Glaukos : First Quarter 2026 Quarterly Summary
GKOS
Published on 04/29/2026 at 04:50 pm EDT
FIRST QUARTER 2026 IN REVIEW
This document is intended to be read by investors in advance of regularly scheduled quarterly conference calls and was designed to provide a review of Glaukos Corporation's recent financial and operational performance and general business outlook.
Please see "Forward-Looking Statements" and "Statement Regarding Use of Non-GAAP Financial Measures" in the "Additional Information" section of this document.
Date: April 29, 2026
Time: 4:30 p.m. ET / 1:30 p.m. PT
Dial-in numbers: 1-800-715-9871 (U.S.), 1-646-307-1963 (International)
Confirmation ID: 1333241
Live webcast: Events page at the Glaukos Investor Relations website at http://investors.glaukos.com or at this link.
Webcast replay: A replay of the webcast will be archived on the Glaukos Investor Relations website following completion of the call.
Business Description
Ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel, dropless platform therapies designed to disrupt the conventional standard of care and improve outcomes for
patients suffering from chronic eye diseases
Disease Categories
Glaucoma Corneal Health Retinal Disease
Revenue (Growth)
1Q 2026
$150.6 million
(+41% reported and +39% constant currency versus 1Q 2025)
Gross Margin (Non-GAAP)
1Q 2026
~84%
(versus ~82% in 1Q 2025)
Cash & Cash Equivalents, Short-Term Investments,
and Restricted Cash
$280.5 million as of March 31, 2026 (versus $282.6 million as of December 31, 2025)
FY2026 Sales Guidance
FY 2026 global consolidated revenues of $620 - $635 million expected
See "Statement Regarding Use of Non-GAAP Financial Measures" and the Non-GAAP reconciliations included within the Additional Information section of this document. Reconciliations for each of constant currency revenue growth, Non-GAAP Gross Margin, and the other non-GAAP financial measures disclosed in this document to the most directly comparable GAAP financial measure are provided.
Glaukos reported record first quarter net revenues of $150.6 million that were up 41% on a reported basis, or 39% on a constant currency basis, versus 1Q 2025. Our first quarter record results reflect a sustained growth acceleration in our business with the strong performance driven by growing iDose® TR adoption and utilization, along with our broader Interventional Glaucoma, or IG, initiatives globally.
U.S. Glaucoma
Our record first quarter U.S. Glaucoma net revenues were approximately $93.5 million, representing year-over-year growth of 58% versus 1Q 2025 driven by growing contributions from iDose TR, which generated sales of approximately $54 million in the first quarter.
During the first quarter, we successfully advanced execution of our commercialization of iDose TR, a first-of-its-kind intracameral procedural pharmaceutical that was designed to continuously deliver glaucoma drug therapy for up to three years. Most importantly, clinical outcomes and product feedback from a growing number of cases and trained surgeons continue to be very positive and reaffirm our view that with the launch of iDose TR, we have the potential to deliver an interventional therapy to reshape glaucoma management for the benefit of patients with this sight threatening disease.
International Glaucoma
Our record first quarter International Glaucoma net revenues were approximately $35.8 million, representing year-over-year growth of 23% on a reported basis, or 16% on a constant currency basis, versus 1Q 2025. The strong growth internationally during the first quarter was broad-based as we continue to scale our international infrastructure and increasingly drive MIGS forward as the standard of care in each region and major market in the world.
We remain in the early stages of expanding our IG and product portfolio initiatives globally ahead of anticipated new product approvals and expanding market access in the years to come.
Corneal Health
Our first quarter Corneal Health net revenues were approximately $21.3 million, representing year-over-year growth of 15% versus 1Q 2025, including U.S. Photrexa® and very early Epioxa™ net sales of $17.7 million.
At the end of the first quarter, we were delighted to announce commercial availability of Epioxa, our novel, groundbreaking advancement in corneal cross-linking for the treatment of keratoconus, a rare, sight-threatening disease that is currently far too often undiagnosed and untreated. We believe Epioxa represents a transformative innovation in keratoconus care, offering an incision-free alternative to traditional corneal cross-linking procedures as it does not require the removal of the corneal epithelium, the outermost layer of the front of the eye. This novel, oxygen-enriched topical therapeutic, bioactivated by UV light, is designed to reduce the pain associated with removal of the epithelium, streamline the procedure, and minimize recovery, all while delivering clinically meaningful outcomes and exceptional value to patients, providers, and the healthcare system.
We will continue to focus on expanding access for keratoconus patients suffering from this rarely diagnosed disease.
We have had several additional positive commercial updates worth highlighting here:
Advanced commercial launch activities in the U.S. for iDose TR
Growing number of trained surgeons and accounts
Increasing utilization by the installed active surgeon base
Broadening and streamlining market access among MACs, commercial, and Medicare Advantage payers (Palmetto published professional fee for 0660T in late March 2026)
Expanded set of peer-reviewed literature, now consisting of 22 different peer-reviewed publications highlighting iDose TR as a transformative new treatment alternative for patients suffering with glaucoma and ocular hypertension
Accelerating marketing investments to support increased patient awareness and education
Commenced initial commercial launch plans for Epioxa following October 2025 FDA approval
Epioxa commercial availability announced March 19, 2026
Successfully established, and continue to selectively expand, a broad-reaching site-of-care network, with acquired O2N systems already actively deployed at locations covering roughly 65% of the U.S. population, and a broader pipeline of systems moving through approval processes that would expand our treatment reach to approximately 95%
Market access:
Advancing efforts with payors to secure access pathways or policy coverage for Epioxa, with several plans having already updated or in the process of updating their policies to include the novel therapy
Access pathways now established for more than 100 million covered commercial lives in the U.S., including with 4 of the 5 largest payors, reflecting encouraging initial receptivity of Epioxa's clinical value
CMS assigned a product-specific J-code for Epioxa, consistent with our expectations and in response to our application; this new code, J2789, is scheduled to take effect on July 1, 2026, and is expected to help streamline the reporting and reimbursement process for Epioxa among U.S. payors over time
Deployed various new patient services and support programs
Advancing targeted marketing and DTC campaigns designed to significantly enhance awareness, education, and detection, supported by greater optometric engagement and strengthened advocacy partnerships
Launched new financial co-pay assistance program and operationalized Specialty Pharmacy partner network in support of Epioxa patients
Glaukos now expects full-year 2026 global consolidated net sales of $620 - $635 million, up from its previous guidance of $600 - $620 million. This guidance attempts to take into consideration:
Potential growing contributions from iDose TR as market access initiatives progress and broader IG initiatives take hold over the course of the year
Potential growing contributions from Epioxa as commercial launch plans advance and permanent J-code is effective and solidified operationally
Potential transient headwinds within our U.S. Corneal Health franchise associated with the Photrexa to Epioxa transition
Potential growing contributions from iStent infinite as broader IG initiatives take hold
Combo-cataract MIGS competition globally
The continued estimated impact on U.S. Glaucoma volumes related to professional fee reimbursement for combination-cataract trabecular bypass surgery versus other more invasive alternatives
The latest foreign currency exchange spot rates as of our 1Q 2026 earnings call on April 29, 2026
Global macroeconomic and geopolitical environment and associated uncertainties, which at this time are difficult to predict
Our five key dropless technology therapy platforms designed to disrupt traditional treatment paradigms and generate cascades of future innovation are as follows:
iStent® micro-scale surgical devices
iDose® sustained-release procedural pharmaceuticals
iLink® bio-activated pharmaceuticals
iLution™ transdermal pharmaceuticals
Retina XR bio-erodible sustained-release pharmaceuticals
We are continuing to invest in and advance our fulsome pipeline of core novel platforms, supported by more than $800 million investment into R&D since 2018 alone. Recent updates in our pipeline include:
iDose Platform Updates
Announced U.S. FDA approval for NDA labeling supplement allowing for unlimited re-administration of iDose TR in patients who maintain a healthy cornea (January 2026)
Advancing Phase 2b/3 clinical program for iDose TREX, our next-generation iDose therapy
Initial results of Phase 2a clinical trial demonstrated substantial IOP reductions of 8.6 to
10.8 mmHg through 3 months
Completed patient enrollment in Phase 3b study for iDose TRIO
Initial human factors study indicated strong user preference (~90% favorability)
Advancing various Phase 4 studies for iDose TR, including recently completed patient enrollment in Phase 4 study evaluating iDose TR + cataract surgery versus cataract surgery alone
iLink Platform Updates
Announced U.S. FDA approval for Epioxa (Epi-on) (October 2025)
Epioxa is a groundbreaking advancement in corneal cross-linking for the treatment of keratoconus, a rare, sight-threatening disease that is currently far too often undiagnosed and untreated
Epioxa ushers in a new standard of care for patients
Advancing development of KC screening device to support planned commercialization in 2H 2026
Preparing to commence Phase 3 clinical program for third-generation iLink therapy in 2027
Advancing Phase 2 clinical trial for iVeena
iStent Platform Updates
Completed patient enrollment in PMA pivotal trial for iStent infinite in mild-to-moderate glaucoma patients (4Q 2025)
Announced EU MDR certification for iStent infinite (June 2025)
Advancing 510(k) pivotal study for PRESERFLO™ MicroShunt
iLution Platform Updates
Advancing Phase 2 clinical trial for iLution™ Blepharitis
Completed patient enrollment in first-in-human Retina XR clinical development program for IVT multi-kinase inhibitor in wet AMD patients (GLK-401) (4Q 2025)
As a reminder, we discuss our financial performance on a non-GAAP basis and summarize our GAAP performance. We encourage investors to review our GAAP to non-GAAP reconciliation which can be found in our earnings press release, the Additional Information section contained herein, as well as the Investor Relations section of our website.
First quarter 2026 financial performance summary:
Gross Margin
(Non-GAAP)
1Q 2026: 84%
YoY ∆: +120 bps
Please note that our non-GAAP adjustments to cost of goods sold include substantial amounts related to Avedro and Mobius acquisitions accounting
SG&A
(Non-GAAP)
1Q 2026: $92.2M
1Q 2025: $70.7M
YoY ∆: +31%
(-2%) sequential decrease vs $94.5M in 4Q 2025
YoY increase primarily reflects commercial and G&A investments globally and new product launch activities
R&D
(Non-GAAP)
1Q 2026: $44.1M
1Q 2025: $32.4M
YoY ∆: +36%
• +1% sequential increase vs $43.7M in 4Q 2025
YoY and QoQ increases reflect continued investment in and advancement of R&D programs
SG&A +
R&D
(Non-GAAP)
1Q 2026: $136.4M
1Q 2025: $103.0M
(-1%) sequential decrease vs $138.2M in 4Q 2025
Earnings
Op Loss (Non-GAAP) 1Q 2026 ($10.5M)
1Q 2025: ($15.2M)
Net Loss (Non-GAAP) 1Q 2026: ($10.4M)
1Q 2025: ($12.6M)
Diluted EPS (Non-GAAP) 1Q 2026: ($0.18)
1Q 2025: ($0.22)
CapEx
1Q 2026: $4.0M
1Q 2025: $1.9M YoY ∆: +$2.1M
Capital expenditures reflect normal course spend primarily on business maintenance activities and equipment upgrades
Cash
1Q 2026: $280.5M
4Q 2025: $282.6M QoQ ∆: (-$2.1M)
The Company announced the release of its 2025 Sustainability Report (April 2026)
The report highlights the company's continued commitment and progress on our key corporate sustainability initiatives.
For additional information and highlights, please see Glaukos' 2025 Sustainability Report, which can be found on the company's website here.
The Company filed its 2026 Proxy Statement ahead of its 2026 Annual Meeting scheduled to be held on Thursday, May 28, 2026, at 9AM PT
For additional information, please see Glaukos' 2026 Proxy Statement on the company's website here.
Given the ongoing conversations around tariff and broader geopolitical volatility, we wanted to reiterate that we manufacture and source our products primarily within the U.S., and as such, expect minimal direct exposure to the most recently implemented tariff-related policies. That said, the global tariff environment remains fluid, and more broadly, the current geopolitical backdrop and macroeconomic uncertainties continue to evolve. As such, we will continue to closely monitor these situations given the overall instability in the marketplace and global macroeconomic uncertainties.
Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of federal securities laws. All statements other than statements of historical facts included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on management's current expectations, assumptions, estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this presentation. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our iDose TR and Epioxa therapies; the impact of general macroeconomic conditions including foreign currency fluctuations and future public health crises; supply and/or manufacturing disruptions, including those impacting our principal revenue-producing products, including the risk of recalls or serious safety issues with our products; our ability to achieve or sustain profitability, generate sales of our commercialized products and develop and commercialize additional products; risks associated with our international operations; our ability to meet our customers' expectations for the quality or delivery of our products; the potential for misuse of our products; our ability to manage our growth and meet customer demand; the success of our acquisitions, collaborations, in licensing agreements, joint ventures, alliances or partnerships with third parties; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; risks related to the implementation of artificial intelligence and machine learning technologies; the availability of net operating loss tax carryforwards; risks related to our capped call transactions; changes to domestic or foreign healthcare laws or trade policies, which could impact our profitability; the high cost of regulatory compliance, including the requirements of participation in federal healthcare programs such as Medicare and Medicaid and regulations for the approval and sale and marketing of our products and of our manufacturing processes; risks related to securing or maintaining adequate coverage or reimbursement by government or third-party payors the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; and our ability to protect, and the expense and time-consuming nature of protecting, our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation. These and other known risks, uncertainties and factors are described in detail under the caption "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 23, 2026, and our Quarterly Report on Form 10-Q for the year ended March 31, 2026, which we expect to file on or before May 11, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a
result of new information, future events or otherwise, except as may be required under applicable securities law.
Statement Regarding Use of Non-GAAP Financial Measures
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) ("Non-GAAP Purposes"). The Company uses the term "Non-GAAP" to exclude certain expenses, gains and losses to achieve the Non-GAAP purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment with the exchange or redemption of convertible senior notes; and significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See "Primary GAAP to Non-GAAP Reconciliations" for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure. Beginning in the second quarter of 2022, we no longer exclude certain upfront and contingent milestone payments in connection with collaborative and licensing arrangements and certain in-process R&D charges for non-GAAP reporting and disclosure purposes.
In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See "Additional GAAP to Non-GAAP Reconciliations" for a presentation of certain net sales information on a reported, GAAP and a constant currency basis.
GAAP Income Statement
GLAUKOS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
2026
2025
Net sales
$ 150,571
$ 106,664
Cost of sales
33,339
24,316
Gross profit Operating expenses:
Selling, general and administrative
117,232
92,943
82,348
70,673
Research and development
44,145
32,353
Total operating expenses
137,088
103,026
Loss from operations Non-operating income:
Interest income
(19,856)
2,431
(20,678)
3,076
Interest expense
(1,125)
(1,163)
Other (expense) income, net
(749)
945
Total non-operating income
557
2,858
Loss before taxes
(19,299)
(17,820)
Income tax provision
484
326
Net loss
$ (19,783)
$ (18,146)
Basic and diluted net loss per share
$ (0.34)
$ (0.32)
Weighted-average shares outstanding used to compute basic and diluted net loss per share
58,022
56,637
Three Months Ended March 31,
GAAP Balance Sheet
GLAUKOS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)
Assets
Current assets:
March 31, December 31,
2026 2025
(unaudited)
Cash and cash equivalents
$ 104,249
$ 90,813
Short-term investments
172,436
187,947
Accounts receivable, net
119,691
108,608
Inventory
62,384
63,564
Prepaid expenses and other current assets
26,993
24,052
Total current assets
485,753
474,984
Restricted cash
3,834
3,834
Property and equipment, net
112,432
113,253
Operating lease right-of-use asset
31,025
31,527
Finance lease right-of-use asset
38,800
39,404
Intangible assets, net
133,028
141,916
Goodwill
66,710
66,710
Deposits and other assets
21,744
21,859
Total assets
$ 893,326
$ 893,487
Liabilities and stockholders' equity
Current liabilities: Accounts payable
$ 19,153
$ 24,624
Accrued liabilities
70,262
76,651
Total current liabilities
89,415
101,275
Operating lease liability
35,313
35,767
Finance lease liability
67,743
68,109
Deferred tax liability, net
441
441
Other liabilities
29,486
31,740
Total liabilities
222,398
237,332
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares
issued and outstanding as of March 31, 2026 and December 31, 2025
-
-
Common stock, $0.001 par value; 150,000 shares authorized; 58,387
and 57,539 shares issued and 58,359 and 57,511 shares outstanding
at March 31, 2026 and December 31, 2025, respectively
58
58
Additional paid-in capital
1,621,272
1,586,056
Accumulated other comprehensive income
2,643
3,303
Accumulated deficit
(952,913)
(933,130)
Less treasury stock (28 shares as of March 31, 2026 and December 31, 2025)
(132)
(132)
Total stockholders' equity
670,928
656,155
Total liabilities and stockholders' equity
$ 893,326
$ 893,487
Primary GAAP to Non-GAAP Reconciliations
GLAUKO S CO RPO RATIO N
GAAP to Non-GAAP Reconciliations
(in thousands, except per share amounts and percentage data) (unaudited)
Q 1 2026
Q 1 2025
Cost of sales
GAAP
$ 33,339
Adjustments
$ (8,675) (a)(b)
Non-GAAP
$ 24,664
GAAP
$ 24,316
Adjustments
$ (5,523) (a)
Non-GAAP
$ 18,793
Gross Margin
77.9%
5.7%
83.6%
77.2%
5.2%
82.4%
Operating expenses:
Selling, general and administrative
$ 92,943
$ (693) (c)
$ 92,250
$ 70,673
$ -
$ 70,673
Loss from operations
$ (19,856)
$ 9,368
$ (10,488)
$ (20,678)
$ 5,523
$ (15,155)
Net loss
$ (19,783)
$ 9,368
(d)
$ (10,415)
$ (18,146)
$ 5,523
(d)
$ (12,623)
Basic and diluted net loss per share
$ (0.34)
$ 0.16
$ (0.18)
$ (0.32)
$ 0.10
$ (0.22)
Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $8.2 million in Q1 2026 and $5.5 million in Q1 2025.
Mobius acquisition-related amortization expense of developed intellectual property of $0.5 million.
Expenses related to the Company's trade secrets litigation and related matters.
Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2026 and 2025.
Additional GAAP to Non-GAAP Reconciliations
Reported Sales vs. Prior Periods (in thousands)
Year-over-Year Percent Change
Quarter-over-Quarter Percent Change
1Q 2026
1Q 2025
4Q 2025
Reported
Operations (1)
Currency (2)
Reported
Operations (1)
Currency (2)
International Glaucoma
$ 35,808
$ 29,009
$ 32,779
23.4%
15.7%
7.7%
9.2%
8.2%
1.0%
Total Net Sales
$ 150,571
$ 106,664
$ 143,121
41.2%
39.1%
2.1%
5.2%
5.0%
0.2%
Operational growth excludes the effect of translational currency
Calculated by converting the current period numbers using the prior period's average foreign exchange rates
For Non-GAAP disclosures associated with the company's past quarterly results, included with respect to the sequential comparisons included herein, please see reconciliations here.
Disclaimer
Glaukos Corporation published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 20:49 UTC.