Glaukos at Stifel Forum: iDose Launch and Strategic Outlook

On Tuesday, 27 May 2025, Glaukos Corp (NYSE:GKOS) presented at the Stifel 2025 Virtual Ophthalmology Forum, offering a detailed overview of its strategic initiatives. The discussion centered on the iDose launch, reimbursement challenges, and future financial expectations. While Glaukos expressed optimism about iDose’s potential, it also acknowledged hurdles in the US stent business due to LCDs.

Key Takeaways

• iDose sales for 2025 are projected between $120-125 million, with strong performance expected in the latter half of the year.
• The US stent business faces headwinds, with a mid-single-digit decline anticipated for 2025.
• Glaukos aims to achieve free cash flow breakeven in the near term.
• iDose reimbursement is progressing, with 50% coverage achieved, mirroring Darista.
• The company is committed to driving the adoption of interventional glaucoma solutions.

Financial Results

iDose Performance:

• Q1 2025 showed significant progress in the iDose market.
• Sales estimates for Q2 2025 are $4-5 million higher sequentially, although Glaukos did not confirm this.
• The second half of 2025 is expected to be stronger, particularly in Q4, due to seasonality and a growing backlog of procedures.

US Stent Business:

• Q4 2024 experienced mid-single-digit growth, while Q1 2025 saw a decline attributed to LCDs.
• The 2025 guidance has been adjusted to reflect a mid-single-digit decline.

Overall Financial Outlook:

• Incremental margins have been strong in recent quarters.
• Achieving cash flow breakeven remains a primary goal.

Operational Updates

iDose Reimbursement:

• Noridian is fully operational with comprehensive reimbursement.
• Novitas and First Coast are increasingly paying the J-code and facility fees.
• Progress is noted with CGS and NGS, though NGS is slower.

US Stent Business:

• Doctors are adapting to LCDs, with some impact expected to subside over the year.

General Operations:

• Focus remains on physician education, OR logistics, and back-office billing to enhance iDose adoption.
• Investments continue to support the broader interventional glaucoma initiative.

Future Outlook

iDose:

• Continued progress is expected with Noridian, along with incremental advancements from Novitas and First Coast.
• A long-term vision sees iDose as a ten-year cycle investment with significant potential.

US Stent Business:

• Anticipation of reduced LCD impact as the year progresses.

Financial Goals:

• The near-term goal is to achieve free cash flow breakeven.

Q&A Highlights

iDose Reimbursement Timing:

• Milestone impacts may take 3-6 months due to educational and operational challenges.

iDose Launch Dynamics:

• The launch is more procedural due to the complexities involved, with reimbursement challenges affecting adoption.

iDose Peak Sales:

• Peak sales estimates are based on a combination of stent and anti-VEGF launch analogies, supported by a detailed market analysis.

For a detailed understanding, readers are encouraged to refer to the full transcript below.

Full transcript - Stifel 2025 Virtual Ophthalmology Forum:

Tom Stefan, Analyst, Stifel: Alright. Great. Good afternoon, everyone. Tom Stefan with Stifel. Very pleased to have Glaukos here with us today.

Happy to be joined by Joe Gilliam, president and COO, Alex Thurman, CFO, and Chris Lewis, VP of IR and corporate affairs. A lot to get to. I’m gonna dive right in, start with everyone’s favorite topic, iDose reimbursement. And maybe to level set, Joe, can you update us on where each max stands with iDose reimbursement today? Any changes to call out since the late April earnings call?

Joe Gilliam, President and COO, Glaukos: Sure, Tom. Thanks for having us. Yeah. Nothing I would say is significant adjustment of any material nature since the Q4, Q1 earnings The year starts to get ahead of us in late April. The status as we sit here today similar obviously, we continue to make progress, but with Noridian, Novitas and First Coast, really where you do expect them to be in the context of the drug, the facility and the professional fee, That’s followed by WPS as well as Palmetto, who are now increasingly paying the drug and the facility as they should.

And we’re still very focused on the professional fee adjudication there. Payments are happening, but they’re not happening in the automated systemic way that ultimately you get to with the Medicare administrators. CGS is showing signs of that as is NGS. I think NGS remains the slowest to get there, but they are paying the drug in the facility as well as the professional fee on an increasing basis, but there’s a still a lot more work associated with that than than ultimately when it becomes, you know, more of a systemic or or systematized solution.

Tom Stefan, Analyst, Stifel: Got it. And and then that’s helpful. Appreciate that, Joe. And so what kind of guides the timing of progress? Is it a numbers game?

Is there is there visibility? Or, you know, what should we be looking out for? Or is it really just somewhat unpredictable?

Joe Gilliam, President and COO, Glaukos: No. I mean, there there’s not a there is no statutory even volume threshold, but but really it does come down to generating volumes. And and clearly, in the early days when you have a procedural pharmaceutical like this, driving those volumes when there’s that sort of inherent risk, if you will, to reimbursement is the first order challenge. As you start to get that through and you start to see the J code get adjudicated as it should, that lowers that bar a little bit and you can continue to get a little bit more trying and trialing in each of these MACs as that’s happening. And that extra volume is what ultimately helps them get the information they need.

Remember, Medicare administrators, it’s all about collecting information. It’s an imperfect system. Obviously, we tell them this information, but part of their mandate is to go out and make sure that they’re seeing from the actual care practitioners that it’s being used as it should be and on label and all those type of things and how much time is associated with procedure. So that process of gathering data really is one of volume. And we continue to sort of make the case in and around that directly to the max through both our efforts as well as as various advocate societies and the like.

And and so that process just continues to unfold, you know, one one day at a time, one procedure at a time, and and we’re making progress.

Tom Stefan, Analyst, Stifel: Got it. That that that makes sense. That’s helpful. And so, you know, I hear from investors, I guess, a fair bit about concerns around Idos’ price potentially being elevated, being being too high, and that maybe there’s payer risk. But we know Darista has essentially fully comprehensive coverage across all payers, although their ASP there is around $2,000.

So I guess to what extent is iDose’s ASP an actual risk towards not ultimately receiving coverage, or is iDose’s reimbursement kinda more of a when and not an if? If you can touch on that, that’d be great.

Joe Gilliam, President and COO, Glaukos: Yeah. Well, first of I don’t think that is the the primary determinant here in the grand scheme of health care and procedural pharmaceuticals or even using, as you referenced, Darista. I mean, obviously, iDose has seven times the amount of drug. So when you think about that $2,000 ASP on drug load basis, it’s actually equivalent. And when you look at the sort of efficacy in the real world, certainly from a clinical perspective, they tend to be somewhat at parity.

The fact that our drug lasts so much longer designed that way is obviously a difference maker in the context of how you think about both the SP as well as the product clinically. When it comes to the actual coverage, that’s not a consideration certainly in the case of the Medicare fee for service world. As you get into the commercial carriers, both for their commercial plans as well as Medicare Advantage, they’re obviously it’s one of the many factors that they they look at. But what I can tell you is that, and we’ve said this publicly, we already have the same coverage virtually as Darista with iDose, both on the commercial side as well as with Medicare Advantage. That’s roughly fifty percent of those lives being covered in an actual plan.

And where we’ve got that coverage, it looks very much like the Dorista policy. In fact, most of these insurers have just simply updated their existing policy except they have one and put Eidos into that with the same or very minor differences in terms of the access to Eidos versus Eidos. For the other 50%, that’s not uncommon. They don’t it’s not a covered procedure, in which case it’s silent. And we’re continuing to see even in these early days, like a United that doesn’t have a specific plan, we’re seeing it go through successfully with prior authorizations and gaining access to technology when it’s appropriate for the patient.

Last thing I’ll say is, whether it’s Darista or iDose or really any interventional approach, today, most carriers take an approach of trying to put it into second and sometimes third line therapy behind either a failed drop or failed couple of drops or a drop in a procedure. And that’s what you’d expect when you’re in the beginning of launching something. We’ll continue to cultivate the data, etcetera, to try to drive that closer and closer to first line over the course of many years.

Tom Stefan, Analyst, Stifel: Got it. That’s great. And sticking with Eidos, I’ll ask a couple more near term questions. But, Joe or Alex, to to kick things off, can you talk about just the one q 20 five Eidos performance? And, you know, more specifically, I think it’d be helpful, if you could maybe frame it in the context of where we started, which is, where the different payers stood in terms of J code and reimbursement progress, and how maybe a sort of lag effect, on reimbursement milestones may have played a role.

Joe Gilliam, President and COO, Glaukos: Yeah. Well, I mean, obviously, from a market standpoint, it was another quarter of of exceptional progress, and, it’s another big step in the right direction. As you try to get a bit more granular on that, Tom, around the various payers, what I’ll say is from a Medicare standpoint, you really entered the quarter with Noridian fully operational, we’ll use that term. The J code and facility were increasingly getting paid as they should in Novitas and First Coast. That really was something that kind of took place over the course of the fourth quarter and coming into the first.

And then you’ll remember that towards the January, the First Coast and Novitas came out with their professional fee schedules, which effectively really started working as they should about a month later kind of going into that March timeframe. But I think the and obviously, there was varying degrees of progress throughout all the MAX. I think the heart of the question, mean, obviously, there’s a degree of seasonality that’s a little less critical when you’re thinking about it in the context of a new product launch like iDose, but it is a factor. I think the bigger thing is that these milestones as they unpack. If tomorrow we announced or there was another professional fee schedule, for example, to come out.

The real impact of that might not be felt for three or six months. Mhmm. And that’s simply a reality of when an event happens, translating that into proper education of your sales force, ultimately your customers, operationalizing that and then taking into consideration their own schedules, right? I mean, you do a great job of covering ophthalmology, Tom. You have understanding of the backlog dynamics that exist in terms of when these doctors schedule new procedures.

It can be as fast as one to two months, but for some, it’s three, four, five, six months out that they’re scheduling. And that’s something you have to take into consideration whenever you’re looking at the translation of that milestone into the order. And remember, with IDOS, it’s a just in time ordering process. It’s not like when they schedule it, they order that IDOS. They wait until the week before, sometimes even days before to to order the IDOS, which we overnight.

Tom Stefan, Analyst, Stifel: Got it. Okay. That’s that’s super helpful and makes makes sense. So, you know, I guess in that context, you know, what does this mean for two q twenty five Eidos having entered the quarter with, I’d say, three critical max, Noridian, Novitas, and First Coast, having fairly comprehensive fee for service reimbursement between the j code, the facility fee, and the physician fee, importantly. You know, you have stated you have that, I’d say, as a net tailwind.

You have seasonality as as a net tailwind in February, but us and Street are only at $25,000,000 roughly in February idle sales. That’s up only, I think, 4 to 5,000,000 roughly from one q, and it’s below the three q to four q step up of 7 to 8,000,000. So, long winded way of asking, you know, why wouldn’t we see a larger acceleration in the sequential dollar growth in ’2 q iDose than only what what Street is modeling at the four to five million?

Joe Gilliam, President and COO, Glaukos: Well, first of I I think that’s awfully precise, Tom. And, you know, not only do we not guide on a quarterly basis, we certainly don’t guide individual products on a on a quarterly basis. I would just take a step back and hit the risk of taking too much time. Would reiterate a lot of what I just said. The reality is that every week, every month, every quarter is incremental progress in terms of unlocking what is the key moment here around reimbursement.

And the translation of that can be also weeks, months, and even in some cases quarters around the facility uptake, if you will, as those surgeons schedule. But I think at this point of the launch, what you’re starting to see is continued progress within Noridian. At this point, that’s a pretty well accepted fact around obviously the coverage is pretty well known. And so our sales force is busy trying to drive operational behavior as well and expanding access in new surgeons and new surgical sites and getting their sea legs there. With Novitas and First Coast, you can imagine, we’ve been in that process now for a little while of making sure everybody knows that indeed everything is operating as it should be and the professional fee is operating as it should be.

So you expect to see incremental progress out of that area. And then on those other MACs, see fits and starts, right? Any given month or quarter, the sales force continues to run through those brick walls, so to speak, ahead of getting that streamlined. But sometimes that comes with more positive months and quarters and sometimes there’s a little bit of a pullback in that. Certainly, dynamics that we saw throughout 2024 and in the first quarter of this year, I’d expect a little bit of that, hopefully a waning amount of it as we as we move forward, you know, throughout this year.

Tom Stefan, Analyst, Stifel: Got it. That’s great. And so, sticking with iDose, but maybe thinking a bit more intermediate to to long term. For the 2025 iDose, I’ll call it the guide, I think that’s around a hundred 20 to a hundred 25,000,000. Street has 45,000,000 for one h, seventy five ish to 80,000,000 in two h.

So can you just talk to kinda assumptions within that back half step up and maybe just your level of confidence today in achieving that full year guide?

Joe Gilliam, President and COO, Glaukos: Yeah. Well, I think, again, we we never have gotten that granular around the the sequential steps of that, that the Street doing their best work, which we certainly appreciate and respect. We’ve obviously always expected to have a little bit heavier back half of the year, in particular the fourth quarter, given seasonality, but also the dynamics we’ve been talking about repeatedly here. I think every quarter goes by, you have a bit of a building of backlog in terms of those procedures. Those doctors that you’re continuing to sort of turn into or on to iDose and get them going, many of them might be today scheduling procedures, actually a lot for the third quarter, if not even the fourth in some cases.

So you continue to expect that build going into it. And as you know, we have been sort of methodically, I’ll say very methodically turning on access to commercially covered lives as well as Medicare Advantage, which to a lesser extent, will be impactful in the second half.

Tom Stefan, Analyst, Stifel: Got it. That’s great. And so, you know, as we kinda look at the more intermediate term for iDose, I wanted to ask about sort of how we should be thinking about the launch, I guess, thematically. IDose is in large part a drug, but, obviously, there’s a device component. There’s a a surgery component.

So should we be should we kinda be viewing the launch and ramp as more procedure related since it is surgery and not just scripting out drugs or doing a quick injection? And then we have to layer on the complexities of drug reimbursement to that. Maybe just thematically, you know, how should we be thinking about the launch?

Joe Gilliam, President and COO, Glaukos: Well, I I think we’ve always been consistent on this. You you the the reality is, you you said it right. There is a drug component in the fact that there’s a j code and the way that that all works mechanically. But from an adoption and driving that from a Salesforce perspective, from a launch curve perspective, if you will, it’s very much a procedure. And that’s because to your point, if you think about a traditional drug launch, there’s a degree of clinical education and then it’s about script writing and fulfillment, obviously, at through the pharmacy chain.

And there’s a lot of complexity to that too, but it’s mostly in terms of that fulfillment channel. Here, you have that process of both educating the physician on the procedure, the clinical, the actual OR, which is the most straightforward, obviously, of any product we’ve launched, and I’m sure you picked that up in your channel checks as well. But then you’ve got the back office side of that, and we’ve talked about this since the beginning of the launch. The thing that gates this launch more than probably anyone we’ve done in the past is it’s not about teaching these doctors how to do angle based procedures or the why behind doing that. It’s about that broader interventional glaucoma messaging, which we’re having a lot of success at, but it’s also about that back office education.

Making these oftentimes small businesses operate successfully from a billing cycle and reimbursement perspective and then totality around that, that education, that hand holding, that support is really what is is going to set this apart over time. The more proficient that these offices can get, the more that the physicians and the broader business around it are going to feel confident around doing what they want to do clinically. And we’ll get there, but that dynamic will continue to play out much more like a procedural ramp or surgical ramp than a pharmaceutical in that context.

Tom Stefan, Analyst, Stifel: Got it. That’s great. A couple more on iDose and then I want to pivot. But know, as we think about the Eidos launch today, and I hate to focus too much on on the near term here, but, you know, investors maybe were hoping for some bigger numbers up until this point. But, obviously, it’s it’s very, very early.

And the question I get from from investors is whether there are any unexpected dynamics to date beyond reimbursement that could, relative to expectations from from the street, be suppressing the the launch. So are there any fundamental factors that, that so far could be more challenging than anticipated, or does the pace of the launch really just come down to basically not much more than the timing of reimbursement progress? Maybe if you can touch on that.

Joe Gilliam, President and COO, Glaukos: Yeah. Well, I I think it’s a good it’s a good question. I think in some ways, it’s answered by the enthusiasm that investors have and the reason behind that. Right? I I think one of the things that, we, in looking back, recognize is that especially over the latter part of 2024 and entering into the very early days of 2025, there was a lot of survey work done.

There was a lot of diligence done by a lot of investors. And we appreciate that those efforts, that work, that attention, that focus. And what it highlighted was that the product was performing as advertised and the clinical enthusiasm of our customers was extremely hot. And when you think about the building blocks, the layers of any launch, that’s what you hope to start for, right? As we say to our team, the great news here is that we continue to have a product that’s delivering commercially what it did clinically in terms of its the study and the various the controlled environment.

And now it’s out there and the results are terrific, and the physician appetite is terrific. That I think led to a little bit of unbridled enthusiasm, which again, I totally we totally respect and understand. It just didn’t have the overlay of the key dynamic, which is it doesn’t matter how much a doctor loves a product. The broader apparatus has to believe that it’s going to get paid, that they have confidence around it, that they can sometimes even when they’ve got that, that they can operationalize that successfully to make sure that patient selection is happening the right way, etcetera, etcetera, etcetera. And so from our standpoint, it really is those related dynamics around that market access component and then expanding that and operationalizing that into success at the office level to really enable those doctors to do what they want to do clinically is the key item.

And when we get past that, Tom, there will be a point in time in this launch where, thank goodness, probably for my market access colleagues inside of Blaukos, we’re talking about this a lot less, right? And we’re talking more about the next level of investments we’re making to drive that broader interventional glaucoma shift, which is, you know, we’ve been doing a ton of behind and underneath the scenes to continue to move that narrative and move that change in behavior. That’s all set up for that longer term much larger opportunity around doing what’s right for these patients interventionally. And and we’re gonna get there where it’s more focused on changing behavior that way than worrying so much about the various no’s you can get inside of an office.

Tom Stefan, Analyst, Stifel: Got it. Okay. Great. And and just a couple more on iDose, and sort of more intermediate term here again. But as we think about, let’s call it the next one to two years of the iDose ramp, is it prudent to think about that launch in the intermediate term as maybe something more gradual or linear, something more deliberate, methodical, as opposed to looking for a launch that’s exponential, that’s parabolic.

Maybe if you can talk to just kinda your your thinking around, the next one to two years of that ramp.

Joe Gilliam, President and COO, Glaukos: Yeah. Well, it’s a it’s a little bit hard to predict in the context of this the statistics of ramp curves. Obviously, we continue to look for an accelerating rate, if you will, in terms of the the the launch curve, if you will, from a performance standpoint. So far, it’s been relatively linear, think, just because of the way that the Macs have kind of come online over that. Once we’ve kind of got that and the full sales force is operating the way we can, I would hope to see a little bit of acceleration there from a linear to a little bit more pronounced growth curve?

But also I’m not saying that you all should necessarily count on that. I think the realities of you know, getting through the fee for service side and then getting confidence one account at a time around commercial plans and executing that alongside of that, changing their behavior both in combo cataract setting as well as obviously on that broader standalone setting is very much still a hand to hand combat education game. And I think for as long as I can remember, was talking about Eidos, we’ve talked about this as a ten year cycle, just like we went through different dynamics around it, but still a ten year cycle that I think ultimately is very rewarding to investors over a prolonged period of time, but does take it’s not going to happen in any one quarter or any one even any one year in terms of the gloss coming off.

Tom Stefan, Analyst, Stifel: Got it. That makes sense. And and you mentioned kind of the ten year cycle. I think that’s a good segue into my last couple questions on iDose. But just on peak sales, Joe, maybe to start, you know, in what framework does Glaukos think about or or even model out your peak sales estimate for the iDose platform?

Maybe that includes T Rex as well. Long term, is is iStent volume in analog? Is it anti VEGFs, a mixture? You know, how does the company frame the peak sales opportunity for iDose as you model out your numbers?

Joe Gilliam, President and COO, Glaukos: Yes. I mean, we I think, to be fair, we look at all of those things. Where the stent side of things is more about how quickly within ophthalmology a successful surgical procedure can scale. And clearly and that was within a much smaller market opportunity. So but we do look at that.

We do look at the way the dynamics shifted, for example, in the retina space, as you referenced, that it took a little while to take a universe of physicians who had largely done surgical procedures and not really done the type of approach that was inherent with anti VEGFs to when they started to adopt and what that then looked like over that subsequent five and ten year period. We do look at all those things. But can we also look at the bottoms up side of this, which is we know where the lower hanging fruit is, post Dirista utilization, the post SLT utilization, combo cataract, all of those type of things is forming the basis of, I’ll call it, the relatively near to medium term. And then what do you have to believe within that broader opportunity of 22,000,000 eyes for the next phase of that, if you will, over the course of the five and ten year period, what kind of penetrations are there. The good news is for us, we have a product that works in a market that’s quite large.

And you’re going to see continued investment from us in unlocking that both in traditional means as well as non traditional.

Tom Stefan, Analyst, Stifel: Got it. And then last one on iDose, and then I’ll I’ll squeeze in a question on The US stem business. But, I guess since late twenty three, since FDA approval, has the company’s peak sales expectations for iDose changed, whether higher or lower? And maybe you can talk to how 2024 tracked relative to your expectations as well in the context of of your peak sales view.

Joe Gilliam, President and COO, Glaukos: Yeah. I don’t think, from a from a straightforward perspective, the peak sales have not changed. I think they’ve actually in companies of our models, they’ve gone up a bit on a risk adjusted basis. So to be fair, when we do these things, we look at risk adjustment based upon where any product is added in its life cycle. And back to your earlier comments, once you’re out in the real world and you see the product performance as it should be in the real world, your confidence rate around those peak sales estimates go up.

And so in terms of how we would model it, for example, our board or otherwise, those numbers on a risk adjusted basis have gone up.

Tom Stefan, Analyst, Stifel: Got it. That’s great. A couple more to finish on on US stents. US stem business in 04/2024, was up mid single digits, and in 01/2025 down mid single digits, I think LCD driven. And then you brought down guidance for 2025 on that subsegment to down mid single as well.

Just just to kick things off on US stents, Joe or Alex, maybe if you can talk to how doctors are adapting to the LCDs of late. Are you seeing the headwinds from that becoming more pronounced, less pronounced, as we’ve moved through 2025?

Joe Gilliam, President and COO, Glaukos: Yeah. I I wouldn’t, you know, break it short. I’d probably go back to what we said. You know, obviously, as as we made our way through the first quarter and awareness was there around the LCDs, the impact, I mean, it takes doctors getting something kicked back, right, from a Mac around that to start changing that behavior. You start to see that we’ve attempted to reflect that obviously in the guidance that we’ve given for the year.

And we’ll see how it plays out. We have puts and takes around that. I think one thing that was encouraging to us obviously was in looking at the results from others in the first quarter, Our stint business did quite well. And it’s hard to say that when you’re down mid single digits. But obviously, there was an awful lot of procedures taken out of the marketplace as a part of that LCD.

And I think we’ve held on to that quite well through that process. Did we just lose? Can you hear us? Sorry, we lost our screen for a second. Yes, can

Tom Stefan, Analyst, Stifel: hear you guys.

Joe Gilliam, President and COO, Glaukos: So I think we felt pretty good about that on a relative basis. And I think that’s a factor of obviously our standalone opportunity with ICE and Infinite driving a little bit of that on a relative basis as well as obviously the broader halo effect of iDose and the role we have in the physician’s office right now.

Tom Stefan, Analyst, Stifel: Got it. Got it. And then last one here on U. S. Stents.

The hydrous royalty, headwind did commence, I believe, in April. So your rest of year stent guidance, excluding the hydrous royalty, by our estimate, is down only low single digits versus mid single digits in in one q. So it seems there is confidence that one q on a normalized basis is likely the the trough. Is is that a fair way to think about it? Or maybe you can talk to talk to the guide in the context of the Hydrus royalty.

Joe Gilliam, President and COO, Glaukos: Yeah. I wouldn’t get that granular. There’s a lot of scenarios that we run under every single one of these situations. You are you are accurate that the the Hydrus royalty comes to a conclusion going in the second quarter. So from that standpoint, that’s right.

But everything else, we’ve run a bunch of different scenarios. And clearly, our expectation would be as we make our way through the year that some of the, I’ll call it, LCD impact gets sunset. And you may not all see it in the form of stents. In some cases, it might be the iDose that’s actually benefiting from that as well. So that’s why I say there’s so many different scenarios that we’re analyzing, and some of which is the mix within our own business and what that means.

And so really as we move forward here, our overall objective is to continue to meet and exceed expectations for the overall glaucoma franchise and certainly the overall company.

Tom Stefan, Analyst, Stifel: That’s great. I’ll squeeze in one more, Alex, I’ll pull you in. Just on profitability, Extremely impressive incremental margins, in our view, have have gone unnoticed by investors over the last three, four quarters. But, Alex, is is free cash flow breakeven still the target or the goal in the near term? Maybe if you can you can quickly touch on that in the last minute or so.

Alex Thurman, CFO, Glaukos: Sure. I’ll be quick. Absolutely. That is our near term goal, Tom. But, we continue to monitor and and make episodic investments as needed and as they arise, but, definitely, that is our goal to get to cash flow breakeven, live within our means as we’ve talked about a lot over the last year or so.

Tom Stefan, Analyst, Stifel: Alright. Fantastic. Alex, Joe, Chris, thank you guys as always. Really appreciate it.

Joe Gilliam, President and COO, Glaukos: Thanks, Tom. Thanks, Tom.

Tom Stefan, Analyst, Stifel: Alright. Take care, guys.

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