Core 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]

Core Viewpoint - Glaukos Corp reported mixed financial results for the fourth quarter, with losses exceeding analyst expectations but sales surpassing estimates [1] Financial Performance - The company reported quarterly losses of 28 cents per share, missing the analyst consensus estimate of losses of 20 cents per share [1] - Quarterly sales were $143.100 million, exceeding the analyst consensus estimate of $136.396 million [1] Future Guidance - Glaukos affirmed its FY2026 sales guidance, projecting sales between $600.000 million and $620.000 million [1] Stock Performance - Following the earnings announcement, Glaukos shares fell by 0.1%, trading at $106.64 [1] Analyst Ratings and Price Targets - Needham analyst David Saxon maintained a Buy rating on Glaukos and raised the price target from $125 to $127 [3] - Wells Fargo analyst Larry Biegelsen maintained an Overweight rating and increased the price target from $122 to $135 [3]

Core Insights - Glaukos reported revenue of $143.12 million for Q4 2025, a year-over-year increase of 35.7% and slightly above the Zacks Consensus Estimate of $142.93 million, resulting in a surprise of +0.13% [1] - The company reported an EPS of -$0.28, which is an improvement from -$0.40 a year ago, but fell short of the consensus estimate of -$0.22, leading to an EPS surprise of -26.47% [1] Revenue Performance - International Glaucoma revenues reached $32.78 million, exceeding the average estimate of $31.67 million by six analysts, representing a year-over-year increase of +17.6% [4] - United States Glaucoma revenues were reported at $86.4 million, surpassing the average estimate of $81.11 million, with a significant year-over-year change of +53.5% [4] - Net Sales for Corneal Health amounted to $24 million, exceeding the average estimate of $21.06 million, reflecting a year-over-year increase of +12.4% [4] - Net Sales for Glaucoma totaled $119.2 million, above the average estimate of $112.79 million, indicating a year-over-year change of +41.7% [4] Stock Performance - Over the past month, Glaukos shares have returned -9%, compared to a -1.4% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Glaukos reported a quarterly loss of $0.28 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.22, representing an earnings surprise of -26.47% [1] - The company achieved revenues of $143.12 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 0.13% and showing a year-over-year increase from $105.5 million [2] - The stock has underperformed the market, losing about 3.1% since the beginning of the year compared to the S&P 500's decline of 0.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.18 on revenues of $131.98 million, and for the current fiscal year, it is -$0.33 on revenues of $610.61 million [7] - The estimate revisions trend for Glaukos was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Medical - Instruments industry, to which Glaukos belongs, is currently ranked in the top 31% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Another company in the same industry, TransMedics, is expected to report quarterly earnings of $0.41 per share, reflecting a year-over-year change of +115.8%, with revenues projected to be $155.91 million, up 28.2% from the previous year [9][10]

Financial Data and Key Metrics Changes - Glaukos reported record fourth quarter consolidated net sales of $143.1 million, up 36% on a reported basis and 34% on a constant currency basis compared to the year-ago quarter [7] - For the full year of 2025, consolidated record net sales reached $507.4 million, growing 32% versus 2024 [7] - The company reaffirmed its full year 2026 net sales guidance range of $600 million to $620 million, implying over 20% year-over-year growth at the midpoint [7] Business Line Data and Key Metrics Changes - The U.S. glaucoma franchise achieved record fourth quarter net sales of $86.4 million, reflecting a strong year-over-year growth of 53%, driven by iDose TR, which generated approximately $45 million in sales during the fourth quarter [9] - The international glaucoma franchise delivered net sales of $32.8 million, with year-over-year growth of 18% on a reported basis and 13% on a constant currency basis [11] - The corneal health franchise reported net sales of $24 million, with year-over-year growth of 12%, including $21.4 million from Photrexa [12] Market Data and Key Metrics Changes - The company noted strong physician adoption of iDose TR, with sales of approximately $136 million in 2025, indicating positive clinical outcomes and growing contributions [9] - The international market is expected to face competitive product trialing headwinds in major markets, partially offset by contributions from iStent infinite following its EU MDR certification [11] Company Strategy and Development Direction - Glaukos aims to advance the interventional glaucoma treatment paradigm with iDose TR and launch Epioxa, targeting new markets in interventional keratoconus and rare diseases [8] - The company is focused on capital allocation, emphasizing ROI-driven investments and cash flow while advancing a robust industry-leading pipeline [9] - The FDA approval of Epioxa is seen as a pivotal moment, allowing the company to redefine its go-to-market approach and expand patient care access [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong growth momentum into 2026, driven by the advancements in iDose TR and the launch of Epioxa [8] - The company acknowledged potential challenges in the transition from Photrexa to Epioxa, particularly in Q2 and Q3, but expects stronger results in Q4 as the J-code becomes effective [37] - Management highlighted the importance of clinical education and payer engagement to ensure successful adoption of Epioxa [25] Other Important Information - Glaukos has invested over $1 billion in R&D since inception, focusing on chronic and rare ophthalmic diseases [21] - The company is committed to pioneering new marketplaces within ophthalmology, emphasizing innovation as a core value [22] Q&A Session Summary Question: Can you elaborate on the early positive coverage determinations for Epioxa? - Management noted that early positive outcomes have been observed with a handful of Medicaid societies and one of the larger Blue plans, with no formal pushback on pricing dynamics [25] Question: What drove the sequential deceleration in iDose revenue in Q4? - Management indicated that the mix shift towards Medicare Advantage and specific dynamics related to glaucoma procedures impacted revenue, but they expect continued growth in Q1 [29] Question: Can you provide more detail on the components of the FY 2026 guidance? - Management expects high single-digit growth internationally, with U.S. glaucoma growth driven entirely by iDose TR, while corneal health is expected to grow modestly with some volatility [35][37] Question: How do you view the interplay between iDose and TREX? - Management emphasized the goal of providing multiple treatment options for patients, with expectations for different surgeons to choose between iDose TR and TREX based on clinical profiles [49] Question: What are the expectations for operating expenses in 2026? - Management anticipates mid-teen year-over-year growth in operating expenses, aiming for around $555 million to $560 million, while maintaining operating leverage [54]

Financial Data and Key Metrics Changes - Glaukos reported record fourth quarter consolidated net sales of $143.1 million, up 36% on a reported basis and 34% on a constant currency basis compared to the year-ago quarter [7] - For the full year of 2025, consolidated record net sales reached $507.4 million, growing 32% versus 2024 [7] - The company reaffirmed its full year 2026 net sales guidance range of $600 million to $620 million, implying over 20% year-over-year growth at the midpoint [7] Business Line Data and Key Metrics Changes - The U.S. glaucoma franchise achieved record fourth quarter net sales of $86.4 million, reflecting a strong year-over-year growth of 53%, driven by iDose TR, which generated approximately $45 million in sales during the fourth quarter [9] - The international glaucoma franchise delivered net sales of $32.8 million, with year-over-year growth of 18% on a reported basis and 13% on a constant currency basis [11] - The corneal health franchise reported net sales of $24 million, with year-over-year growth of 12%, including T-Rex, which generated net sales of $21.4 million [12] Market Data and Key Metrics Changes - The company noted strong physician adoption of iDose TR, with sales of approximately $136 million in 2025, indicating positive clinical outcomes and growing contributions [9] - The international market is expected to face competitive product trialing headwinds in major markets, partially offset by growing contributions from iStent infinite following its EU MDR certification [11] Company Strategy and Development Direction - Glaukos aims to advance the interventional glaucoma treatment paradigm with iDose TR and the launch of Epioxa, targeting new markets in interventional keratoconus and rare diseases [8] - The company is focused on capital allocation, emphasizing ROI-driven investments and cash flow while advancing a robust industry-leading pipeline [9] - The FDA approval of Epioxa is seen as a significant milestone, allowing the company to redefine its go-to-market approach and expand patient care access [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong growth momentum into 2026, driven by transformational growth drivers [8] - The company anticipates continued sequential growth in iDose TR, despite being a seasonally low quarter for procedure volumes [30] - Management acknowledged potential volatility in the corneal health franchise due to the transition from Photrexa to Epioxa, expecting modest growth year-over-year [36] Other Important Information - Glaukos has invested over $1 billion in R&D since inception, focusing on chronic and rare ophthalmic diseases [21] - The company is committed to pioneering new marketplaces within ophthalmology, emphasizing innovation as a core value [22] Q&A Session Summary Question: Can you elaborate on early positive coverage determinations for Epioxa? - Management noted that early positive outcomes have been observed with a handful of Medicaid societies and one of the larger blue plans, with no formal pushback on pricing dynamics [25] Question: What drove the sequential deceleration in iDose revenue in Q4? - Management indicated that the mix shift towards Medicare Advantage and specific dynamics related to glaucoma procedures impacted revenue, but they expect continued growth in Q1 [29] Question: Can you provide more detail on the components of the FY 2026 guidance? - Management expects high single-digit growth internationally, with U.S. glaucoma growth driven entirely by iDose TR, while corneal health is expected to grow modestly with some volatility [35][36] Question: How do you view the interplay between iDose and T-Rex? - Management emphasized the goal of providing multiple treatment options for patients, with expectations for different surgeons to choose based on clinical profiles [48] Question: What are the expectations for operating expenses in 2026? - Management anticipates mid-teen year-over-year growth in operating expenses, aiming for cash flow break-even and potential cash flow generation [52]

Financial Data and Key Metrics Changes - Glaukos reported record fourth quarter consolidated net sales of $143.1 million, up 36% on a reported basis and 34% on a constant currency basis compared to the same quarter last year [5] - For the full year 2025, consolidated net sales reached $507.4 million, growing 32% versus 2024 [5] - The company reaffirmed its full year 2026 net sales guidance range of $600 million to $620 million, implying over 20% year-over-year growth at the midpoint [5] Business Line Data and Key Metrics Changes - The U.S. glaucoma franchise achieved record fourth quarter net sales of $86.4 million, reflecting a strong year-over-year growth of 53%, driven by iDose TR, which generated approximately $45 million in sales during the fourth quarter [8] - The international glaucoma franchise delivered net sales of $32.8 million, with year-over-year growth of 18% on a reported basis and 13% on a constant currency basis [10] - The corneal health franchise reported net sales of $24 million, with year-over-year growth of 12%, including T-Rex with net sales of $21.4 million [11] Market Data and Key Metrics Changes - The company noted strong physician adoption of iDose TR, with sales of approximately $136 million in 2025, reflecting positive clinical outcomes and growing contributions [9] - The international market is expected to face competitive product trialing headwinds in major markets, partially offset by contributions from iStent infinite following its EU MDR certification [11] Company Strategy and Development Direction - Glaukos aims to advance the interventional glaucoma treatment paradigm with iDose TR and the launch of Epioxa, targeting new markets in interventional keratoconus and rare diseases [7] - The company is focused on disciplined capital allocation, emphasizing ROI-driven investments and cash flow while advancing a robust industry-leading pipeline [8] - The FDA approval of Epioxa is seen as a pivotal moment, allowing the company to redefine its go-to-market approach and expand patient care access [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong growth momentum into 2026, driven by transformational growth drivers [6] - The company anticipates continued sequential growth in iDose TR, despite being in a seasonally low quarter for procedure volumes [29] - Management acknowledged potential volatility in the corneal health franchise due to the transition from Photrexa to Epioxa, expecting modest growth year-over-year [36] Other Important Information - Glaukos has invested over $1 billion in R&D since inception, focusing on chronic and rare ophthalmic diseases [19] - The company is establishing a network for Epioxa treatment, aiming to cover nearly 90% of the U.S. population [14] Q&A Session Summary Question: Can you elaborate on early positive coverage determinations for Epioxa? - Management noted that early positive outcomes have been observed with several Medicaid societies and a major blue plan, with no formal pushback on pricing dynamics [24] Question: What drove the sequential deceleration in iDose revenue in Q4? - Management indicated that the mix shifted towards Medicare Advantage, impacting revenue dynamics, but expects continued growth in Q1 [28][29] Question: Can you provide insights on the components of the FY 2026 guidance? - Management expects U.S. glaucoma growth driven by iDose TR, with modest growth in corneal health, particularly as Epioxa becomes available [34][36] Question: How will operating expenses be managed in 2026? - Management plans to balance capital investments against revenues, expecting mid-teen year-over-year growth in operating expenses [51]

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Core Insights - Glaukos Corporation, an ophthalmic device maker focused on glaucoma solutions, reported a significant insider sale by director Marc Stapley, who sold 15,000 shares for approximately $1.9 million after a challenging year for the stock [1][6]. Company Overview - Glaukos Corporation specializes in ophthalmic medical devices and pharmaceutical therapies, particularly for glaucoma and related eye conditions, serving ophthalmologists and healthcare institutions both domestically and internationally [5]. - The company has a market capitalization of $6.85 billion and reported a revenue of $469.82 million with a net income of -$87.61 million for the trailing twelve months (TTM) [4]. Transaction Details - The transaction involved the sale of 15,000 shares at a value of $1.92 million, with post-transaction direct ownership reduced to 37,449 shares valued at approximately $4.71 million [2][7]. - This sale is significantly larger than Stapley's median administrative disposition of 6,250 shares since May 2024, indicating a notable change in his holdings [7]. Recent Developments - On January 28, 2026, Glaukos received FDA approval for the re-administration of one of its supplements for glaucoma patients, allowing physicians to administer the supplement multiple times based on corneal conditions, which may positively impact the company's market position [6]. - Despite a rough year in 2025 with a stock decline of approximately 25%, Glaukos' stock has seen a 4.3% increase in January 2026, potentially aided by the recent FDA approval [9]. Ownership Implications - Following the recent transaction, Stapley's direct holdings represent 0.07% of outstanding shares, with no options outstanding, indicating a reduced capacity for future transactions [7]. - The transactions were conducted under a Rule 10b5-1 trading plan, allowing for pre-scheduled sales by insiders [8].

Core Insights - Innovation is central to the company's strategy, driving its leadership in the ophthalmology market [1] - The company has pioneered the global MIGS (Minimally Invasive Glaucoma Surgery) marketplace and continues to lead in this area [1] - The introduction of iDose is aimed at creating a new market for procedural pharmaceuticals [1] - The company is expanding into the rare disease market and developing new procedures for corneal cross-linking to treat keratoconus [1] - There is an initiative to explore transdermal creams with active pharmaceutical ingredients (APIs) for anterior segment disease treatment, marking a novel approach in the industry [1]