Glaukos Corporation Q4 2025 Earnings Call Summary

Core Insights - The record performance in 2025 was primarily driven by the rapid adoption of iDose TR, generating approximately $136 million in its first full year [1] - U.S. glaucoma growth is attributed to the successful advancement of the interventional treatment paradigm, shifting the standard of care toward earlier surgical intervention [1] - International glaucoma net sales grew 13% on a constant currency basis in the fourth quarter, reflecting broad-based scaling of infrastructure despite competitive trialing headwinds in major markets [1] Product Developments - The FDA approval of Epioxa is seen as a 'complete reset' for the corneal health franchise, transitioning from the legacy Photrexa to a non-invasive, epithelium-on therapy [1] - The strategic positioning has evolved from a MIGS-focused company to a diversified leader across glaucoma, rare corneal diseases, and retinal health [1] Operational Strategy - Operational execution is focused on expanding the 'site of care' network, which now covers nearly 50% of the U.S. population for the upcoming Epioxa launch [1]