

to at the around that as I It's think line an your cataract, internationally dynamics context I the talking U.S. and one the leads itself pretty of this point both some to the that markets in think work depending continue the are point think I the practice to any period any in and to are to point still somewhat you're staffing volumes majority and and upon others, you'll to combo and hear there of backlogs contributor to healthy consistently from or month I'm hard the that that'll to sure quarter. that. item overall the of time, heard continue markets you've Yes, individual the out.

optimal that been for with period is I the think on have now. guys the of than little a margin less reality these time staffing operating some

point standalone if this market. to our of the beginning lead of more we iStent towards the with all bit both importantly, say the infinite I market of can core iDose. cataract to you way to tailwind, even hope combo definitely think expansion at it about I lead of broader is that probably a then we but opening do see But that opportunity as continues in the continue

So I the the about think that about from as over that today. should we've dwarf market growth a combo we're talked talking perspective that broader cataract years opportunity

Tom?

Tom Burns

XXth we so Okay. I make February April I mentioned, And correction. The for submitted Anthony on it February the one XXnd. was we was need on filed And XXrd. NDA review think to thought substantive I and I XXnd, on

PDUFA so And with letter. XX will our day Xth the expectation for the data on May be

date expect and rationale the not expect the the to panel. to that PDUFA an receive we do we year, given so to And have we again with advisory of end by engage

Anthony Petrone

Thank you so much.

Operator

turn We over this Burns time. Tom have to no further for I'll closing at questions any remarks. it

Tom Burns

support again you today. and attention you Okay. for and for to all I in And your Goodbye want Glaukos. thank time continued your interest thank

Operator

this conference Ladies call. concludes participating. Thank and you for gentlemen today's

may You disconnect. now

Glaukos (GKOS) 3 May 232023 Q1 Earnings call transcript