Glaukos(US:GKOS) ZACKS·2026-02-18 16:55Core Insights - Glaukos Corporation reported a fourth-quarter 2025 adjusted loss of 28 cents per share, missing the Zacks Consensus Estimate by 0.06%, but showing improvement from a loss of 40 cents per share in the same quarter last year [1] - For the full year, the adjusted loss per share was 90 cents, reflecting a 51.6% increase from the previous year [1] - The GAAP loss per share was $2.32, compared to a loss of 60 cents in the prior-year quarter [1] Revenue Details - Glaukos achieved revenues of $143.1 million in the fourth quarter, marking a 36% year-over-year increase and surpassing the Zacks Consensus Estimate by 6% [2] - Total revenues for 2025 reached $507.4 million, up 32% year over year [2] Quarter in Detail - The company recorded net sales of $119.2 million for Glaucoma, a 42% increase year over year, while sales in Corneal Health totaled $24 million [3] Margin Analysis - Adjusted gross profit rose 40.3% year over year to $121.8 million, with an adjusted gross margin of 85.1% compared to 82.3% in the previous year [4] - Selling, general and administrative expenses increased by 37.2% year over year to $94.7 million, while research and development expenses totaled $43.7 million, up 19.5% [4] - Total operating expenses were $138.4 million, reflecting a 31% increase from the prior year [4] Financial Update - Glaukos ended the fourth quarter of 2025 with cash and cash equivalents and short-term investments of $282.6 million, up from $277.5 million at the end of the third quarter [6] 2026 Guidance - The company raised its guidance for 2026 revenues, expecting net sales in the range of $600-$620 million, with the Zacks Consensus Estimate at $610.6 million [7] - The loss per share estimate for 2026 is projected at 33 cents, indicating a 60.9% improvement year over year [7] Growth Drivers - Key growth drivers include the continued adoption of iDose TR and the launch of Epioxa, which supports long-term growth through ROI-focused investment and cash flow management [9] - U.S. glaucoma growth is driven by rapid adoption of iDose TR, broader physician utilization, and strong clinical confidence in the therapy's long-term outcomes [10] - International growth reflects broad-based strength across key regions, supported by investments in international infrastructure [11] Epioxa Launch - The recent FDA approval of Epioxa introduces a new topical cross-linking therapy for keratoconus, with drug availability expected soon [12] - The company is building out its Epioxa site-of-care network, aiming to cover nearly 50% of the U.S. population, expanding to 90% over time [12] - Payer engagement for Epioxa has begun, reaching insurers covering 50% of U.S. commercial lives [13] Overall Assessment - The quarter reinforces Glaukos' transition into a diversified ophthalmic growth company, with multiple commercial catalysts and pipeline milestones positioning it for durable double-digit revenue expansion [14] - Shares of Glaukos have gained 18.4% over the past six months, contrasting with a 7.1% decline in the industry [14]