I'm curious if you think this is a known and well-understood technology, both not only within the glaucoma community, but also within the comprehensive ophthalmology space. So I really want to start here with the fact that Hydrus has been in the market for about four years approximately.
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Modest purchase price of $465 million plus some undisclosed milestones. Obviously, Alcon recently announced their intent to acquire Ivantis. Well, let's shift gears to the competitive front and let's start with MIGS. But the impact seems to be a bit greater in the glaucoma side. So, meaningful, both of which can be deferred for a period of time when forced to do so. I think we troughed in that business at down around 97% when everything was shutdown, whereas in the corneal health side of things in the US, we were - we troughed at around down 75%, 80%. When we think about the Company's businesses, both in terms of complex cataract on the glaucoma side with MIGS, as well as the corneal front, one more susceptible or less susceptible to the impact of COVID here in the United States, just generally speaking?īoth susceptible, but if you look back at the depth of the lockdowns and shutdowns in 2020, the US glaucoma franchise was clearly more impacted.
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But we certainly did try to incorporate some of that thinking into how we thought about the remainder of the year.Īnd maybe just to level set the room just to make sure we're on the same page. I guess, we'll see what this latest variant has in store for us in terms of lockdowns or shutdowns in different geographies.
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But we sort of made the assumption that to a degree, similar to what we saw last year, where September and October were a little stronger followed by a bit of weakness in November and December, that we may see a little bit of that again, right? Vaccination rates help mute some of that, but the reality is we continue to have a bit of an unknown as we enter into the winter months in the Northern Hemisphere. We didn't know whether it would be the Delta variant or now this latest Omicron variant. When we went into our third quarter earnings call, what we said was the assumptions we're making for the remainder of the year are a degree of conservatism around COVID. I - when we look back, similar to most companies I think across the medtech and healthcare space, we saw the impact over the course of later July, August through a variety of markets globally, and we did see a somewhat more encouraging trend in September and October emerge.
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Gilliam - Chief Financial Officer, Senior Vice President, Corporate Development You weren't exhuming that here in the back half of the year, but overall, is this kind of the general - what level of activity that you assumed when you contemplated the fourth quarter and then looking into calendar 2022, just from a COVID perspective? I'm assuming we'll take Omicron off the table. Since then we've seen Australia lockdown, we've talked about some limitations now in New York potentially on elective surgeries and obviously, over the weekend, we had the Omicron variant raise its head. I think you characterized it as encouraging in July and August. During the most recent third quarter call, the Company indicated that COVID-19 does continue to create some volatility and headwinds globally, but you saw improvement. So gents, let's get started here with the obligatory COVID question. We really appreciate you being with us and being a part of this virtually. Gentlemen, I just want to say thank you so much for joining us here right after the Thanksgiving Holiday. Today, we're honored to have Chris Calcaterra, the Company's Chief Operating Officer and Joe Gilliam, the Company's Chief Financial Officer and Senior Vice President of Corporate Development as well as Chris Lewis, the Senior Director of Investor Relations and Corporate Strategy and Development joining us from the Company. But for those that can't join us then, we have a great lineup today and I can think of no better way to round out the medical device track today than closing with Glaukos Corporation. We hope to see all of you live with us in Nashville starting off this Wednesday and running through Friday.
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I'd like to thank you all for joining us here today for our virtual conference today. I'm the Senior Medical Device Analyst here at Stephens. Glaukos Corp ( NYSE:GKOS) FY 2021 Earnings Call Nov 29, 2021, 3:00 p.m.