Proposed iDose LCDs Hit, But Appear Fairly Benign At First Glance; Reiterate OW

研报英文原文证据摘录

Proposed iDose LCDs Hit, But Appear Fairly Benign At First Glance; Reiterate OW

C O M PA N Y N O T E

M a y 2 1 , 2 0 2 6

Glaukos Corporation (GKOS) Overweight

CONCLUSION PRICE: US$143.82

Five MACs published proposed LCD memos regarding GKOS’ iDose TR. The proposed TARGET: US$165.00

LCD documents in our view are fairly benign and certainly better than the feared scenario Based on our SOTP analysis, which ascribes

where MACs would look to restrict concomitant use of iDose with cataract surgery. We’re ~8x to our 2035 iDose revenue forecast

disappointed to see the proposed restriction around iDose + MIGS, but we think this will discounted by ~9% per year to 2026YE, ~5x

be highly manageable from a business standpoint. We also expect to see strong physician our 2027E revenue forecast for the remaining

support during the comment period and GKOS’ Ph4 iDose + iStent Infinite trial should business, and ~$750M of risk-adjusted value

have data in ‘27. We don’t view the proposed LCD requirements of failed drops and SLT for the company’s other pipeline assets.

(prior to iDose) as unexpected or particularly burdensome as most docs we speak with Assumes net cash of $281M and ~58M S/O.

already practice this way. Altogether, there’s no material change to how we are thinking Adam C. Maeder

about the trajectory of iDose uptake in our models and we’d argue today’s development Sr. Research Analyst, Piper Sandler & Co.

should remove an overhang from shares. Reiterate OW. 212 284-9392, adam.maeder@psc.com

Kyle Winborne

• What Happened? Today (5/21), 5 out of 7 MACs (Medicare administrative contractors) Research Analyst, Piper Sandler & Co. 212 466-8060, kyle.winborne@psc.com

released proposed LCDs (local coverage determinations) for iDose TR. All five drafts