Core Viewpoint - Glaukos reported strong financial results for Q2 2025, with significant year-over-year improvements in revenue and non-GAAP earnings, driven by the adoption of innovative glaucoma products and expansion in global markets [1][2]. Financial Performance - GAAP revenue for Q2 2025 was $124.1 million, exceeding analyst expectations of $115.5 million by 7.4% [1][2]. - Non-GAAP EPS was a loss of ($0.24), better than the anticipated loss of ($0.26), marking a 53.8% improvement from a loss of ($0.52) in Q2 2024 [2]. - Total net sales increased nearly 30% year-over-year, with glaucoma product revenue climbing 36% to $103.5 million [5]. - U.S. glaucoma net sales surged 45% to $72.3 million, while international sales rose 19.6% [5]. Cost and Margin Analysis - Gross margin improved to 83.0% (non-GAAP) from 82.2% in Q2 2024 [2][6]. - SG&A expenses increased to $83.1 million, up 26.9% year-over-year [2][6]. - Research and development spending grew 6% to $36.5 million, reflecting ongoing investment in new products and clinical trials [6]. Product Development and Pipeline - The iDose TR implant is gaining broad reimbursement coverage, facilitating easier payment across major insurers [7]. - The novel Epioxa therapy is under FDA review, with a decision expected by October 2025 [7]. - Ongoing studies include the PRESERFLO MicroShunt and next-generation iDose delivery systems [7]. Market Challenges - U.S. stent revenue faces reimbursement challenges, leading to a forecasted mid single-digit revenue decline for non-iDose U.S. glaucoma sales in 2025 [8]. - The corneal health product line is expected to see flat-to-low single-digit growth due to changes in reimbursement for the Medicaid Drug Rebate Program [8]. Financial Position and Guidance - Glaukos ended the quarter with $278.6 million in cash and no debt, indicating a strong balance sheet for future investments [9]. - The company raised its 2025 net sales guidance to $480 million to $486 million, reflecting optimism for iDose TR growth [10]. - Operating expense guidance remains at approximately 15% year-over-year growth, with ongoing operating losses acknowledged despite improving margins [10].