Glaukos(US:GKOS)2026-01-13 21:05Financial Projections - 2025 projected topline growth of 30% and a 10-year revenue CAGR of 20%[4] - Net sales for 2023 were $283 million, with a projected increase to $383 million in 2024 and $610 million in 2026, reflecting a 20%+ 10-year CAGR[25] - Preliminary unaudited net sales for FY2025 were $507 million as of January 13, 2026[25] - Revenue guidance for FY2026 is set at $610 million, indicating strong growth expectations[25] Research and Development - $800 million invested in R&D since 2018, supporting a robust pipeline of 12 programs[4] - iDose platform expansion includes 6+ future products designed to enhance utilization and applicability[9] - The company is currently in Phase 2 clinical trials for its customized spherical therapy for keratoconus, which aims to enhance patient experience and treatment efficacy[20] - The Retina XR platform targets a market of over 28 million people in the US affected by retinal diseases, with an estimated market size exceeding $10 billion by 2024[23] Product Innovations - iDose TR designed to deliver up to 3 years of drug therapy, with 81% of subjects free of IOP-lowering topical meds at 12 months[8] - New Phase 3 data analysis shows iDose TR is non-inferior to topical timolol at 3 years[9] - iStent infinite launched in 2025, providing up to 240° of outflow coverage, backed by 14 years of commercial MIGS leadership[10] - The product roadmap includes several FDA-approved products such as iDose TR for ocular hypertension and Epioxa for keratoconus, with Epioxa expected to launch in Q1 2026[13][21] - The iDose TR product received FDA approval in 2023, further strengthening the company's portfolio in glaucoma treatment[24] Market Opportunities - The company reported a patient population of 22 million eyes with 13 million diagnosed and 12 million treated for glaucoma, indicating a significant market opportunity[11] - Annual US cataract procedures are estimated at 15 million eyes, with a projected professional fee reduction of approximately 15-20% for procedures involving co-morbid glaucoma[12] - The estimated US market size for demodex blepharitis is projected to reach $400 million by 2025, indicating a substantial growth opportunity for the iLution platform[22] Company Positioning and Strategy - Glaukos aims to fundamentally reset keratoconus management, improving patient access to effective care[5] - The company is positioned to lead the shift towards a proactive, compliance-independent glaucoma care paradigm[7] - The company is focusing on expanding its market access and patient education initiatives to improve awareness and treatment rates for keratoconus and other rare diseases[18] - The company emphasizes innovation in addressing unmet needs in chronic eye diseases, positioning itself as a leader in the industry[26] Financial Health - Gross margin for Q3 2025 was reported at 84%, adjusted for certain accounting and other adjustments[27] - The gross profit for Q3 2025 was $112 million, with a gross margin of 78% on a GAAP basis[27] - Cash and equivalents stood at $283 million as of December 31, 2025, with no debt reported[25] Operational Capabilities - The company operates in 17 countries with over 300 global commercial personnel, indicating significant market presence[25] - The sales mix for Q4 2025 includes US Glaucoma, Corneal Health, and International Glaucoma segments[25] - The company is enhancing its manufacturing capabilities with a new facility in Huntsville, AL, to support its micro-scale manufacturing expertise[25] Patient Compliance and Preferences - 90% of patients are non-compliant with topical eye drops, highlighting the need for innovative solutions[6] - Strong user preference (~90% favorability) indicated in initial human factors study for new iDose products[9] - The company is pursuing dropless innovations to enhance care standards and improve outcomes for underserved patient populations[24]