Core Insights - Glaukos Corporation reported a narrower-than-expected adjusted loss of 24 cents per share for Q2 2025, improving from a loss of 52 cents in the same quarter last year [2][9] - The company achieved revenues of $124.1 million, reflecting a year-over-year increase of 29.7%, surpassing the Zacks Consensus Estimate by 8.1% [3][10] Revenue Details - Net sales for Glaucoma reached $103.5 million, up 36% year over year, while Corneal Health sales were $20.6 million [4] Margin Analysis - Gross profit increased by 32.9% year over year to $97.2 million, with an adjusted gross margin of 83% compared to 82% in the prior year [5] - Selling, general and administrative expenses rose by 25.9% to $83.4 million, while research and development expenses totaled $36.5 million, up 6.1% [5] Financial Update - Glaukos ended Q2 2025 with cash and cash equivalents of $278.6 million, down from $303.4 million at the end of Q1 2025 [7] 2025 Guidance - The company raised its revenue guidance for 2025 to a range of $480-$486 million, compared to the previous guidance of $475-$485 million [8] Growth Drivers - The revenue growth was primarily driven by strong uptake of the iDose TR therapy and solid performance from Photrexa in corneal health [10][11] - Management highlighted the successful adoption of iDose TR following its U.S. commercial launch and contributions from the iStent franchise [11] Pipeline Progress - Glaukos made significant progress in its pipeline, with regulatory milestones for Epioxa, a non-surgical keratoconus therapy, and ongoing advancements in glaucoma, corneal, and retinal platforms [12] Challenges - The company faces challenges from restrictive Local Coverage Determinations affecting non-iDose stent volumes and procedural bundling impacting short-term revenue [13] Market Performance - Shares of Glaukos fell by 2.2% in after-market trading following the Q2 results, with a year-to-date decline of 37.2% compared to a 7.5% decline in the industry [14]