Learnings From iDose LCD Survey; Some Headwind Likely But We See As Manageable

研报英文原文证据摘录

Learnings From iDose LCD Survey; Some Headwind Likely But We See As Manageable

C O M PA N Y N O T E

J u l y 1 , 2 0 2 6

Glaukos Corporation (GKOS) Overweight

CONCLUSION PRICE: US$139.76

We conducted a survey in June 2026 of 20 U.S. cataract and glaucoma specialists to TARGET: US$165.00

better understand glaucoma treatment patterns and the potential impact from the draft Based on our SOTP analysis, which ascribes

iDose LCD. The punchline from our survey is that the proposed step requirements (prior ~8x to our 2035 iDose revenue forecast

to iDose) and restrictions around combination use with MIGS are expected to pose a discounted by ~9% per year to 2026YE, ~5x

~25-30% headwind to future iDose volumes should the draft LCD go-through as proposed. our 2027E revenue forecast for the remaining

We estimate Medicare FFS patient exposure from the MACs participating in the draft LCD business, and ~$750M of risk-adjusted value

process is ~28% of the TAM, which suggests a potential iDose impact nearing -10% or - for the company’s other pipeline assets.

$30M of iDose revenue in CY27 (should the draft LCD hold). Importantly, we see some Assumes net cash of $281M and ~58M S/O.

offsets for iDose (e.g. MA patients) and potential significant upside to FY27/28 numbers Adam C. Maeder

from the Epioxa launch, which we think can more than cover any potential haircut to iDose Sr. Research Analyst, Piper Sandler & Co.

revenues should the proposed LCD be finalized. Reiterate OW. 212 284-9392, adam.maeder@psc.com

Kyle Winborne

• Survey Results Suggest Some Headwind (Should Draft LCD Hold). (1) ~47% of the Research Analyst, Piper Sandler & Co. 212 466-8060, kyle.winborne@psc.com

survey respondents' iDose procedures were done in patients that have had SLT / DSLT