ALISO VIEJO, Calif. - The U.S. Centers for Medicare and Medicaid Services (CMS) has granted a new Healthcare Common Procedure Coding System (HCPCS) J-code for Glaukos (NYSE:GKOS) Corporation's (NYSE: GKOS) iDose TR, a treatment for glaucoma. The code, J7355, is scheduled to become effective on July 1, 2024, and is anticipated to improve patient access in the United States.
iDose TR is an intracameral implant that continuously delivers medication to reduce intraocular pressure in patients with ocular hypertension or open-angle glaucoma. The new J-code is expected to streamline the reimbursement process for healthcare professionals administering this treatment.
Glaukos' chairman and CEO, Thomas Burns, stated that the J-code supports the company's market access initiatives and should facilitate more consistent coverage and payment for iDose TR, aiding in the acceleration of commercial launch activities.
Additionally, CMS has updated the Hospital Outpatient Prospective Payment System to include CPT codes for iDose TR, effective April 1, 2024. These codes are meant to cover the procedural component of the therapy.
iDose TR represents a novel approach in glaucoma treatment, aiming to address issues of non-compliance and side effects associated with traditional topical medications. It is designed for single administration and provides continuous drug delivery inside the eye.
Glaukos, known for developing Micro-Invasive Glaucoma Surgery devices, continues to innovate in the treatment of glaucoma, corneal disorders, and retinal diseases.
The information in this article is based on a press release statement.
InvestingPro Insights
As Glaukos Corporation (NYSE: GKOS) gears up for the commercial launch of its iDose TR implant, the financial metrics and market outlook provide a deeper understanding of the company's current position. With a market capitalization of approximately $4.42 billion, Glaukos is positioned as a notable player in the ophthalmic medical technology market. Despite analysts' expectations that the company will not be profitable this year, Glaukos has demonstrated strong returns, with an impressive 80.73% one-year price total return as of recent data. This performance suggests investor confidence in the company's growth trajectory and its innovative product offerings.
InvestingPro Tips reveal that Glaukos has been operating with a moderate level of debt and its liquid assets exceed short term obligations, indicating a sound financial structure to support its operations and development projects like iDose TR. The company's Price / Book ratio, standing at 9.58 as of the last twelve months, reflects a higher market valuation relative to its book value, which could be attributed to the market's expectations of future growth.
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As Glaukos continues to innovate in the field of glaucoma treatment, the financial metrics and market performance will be critical for investors to monitor. The company's recent advancements and the positive market response underscore its potential in the evolving medical technology landscape.
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