Needham Says Recent Launches To Drive Market Share Recovery For This Eye-Focused MedTech Stock

  • Needham initiated coverage on Glaukos Corp GKOS with a price target of $66 and a Buy rating.
  • The analyst writes that GKOS has lost minimally invasive glaucoma surgery (MIGS) market share due to reimbursement dynamics. But the recent launches could enable it to recapture most of this share, and the analyst sees this as a potential source of upside. 
  • iDose could meaningfully expand GKOS' total addressable market and become a significant growth driver in 2024, Needham says.
  • Recently, the company announced topline data for both Phase 3 pivotal trials of iDose TR that achieved its pre-specified primary efficacy endpoints and demonstrated excellent tolerability and a favorable safety profile.
  • Glaukos plans to move forward with its plans for an NDA submission to the U.S. FDA for the slow-release iDose TR model, with an expected FDA review and decision completed by the end of 2023.
  • In Corneal Health, iLink is expected to be a steady double-digit grower, and the iLution platform could be a significant opportunity longer-term. 
  • In August, the FDA granted 510(k) clearance for Glaukos' iStent infinite Trabecular Micro-Bypass System indicated for use in a standalone procedure to reduce elevated intraocular pressure.
  • Price Action: GKOS shares are trading higher by 5.90% at $56.19 on the last check Tuesday.
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