GKOS · Glaukos Corporation

Glaukos Corporation announced record first quarter 2026 financial results, demonstrating significant commercial momentum driven by its key growth drivers, iDose TR and Epioxa. Net sales of $150.6 million represented a 41% year-over-year increase on a reported basis (39% constant currency), significantly outpacing prior year growth rates. This performance was anchored by the U.S. Glaucoma franchise, which grew 58% year-over-year to $93.5 million, largely attributable to the successful commercialization of iDose TR, which generated approximately $54 million in sales. The Corneal Health franchise also contributed to growth, with net sales rising 15% to $21.3 million, supported by the recent commercial launch of Epioxa in March 2026.

Profitability metrics showed improvement despite increased operating investments. Non-GAAP gross margin expanded 200 basis points year-over-year to approximately 84%, while GAAP gross margin improved to approximately 78%. The company continued to invest heavily in commercial infrastructure and R&D, with SG&A and R&D expenses increasing 32% and 36% respectively. However, operating leverage improved, with non-GAAP operating loss narrowing to $10.5 million from $15.2 million in the prior year period. Non-GAAP net loss per share improved to ($0.18) from ($0.22).

Reflecting confidence in the sustainability of its growth trajectory, management raised full-year 2026 net sales guidance to a range of $620 million to $635 million, up from the prior guidance of $600 million to $620 million. The company cited growing contributions from iDose TR and Epioxa, alongside broader interventional glaucoma initiatives, as key drivers for the increased outlook. The balance sheet remains robust with approximately $280.5 million in cash and equivalents and no debt, positioning the company to continue funding its pipeline and commercial expansion.