Glaukos(US:GKOS)2025-10-29 20:10Financial Performance - Glaukos reported record third quarter net revenues of $133.5 million, up 38% reported and 37% on a constant currency basis compared to Q3 2024[5] - Third quarter 2025 non-GAAP revenue was $83.2 million, a 32% increase year-over-year from $63.3 million in Q3 2024[24] - Net sales for Q3 2025 reached $133.5 million, a 38.1% increase from $96.7 million in Q3 2024[36] - Total net sales for Q3 2025 reached $133.537 million, a 38.1% increase year-over-year compared to $96.670 million in Q3 2024[42] - Sequentially, total net sales increased by 7.6% from $124.120 million in Q2 2025[42] - Operational growth for total net sales was 37.3% year-over-year, excluding the effect of translational currency[42] - The currency impact on total net sales was minimal, contributing only 0.8% to the year-over-year growth[42] Revenue Breakdown - U.S. Glaucoma net revenues reached approximately $80.8 million, representing year-over-year growth of 57% driven by iDose TR sales of approximately $40 million[9] - International Glaucoma net revenues were approximately $29.4 million, reflecting a year-over-year growth of 20% reported and 17% on a constant currency basis[11] - Corneal Health net revenues were approximately $23.3 million, with U.S. Photrexa® net sales of $20.3 million, representing a 13% year-over-year growth[13] - Glaucoma product sales amounted to $29.443 million in Q3 2025, reflecting a 20.3% year-over-year growth from $24.467 million in Q3 2024[42] - Glaucoma product sales experienced a quarter-over-quarter decline of 5.8% from $31.251 million in Q2 2025[42] Guidance and Future Outlook - Full-year 2025 global consolidated net sales guidance raised to $490 - $495 million, up from previous guidance of $480 - $486 million[18] - Preliminary FY 2026 global consolidated revenue guidance expected to be $600 - $620 million[4] - Future outlook remains positive with expectations of continued growth driven by new product developments and market expansion strategies[42] Research and Development - Glaukos has invested over $800 million into R&D programs since 2018, supporting its pipeline of novel platforms[22] - The company has made significant investments in R&D, reflected in a 10% year-over-year increase in R&D expenses to $38.1 million in Q3 2025[24] - iDose TR is designed to continuously deliver glaucoma drug therapy for up to three years, with positive clinical outcomes reported[10] - Epioxa, a new treatment for keratoconus, received FDA approval and is expected to be commercially available in Q1 2026[22] - The iStent infinite product is currently undergoing an active PMA study and EU MDR certification expected in 2025[23] - iStent infinite received EU MDR certification, with commercial launch activities commencing in key European markets[22] Operating Expenses and Losses - Operating expenses for Q3 2025 were $277.5 million, a slight decrease of $1.1 million from $278.6 million in Q2 2025[24] - Operating expenses increased to $121.1 million in Q3 2025, compared to $98.7 million in Q3 2024, primarily driven by higher selling, general, and administrative expenses[36] - The company reported a net loss of $9.2 million in Q3 2025, improved from a net loss of $15.2 million in Q3 2024[24] - The net loss for Q3 2025 was $16.2 million, an improvement from a net loss of $21.4 million in Q3 2024[36] - Year-to-date net loss for 2025 was $54.0 million, improving from a net loss of $112.8 million for the same period in 2024[41] - Basic and diluted net loss per share for Q3 2025 was $0.28, compared to $0.39 in Q3 2024[36] Assets and Liabilities - Total assets as of September 30, 2025, were $999.4 million, an increase from $974.8 million at the end of 2024[37] - Cash and cash equivalents decreased to $98.2 million from $169.6 million at the end of 2024[37] - Total liabilities increased to $229.8 million as of September 30, 2025, compared to $207.8 million at the end of 2024[37] Operational Efficiency and Market Presence - The company continues to focus on expanding its international market presence, particularly in the glaucoma segment[42] - The company is committed to enhancing its operational efficiency to mitigate currency fluctuations' impact on sales[42] - The company is actively monitoring geopolitical and macroeconomic uncertainties that may impact operations[28] - The company expects minimal direct exposure to recent tariff-related policies due to its primary U.S. manufacturing and sourcing[28] Capital Expenditures and Facilities - Capital expenditures in Q3 2025 were $1.6 million, up from $1.4 million in Q3 2024[24] - The company celebrated the groundbreaking of a new research, development, and manufacturing facility in Huntsville, Alabama, aimed at supporting long-term growth[28] Non-GAAP Disclosures - Non-GAAP disclosures will be provided for further clarity on financial performance in upcoming reports[42]