Glaukos is an ophthalmic medical technology and pharmaceutical company focused on treating glaucoma, corneal disorders, and retinal diseases. Its core business has two main product platforms. The first is glaucoma, which accounts for roughly 83% of net sales, and includes the iStent family of micro-scale surgical stents — implanted to restore fluid drainage and reduce eye pressure — and iDose TR, an FDA-approved titanium implant that continuously delivers a glaucoma drug for up to three years, eliminating the need for daily eye drops. iDose TR launched commercially in early 2024 and is the primary growth driver of the business. The second platform is corneal health, roughly 17% of net sales, which centers on treating keratoconus, a progressive corneal thinning disease. Glaukos sells Photrexa, an FDA-approved UV-activated drug therapy for keratoconus, and is transitioning entirely to Epioxa, a next-generation version that is incision-free, priced at a wholesale acquisition cost of $78,500. Glaukos sells through a direct sales force to ophthalmic surgeons, ambulatory surgery centers, and hospitals. Devices are sold on a per-procedure basis, while iDose TR operates as a buy-and-bill pharmaceutical reimbursed through Medicare. Glaukos' long-term strategy is to shift glaucoma treatment from daily eye drops to periodic procedural interventions, and to build Epioxa into a scaled rare disease franchise as reimbursement infrastructure develops.