Glaukos Corp (GKOS) 2025 Q1 法說會逐字稿

Welcome to Glaukos Corporation first quarter 2025 financial results conference call. Copies of the company's press release and quarterly summary documents, both issued after the market closed today, are available at www.glaukos.com.

歡迎參加 Glaukos Corporation 2025 年第一季財務業績電話會議。該公司的新聞稿和季度摘要文件的副本均於今天收盤後發布，可在 www.glaukos.com 上查閱。

(Operator Instructions) This call is being recorded and an archived replay will be made available on the online in the investor relations section of www.glaukos.com.

（操作員指示）本次通話將被錄音，存檔重播將在 www.glaukos.com 的投資者關係部分在線提供。

I will now turn today's call over to Chris Lewis, Vice President of Investor Relations and corporate affairs. Please go ahead.

現在，我將今天的電話會議轉交給投資者關係和公司事務副總裁 Chris Lewis。請繼續。

Thank you and good afternoon. Joining me today are Glaukos Chairman and CEO Tom Burns; President and COO of Joe Gilliam; and CFO Alex Thurman.

謝謝，下午好。今天與我一起出席的還有 Glaukos 董事長兼首席執行官湯姆·伯恩斯 (Tom Burns)、總裁兼首席營運官喬·吉列姆 (Joe Gilliam) 和首席財務官亞歷克斯·瑟曼 (Alex Thurman)。

Similar to prior quarters, the company has posted a document on its investor relations website under the Financials and filings Quarterly results section titled Quarterly Summary. This document is designed to provide the investment community with a summarized and easily accessible reference document that details the key facts associated with the quarter, the state of the company's business objectives and strategies, and any statements or guidance we may make.

與前幾季類似，該公司在其投資者關係網站的財務和文件季度業績部分發布了一份名為「季度摘要」的文件。本文件旨在為投資界提供一份概要且易於理解的參考文件，其中詳細說明了與本季度相關的關鍵事實、公司的業務目標和戰略狀況以及我們可能做出的任何聲明或指導。

This document is designed to be read by investors before the regularly scheduled quarterly conference call. As such, for this call, we'll make brief prepared remarks and transition into a question-and-answer session. (Event Instructions)

本文件旨在供投資者在定期舉行的季度電話會議之前閱讀。因此，在本次電話會議上，我們將發表簡短的準備好的發言，然後轉入問答環節。（活動須知）

Please note that all statements, other than statements of historical facts made on this call that address activities, events, or developments we expect, believe, or anticipate will or may occur in the future are or leakage statements.

請注意，除本次電話會議中關於我們期望、相信或預期未來將發生或可能發生的活動、事件或發展的歷史事實陳述外，所有陳述均為洩漏陳述。

These include statements about our plans, objectives, strategies, and prospects regarding, among other things, our sales, products, pipeline technologies, and clinical trials, US and international commercialization, market development efforts, the efficacy of our current and future products, competitive market position, regulatory strategies, and reimbursement for our products, financial condition and results of operations, as well as the expected impact of general macroeconomic conditions, including foreign currency fluctuations on our business and operations.

這些聲明包括有關我們的計劃、目標、策略和前景的聲明，其中包括我們的銷售、產品、管道技術和臨床試驗、美國和國際商業化、市場開發工作、我們當前和未來產品的功效、競爭市場地位、監管策略和產品報銷、財務狀況和經營業績，以及一般宏觀經濟條件（包括外匯波動）對我們的業務和營運的預期影響。

These statements are based on current expectations about future events affecting us and are subject to risks, uncertainties, and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control.

這些聲明是基於對影響我們的未來事件的當前預期，並受到與我們的營運和商業環境有關的風險、不確定性和因素的影響，所有這些都難以預測，其中許多是我們無法控制的。

Therefore, they may cause our actual results to differ materially from those expressed or implied by forward-looking statements. Review today's press release and our recent SEC filings for more information about these risk factors. You'll find these documents in the investor relations section of our website at www.glaukos.com.

因此，它們可能導致我們的實際結果與前瞻性陳述所表達或暗示的結果有重大差異。請查看今天的新聞稿和我們最近向美國證券交易委員會提交的文件，以獲取有關這些風險因素的更多資​​訊。您可以在我們網站 www.glaukos.com 的投資者關係部分找到這些文件。

Finally, please note that during today's call, we'll also discuss certain non-GAAP financial measures, including results on an adjusted basis. We believe these financial measures can facilitate a more complete analysis and greater transparency in the cloudcast's ongoing results of operations, particularly when comparing underlying results from period to period.

最後，請注意，在今天的電話會議中，我們還將討論某些非公認會計準則財務指標，包括調整後的結果。我們相信，這些財務指標可以促進對雲端廣播的持續經營績效進行更全面的分析和更高的透明度，特別是在比較不同時期的基本績效時。

Please refer to the tables on earnings press release available in the investor relations section of our website for a reconciliation of these measures to their most directly comparable GAAP financial measure.

請參閱我們網站投資者關係部分提供的收益新聞稿表格，以了解這些指標與最直接可比較的 GAAP 財務指標之間的比較。

With that, I will turn the call over to Glaukos Chairman and CEO, Tom Burns.

說完這些，我將把電話轉給 Glaukos 董事長兼執行長湯姆·伯恩斯 (Tom Burns)。

Okay. Thank you, Chris. Good afternoon and thank you all for joining us.

好的。謝謝你，克里斯。下午好，感謝大家的參與。

Today Glaukos reported record first quarter consolidated net sales of $106.7 million, up 25% on a reported basis or 26% on a constant currency basis versus the year ago quarter. We are also reaffirming our full year 2025 net sales guidance range of $475 million to $485 million as we balance our first quarter of performance while continuing to closely monitor the global macroeconomic environment and associated uncertainties.

今天，Glaukos 公佈第一季綜合淨銷售額創紀錄地達到 1.067 億美元，按報告基礎計算比去年同期增長 25%，按固定匯率計算增長 26%。我們也重申了 2025 年全年淨銷售額預期範圍，即 4.75 億美元至 4.85 億美元，因為我們在平衡第一季業績的同時，繼續密切關注全球宏觀經濟環境和相關的不確定性。

Our first quarter record results reflect the sustained growth acceleration in our business with strong performance driven by iDose TR adoption, and both our US and international glaucoma franchises overall.

我們第一季的創紀錄業績反映了我們業務的持續成長加速，其中強勁的表現得益於 iDose TR 的採用以及我們在美國和國際青光眼特許經營權的整體表現。

Our continued growth trajectory globally is the result of our ongoing efforts to pioneer and develop the intervention of glaucoma or IG marketplace with new stand-alone therapies designed to slow disease progression and reduce drug burden for the benefit of physicians and patients.

我們在全球範圍內持續的成長軌跡是我們不斷努力開拓和開發青光眼或IG市場幹預的結果，採用新的獨立療法，旨在減緩疾病進展並減輕藥物負擔，造福醫生和患者。

These efforts were on full display at the AGS conference in February and more recently at the ASCRS annual meeting last weekend, where the interest and excitement levels for interventional glaucoma and our technologies were high.

這些努力在二月的 AGS 會議上以及上週末的 ASCRS 年會上得到了充分展示，人們對介入性青光眼和我們的技術的興趣和興奮程度很高。

While we remain in the early stages of these IG efforts, we are encouraged with the increasing levels of clinical interest for this paradigm change in evolution. Within our US glaucoma franchise, we delivered record first quarter net sales of $59.1 million on strong year-over-year growth of 41%, driven by growing contributions from iDose TR, a first of its kind intracameral procedural pharmaceutical that was designed to continuously deliver glaucoma drug therapy for up to three years.

雖然我們仍處於這些 IG 工作的早期階段，但我們對臨床對這種進化範式轉變的興趣日益濃厚感到鼓舞。在我們的美國青光眼特許經營業務中，我們在第一季實現了創紀錄的 5,910 萬美元淨銷售額，年增 41%，這得益於 iDose TR 不斷增長的貢獻，iDose TR 是首創的前房內手術藥物，旨在持續提供長達三年的青光眼藥物治療。

Importantly, clinical outcomes and product feedback from a growing number of cases and trained surgeons continue to be very positive and reaffirms our view that with the launch of iDose TR, we are pioneering a brand new therapeutic category that has the potential to reshape glaucoma management as we know it today.

重要的是，越來越多的病例和訓練有素的外科醫生的臨床結果和產品反饋仍然非常積極，並再次證實了我們的觀點，即隨著 iDose TR 的推出，我們正在開創一個全新的治療類別，有可能重塑我們今天所知的青光眼管理。

Operationally, our teams continue to make great progress in the execution of our detailed launch plans for iDose TR, including: first, growing the universe of trained surgeons and accounts. Second, expanding utilization of the installed active surgeon base.

在營運方面，我們的團隊在執行 iDose TR 的詳細發布計劃方面繼續取得巨大進展，包括：首先，擴大訓練有素的外科醫生和帳戶的數量。第二，擴大現有現役外科醫師基地的使用率。

Third, broadening and streamlining market access among MACS, commercial and Medicare Advantage payers.

第三，擴大和簡化MACS、商業和醫療保險優勢計劃支付者的市場准入。

Fourth, expanding the robust body of clinical evidence. And fifth, accelerating and marketing investments to support increased patient awareness and education. Overall, while we remain in the early 80s, I couldn't be more pleased with the strong foundation we built to bring this transformative technology to market and expand the treatment alternatives for patients suffering with glaucoma and ocular hypertension.

第四，擴大強而有力的臨床證據體系。第五，加速和行銷投資以支持提高患者意識和教育。總體而言，雖然我們仍處於 80 年代初期，但我對我們建立的堅實基礎感到非常高興，我們將這項變革性技術推向市場，並擴大青光眼和眼高壓患者的治療選擇。

Shifting to our US business as anticipated, the five MAC LCDs implemented in the fourth quarter of 2024 continue to cause some transient turbulence in the market during the first quarter as surgeons navigate restrictions on using two main surgical devices in the same procedure.

正如預期的那樣，業務轉向美國，2024 年第四季度實施的五個 MAC LCD 在第一季繼續為市場帶來一些短暫的動盪，因為外科醫生需要應對在同一手術中使用兩種主要手術設備的限制。

We expect this makes market headwind will continue over the course of 2025 as providers continue to navigate the impacts associated with these LCDs until the anniversary later this year.

我們預計，這將導致市場逆風持續到 2025 年，因為供應商將繼續應對與這些 LCD 相關的影響，直到今年稍後的周年紀念日。

Moving on our interventional glaucoma franchise also delivered record net sales of $29 million on a year-over-year growth of 15% on a reported basis and 19% on a constant currency basis. The Strong growth was once again broad based as we continue to scale our international infrastructure and execute our plans to drive things forward as the standard of care in each region and major market in the world.

我們的介入性青光眼特許經營業務也實現了創紀錄的 2900 萬美元淨銷售額，按報告基礎計算同比增長 15%，按固定匯率計算增長 19%。隨著我們繼續擴大國際基礎設施規模並執行計劃以推動業務發展成為世界各個地區和主要市場的護理標準，強勁增長再次得到了廣泛的認可。

We remain in the early stages of expanding our IG and product portfolio initiatives globally ahead of anticipated new product approvals and expanding market access in the years to come. As previously discussed, we expect the trialing of new competitive products in some of our major international markets may become an increasing headwind as we progress through 2025.

我們仍處於在全球擴展 IG 和產品組合計劃的早期階段，預計未來幾年將獲得新產品批准並擴大市場准入。如前所述，我們預計，隨著 2025 年的到來，在我們一些主要的國際市場上試用新的競爭產品可能會成為越來越大的阻力。

Finally, our Corneal Health franchise delivered net sales of $18.5 million, including Patrex and then sales of $15.4 million. As discussed throughout 2024, our first quarter results reflect the continued impact of [Fatrexa] realized revenues as a result of our entry as a company into the Medicare Drug Rebate program, or MDRP.

最後，我們的角膜健康特許經營權的淨銷售額為 1850 萬美元，其中包括 Patrex 的銷售額為 1540 萬美元。正如整個 2024 年所討論的那樣，我們的第一季業績反映了 [Fatrexa] 因我們作為一家公司加入醫療保險藥品回扣計劃 (MDRP) 而實現的收入的持續影響。

Shifting gears to our Corneal Health pipeline during the first quarter, we announced FDA acceptance for review of the previously submitted NDA for Epioxa, our next generation corneal cross-linking eye link therapy for the treatment of [DiResta], a rarely diagnosed site (inaudible) disease.

我們在第一季轉向角膜健康產品線，宣布 FDA 接受對先前提交的 Epioxa NDA 的審查，Epioxa 是我們下一代角膜交聯眼連接療法，用於治療一種很少診斷的部位（聽不清楚）疾病 [DiResta]。

This important milestone brings us one step closer to being able to provide [care] to patients in the community with the first FE approved non-invasive corneal cross-linking drug therapy that does not require the removal of the corneal epithelium, the outermost layer of the front of the eye.

這一重要里程碑使我們距離為社區患者提供 [護理] 更近了一步，我們採用了首個 FE 批准的非侵入性角膜交聯藥物療法，該療法不需要去除角膜上皮（即眼睛前部的最外層）。

We look forward to working closely with the FDA and their pending review process as we progress towards the agency's established PDUFA date of October 20, 2025. Alongside this, our teams continue to make nice progress with the preparation and planning of the Epioxa commercial launch targeted for next year.

我們期待與 FDA 及其正在進行的審查流程密切合作，朝著該機構確定的 PDUFA 日期 2025 年 10 月 20 日邁進。除此之外，我們的團隊在明年 Epioxa 商業發布的準備和規劃方面繼續取得良好進展。

It is worth reminding investors that an FBIOX approval also provides us with the opportunity to launch this pharmaceutical therapy supported by the right long-term pillars to optimize patient access. A persistent and intense frustrating challenge for us historically Withaltrexone.

值得提醒投資者的是，FBIOX 的批准也為我們提供了推出這種藥物療法的機會，並以正確的長期支柱為支持，以優化患者的治療機會。對我們來說，歷史上的一個持續而激烈的令人沮喪的挑戰是使用阿曲酮。

We continue to believe that Epioxa designed to preserve the corneal epithelium, streamline procedure times, improve patient comfort, and shorten recovery time, represents a potentially meaningful advancement in the treatment paradigm for patients suffering from keatonis.

我們始終相信，Epioxa 旨在保護角膜上皮、簡化手術時間、提高患者舒適度並縮短恢復時間，這代表著角膜硬皮症患者治療模式的潛在有意義的進步。

Beyond Epioxa, we're also pleased to share we recently commenced a 510-K pivotal study under FDA ID for the pressor flow micro shock, an external system designed to help drain excess fluid from the eye and reduce intraocular pressure in refractory glaucoma patients.

除了 Epioxa 之外，我們還很高興地告訴大家，我們最近根據 FDA ID 啟動了一項 510-K 關鍵研究，針對加壓流微衝擊，這是一種外部系統，旨在幫助排出眼內多餘的液體並降低難治性青光眼患者的眼壓。

Our commercial commercialization efforts of pressure flow in Canada, Australia, and several Latin American countries have reaffirmed the strong appetite within the global community for this technology as a more elegant, better tolerated, and external alternative to conventional filtration surgeries for late stage glaucoma management.

我們在加拿大、澳洲和幾個拉丁美洲國家開展的壓力流商業化努力再次證明了全球社會對這項技術的強烈需求，認為它是晚期青光眼治療中比傳統濾過手術更優雅、耐受性更好、更外部的替代方案。

Additionally, we continue to advance several other important clinical trials, including one, a PMA pivotal trial for is infinite mild to moderate glaucoma patients.

此外，我們還將繼續推進其他幾項重要的臨床試驗，其中包括一項針對無數輕度至中度青光眼患者的 PMA 關鍵試驗。

Two, Phase 2 trials for iLink third generation therapy. Three, a first in human clinical development for GLK-401, our intravitreal multikinase inhibitor retinal program in wet AMD patients where we now also have an open US FDA IND.

二、iLink第三代療法的2期試驗。三、GLK-401 是我們針對濕性 AMD 患者的玻璃體內多激酶抑制劑視網膜項目，首次進入人體臨床開發階段，目前我們也已獲得美國 FDA 的 IND 批准。

And for a Phase 2b/3 clinical program for iDose TREX, our next generation iDose therapy. Finally, we remain on track to file a US FDA IND commence a clinical study for illusion [Demodex] later this year. As you can see, we have a lot to be excited about when it comes to the significant potential value that we believe our pipeline programs may create.

以及我們下一代 iDose 療法 iDose TREX 的 2b/3 期臨床計畫。最後，我們仍將按計劃於今年稍後向美國 FDA 提交 IND，開始對 illusion [Demodex] 進行臨床研究。正如您所看到的，當談到我們相信我們的管道計劃可能創造的巨大潛在價值時，我們感到非常興奮。

At the same time as we consistently discuss, we continue to prioritize the cadence of our investments as we strive to strike the right balance of risk-based investments in our capital position now and in the future. To that end, we ended the first quarter of 2025 in strong capital position with cash equivalent of more than $303 million and no debt.

在我們不斷討論的同時，我們繼續優先考慮投資節奏，努力在現在和未來的資本狀況中取得基於風險的投資的適當平衡。為此，我們在 2025 年第一季末擁有強勁的資本狀況，現金等價物超過 3.03 億美元，並且沒有債務。

This has allowed us to continue to be active on the business development front with a focus on transactions to support our existing organic growth initiatives. One such example of this is our recently announced expanded collaboration with RadiusXR and Topcon Healthcare that enables us to accelerate our global efforts to bring the tools and software solutions needed to democratize the diagnosis of glaucoma and in turn create more efficient care networks for patients afflicted with this lifelong disease.

這使我們能夠繼續積極開展業務開發，並專注於交易，以支持我們現有的有機成長計劃。其中一個例子是我們最近宣布與 RadiusXR 和 Topcon Healthcare 擴大合作，這使我們能夠加快全球努力，提供實現青光眼診斷民主化所需的工具和軟體解決方案，進而為患有這種終身疾病的患者創建更有效的護理網絡。

Finally, given the ongoing conversations around tariff and geopolitical issues, we wanted to highlight that we manufacture and source our products primarily within the United States, and as such, we expect minimal direct exposure to the most recently implemented tariff related policies.

最後，鑑於圍繞關稅和地緣政治問題的持續討論，我們想強調的是，我們的產品主要在美國境內生產和採購，因此，我們預計最近實施的關稅相關政策的直接影響將很小。

In conclusion, I am very pleased with the record quarter and strong momentum in our business as we continue to successfully advance our mission to truly transform vision by pioneering novel dropless platforms that can meaningfully advance standard of care and improve outcomes for patients suffering from sight threatening chronic eye diseases.

總而言之，我對本季度創紀錄的業績和強勁的業務發展勢頭感到非常滿意，因為我們將繼續成功推進我們的使命，透過開拓新型無滴平台來真正改變視力，這些平台可以顯著提高護理標準並改善患有視力威脅性慢性眼病的患者的預後。

So with that I'll call for questions. Operator?

因此我將提出問題。操作員？

(Operator Instructions) Tom Steven, Stifel.

（操作員指示）湯姆·史蒂文，Stifel。

Great, hey guys, thanks for taking the questions. I guess first to start off, would you be able to provide US state growth in the quarter and attack on to that, Joe or Tom, maybe if you can talk more about what you're seeing in terms of how doctors are reacting from a share standpoint to the LCD so far this year and expectations looking ahead for US mix.

太好了，嘿夥計們，感謝你們回答問題。我想首先，您能否提供本季度美國各州的增長情況並對此進行攻擊，喬或湯姆，也許您可以更多地談談您所看到的，從今年迄今為止醫生對 LCD 的反應以及對美國組合未來的預期。

Tom, it's Joe. I'll start off and then Tom can add any color then he might have the conversations he had, including this past weekend at ASCRS.

湯姆，我是喬。我先開始，然後湯姆可以補充一些內容，然後他可能會分享他之前的對話，包括上週末在 ASCRS 的對話。

In the first quarter, we really saw the US you've seen the reported overall, 40% plus year-over-year growth, and the 5% sequential growth and as it might be expected that was entirely driven by the expansion of IOS TR and offset by the impact of these LCD restrictions.

在第一季度，我們確實看到美國報告的整體同比增長超過 40%，環比增長 5%，正如預期的那樣，這完全是由 IOS TR 的擴展推動的，並被這些 LCD 限制的影響所抵消。

They were modestly more pronounced than expected on our franchise and in total we saw a mid single digit decline year-over-year. So we're going to continue to probably forecast that for the foreseeable future here as we continue to navigate the potential impact of those LCD restrictions on our customers.

就我們的特許經營而言，這些影響比預期的要明顯一些，總體而言，我們看到同比下降幅度在個位數左右。因此，我們將繼續預測在可預見的未來，我們將繼續應對這些 LCD 限制對客戶的潛在影響。

It's somewhat uniquely challenging for us to forecast given. We estimate that the LCD changes remove 10% to 15% of the MIGS volume, if you will, in 2025 and compared to 2024. But for us that's also somewhat offset by growing stand-alone utilization of ice and infinite and confounded obviously by the prioritization elevated associated with IOS TR.

對我們來說，預測這一點具有獨特的挑戰性。我們估計，與 2024 年相比，到 2025 年，LCD 變化將減少 10% 至 15% 的 MIGS 容量。但對我們來說，這也在一定程度上被 ice 和 infinite 的獨立使用率的提高所抵消，並且顯然因與 IOS TR 相關的優先級提升而令人困惑。

So from a macro standpoint despite the 10% to 15%, call it headwind in the combo cataracts MIGS, our sense is that we're holding our own and the fact that we've experienced a mid single digit decline in the first quarter is probably a relative positive in the context of the overall market dynamics throughout that quarter.

因此，從宏觀角度來看，儘管有 10% 到 15% 的降幅，稱其為組合白內障 MIGS 中的逆風，但我們的感覺是，我們能夠保持自己的狀態，而且我們在第一季度經歷了中等個位數的下降，這一事實在整個季度的整體市場動態背景下可能是一個相對積極的信號。

And it relates to doctors, I think it's very specific to their own decisions and algorithms and how they make those selections. Obviously they're disappointed by the fact that the clinical decision making has been taken out of their hands and being determined by an insurer, in this case a medical director or a map.

這與醫生有關，我認為這與他們自己的決定和演算法以及他們如何做出這些選擇有關。顯然，他們對臨床決策權不再由他們掌握，而由保險公司（在本例中是醫療主任或地圖）決定這一事實感到失望。

But they're navigating that and perhaps they'll be focused more on a serial approach to the glaucoma care versus trying to do it combinatorially in a single procedure.

但他們正在探索這種方法，也許他們會更加重視青光眼護理的連續性方法，而不是試圖在單一程序中以組合方式進行。

That makes sense, really helpful. And then my follow up in guide of, I wanted to ask about Meridian specifically. It's been the most advanced MAC in terms of reimbursement. I think exiting last year was the only one with kind of streamlined J-code reimbursement and a professional fee on the fee schedule.

這很有道理，確實很有幫助。然後在我的後續指南中，我想具體詢問有關 Meridian 的問題。從報銷方面來說，它是最先進的 MAC。我認為去年退出是唯一一家採用簡化的 J 代碼報銷和費用表上的專業費用的公司。

So Joe, have you seen or are you seeing any sort of inflection or acceleration? In Noridian, again with reimbursement in a solid place, and then is it fair to view Noridian, maybe a sort of an analog for when the rest of the MACS come up to speed. Thanks.

那麼喬，你有沒有看到或正在看到任何形式的拐點或加速？在 Noridian，再次在固定的地方進行報銷，然後公平地看待 Noridian，也許是 MACS 其餘部分加速時的一種類似物。謝謝。

Yeah, I think clearly Noridian is the first case study that we can watch, assess, and then extrapolate in terms of what it can mean for the other MACS as they come online and in fact in some ways what we've been seeing as of late in Novita’s and the First Coast validates that assumption that the trend lines are somewhat consistent and the timelines associated with those trend lines are somewhat consistent.

是的，我認為 Noridian 顯然是第一個我們可以觀察、評估並推斷其對其他 MACS 上線時意味著什麼的案例研究，事實上，在某種程度上，我們最近在 Novita 和 First Coast 看到的情況證實了這一假設，即趨勢線在某種程度上是一致的，並且與這些趨勢線相關的時間線在某種程度上是一致的。

Sometimes as these milestones are knocked down or as the adjudication becomes more streamlined, it takes a little bit of time for that to translate both to the sales force, the customer, to their scheduling and staffing as well as ultimately the procedures attached to it.

有時，隨著這些里程碑的實現或裁決變得更加精簡，需要一點時間才能將其轉化為銷售人員、客戶、他們的日程安排和人員配備以及最終與之相關的程序。

But what we are seeing is continued solid and expanding growth. You referenced Noridian specifically given it was there first, and it shouldn't surprise you that despite being around 20% of the covered lives, it's percentage of our overall, iStent contribution is something close to double that given the dynamics at play there.

但我們看到的是持續穩健且不斷擴大的成長。您特別提到了 Noridian，因為它是第一個出現在那裡的，儘管它只佔受保人數的 20% 左右，但考慮到那裡的動態，iStent 貢獻在我們整體中所佔的比例接近兩倍，這應該不會讓您感到驚訝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Good afternoon. Thanks for taking our questions. Last quarter, Joe, you gave some commentary on kind of the components of guidance from a growth perspective, you've beat now for the, having the first quarter behind you, guidance is staying the same.

午安.感謝您回答我們的問題。喬，上個季度，您從成長角度對指導的組成部分發表了一些評論，現在，在第一季結束後，指導保持不變。

Maybe, be curious to know kind of where you stand on some of those components within your guidance, obviously with an emphasis on kind of the iStent versus, iDose franchises and contributions and or if those still hold and remind us what those are as we think about guidance.

也許，您好奇地想知道您對指導中的某些組成部分的立場，顯然重點是 iStent 與 iDose 特許經營權和貢獻，或者它們是否仍然有效，並在我們考慮指導時提醒我們它們是什麼。

Yeah, happy to do that, Ryan. Obviously the first quarter was strong from a performance perspective with the 25% growth and certainly highlight about the 40% plus growth in the US and if you think about, there are a fair number of, I'll call it adjustments as we make our way through the year in terms of what comprises the overall guidance here.

是的，很高興這樣做，瑞安。顯然，從業績角度來看，第一季表現強勁，成長了 25%，當然，美國的成長更是達到了 40% 以上，如果你想想的話，我們會發現，在全年的總體指導方針方面，有相當多的調整，我稱之為調整。

So in no particular order, when you think about the corneal health business, we continue to dial in the impact of MDRP on this franchise and at this point I think we would probably guide you towards flat to low single digit growth clearly ahead of what we expect to be an exciting year in 2026 with the launch of FBIOX.

因此，當您考慮角膜健康業務時，我們會不分先後順序地繼續關注 MDRP 對這一特許經營權的影響，此時我認為我們可能會引導您實現持平至低個位數的增長，這明顯快於我們預期的 2026 年隨著 FBIOX 的推出而成為令人興奮的一年。

That's a small slight change as we've got that. On the international glaucoma front, encouraging start to 2025, continued strong performance around the globe, and so we probably have revised expectations there of, I'll call it high single digit to low digital double digit growth year-over-year.

這是我們得到的一個小小的改變。在國際青光眼方面，2025 年開局令人鼓舞，全球繼續表現強勁，因此我們可能已經修改了對此的預期，我稱之為同比增長從高個位數到低兩位數的增長。

As we continue to kind of balance strong performance against the macro uncertainties and the backdrop that all companies are facing and then in particular obviously competitive product launches and key markets and the [launches] from that amended French rebate agreement we talked about in 2024.

我們將繼續在強勁業績與宏觀不確定性以及所有公司面臨的背景之間取得平衡，特別是明顯具有競爭力的產品發布和關鍵市場，以及我們在 2024 年談到的修訂後的法國退稅協議的發布。

And that then leads you to US glaucoma where I think we now expect that the LCD headwinds consistent what we saw in the first quarter, and I'll call it the hydrous royalty aspiration to generate a mid-single digit decline for non-iDose revenues in 2025.

然後，我們再來看看美國青光眼的情況，我認為我們現在預計 LCD 逆風與我們在第一季看到的情況一致，我稱之為含水特許權使用費的願望，這將導致 2025 年非 iDose 收入出現中等個位數的下降。

And when you put all that together, which I'm not expecting you to do on the fly, Ryan, it's going to imply that we're actually are modestly increasing our iDose expectations for the remainder of 2025 versus what you probably had or most people had in their models coming into the call.

當你把所有這些放在一起時，我並不期望你即時完成，瑞安，這將意味著我們實際上正在適度提高對 2025 年剩餘時間的 iDose 預期，而不是你或大多數人在電話會議前的模型中所預測的預期。

Yeah. No, that makes sense, Joe, and that all tracks with kind of the numbers that I'm getting to. And so the follow up question to that is, is around the pacing of iDose. And we saw you this weekend at ASCRS, obviously a lot of focus there on iDose.

是的。不，這很有道理，喬，這一切都與我得到的數字相符。所以後續的問題是關於 iDose 的節奏。這個週末我們在 ASCRS 見到了您，顯然大家對 iDose 的關注度很高。

How do you think about, I mean, there is a pretty steep ramp implied on your iDose expectations this year. And some of that is from, kind of MACS coming on Board and so forth. But just talk us through kind of what's underpinning those assumptions to get from where we think you did today by my math, about $21 million and change this quarter to what arguably is almost double that by the fourth quarter?

您怎麼看，我的意思是，今年您對 iDose 的期望會有相當陡峭的增長。其中一些是來自 MACS 的加入等等。但是，請您向我們解釋一下這些假設的基礎是什麼，根據我的計算，我們認為您今天所做的計算結果是約 2100 萬美元，而到第四季度，這一數字幾乎是這個數字的兩倍？

Yeah, sure. I mean in some ways also, as you know Ryan, it's not significant change in volumes that drive those numbers, obviously it's a doubling in volume, but at the end that we're at right now, modest changes in your assumptions can drive those types of results in your model in your forecast.

是的，當然。我的意思是，從某種程度上來說，正如瑞安所知，推動這些數字的並不是交易量的重大變化，顯然是交易量的翻倍，但就目前而言，你假設的適度變化可以推動你的預測模型中出現這些類型的結果。

But look, I think for us, underlying where we sit today is obviously the month to month continued progress that we've been making. Including the progress we made from February to March and March into April sitting here today. If you think about what you're talking about using the number you gave $21 million you're already at an $85 million run rate exiting the first quarter.

但我認為，對我們來說，我們今天所處的位置顯然是我們逐月持續取得的進展。包括我們今天在這裡討論的從二月到三月、從三月到四月所取得的進展。如果您用給出的 2100 萬美元這個數字來思考您所談論的內容，那麼第一季結束時的運行率就已經達到 8500 萬美元。

And as March was probably the largest contributor of that. So as we move forward, I think we've got good momentum to continue to achieve the iDose expectations that are underneath our guidance.

而三月可能是其中最大的貢獻者。因此，隨著我們不斷前進，我認為我們有良好的動力繼續實現我們指導下的 iDose 預期。

And maybe more specifically, just thinking about the Medicare, fee for service patient population, Tom asked about Noridian, but clearly we also are in the middle right now of turning on Novitas and First Coast I would say that in recent weeks they've really joined the operating as expected group, which previously would have only had Noridian in it. And it took some time after the pro fee schedule was established and published to reach that status.

也許更具體地說，只要考慮醫療保險、按服務收費的患者群體，湯姆就會詢問諾里迪安 (Noridian) 的情況，但顯然我們現在也正處於開啟 Novitas 和 First Coast 的過程中，我想說，最近幾週他們確實加入了按預期運營的群體，而以前只有諾里迪安 (Noridian) 在其中。專業費用表制定並發布後需要一段時間才能達到此狀態。

And at the same time, Palmetto and WPS today largely appear to be paying the J-code correctly and our attention and efforts in those MACS have started to shift to achieving more consistent professional fees.

與此同時，Palmetto 和 WPS 目前似乎基本上正確支付了 J 程式碼，而我們在這些 MACS 中的注意力和努力已經開始轉向實現更一致的專業費用。

And even CGS and NGS have been showing early signs of J-code consistency. So I'm not quite ready to put them in alongside Palmetto and WPS, there are signs for optimism there. The translation of which in each one of those things does not necessarily mean that any one point in time, any one quarter, including the quarter is where you're going to see some pop, but I do believe that overall it's a consistent upward progress on market access and in turn the commercial results that come downstream of that.

甚至 CGS 和 NGS 也已顯示出 J 程式碼一致性的早期跡象。所以我還沒準備好將它們與 Palmetto 和 WPS 放在一起，但那裡有樂觀的跡象。對每件事的翻譯並不一定意味著在任何一個時間點、任何一個季度（包括該季度）你都會看到一些流行趨勢，但我確實相信，總體而言，市場准入方面會持續向上發展，進而帶來隨之而來的商業成果。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good afternoon. Thanks for taking the question. I guess, Joe, on iDose, the question I have is, have things played out according to your expectations on the reimbursement side has it taken longer? And obviously, I guess are you still, would you consider changing the price? I mean, obviously the price came out higher than people expected, how much of an impediment is that? And would you consider an LCD to unlock Medicare Advantage?

午安.感謝您回答這個問題。我想，喬，在 iDose 上，我的問題是，事情是否按照你的預期在報銷方面進行，是否花了更長的時間？顯然，我猜您還會考慮改變價格嗎？我的意思是，價格顯然高於人們的預期，這會造成多大的障礙？您會考慮使用 LCD 來解鎖醫療保險優勢計劃嗎？

So a fair amount there, Larry. Let me first say that as it relates to iDose and our internal expectations both for 2024 as well as in the first quarter of 2025, the results have exceeded what our forecasting expectations were from an analytical perspective, as it relates to market access, that's a harder one to answer because while it may have aligned with some ways with what we had forecasted that underpinned our models.

所以那裡有相當多的東西，拉里。首先我要說的是，就 iDose 和我們對 2024 年以及 2025 年第一季的內部預期而言，結果已經超出了我們從分析角度預測的預期，至於市場准入，這是一個更難回答的問題，因為雖然它可能在某些方面與我們基於模型的預測相一致。

You always want to move faster and you always want to see streamlined adjudication quicker whether it's on the drug side or on the professional fee side, because downstream of that, patients aren't getting access to your technology and your therapy that deserve it until you've got those things streamlined.

您總是希望行動更快，總是希望更快地看到簡化的裁決，無論是在藥物方面還是在專業費用方面，因為在此之後，在您簡化這些事情之前，患者無法獲得您應得的技術和治療。

So we've been operating as an organization with a high degree of urgency quarter in and quarter out on working through the adjudication. And getting this to a place where it's more stream like it is now in Noridian Novitas and First Coast.

因此，我們作為一個組織，每季都以高度的緊迫性進行裁決工作。並將其帶到一個更像現在的 Noridian Novitas 和 First Coast 的地方。

I don't, -- I think that it's a misconception to think that price is the element driving the pacing of these coverage and the streamline education. It's a process that every company goes through when they have a newly established T-code or in this case T-code and J-code to drive the volumes that are required for these MACS to both understand the underlying procedure, quantify or value that, and then feel confident enough to put it in their systems as such.

我不這麼認為——我認為認為價格是推動這些報告和精簡教育步伐的因素是一種誤解。這是每個公司在擁有新建立的 T 代碼或在這種情況下是 T 代碼和 J 代碼時都要經歷的過程，以驅動這些 MACS 所需的容量，以了解底層程序、量化或評估它，然後有足夠的信心將其放入他們的系統中。

And so from our standpoint. I think maybe the only thing that impacted that from a price standpoint is that it's obviously a little bigger leap for the customers in the early days, but certainly well worth that squeeze, if you will, downstream as you get into the place like we are with both Noridian, Novitas and First Coasttoday.

從我們的角度來看也是如此。我認為從價格角度來看，唯一影響因素是，對於早期的客戶來說，這顯然是一個比較大的飛躍，但當你進入像我們今天在 Noridian、Novitas 和 First Coasttoday 那樣的地方時，這種擠壓絕對是值得的。

I think as an LCD matter we've seen the downsides when others have pursued LCD, dynamics in and around us, and so I don't know that's the first place we would go to try to drive more streamlined adjudication. Ultimately the Medicare advantage policies we have pretty significant coverage today along the similar lines of what DiResta has as other procedural pharmaceutical and so we would expect it to go down that path moving forward here in a very similar way and continue to open up those access for those patients. I don't think we need an LCD to accomplish that.

我認為，就 LCD 而言，我們已經看到了其他人追求 LCD 的弊端，以及我們內部和周圍的動態，所以我不知道這是我們首先要嘗試推動更精簡的裁決的地方。最終，我們今天的醫療保險優勢政策具有相當重要的覆蓋範圍，與 DiResta 在其他程序性藥物方面的覆蓋範圍類似，因此我們預計它將以非常相似的方式沿著這條道路前進，並繼續為這些患者開放這些機會。我認為我們不需要 LCD 來實現這一點。

All right, I'll leave it there. Thanks for taking the question guys.

好的，我就把它留在那裡。謝謝大家回答這個問題。

Alan Gong, JP Morgan.

龔艾倫，摩根大通。

Thanks for the question. Kind of piggybacking off of the tariff commentary that you provided, I think one of the concerns is that, as we move into the back half of the year with kind of a pretty uncertain macro backdrop, which country companies might be, more or less exposed to an economic slowdown and potentially kind of like, lower procedure volumes.

謝謝你的提問。有點像您提供的關稅評論，我認為其中一個擔憂是，隨著我們進入下半年，宏觀背景相當不確定，哪些國家的公司可能會或多或少地受到經濟放緩的影響，並可能出現業務量下降的情況。

So I guess just from your point of view when we think about iStent and iDose if there is a economic slowdown, how exposed do you think you are to those kinds of dynamics?

因此，我想僅從您的角度來看，當我們考慮 iStent 和 iDose 時，如果出現經濟放緩，您認為您會在多大程度上受到此類動態的影響？

Yeah, I think it's something we factored in our decision to leave guidance where it's at. It may have been, in some ways one of the most significant contributors to our decision to sit tight on guidance here at the beginning of the year. And it's hard, Allen, to point to a specific cause and effect when it comes to things like, macroeconomic policy and the various places that can rear its ugly head.

是的，我認為這是我們決定保留現有指導意見時考慮到的因素。從某種程度上來說，這可能是我們年初決定維持指導方針的最重要因素之一。艾倫，當談到宏觀經濟政策以及可能引發問題的各個地方時，很難指出具體的因果關係。

For us in general ophthalmology, it follows the areas of health care that are a little bit more insulated, certainly the kind of procedures that are associated with glaucoma care where they're not elective as much in nature.

對於我們普通眼科來說，它屬於比較封閉的醫療保健領域，尤其是與青光眼護理相關的手術，這些手術本質上不是選擇性的。

But anytime you see pressure on the economy at large, you can see, if rates rise and people are having a harder time getting, access to lines of credits or in general running their business, you can have impact as surgery centers or customer offices or different things struggle to make their way through an economic downturn.

但是，任何時候你看到整個經濟面臨壓力，你就會看到，如果利率上升，人們更難獲得信貸額度或總體經營業務，你就會對手術中心或客戶辦公室或其他事物產生影響，因為它們難以度過經濟衰退。

And so I think it behooves all of us to stay a little bit cautious around, the next, 6,9,12 months as we play our way through the tariff situation, what it could mean for the economy overall.

因此，我認為我們所有人都應該對未來 6、9、12 個月的關稅狀況​​保持謹慎，看看它對整體經濟意味著什麼。

Got it. Thank you.

知道了。謝謝。

David Saxon, Needham.

大衛薩克森，尼德漢姆。

Great. Good afternoon. Thanks for taking my questions. Maybe I'll do a couple on iDose. So on specifically on reimbursement, it looks like some of the iDose kind of pamphlets or guides that you have posted, it looks like it includes, like Med Advantage and commercial.

偉大的。午安.感謝您回答我的問題。也許我會在 iDose 上做幾個。因此，具體到報銷方面，它看起來像您發布的一些 iDose 小冊子或指南，它看起來包括 Med Advantage 和商業內容。

So I wanted to ask on commercial coverage, like, how broad is that coverage from a covered lives perspective? What are you seeing in terms of dollar reimbursement versus what the MACS are doing? And then I don't know if you can name like the major payers, commercial payers that are most consistent.

所以我想問商業保險，比如，從受保人壽的角度來看，這種保險範圍有多廣？與 MACS 的做法相比，您在美元報銷方面有何不同？然後我不知道您是否可以說出最主要付款人、最穩定商業付款人的名字。

Yeah, David, obviously, I would say, first, maybe from a macro standpoint, given the progress we're making with Medicare, we have started to move forward selectively, in providing, I'll call it, customer patient access into the commercial Medicare Advantage arena.

是的，大衛，顯然，我想說，首先，也許從宏觀角度來看，鑑於我們在醫療保險方面取得的進展，我們已經開始有選擇地向前邁進，我稱之為讓客戶患者進入商業醫療保險優勢領域的途徑。

We signaled that was part of our plan, and that's something that we very slowly and methodically began to roll out over the course of, really exiting the first quarter into the second. And I would expect us to continue to be equally as methodical as we move forward here, primarily because you want to ensure that your customers have the right experience, the right tools, to navigate, this more tricky payer landscape successful. But behind the scenes, our payer relations team, and others have been hard at work since, really, the date of approval.

我們表示這是我們計劃的一部分，並且我們在第一季進入第二季時就開始非常緩慢而有條不紊地推出這項計劃。我希望我們在前進的過程中繼續保持同樣的條理，主要是因為您想確保您的客戶擁有正確的體驗、正確的工具，以成功應對這個更棘手的付款人環境。但在幕後，我們的付款人關係團隊和其他團隊自批准之日起就一直在努力工作。

And so, on both the commercial as well as the Medicare Advantage side, you see coverage policies that extend out over more than 50% of the potential patient population, that are covered by those respective areas. And with the rest, you almost universally see policy silence.

因此，無論是商業保險還是醫療保險優勢計劃，您都會看到覆蓋範圍涵蓋了相應地區 50% 以上的潛在患者群體。而對於其他方面，你幾乎普遍看到政策沉默。

And so from our standpoint, we're in the process now of knocking down, that same claims adjudication, doing the prior offs, and getting comfortable that it's working the way it's supposed to. And we've had some good early success in seeing claims go through with payers as large as United and as small as some of the more regional plants that are out there.

因此，從我們的角度來看，我們現在正處於推翻同樣的索賠裁決、進行先前的工作並確保其按照預期的方式運作的過程中。我們已取得了一些初步成功，大型的付款人（如聯合航空）和小型的地區性工廠都已向索賠人提出索賠。

So I think we're in a pretty good spot. And from a from a setup standpoint there, it really is much more down to methodical execution and making sure that those customers are doing it the right way in a way that's successful for their practice while they provide access to those patients for iDose.

所以我認為我們目前處於一個非常好的位置。從設定的角度來看，這實際上更取決於有條不紊的執行，並確保那些客戶以正確的方式進行操作，以便他們的實踐取得成功，同時為這些患者提供 iDose 的存取權。

Okay, great. That was super helpful. Thanks for that. And then in the script, you talked about, expanding the iDose launch. Some of that includes training. So I wanted to ask, like, if you could give an update on the percent of kind of your core iStent accounts that you've trained on iDose. Where is the level of demand among doctors for training versus kind of the capacity of the sales force to actually do the training? Thanks so much.

好的，太好了。這非常有幫助。謝謝。然後在腳本中，您談到了擴大 iDose 的發布。其中包括培訓。所以我想問一下，您是否可以更新一下您在 iDose 上培訓過的核心 iStent 帳戶的百分比。醫生訓練的需求水準與銷售人員實際進行訓練的能力如何？非常感謝。

Yeah, David, I think it's an important point. We've said it before, but I'll reiterate it here. I don't think that the clinical training, if you will, the OR training, the dry labs, the initial procedures is in any way the gating item, from a capacity standpoint on our sales force nor from a demand perspective on behalf of the doctors. There are plenty of surgeons, every day who continue to want to be trained and add iDose into their toolkit, and our sales force is more than capable of meeting that that demand.

是的，大衛，我認為這是一個重要的觀點。我們之前已經說過了，但我在這裡要重申。我認為，無論從我們的銷售團隊的能力角度，還是從醫生的需求角度來看，臨床培訓、手術室培訓、乾實驗室、初始程序都不是限制項目。每天都有大量外科醫生希望接受培訓並將 iDose 添加到他們的工具包中，我們的銷售團隊完全有能力滿足這一需求。

I think to answer my -- of your first question, the more time consuming and important aspect of all that is making sure that the entire office that surrounds that physician or that surgery center are good at adjudicating and processing and following up on the claims that they submit around the product.

我想回答我的第一個問題，所有這一切中最耗時和最重要的方面是確保圍繞該醫生或手術中心的整個辦公室善於裁決、處理和跟進他們圍繞產品提出的索賠。

And as they get better at that, then you start to see the doctor being able to do what they want to do clinically, and that's when we start to have some fun in an account in terms of where iDose can go.

隨著他們在這方面做得越來越好，你會開始看到醫生能夠在臨床上做他們想做的事情，而那時我們就開始對 iDose 的使用範圍產生興趣。

Adam Maeder, Piper Sandler.

亞當梅德、派珀桑德勒。

Good afternoon. Thank you for taking the questions. Two from me. The first one is on iDose reimplantation. I just wanted to see if there was any update there. I think you were planning to make a post approval supplement submission to FDA in the first half of the year. So any updates on the progress you're making with FDA? And how quickly do you expect to know, I guess, kind of one way or the other? And then I had a follow-up. Thanks.

午安.感謝您回答這些問題。我有兩個。第一個是關於 iDose 再置入。我只是想看看那裡是否有任何更新。我認為您計劃在今年上半年向 FDA 提交批准後補充文件。那麼您與 FDA 合作的進展如何？我想，您預計多快就能知道答案？然後我進行了後續跟進。謝謝。

Yeah. I'm happy to take this question. So yeah, we talked about filing the post approval NDA supplement in the first half. We've actually done so in the first quarter. So we've beaten that timeline. It's now with the FDA. The FDA has six month statutory obligation to get back to us. And so we expect to be able to hear results of their adjudication by year-end.

是的。我很高興回答這個問題。是的，我們在上半年討論了提交批准後 NDA 補充文件。我們實際上在第一季就已經這樣做了。所以我們已經打破了這個時間表。目前已交由 FDA 處理。FDA 有六個月的法定義務回覆我們。因此，我們期望能夠在年底前聽到他們的裁決結果。

That's really helpful. Appreciate the color there, Tom. And one maybe for Joe or Alex, I know you guys don't give quarterly guidance, but you did give some helpful color on the last earnings call around kind of sequencing of models.

這真的很有幫助。欣賞那裡的色彩，湯姆。也許對於喬或亞歷克斯來說，我知道你們不提供季度指導，但你們在上次收益電話會議上確實就模型排序給出了一些有用的說明。

So wanted to see if there's any updated thoughts in terms of kind of how you see the rest of the year playing out on the top line and specifically wondering if you had any kind of reaction comment as it relates to Q2 revenue. iStent consensus at $116 million and Q2 iDose revenue at $25 million. Just any comment on where those figures stand? Thank you.

所以想看看您對今年剩餘時間的營收表現有何更新的看法，特別是想知道您對第二季營收有何反應評論。 iStent 的預期營收為 1.16 億美元，iDose 第二季營收為 2,500 萬美元。對這些數字有何評論？謝謝。

Yeah, happy to, Adam. I think, as you know, from a seasonality perspective, ophthalmology tends to be 23%, 24% in the first quarter, 24%, 25% in the second, and similar in the third, maybe down a touch. And then the remainder, anywhere from 27% to as much as 29%, 30% in the fourth. Obviously, ours gets up into a little bit because of the launch dynamics with iDose.

是的，很高興，亞當。我認為，如您所知，從季節性的角度來看，眼科在第一季往往為 23%、24%，第二季為 24%、25%，第三季也差不多，可能略有下降。然後剩下的部分，從 27% 到 29%，第四部分為 30%。顯然，由於 iDose 的發布動態，我們的收入將會增加。

And sitting here today, I would probably point you to something, obviously, the first quarter represents about 22% of the midpoint of our guidance, and the second quarter will probably be somewhere in the 23%, 24% neighborhood, followed by 24%, 25% in the third and call it 28% to 30%, in the fourth quarter. And again, the exact pacing and sequencing of iDose is going to be the key determinant of that, on top of what is the underlying seasonality.

今天坐在這裡，我可能會向大家指出一些事情，顯然，第一季約占我們預期中點的 22%，第二季可能會向大家指出一些事情，顯然，第一季約占我們預期中點的 22%，第二季可能在 23% 到 24% 左右，第三季為 24% 到 25%，第四季為 28% 到 30%。再次強調，除了潛在的季節性因素之外，iDose 的精確節奏和順序將是決定這一點的關鍵因素。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Thank you so much for taking the question. And you actually set it up great. So the quarterly pace for the remainder of the year, I think if I back into the guidance commentary, you raised maybe the iDose guidance by about $5 million. Could you confirm if that's correct? And also, do you think about the ramp over the subsequent quarters? Thanks.

非常感謝您回答這個問題。而且您確實把它設置得非常好。因此，對於今年剩餘時間的季度速度，我想如果我回到指導評論，您可能會將 iDose 指導增加約 500 萬美元。您能確認這是否正確嗎？另外，您是否考慮過接下來幾季的成長？謝謝。

Yeah. Joanne, I think what I'd probably say is, we'll get that specific, but clearly, I said we raised, underlying and implied this is a modest raise the iDose expectations. And clearly, we expect from month to month and quarter to quarter to continue to see the progress. I think when you unpack some of the earlier guidance that I gave and some of the commentary around the various parts of our business, cornea, interventional, the stents, et cetera, and the seasonality, you'll get pretty close to where you need to be from a pacing standpoint.

是的。喬安妮，我想我可能會說的是，我們會得到具體信息，但顯然，我說我們提出，潛在地並暗示這是對 iDose 預期的適度提高。顯然，我們預計每個月、每季都會繼續看到進展。我認為，當您解開我之前給出的一些指導以及有關我們業務各個部分（角膜、介入、支架等）和季節性的一些評論時，您將從起搏的角度非常接近您需要的位置。

Thank you.

謝謝。

Margaret Andrew, William Blair.

瑪格麗特·安德魯、威廉·布萊爾。

Hey, good afternoon guys. Thanks for taking the questions. Two, both around the stents side of the business. So, we were at ASCRS. We did see some data kind of around the benefits of combo procedures for patients. I guess, what do you guys think of these datasets? Are they incremental? Are they more meaningful? Can they have an impact on the current LCD? Or what steps, I guess, is the industry taking to potentially overturn it and timing of that?

嘿，大家下午好。感謝您回答這些問題。二、均圍繞支架側的業務。所以，我們在 ASCRS。我們確實看到了一些有關組合療法對患者有益的數據。我想，你們對這些資料集有什麼看法？它們是增量的嗎？它們更有意義嗎？它們會對目前的 LCD 產生影響嗎？或者我猜想，該行業正在採取什麼措施來推翻它以及何時推翻它？

I think from a macro standpoint, you ultimately have to combat that with evidence, right. And so, growing evidence, you referenced some, Margaret, around, studies that are done by, individual practices, groups of practices, manufacturers like Glaukos, ultimately are what help overturn, if you will, restrictions on clinical decision making, which is what you saw with the LCD in November.

我認為從宏觀角度來看，你最終必須用證據來反駁這一點，對吧。因此，瑪格麗特，您提到的一些證據表明，由個人診所、診所團體以及 Glaukos 等製造商進行的研究最終有助於推翻對臨床決策的限制，正如您在 11 月的 LCD 上所看到的那樣。

So I think you should expect to see more of that, from us and from others and from practitioners themselves, because we all know that clinically, it makes sense to attack this progressive disease from multiple angles. And so shame on us if we're not generating evidence to support that.

因此，我認為您應該會看到更多這樣的情況，從我們、其他人以及從業者本身來看，因為我們都知道，從臨床上來說，從多個角度攻擊這種進行性疾病是有意義的。如果我們沒有提供證據來支持這一點，那我們真是太丟臉了。

And I would just add on that. If you think about it, we have been in the driver's seat in combination therapy for some time in multiple modalities. I think many of you are aware that we already have completed a Phase 4 clinical trial that compares the iStent infinite plus iDose versus infinite.

我只想補充一點。如果你仔細想想，我們其實已經在多種療法的聯合治療領域佔據主導地位已經有一段時間了。我想你們很多人都知道，我們已經完成了第 4 階段臨床試驗，比較了 iStent infinite plus iDose 與 infinite。

And our hope and expectation is that study will be able to generate data that will not only convince the operating clinician to go to a place where they already want to go, which is to combine two different modalities to be able to lower target pressures with a single procedure, but also be able to actively support any MAC commercial or Medicare Advantage adjudication in the future.

我們的希望和期望是，研究將能夠產生數據，不僅能夠說服手術臨床醫生去他們已經想去的地方，即結合兩種不同的模式，以便能夠透過單一程序降低目標壓力，而且還能夠積極支持未來的任何 MAC 商業或醫療保險優勢裁決。

So we try to be prescient in doing these studies well in advance of the market trends that we see that are developing in front of us.

因此，我們試著在市場趨勢發展之前就做好這些研究。

Okay. That's helpful. Thank you. And then just as we look at guidance on stent growth and apologies if you sort of referenced it, but I'm going to try to get a finer point on it. The stent growth, I think you previously guided to for US kind of flat to down low single-digits. Is guidance now more solidly kind of in that down low single-digit range for US stents? And anything that we should think about from a comp perspective throughout the year, for that specifically? Thanks.

好的。這很有幫助。謝謝。然後，正如我們查看支架生長指南時所提到的，如果您引用了它，我很抱歉，但我會嘗試對它進行更詳細的闡述。我認為您之前預測的美國支架增長將呈現持平或下降的個位數。對於美國支架而言，現在的指導是否更加穩固地處於低個位數範圍？那麼，從全年來看，我們應該特別考慮哪些方面呢？謝謝。

Yeah, Margaret. I did allude to it, but I'll put a finer point on it. The underlying expectation or guidance right now is that for the non-items business, obviously, the vast majority of which is spent, so that will be down mid single-digits for 2025.

是的，瑪格麗特。我確實提到過這一點，但我會更詳細地闡述它。目前的基本預期或指導是，對於非物品業務而言，顯然其中絕大部分都用於支出，因此到 2025 年，這一數字將下降中等個位數。

That's based upon what we saw in the first quarter and a continuation of that trend. And then, again, the puts and the takes around that are obviously the restriction impacts in combination with cataract surgery, which are partially offset in our case by contingent growth in the standalone side of our of our stent business. But net-net, we expect the non-iDose revenues in the US to be down mid single-digit, frankly.

這是基於我們在第一季看到的情況以及這一趨勢的延續。然後，顯然，這些投入和產出是與白內障手術相結合的限制影響，而這些影響在我們的情況下被我們支架業務獨立方面的偶然增長部分抵消。但坦白說，我們預計美國非 iDose 收入將下降中等個位數。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

All right. Thanks for taking the questions. Can you elaborate a little bit on what assumptions you have for the remainder of the year with respect to your slightly higher iDose guide with respect to kind of what needs to be in place for additional pro fee coverage? Or can you more or less get to the numbers that you have with the level of reimbursement that you have now and just the physicians getting more comfortable going forward? I'm just trying to get a sense for kind of what needs to happen to get to the iDose numbers in your model?

好的。感謝您回答這些問題。您能否詳細說明一下，對於今年剩餘時間，您對略高的 iDose 指南有何假設，以及需要採取哪些措施來獲得額外的專業費用保障？或者，您是否可以或多或少地達到您現有的報銷水平，並且讓醫生們今後更加放心？我只是想知道需要做什麼才能得到您模型中的 iDose 數字？

Yeah, well, maybe I'll look into it a little bit in the way it was asked earlier. So if -- I think the number that was thrown out was $21 million for the first quarter. So if you annualize that, you're talking about an $85 million run rate based upon the conditions that existed in the first quarter. Those conditions were obviously a solid payer, if you will, in Meridian, an emerging payer in Novatos and First Coasts that really started to turn on more towards the latter part of the quarter entering into the second. And increasingly improved, if you will, adjudication of claims at WPS, Palmetto and then later on NGS and CGS.

是的，好吧，也許我會按照之前問的方式稍微研究一下。所以如果——我認為第一季給出的數字是 2100 萬美元。因此，如果將其按年率計算，那麼根據第一季的情況，您談論的運行率就是 8500 萬美元。這些條件顯然是一個穩固的付款人，如果你願意的話，在 Meridian，一個新興的付款人，在 Novatos 和 First Coasts，真正開始在進入第二季度後半段更多地轉向。如果你願意的話，WPS、Palmetto 以及後來的 NGS 和 CGS 對索賠的裁決將不斷改進。

So underneath our assumptions is that that trend line continues where first they become all streamlined over the next stretch of time for the J-code and the facility. And then, usually at some point thereafter, the volumes ultimately drive professional fee schedules. And in addition to that, as I mentioned, we're going to be slowly methodically rolling out commercial Medicare Advantage.

因此，我們的假設是，該趨勢線將持續下去，首先，在接下來的一段時間內，J 代碼和設施將全部精簡。然後，通常在之後的某個時間點，交易量最終會影響專業費用表。除此之外，正如我所提到的，我們將逐步有條不紊地推出商業醫療保險優勢計劃。

There are a lot of drivers there that can drive varying outcomes, some of which are obviously more positive than our guidance, some of which are not. I think we've tried to be, I'll call it, the wide part of the bell curve, if you will, in the various scenarios in setting the guidance that we have and what that implies for Glaukos for the year.

有許多驅動因素可以導致不同的結果，其中一些顯然比我們的指導更為積極，而有些則不然。我認為，在製定我們擁有的指導方針以及這對 Glaukos 今年意味著什麼的各種情況下，我們已經嘗試過，我將其稱為鐘形曲線的寬部分，如果你願意的話。

Got it. And if I could just one more, on the Combo MIGS within a Combo-cataract doing more than one MIGS, is iDose getting implanted with the MIGS or in concert with a goniotomy, is that included in kind of the LCD change or is iDose actually able to get implanted on a stacked basis?

知道了。如果我可以再問一個問題，在組合白內障手術中進行多個 MIGS 的組合 MIGS 中，iDose 是與 MIGS 一起植入還是與房角切開術一起植入，這是否包括在 LCD 變化中，或者 iDose 實際上是否能夠以堆疊方式植入？

iDose nor any procedural pharmaceuticals a part of the LCDs that were published in November. And so the decisions associated with combinatorial use of that are entirely in the hands of the physicians that use the product.

iDose 或任何程序性藥物均不屬於 11 月發布的 LCD 的一部分。因此，與組合使用相關的決定完全掌握在該產品的醫生手中。

Michael Sarcone, Jefferies.

薩科內（Michael Sarcone），傑富瑞集團（Jefferies）。

Good afternoon and thanks for taking our questions. Just to start, maybe following up on Rich's question, I believe last quarter, you had mentioned maybe there's just some slight benefit from commercial coverage wins baked into your expectations for iDose this year. Do you think you can comment on whether or not there have been any changes in kind of the mix of what's baked in for iDose between traditional Medicare and commercial?

下午好，感謝您回答我們的問題。首先，也許可以回答 Rich 的問題，我相信上個季度您曾提到，商業報道的勝利可能會給今年的 iDose 帶來一些好處。您能否評論一下，iDose 在傳統醫療保險和商業醫療保險之間的組合是否發生了任何變化？

I don't think our commentary, Michael, has really changed in the context of the commercial and Medicare Advantage dynamics with 2025. What we tried to say last quarter as well as this one is that we're going to be very methodical in rolling this out. We're going to be methodical in rolling out iAccess, especially pharmacy distribution as well as buy and build into this customer or these customer bases or insurance types.

邁克爾，我認為，在 2025 年的商業和醫療保險優勢動態背景下，我們的評論並沒有真正改變。我們上個季度和本季都試圖說的是，我們將非常有條不紊地推出這項計畫。我們將有條不紊地推出 iAccess，特別是藥房分銷，以及購買和建立這個客戶或這些客戶群或保險類型。

And so obviously, we do expect some contribution over the course of the year from that, but we're really not anchoring our assumptions, our guidance or iDose's results underneath it based upon positive or negative associated with the commercial and Medicare Advantage rollout. Those are things that we want to make sure that we're very methodical in doing and so we're not pinning the forecast based upon a certain level of achievement of volumes out of those [insurance types].

因此，顯然，我們確實期望在今年內能取得一些貢獻，但我們實際上並沒有根據與商業和醫療保險優勢計劃的推出相關的正面或負面因素來錨定我們的假設、指導或 iDose 的結果。我們希望確保這些事情能夠有條不紊地進行，因此我們不會根據這些事情的一定數量來實現預測。[保險類型]

Understood. Thank you. And then my follow up maybe on the P&L, OpEx. Any change to your expectations for about 15% year-over-year growth of the adjusted '24 base?

明白了。謝謝。然後我可能會跟進損益表和營運支出。您對調整後的 24 年基數年增約 15% 的預期有任何變化嗎？

Hey, Mike. This is Alex. Thanks for the question. And at this point, no, I mean, we would continue to march down this path watching and balancing our investments against the revenues that are generated by iDose and the rest of the business. And so we would continue to expect that 15% or so growth off the 2024 base on OpEx for the year.

嘿，麥克。這是亞歷克斯。謝謝你的提問。就目前而言，不，我的意思是，我們將繼續沿著這條道路前進，觀察並平衡我們的投資與 iDose 和其他業務產生的收入。因此，我們繼續預期今年的營運支出將在 2024 年基礎上成長 15% 左右。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Thanks, and I hope everyone's doing well. Maybe question just on the Meridian region specifically iDose [do stick in their US iDose]. If we look at the Meridian region as being, sort of, further along the product curve here, maybe just an idea of a heavy user in that region. Do you have sites that are getting up to, say, 15, 20 units a month? And even in that region are there laggards? And what is the product experience been like where we do have a region where reimbursement is quite robust, and I'll have one quick follow up.

謝謝，希望大家都一切順利。也許問題只針對經絡區域，特別是 iDose[請堅持使用他們的美國 iDose]。如果我們將 Meridian 區域視為產品曲線上的一個更遠的地方，那麼也許這只是該地區重度用戶的一個想法。你們網站每個月的銷售量是否能達到 15 到 20 個單位？甚至在那個地區也存在落後者嗎？在我們確實有一個地區，其報銷政策相當健全，產品體驗如何？我會快速跟進。

Yeah, Anthony, so for Meridian, which obviously I commented on earlier in the call from a, I'll call it, macro perspective, so I'll focus on your sort of customer utilization question. I think it's all of the above. We absolutely have customer and now growing customers, if you will, that are doing the 15 to 20 a month type volume for iDose within Meridian.

是的，安東尼，對於 Meridian，顯然我在之前的電話會議中從宏觀角度對此進行了評論，所以我將重點關注您的客戶利用率問題。我認為以上都是。我們確實有客戶，而且現在客戶數量還在不斷增長，如果你願意的話，他們在 Meridian 內部每月為 iDose 做 15 到 20 個這樣的交易。

And we also have customers who are at very different phases of that adoption, some that are doing their first cases this week and/or might be doing just a handful but haven't fully adopted yet and haven't had it streamlined in terms of their practice and patient selection, all the various things that go into having a successful adoption within a surgical group.

我們也有處於不同採用階段的客戶，有些客戶本周正在處理他們的第一例病例，或者可能只處理了少數病例，但尚未完全採用，也沒有在實踐和患者選擇方面進行簡化，所有這些都是外科手術組中成功採用的各種因素。

We also have areas within the Meridian area that are performing much more strongly than others based upon other dynamics in the context of either hospital approvals or other things that can slow the adoption curve within even that geography where you do have streamlined coverage.

我們在 Meridian 地區內的一些區域的表現也比其他區域強勁得多，這基於醫院審批或其他因素方面的其他動態，這些因素可能會減緩該地區的採用曲線，即使在您確實擁有精簡覆蓋範圍的地區也是如此。

Helpful and just a quick one here is leveraging the balance sheet. Should we think about leveraging the balance sheet to close the doughnut hole? That's, I would assume, more a commercial coverage sort of event, but maybe just a recap on the view from Glaukos on leveraging the balance sheet to close the doughnut hole for iDose. Thanks.

這裡有一個很有用且快速的方法，就是利用資產負債表。我們是否應該考慮利用資產負債表來彌補這個漏洞？我認為這更像是一種商業報告類型的事件，但也許只是對 Glaukos 關於利用資產負債表來彌補 iDose 的漏洞的觀點的回顧。謝謝。

Yeah, I'll take a shot. I think I know what you're saying. The donut hole is this is a buy and build product, so it's about the donut, but it's more about the patient out of pocket associated with commercial payer lives. And we absolutely intend like most pharmaceutical products in the buy and build category to have $0 copay program. So we will, quote unquote, use the balance, if you will, to make sure that out-of-pocket coverage costs are not an issue to impeding utilization for those commercial payer patients.

是的，我會嘗試一下。我想我知道你在說什麼。甜甜圈洞是一種購買和建造的產品，因此它是關於甜甜圈的，但它更多的是關於與商業付款人生活相關的患者自付費用。我們絕對打算像購買和製造類別中的大多數藥品一樣，實行 0 美元共付額計劃。因此，如果您願意的話，我們將使用餘額來確保自付的保險費用不會成為阻礙那些商業付款患者利用的問題。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Hello. Can you hear me okay?

你好。你聽見我說話嗎？

We can, yeah.

是的，我們可以。

Okay, so -- about that guys. Just a high-level question for you guys. As iDose ramps and I appreciate the 2025 headwinds to the US iDose franchise, but longer term, what do you think is the right way to think about the long-term growth rate for the legacy iStent franchise in an environment where iDose is hopefully ramping pretty rapidly. Like what's the right way to think about the balance of those two businesses and how quickly the legacy iStent business can grow? And I had one quick follow up after that.

好的，那麼——關於那個傢伙。這只是問你們的一個高層次的問題。隨著 iDose 的蓬勃發展，我意識到 2025 年美國 iDose 特許經營權將面臨阻力，但從長遠來看，在 iDose 預計將快速發展的環境下，您認為如何正確看待傳統 iStent 特許經營權的長期增長率。例如，如何正確思考這兩項業務的平衡，以及傳統的 iStent 業務能夠成長多快？此後我進行了一次快速跟進。

Yeah, I think there's a couple of different ways to parse that. I mean, first of all, obviously over the course of 2025, you have just the relative impact of the LCDs and a headwind to growth as we've alluded to, and I think others in the industry have it as well. But as you get past that, you're still talking about an industry segment where you're moving from a pretty small patient population in combination with cataract surgery into a very, very large potential patient population and standalone interventional glaucoma.

是的，我認為有幾種不同的方法來解析這個問題。我的意思是，首先，顯然在 2025 年期間，你只會受到 LCD 的相對影響和我們所提到的成長阻力，我認為業內其他公司也會遇到同樣的情況。但是當你跨過這一關時，你仍然在談論一個行業領域，在這個領域中，你從一個相當小的患者群體結合白內障手術轉變為一個非常非常大的潛在患者群體和獨立的介入性青光眼。

And I think if there was one thing that we certainly took away from the AGS earlier this year and ASCRS more recently, it's that this movement in partnership with physicians and increasingly in alignment with the broader industry, we're really leading the charge to once again change the standard-of-care in glaucoma and improve patient outcomes. I think we have more conviction now that this transformation, as alluded to an IG mindset, is well underway.

我認為，如果說我們從今年早些時候的 AGS 和最近的 ASCRS 中得到了什麼，那就是這場運動與醫生合作，並與更廣泛的行業日益保持一致，我們真正引領了再次改變青光眼治療標準和改善患者預後的潮流。我認為我們現在更加確信，這種轉變（正如 IG 思維所暗示的）正在順利進行中。

If you look at the sheer number of events, symposiums and conversations and debates, it's pretty encouraging as you think about that long-term growth dynamic for doing the right thing for patients and intervening early and as needed for these patients.

如果你看一下活動、研討會、對話和辯論的絕對數量，你會覺得這非常令人鼓舞，因為你考慮到為患者做正確的事情以及在必要時為這些患者進行早期幹預所帶來的長期增長動力。

So that's a long way of saying I think you have a decade plus period here where both products like iDose as well as iStent and other areas of MIGS alongside of iStent can grow in tandem as more and more surgeons adopt a proactive mindset and really go after tackling this disease, which we believe is a surgical one.

所以，我認為，隨著越來越多的外科醫生採取積極主動的心態並真正致力於解決這種疾病（我們認為這是一種外科疾病），iDose 和 iStent 等產品以及 MIGS 的其他領域以及 iStent 可以同步發展，這是一個十多年的時間。

Okay, got it. That makes sense. And then, just to follow up on that is iStent infinite in the standalone market development. I mean, where would you characterize how we are today? What are the barriers that you guys are still addressing there because that really does feel like the long-term opportunity here for iStent Infinite. Thanks so much.

好的，明白了。這很有道理。然後，接下來是 iStent infinite 在獨立市場的發展。我的意思是，您如何描述我們今天的狀況？你們仍在解決哪些障礙，因為這確實感覺像是 iStent Infinite 的長期機會。非常感謝。

Yeah, we agree, and I think, if you think about where we're at relative to those of us in the room and in the building who were there when we were changing the standard-of-care and pioneering and combination with cataract surgery, I would say, and I think Tom would agree that we're well ahead of that curve from a timeline perspective and changing the standard-of-care as it relates to standalone procedures.

是的，我們同意這一點，而且我認為，如果你想想我們所處的位置，相對於我們在房間里和大樓裡的那些人，當我們改變護理標準並開拓和結合白內障手術時，我會說，我認為湯姆會同意，從時間線的角度來看，我們已經遠遠領先於那個曲線，並且改變了與獨立程序相關的護理標準。

Having said that, It never happens as fast as we would want or certainly you all as investors or analysts would want. It takes changing one surgeon's not just their clinical mindset, but then their operating behaviors and the things they do to educate their referral networks and ultimately getting these patients treated in an interventional way. And the good news is we're well underway on that front with quite a few early adopters that had already shifted their patterns, and that's only growing. And as I mentioned that was that was on full display at ASCRS and we couldn't help but be pleased with what we were seeing.

話雖如此，但它發生的速度永遠不會像我們希望的那樣快，或者肯定不會像你們所有投資者或分析師希望的那樣快。這不僅需要改變外科醫生的臨床思維方式，還需要改變他們的手術行為以及他們為教育轉診網路所做的事情，並最終以介入的方式治療這些患者。好消息是，我們在這方面進展順利，不少早期採用者已經改變了他們的模式，而且這個數字還在不斷增長。正如我所提到的那樣，這在 ASCRS 上得到了充分展示，我們對所看到的一切感到非常高興。

I was going to say that what's happened just in the last 18 months or so, since we have put our -- really turned our tourists towards this intervention of glaucoma mindset and mindframe. You can see it at AGS. You see it at ASCRS. There's clearly going to be a strong movement in the direction that we want. I think that the standalone is an incredible unexploited opportunity not only for iStent infinite. But as you think about it and do your models in the future, as I said earlier, what I do believe strongly is that surgeons will increasingly look to be able to take and be able to place a procedural pharmaceutical, in this case an iDose, in combination with an infinite to be able to maximize their opportunity to lower target pressures and preserve the vision of these glaucoma patients.

我想說的是，自從我們開始介入青光眼治療以來，在過去的 18 個月裡發生的事情確實讓遊客轉向了這種幹預措施。您可以在 AGS 上看到它。您可以在 ASCRS 上看到它。顯然，我們將會朝著我們想要的方向大力推進。我認為獨立不僅對 iStent infinite 來說是一個令人難以置信的未開發機會。但是當您思考這個問題並在未來建立模型時，正如我之前所說的，我堅信外科醫生將越來越多地尋求能夠採取和放置程序藥物（在本例中為 iDose）與無限藥物相結合，以最大限度地降低目標壓力並保護這些青光眼患者的視力。

And so I ,think you're going to see growth on both sides. I don't think they'll happen at the expense of each other. I think that these two products can work in tandem, particularly in the out years as surgeons become increasingly comfortable placing dual modalities into the eye.

因此我認為你會看到雙方的成長。我認為它們不會以犧牲彼此利益為代價而發生。我認為這兩種產品可以協同工作，特別是在未來幾年，隨著外科醫生越來越習慣將雙重模式植入眼睛。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Perfect. Thanks so much. I'll keep it just at one. I'd love to hear a little bit about what you guys are hearing back from the patients and also the doc's conversations with the patients when it comes to iDose. Is this a quick and easy conversation. And there's quite a lot of buy-in from the patients right away. I mean, it seems a fairly easy value prop to communicate, but obviously, you have the doc buy in already. I'm just curious like how you feel the conversations between the docs and the patients are going and if you've had any feedback on that. Thanks.

完美的。非常感謝。我會將其保持在 1。我很想聽聽你們對患者的回饋，以及醫生與患者就 iDose 進行的對話。這是一場快速又輕鬆的對話嗎？並且很快就得到了很多患者的認可。我的意思是，這似乎是一個相當容易傳達的價值主張，但顯然，你已經得到了文件的認可。我只是好奇，您覺得醫生和患者之間的對話進展如何，以及您對此是否有任何反饋。謝謝。

Yeah, Patrick, I think that from a physician's standpoint, there's always a journey around the conversation they have with patients, in particular, where you're recommending interventional glaucoma procedure and in this case, obviously iDose. But what you see is every day them getting better at that and certainly as folks become more comfortable and confident with the outcomes, which we're seeing are terrific, that enables them to then speak with that much more confidence to the patients who are walking into their practice and recommending is something that they would do for their own eye or for their mother's eye if they were afflicted with glaucoma.

是的，帕特里克，我認為從醫生的角度來看，他們與患者的對話總是需要一定的過程，特別是當你推薦介入性青光眼手術時，在這個例子中，顯然是 iDose。但你會看到他們每天都在進步，當然，隨著人們對治療結果越來越滿意和有信心，我們看到了非常棒的治療結果，這使得他們能夠更加自信地與走進診所的患者交談，並推荐一些他們會為自己的眼睛或母親的眼睛做的治療（如果他們的母親患有青光眼的話）。

And so I think, we're making tremendous progress there. And most important, the foundation that underpins all of this is that the product is performing as advertised and as a result of physician enthusiasm continues to grow around it. Downstream of that, they will continue to perfect how they operate, how they talk to patients and all the various things that ultimately make this become what we think it will be.

所以我認為我們在那裡取得了巨大的進展。最重要的是，所有這一切的基礎是產品的性能與廣告宣傳的一致，醫生對它的熱情不斷高漲。在此之後，他們將繼續完善運作方式、與患者的溝通方式以及最終使其成為我們所想的各種事物。

Great stuff. Thanks, guys.

很棒的東西。謝謝大家。

I will now hand the call back over to the company for closing remarks.

我現在將把電話交還給公司，以便發表結束語。

Okay. I want to thank you all for your time and attention today and thank you as well for your continued interest and support at Glaukos. Goodbye.

好的。我要感謝大家今天的時間和關注，也感謝大家對 Glaukos 的持續關注與支持。再見。

This concludes today's call.

今天的電話會議到此結束。

Thank you for joining. You may now disconnect your lines.

感謝您的加入。現在您可以斷開線路了。