What Glaukos Corp. told the SEC could break it.

Glaukos relies on a limited number of third-party suppliers — in some cases sole suppliers — for components of the iStent family, iDose TR and pipeline products; loss of any could disrupt supply.

“we rely on a limited number of third-party suppliers, in some cases sole suppliers, to supply components for the iStent , the iStent inject models, the iStent infinite , the iDose TR , and our other pipeline products.”

Glaukos's primary manufacturing for the iStent family and iDose TR is concentrated at a single San Clemente, California campus (with HQ in Aliso Viejo, CA), exposing it to California earthquake/fire/insurance risk.

“Our manufacturing operations for the iStent family of products and iDose TR are located in an approximately 120,000 square foot campus in San Clemente, California which is comprised of two main buildings, two suites and a warehouse.”

Glaukos's revenue is concentrated in its glaucoma franchise: the iStent family, iDose TR and related accessories were ~83% of 2025 net sales (iLink/corneal-health the other 17%).

“For the year ended December 31, 2025, our iStent family of products, iDose TR, and related glaucoma accessories accounted for approximately 83% of our net sales, while our iLink therapies and associated products accounted for approximately 17% of our net sales.”

2025 U.S. tariffs on imports from Canada, Mexico and China could raise Glaukos's input costs (its iDose TR membrane raw materials come from Celanese Canada), and its iDose TR economics depend on CMS reimbursement (J-code J7355) becoming consistent across MACs.

“During 2025, the U.S. government announced tariffs on product imports from certain countries, including higher tariff levels on goods imported from Canada, Mexico and China.”