GKOS
Glaukos Corporation113.76
+2.03+1.82%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Guidance details, payer wins clarified
Q&A unpacked 2026 guidance with US glaucoma up 30% purely from iDose (non-iDose flat on rep focus), international high single-digits hit by comps offset by iStent infinite, and corneal modestly growing but volatile in Q2/Q3 amid Epioxa transition to July J-code. iDose Q4 seq slowdown tied to Medicare Advantage mix and incentives, yet sequential gains eyed for Q1 despite low season. Epioxa drew early payer wins across Medicaid/commercial, zero pricing pushback. OpEx to rise mid-teens to $555-560M, targeting cash flow breakeven. No shocks—just sharper execution details. Watch Epioxa pull-through and iDose MAC progress.
Key Stats
Market Cap
6.53BP/E (TTM)
-Basic EPS (TTM)
-1.54Dividend Yield
0%Recent Filings
8-K
Glaukos unveils 2026 investor deck
10-K
FY2025 results
Glaukos drove FY2025 net sales to $507M, up 32% y/y, with U.S. glaucoma surging 50% on iDose TR volume despite MIGS reimbursement headwinds clipping non-iDose stents; international glaucoma grew 18% on broad strength in Europe and Japan, while corneal edged 8% higher amid payer volatility. Q4 momentum built as iDose TR reimbursement stabilized across MACs, yet gross margin cratered to 56% from 75% after a $113M Photrexa intangible impairment tied to Epioxa launch. Cash burned $15M operationally but stayed ample at $279M; no buybacks or dividends. Supply disruptions lurk.
8-K
Record sales, impairment hit
Glaukos posted record Q4 net sales of $143.1M, up 36% YoY, with U.S. glaucoma surging 53% to $86.4M on iDose TR momentum; full-year sales hit $507.4M, up 32%. A $112.9M non-cash intangible impairment tied to Photrexa-to-Epioxa shift crushed GAAP margins to -1%, yet non-GAAP held at 85%. Sales soared. 2026 guidance reaffirmed at $600M-$620M amid pipeline advances.
8-K
Q4 sales up 36%
Glaukos reported preliminary Q4 2025 net sales of ~$143M, up 36% from 2024, driven by $86M U.S. Glaucoma (iDose TR ~$45M), $33M International Glaucoma, and $24M Corneal Health. Full-year 2025 hit ~$507M, up 32%, with $283M cash and no debt. Company reaffirms 2026 guidance of $600M-$620M. Strong execution fuels pipeline momentum.
8-K
Glaukos pipeline update
Glaukos released its November 2025 investor presentation under Regulation FD, outlining pipeline advances like FDA-approved Epioxa for keratoconus launching Q1 2026 and iDose TR driving interventional glaucoma adoption. Strong clinical data shows 81% of iDose TR patients drop-free at 12 months. Pipeline spans 14 programs. 2025 net sales guidance hits $492.5M midpoint.
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