Glaukos Corporation (GKOS): Business Model Canvas [Apr-2026 Updated]

Honestly, when you look at Glaukos Corporation, you're seeing a MedTech firm betting big on disrupting chronic eye disease management by replacing daily drops with long-duration, dropless therapies like iDose TR. My experience tells me the real test is execution, and the numbers from late 2025 show traction: the Glaucoma franchise alone hit $110.2 million in Q3, putting them on track for their $490 million to $495 million net sales guidance for the year. Before you decide where this company fits in your portfolio, you need to see the nuts and bolts-how their key partnerships, massive R&D spend of $36.5 million in Q2, and direct sales force are structured to capture this market shift. Check out the full Business Model Canvas below for the precise map of their strategy.

Glaukos Corporation (GKOS) - Canvas Business Model: Key Partnerships

You're looking at how Glaukos Corporation builds value through its external relationships as of late 2025. These alliances are crucial for expanding market reach and advancing the pipeline, especially given Glaukos Corporation's reported Q3 2025 net sales of $133.5 million.

The company's strategic alliances are focused on distribution, technology integration, and expanding its U.S. manufacturing footprint. For instance, the raised 2025 net sales guidance is now between $490 million and $495 million, showing the impact these partnerships are intended to have on scaling operations.

Strategic Alliances for Diagnostics and Distribution

A major component of the Key Partnerships block involves the collaboration for the Inspire® visual field platform. This involves RadiusXR, the platform developer, and Topcon Healthcare, which takes on the global distribution role. This three-way effort aims to democratize diagnosis for ophthalmic diseases like glaucoma.

The platform itself, Inspire by RadiusXR, is designed as a wearable diagnostic system. Here are the specifics of that relationship:

• Topcon Healthcare is the exclusive global distributor of the Inspire platform.
• The device is a wearable system weighing six ounces.
• It is the only commercially available wearable combining visual field (VF) testing correlated to the clinical standard.
• The stated goal is to enable doctors to provide VF exams and education to 100% of glaucoma patients needing the test.

Manufacturing Expansion and Local Government Support

Glaukos Corporation is solidifying its U.S. manufacturing base through a significant partnership with the City of Huntsville, Alabama. This move supports long-term growth plans and is expected to create new jobs. The company is investing heavily in this new site, which is a clear action to secure future production capacity.

The scale of this physical expansion is substantial, and the City of Huntsville has supported the project with an economic development agreement.

Metric	Detail/Amount
Planned Capital Investment	Over $80 million (City of Huntsville agreement cites $82 million)
Facility Size	200,000-square-foot advanced facility
Land Footprint	25 acres in Cummings Research Park, with an option for 15 additional acres
Projected Job Creation	More than 150 full-time jobs
Target Completion Year	2030

Technology Development Partnerships

To enhance its therapeutic offerings, Glaukos Corporation partners with specialized technology firms. The collaboration with Ripple Therapeutics focuses on next-generation drug delivery.

This partnership, initiated in October 2024, allows Glaukos Corporation to leverage Ripple's patented technology platform to create sustained-release implants. The technology is notable because it engineers drugs into controlled-release pharmaceuticals without using polymers or excipients, relying instead on surface erosion for release kinetics. If the evaluation program is successful, the agreement converts into a licensing agreement with future milestone payments and royalties.

Other key external relationships that support the business model include:

• Global distributors and agents for international market penetration (e.g., Topcon Healthcare for Inspire®).
• Key opinion leaders (KOLs) and clinical trial sites for product validation, essential for new product launches like Epioxa™, which received FDA approval in Q4 2025.

The company's financial position, ending Q3 2025 with approximately $277.5 million in cash and cash equivalents and no debt, provides the foundation to support these capital-intensive partnerships and expansions.

Glaukos Corporation (GKOS) - Canvas Business Model: Key Activities

You're looking at the core engine driving Glaukos Corporation's performance as of late 2025. The Key Activities section shows where the company spends its time and capital to deliver its value proposition, especially with the iDose TR launch in full swing.

Research and development (R&D) of novel dropless ophthalmic therapies

Glaukos Corporation maintains a heavy investment in innovation, which you can see in the quarterly spend figures. The commitment to a pipeline of novel, dropless platform technologies is central to their long-term strategy. Honestly, this R&D focus is what keeps them ahead in the interventional space.

For the third quarter of 2025, GAAP and non-GAAP research and development (R&D) expenses increased 10% to $38.1 million. Over the twelve months ending September 30, 2025, Glaukos Corporation's total research and development expenses were $0.143B. The company reinvests approximately 30% of sales into this innovation engine.

Key R&D activities involve advancing several pipeline assets:

• Advancing iDose TREX, a next-generation platform, into Phase IIb/III trials.
• Planning for clinical trials for iDose Trio by 2027.
• Preparing for potential FDA approval decision for Epioxa by the end of 2025.

Manufacturing of micro-invasive surgical devices (MIGS) and pharmaceutical implants

Scaling manufacturing capability is a major activity, supporting the commercial rollout of products like iDose TR and the iStent family. Glaukos Corporation is actively building out its physical footprint to meet anticipated demand.

A significant capital activity is the development of a new R&D and manufacturing campus in Huntsville, Alabama. This project involves a planned capital expenditure of more than $80 million. The facility will be a 200,000 square-foot structure, with construction anticipated to begin in 2026 and projected completion by 2030. This expansion is expected to create over 150 full-time jobs by 2030.

Clinical trials and regulatory approval processes (e.g., FDA, MDR in Europe)

Navigating the regulatory landscape is a constant, high-stakes activity. Success here directly unlocks revenue potential for their pipeline.

The status of key regulatory and clinical milestones includes:

• Commencing a Phase 3 clinical trial for the PRESERFLO MicroShunt in 2025.
• The PDUFA date for the iDose TR reimplantation petition, classified as an NDA supplement by the FDA, is set for January 2026.
• Securing EU MDR clearance for the iStent Infinite, covering all stages of open-angle glaucoma for both combo and stand-alone procedures.

Direct sales force training and commercialization of iDose TR and iStent products

The commercialization effort, especially for iDose TR, is a primary driver of current financial results. You can see the traction in the quarterly sales figures.

Commercial performance highlights for recent quarters show strong uptake:

Metric	Period/Date	Amount/Value
Record Net Sales	Q2 2025	$124.1 million
Record Net Sales	Q3 2025	$133.5 million
iDose TR Sales	Q2 2025	$31 million
U.S. Glaucoma Sales	Q2 2025	$72.3 million (up 45% YoY)
International Glaucoma Sales	Q2 2025	$31.3 million (up 20% YoY)

The company is actively scaling physician training and expanding active accounts to support this commercial momentum.

Securing and managing reimbursement coverage (J-code, MACs) for new products

Market access through reimbursement is critical for accelerating iDose TR adoption, as uptake is clearly linked to established professional fee schedules.

Key reimbursement activities and outcomes include:

• The permanent Healthcare Common Procedure Coding System (HCPCS) J-code for iDose TR, J7355, became effective on July 1, 2024.
• In Q2 2025, over 80% of iDose TR volume originated from regions with established professional fee schedules, showing how reimbursement progress drives utilization.
• Glaukos Corporation is focused on securing growing coverage across key Medicare Administrative Contractors (MACs), including Noridian, Novitas, and First Coast.

The CPT codes for the procedural component of iDose TR implantation, 0660T and 0661T, were assigned to Ambulatory Payment Classification (APC) 5492, effective April 1, 2024.

Glaukos Corporation (GKOS) - Canvas Business Model: Key Resources

You're looking at the core assets Glaukos Corporation is using to drive its growth in late 2025. These aren't just line items on a balance sheet; they are the engines for their strategy.

Extensive intellectual property portfolio covering MIGS devices and drug delivery is a major moat for Glaukos Corporation. They are leveraging their platform technology to build out a comprehensive and proprietary portfolio across micro-scale surgical and pharmaceutical therapies in glaucoma, corneal health, and retinal disease. They remain confident in the strength of this robust IP portfolio. This is defintely what protects their first-mover advantage in several areas.

The company's portfolio of FDA-approved products forms the commercial backbone. You see a clear focus on maintaining leadership in the areas they pioneered:

• iStent family of devices, including the iStent inject W and iStent infinite.
• iDose® TR, the drug-releasing implant for glaucoma.
• Corneal cross-linking systems, specifically the iLink® procedure using Photrexa® and the KXL® System, which is the only FDA-approved therapeutic treatment for progressive keratoconus.

Glaukos Corporation is actively building out its physical infrastructure to support future scale. They broke ground on a new state-of-the-art research, development, and manufacturing facility in Huntsville, Alabama, in September 2025. This multi-year project carries a planned capital expenditure of more than $80 million and involves a 200,000 square-foot facility on 25 acres, with an option for an additional 15 acres. Construction is expected to be completed by 2030 and is projected to create more than 150 full-time jobs in the region.

The commercial reach relies on highly skilled ophthalmic sales and clinical support teams. As of September 30, 2025, Glaukos Corporation reported a total employee count of 995 people. The output of these teams in Q3 2025 was significant, with U.S. Glaucoma net sales reaching a record $80.8 million, driven in part by iDose TR sales of approximately $40.0 million in that quarter alone.

Financially, the balance sheet strength is notable. Glaukos Corporation ended Q3 2025 with approximately $277.5 million in cash and cash equivalents, short-term investments, and restricted cash, and importantly, reported no debt.

Here's a quick look at some of the key operational and financial metrics underpinning these resources as of the latest reporting:

Resource Metric	Value/Amount
Cash and Equivalents (as of Q3 2025)	$277.5 million
Total Employees (as of Sep 30, 2025)	995
Q3 2025 Consolidated Net Sales	$133.5 million
Q3 2025 U.S. Glaucoma Net Sales	$80.8 million
iDose TR Sales (Q3 2025)	Approximately $40.0 million
Alabama Facility Planned Investment	Over $80 million
Alabama Facility Size	200,000 square-foot

The company's commitment to R&D is also evident, with GAAP R&D expenses for Q3 2025 increasing 10 percent to $38.1 million year-over-year.

Finance: draft 13-week cash view by Friday.

Glaukos Corporation (GKOS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why surgeons and patients choose Glaukos Corporation's offerings over the conventional approach, especially as the company posted record third quarter net revenues of $133.5 million in 3Q 2025, up 38% reported year-over-year.

Micro-Invasive Glaucoma Surgery (MIGS) devices for minimally invasive treatment.

Glaukos Corporation has a history of pioneering the MIGS space, offering alternatives to more invasive procedures. The broader Minimally Invasive Glaucoma Surgery (MIGS) Devices Market itself is projected to reach $0.89 billion in 2025, growing from $0.7 billion in 2024. Glaukos is a key player in this segment, which is part of the larger $9-billion global glaucoma treatment market. The company's commitment to this area is supported by its robust pipeline, with the next-generation iDose TREX platform already in Phase 2b/3 clinical trials.

Long-duration, dropless pharmaceutical delivery via iDose® TR for patient compliance.

The iDose TR implant is a major value driver, generating sales of approximately $40 million in 3Q 2025 alone, which significantly contributed to the U.S. Glaucoma net sales surge of 57% year-over-year to $80.8 million in that quarter. This device offers continuous drug therapy inside the eye for an extended period, directly addressing the poor adherence common with daily drops. The company reinvests approximately 30% of its sales back into Research and Development to advance these novel, dropless platform technologies.

Advancing the standard of care for chronic eye diseases like glaucoma and keratoconus.

Glaukos Corporation is focused on disrupting the conventional standard of care for chronic eye diseases. For glaucoma, the iDose TR implant demonstrated sustained efficacy in a 36-month follow-up analysis: approximately 70% of treated subjects remained well-controlled on the same or fewer IOP-lowering topical medications, compared to only 58% of those in the timolol control group. Furthermore, Glaukos markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus.

Reduced reliance on daily topical eye drops for patients.

The value proposition here is quantified by the clinical data showing a clear reduction in medication burden. At 36 months post-implantation, the 70% of iDose TR patients maintaining control on fewer medications directly translates to fewer daily routines for the patient. This aligns with the industry shift away from chronic medication dependence. The company's preliminary guidance for FY 2026 net sales is set between $600 million and $620 million, reflecting strong market acceptance of these procedural alternatives.

Improved patient outcomes and reduced surgical invasiveness.

For patients undergoing cataract surgery, combining treatment is a clear win. A Phase 4 study showed that when iDose TR was implanted concurrently with cataract surgery, it achieved a mean Intraocular Pressure (IOP) reduction of 44% (or 11.3 mmHg) at six months compared to baseline. This demonstrates improved outcomes through a single, minimally invasive procedure, which is a core tenet of MIGS technology. The overall Glaucoma franchise net sales reached $110.2 million in 3Q 2025, up 45% year-over-year, signaling broad adoption of these advanced procedural solutions.

Here's a quick look at the performance metrics driving these value propositions:

• 3Q 2025 Glaucoma Net Sales: $110.2 million.
• iDose TR Sales in 3Q 2025: Approximately $40 million.
• 36-Month IOP Control (iDose TR vs. Timolol): 70% versus 58%.
• Raised FY 2025 Net Sales Guidance Range: $490 million to $495 million.

What this estimate hides is the regional variation; for instance, International Glaucoma net revenues in 3Q 2025 were $29.4 million, showing 20% reported growth.

Glaukos Corporation (GKOS) - Canvas Business Model: Customer Relationships

You're looking at how Glaukos Corporation (GKOS) keeps its surgeon and provider customers engaged, which is key when selling high-value, procedural products like iDose TR. The relationship model is definitely high-touch, given the complexity of adopting new surgical techniques and pharmaceuticals.

Dedicated field sales and clinical support for surgeon training and case coverage is a major operational focus. While the exact number of dedicated field sales personnel isn't public, the investment in the commercial infrastructure is clear: Selling, General and Administrative (SG&A) expenses for the third quarter of 2025 reached $83.0 million. The company had a total of 995 employees as of September 30, 2025, indicating a significant portion of the workforce is dedicated to commercial execution and support, which includes clinical training.

The high-touch relationship model with ophthalmic surgeons and key accounts is evidenced by the rapid adoption of their newer therapies. The success of this model is reflected in the financial results, showing strong growth directly tied to surgeon utilization:

• U.S. Glaucoma net sales in Q3 2025 grew 57% year-over-year to $80.8 million.
• Q2 2025 U.S. Glaucoma net sales reached $72.3 million, a 45% year-over-year increase.
• Q1 2025 U.S. Glaucoma net revenues were approximately $59.1 million, a 41% year-over-year growth.

Reimbursement support services for providers navigating complex coding are critical, especially for a novel J-code product like iDose TR. Glaukos is actively managing this, holding approximately $500 million in cash reserves specifically to navigate these challenges. As of Q2 2025, the company noted that most MACs (Medicare Administrative Contractors) were paying the J-code properly, though professional fees still require more data from increased volumes to establish appropriate pricing. Still, 80% of current iDose TR sales were in MAC-covered regions as of Q2 2025.

Glaukos Corporation maintains a strong presence in educational programs and at major conferences to drive awareness and training. For instance, the company exhibited at booth #2921 at the American Academy of Ophthalmology (AAO) annual meeting, held October 18-20, 2025, in Orlando, Florida, featuring scientific programming on iDose TR and Epithelium-On CXL.

The focus on long-term engagement to drive adoption of new procedural pharmaceuticals is built into the product design itself. iDose TR is designed to deliver glaucoma drug therapy for up to three years. The company is already planning for the next phase of this engagement, with the FDA PDUFA date for the iDose TR reimplantation petition set for January 2026.

Here's a quick look at the commercial traction supporting these relationship efforts through late 2025:

Metric	Q3 2025 Value	Q2 2025 Value	Context/Driver
Total Net Sales	$133.5 million	$124.1 million	Record performance, raised 2025 guidance to $490M - $495M.
Glaucoma Therapies Net Sales	$110.2 million	$103.5 million	Driven by growing iDose TR adoption.
iDose TR Sales	Not specified for Q3	$31 million	Showing strong market traction despite reimbursement uncertainties.
U.S. Glaucoma Net Sales Growth (YoY)	57%	45%	Reflects successful execution of launch plans.

For the corneal health segment, which involves the Photrexa therapy, the company estimates that as many as 40% of confirmed keratoconus cases delay or decline treatment. Glaukos estimates about 10,000 patients are treated per year in the U.S., believing this represents only 1 in 5 potential patients. If onboarding for new corneal treatments like the anticipated Epioxa takes 14+ days, churn risk rises, so efficient clinical support is defintely paramount.

Finance: draft 13-week cash view by Friday.

Glaukos Corporation (GKOS) - Canvas Business Model: Channels

Direct sales force in the U.S. and major international markets.

Distribution partnerships for market access in smaller international regions.

Ambulatory Surgery Centers (ASCs) and hospital operating rooms for surgical procedures.

Ophthalmic clinics and offices for procedural pharmaceutical administration.

Digital platforms for patient education and physician resources.

The scale of Glaukos Corporation's channel execution is reflected in its revenue performance through late 2025. The U.S. Glaucoma franchise, a key indicator of direct sales force reach, generated record net sales of $80.8 million in the third quarter of 2025, a 57% year-over-year increase. For comparison, U.S. Glaucoma net sales were $59.1 million in the first quarter of 2025. The international glaucoma franchise reported net revenues of $29.0 million in the first quarter of 2025, showing a 15% year-over-year growth on a reported basis.

The company's overall channel success supported a raised full-year 2025 net sales guidance range of $490 million to $495 million, up from a previous range of $480 million to $486 million. The company ended the third quarter of 2025 with approximately 995 total employees.

The following table summarizes key revenue metrics that demonstrate the output of these channels as of the third quarter of 2025.

Metric	Period Ending September 30, 2025 (Q3 2025)	Period Ending June 30, 2025 (Q2 2025)
Total Net Sales	$133.5 million	$124.1 million
U.S. Glaucoma Net Sales	$80.8 million	$72.3 million
Glaucoma Therapies Net Sales (Total)	$110.2 million	$103.5 million
iDose TR Revenue	Not specified for Q3 2025	$31 million

The procedural pharmaceutical channel, specifically for iDose TR, generated $31 million in revenue during the second quarter of 2025. The company is also preparing for the potential launch of Epioxxa in October 2025. The environment for ASCs is shifting, with the U.S. Centers for Medicare & Medicaid Services (CMS) adding nearly two dozen procedural codes to the ASC covered-procedures list in its final payment rule for 2025.

Key channel-related operational points include:

• U.S. Glaucoma net sales growth in Q3 2025 was 57% year-over-year.
• International Glaucoma net revenues grew 15% year-over-year in Q1 2025.
• Corneal Health net revenues in Q3 2025 were approximately $23.3 million.
• The company is targeting an FDA decision on iDose reimplantation in January 2026.
• Glaukos first launched a Micro-Invasive Glaucoma Surgery (MIGS) device commercially in 2012.

Glaukos Corporation (GKOS) - Canvas Business Model: Customer Segments

Glaukos Corporation (GKOS) targets distinct, high-need patient populations through specialized ophthalmic professionals.

Ophthalmic surgeons, particularly glaucoma and cataract specialists, represent the primary professional customer segment purchasing and utilizing Glaukos Corporation devices and therapies, such as Micro-Invasive Glaucoma Surgery (MIGS) devices and the iDose TR implant.

The financial performance driven by this segment in the third quarter of 2025 shows significant adoption:

Customer Segment Focus	Q3 2025 Net Revenue Contribution	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Glaucoma Franchise (Surgeon Utilization)	$110.2 million	45%
U.S. Glaucoma (Surgeon Utilization)	$80.8 million	57%
International Glaucoma (Surgeon Utilization)	$29.4 million	20% (reported basis)

Patients with mild-to-moderate open-angle glaucoma or ocular hypertension are the direct beneficiaries of the iDose TR therapy, a long-duration, intracameral procedural pharmaceutical delivering 24/7 drug therapy inside the eye for up to three years.

The commercial traction for this group is reflected in the iDose TR specific sales figures for 2025:

• iDose TR sales in Q3 2025 reached approximately $40 million.
• iDose TR sales in Q2 2025 were approximately $31 million.

Patients with keratoconus requiring corneal cross-linking therapy are served through the Corneal Health franchise, which markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical.

The financial scale of this customer group as of late 2025 includes:

Corneal Health Metric	Value as of Q3 2025
Corneal Health Net Revenues (Q3 2025)	$23.3 million
U.S. Photrexa Net Sales (Q3 2025)	$20.3 million
Targeted Keratoconus Patients for Services (2025 Goal)	5,000

Global patient populations seeking dropless, sustained-release eye therapies are a key target for Glaukos Corporation's platform technologies, which are designed to advance the standard of care beyond complex topical dosing regimens.

The company's overall market outlook, which encompasses these patient groups, is quantified by its updated financial expectations for the fiscal year:

• Raised FY 2025 global consolidated revenue guidance to $490 - $495 million.
• Preliminary FY 2026 global consolidated revenue guidance is set between $600 - $620 million.

Glaukos Corporation (GKOS) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Glaukos Corporation's operations as of late 2025. These are the costs necessary to keep the commercial engine running and the pipeline moving forward.

The cost structure is heavily weighted toward commercialization and innovation. For instance, Selling, General, and Administrative (SG&A) expenses are substantial, reflecting the build-out of the sales force and market access efforts for products like iDoseTR.

Here's a look at some of the key expense line items from recent quarters:

• High Selling, General, and Administrative (SG&A) expenses, totaling $83.0 million in Q3 2025.
• Significant investment in Research and Development (R&D), with $36.5 million in Q2 2025.
• Manufacturing and inventory costs for micro-devices and pharmaceutical implants.
• Clinical trial expenses for pipeline products like iDose TREX and retinal programs.
• Costs associated with regulatory compliance and intellectual property defense.

To give you a clearer picture of the financial outlay, here are some specific reported expenses from the third quarter of 2025, which ended September 30, 2025:

Cost Component Category	Reported Amount (Q3 2025)
GAAP Selling, General, and Administrative (SG&A) Expenses	$83.0 million
Non-GAAP SG&A Expenses	$83.2 million
GAAP Research and Development (R&D) Expenses	$38.1 million
Non-GAAP R&D Expenses	$38.1 million
Cost of Sales Adjustment: Amortization of Developed Technology Intangible Assets (Avedro)	$5.5 million
Cost of Sales Adjustment: Non-recurring, non-cash charge for inventory write-down	$1.3 million
Cost of Sales Adjustment: Mobius acquisition-related amortization of developed intellectual property	$0.5 million

The company's operational spending is clearly geared toward scaling its commercial footprint, which is evident in the SG&A figures. Also, note that R&D spending remains high to support the pipeline, which includes the retinal programs. The cash position at the end of Q3 2025 was $277.5 million, which provides a cushion against these operating costs. Finance: draft 13-week cash view by Friday.

Glaukos Corporation (GKOS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Glaukos Corporation brings in money, which is heavily weighted toward their glaucoma products, especially with the recent success of iDose TR. The revenue streams are clearly segmented by franchise and geography, showing a strong reliance on their flagship eye disease treatments.

The Glaucoma franchise remains the primary revenue driver. For the third quarter of 2025, product sales from this segment, which includes the iStent family and the newer iDose TR, reached $\text{\$110.2 million}$.

The adoption of iDose TR, a first-of-its-kind intracameral procedural pharmaceutical designed to continuously deliver glaucoma drug therapy for up to three years, is accelerating. In Q3 2025 alone, sales of iDose® TR generated approximately $\text{\$40 million}$. This product is becoming a foundational therapy in glaucoma care.

To give you a clearer picture of the Q3 2025 revenue breakdown across the main segments, here's the data:

Revenue Segment	Q3 2025 Net Sales	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Total Consolidated Net Sales	$\text{\$133.5 million}$	$\text{38%}$ (reported basis)
Glaucoma Therapies Net Sales	$\text{\$110.2 million}$	$\text{45%}$
U.S. Glaucoma Net Sales	$\text{\$80.8 million}$	$\text{57%}$
International Glaucoma Net Sales	$\text{\$29.4 million}$	$\text{20%}$ (reported basis)
Corneal Health Franchise Net Sales	$\text{\$23.3 million}$	$\text{13%}$

Product sales from the Corneal Health franchise, which includes treatments like Photrexa and the newly approved Epioxa, also contribute to the top line. In Q3 2025, this franchise brought in approximately $\text{\$23.3 million}$ in net revenues. Within that, U.S. Photrexa net sales accounted for $\text{\$20.3 million}$. Management is signaling a transition, prioritizing the launch of Epioxa over Photrexa, which will be discontinued following a staged transition in 2026.

Geographic diversification is also a component of the revenue story. Revenue from international sales, specifically the International Glaucoma franchise, showed solid growth, increasing $\text{20%}$ year-over-year in Q2 2025 on a reported basis, reaching $\text{\$31.3 million}$ in that quarter. This growth is aided by scaling infrastructure and wider adoption of MIGS (Minimally Invasive Glaucoma Surgery) devices globally.

Looking ahead, the company's confidence in these revenue streams is reflected in their updated forecast. The full-year 2025 net sales guidance is projected to be between $\text{\$490 million to \$495 million}$, raised from a previous range of $\text{\$480 million to \$486 million}$ following the strong Q3 performance. This demonstrates a clear upward revision in expected total revenue for the year.

Key revenue components to track include:

• Sustained acceleration of iDose TR adoption.
• The commercial rollout strategy for Epioxa.
• The performance of the International Glaucoma franchise.
• The impact of the transition away from Photrexa.
• The preliminary 2026 net sales guidance of $\text{\$600 million to \$620 million}$.

Finance: draft 13-week cash view by Friday.