Disclaimer All statements other than statements of historical facts included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on management's current expectations, assumptions, estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations abo ...

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]

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]

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]

Core Insights - Glaukos Corporation reported a narrower adjusted loss of 16 cents per share for Q3 2025, better than the Zacks Consensus Estimate of a 27-cent loss and improved from a 28-cent loss in the same quarter last year [1] - The company achieved revenues of $133.5 million, reflecting a 38% year-over-year increase and surpassing the Zacks Consensus Estimate by 9.5% [2] Revenue Details - Net sales for Glaucoma reached $110.2 million, up 45% year over year, while Corneal Health sales totaled $23.3 million [3] Margin Analysis - Gross profit increased by 41.3% year over year to $104.7 million, with an adjusted gross margin of 84%, up from 82% in the previous year [4] - Selling, general, and administrative expenses rose by 30% year over year to $83 million, while research and development expenses increased by 10% to $38.1 million [4] Operating Performance - The operating loss decreased to $16.4 million from $24.7 million in the prior year, with an adjusted operating loss of $9.3 million, an improvement from the $18.4 million loss in the same quarter last year [5] Financial Update - At the end of Q3 2025, Glaukos had cash and cash equivalents and short-term investments totaling $277.5 million, slightly down from $278.6 million at the end of Q2 2025 [6] 2025 Guidance - The company raised its 2025 revenue guidance to a range of $490-$495 million, up from the previous estimate of $480-$486 million, with a loss per share estimate of 90 cents, indicating a 51.6% year-over-year improvement [7] Strategic Developments - The FDA approval of Epioxa represents a significant advancement, introducing a next-generation, incision-free therapy for keratoconus, enhancing Glaukos' rare disease portfolio [10] - The company is focused on disciplined capital allocation, robust R&D investment, and the upcoming Huntsville facility to support innovation and manufacturing scale, positioning itself for sustainable growth [11]

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Financial Data and Key Metrics Changes - Glaukos Corporation reported record third quarter consolidated net sales of $133.5 million, up 38% on a reported basis or 37% on a constant currency basis compared to the same quarter last year [7] - The company raised its full year 2025 net sales guidance range to $490 million-$495 million from the previous range of $480 million-$486 million [7][26] Business Line Data and Key Metrics Changes - The U.S. glaucoma franchise achieved record third quarter net sales of $80.8 million, reflecting a strong year-over-year growth of 57%, driven by iDose TR, which generated approximately $40 million in sales [8] - The international glaucoma franchise delivered net sales of $29.4 million, representing a year-over-year growth of 20% on a reported basis and 17% on a constant currency basis [9] - The corneal health franchise reported net sales of $23.3 million, with Photrexa net sales contributing $20.3 million, reflecting a year-over-year growth of 13% [10] Market Data and Key Metrics Changes - Surgeons showed high initial interest in iStent infinite during its commercial launch activities in key European markets, indicating strong potential for growth in the international market [9] - The company continues to scale its international infrastructure to drive growth as a standard of care in major markets worldwide [9] Company Strategy and Development Direction - Glaukos is focused on advancing its strategic priorities, evolving into a diversified ophthalmic leader with growth drivers across multiple geographies and disease states [11] - The FDA approval of Epioxa marks a significant milestone, introducing a new standard of care for keratoconus patients and practitioners [12] - The company plans to increase investments in patient awareness and access to address the challenges of underdiagnosis and under-treatment in keratoconus [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of Epioxa to deliver exceptional value to patients and the healthcare system, emphasizing the importance of education and awareness in driving patient access [22] - The company anticipates Epioxa will be commercially available in the first quarter of 2026, with a focus on establishing a site of care network and addressing payer adoption challenges [24] - A preliminary revenue guidance range of $600 million-$620 million for 2026 was introduced, reflecting expectations for continued growth from iDose TR and the launch of Epioxa [26][27] Other Important Information - Glaukos has invested over $1 billion in R&D to develop a robust pipeline focused on chronic and rare ophthalmic diseases [21] - The company is transitioning from Photrexa to Epioxa, with plans to discontinue Photrexa's commercial availability in 2026 while ensuring continuity of care for existing patients [25] Q&A Session Summary Question: Discussion on iDose and CAC meeting - Management discussed the rationale behind the CAC meeting, emphasizing the need to educate MACs on the unmet need that iDose addresses and the robust data supporting its utilization [30][31] Question: Confidence in Epioxa pricing and 2026 outlook - Management expressed confidence in executing the pricing strategy for Epioxa, highlighting the importance of educating payers on the therapy's benefits and the cost implications of untreated keratoconus [36][37] Question: iDose performance and future growth - Management provided insights into iDose's performance, noting broad-based growth and the importance of establishing reimbursement structures to support future adoption [44][46] Question: Epioxa's market development and education efforts - Management outlined targeted awareness and education campaigns to identify and reach keratoconus patients earlier in their disease journey, emphasizing the need for a comprehensive approach [77]

Financial Data and Key Metrics Changes - Glaukos Corporation reported record third quarter consolidated net sales of $133.5 million, up 38% on a reported basis or 37% on a constant currency basis compared to the same quarter last year [7] - The company raised its full year 2025 net sales guidance range to $490 to $495 million from a previous range of $480 to $486 million [7][24] Business Line Data and Key Metrics Changes - The U.S. glaucoma franchise achieved record third quarter net sales of $80.8 million, reflecting a strong year-over-year growth of 57%, driven by iDose TR, which generated approximately $40 million in sales [8] - The international glaucoma franchise delivered net sales of $29.4 million, representing a year-over-year growth of 20% on a reported basis and 17% on a constant currency basis [9] - The corneal health franchise reported net sales of $23.3 million, with Votrexa contributing $20.3 million, reflecting a year-over-year growth of 13% [10] Market Data and Key Metrics Changes - Surgeons showed high initial interest in iStent Infinite during its commercial launch activities in key European markets, indicating strong potential for growth in the international market [9] - The company continues to scale its international infrastructure to drive growth as a standard of care in various regions [9] Company Strategy and Development Direction - Glaukos aims to evolve into a diversified ophthalmic leader with transformational growth drivers across multiple geographies and disease states, focusing on glaucoma and rare diseases [11] - The FDA approval of Epioxa marks a significant milestone, introducing a new standard of care for keratoconus patients with a unique incision-free treatment [12][17] - The company plans to increase investments in patient awareness and access to address the challenges of underdiagnosis and under-treatment in keratoconus [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of Epioxa to deliver exceptional value to patients and the healthcare system, emphasizing the importance of education and awareness in driving patient access [20][21] - The company anticipates Epioxa will be commercially available in the first quarter of 2026, with a focus on establishing a site of care network and addressing payer adoption challenges [22][24] Other Important Information - Glaukos has invested over $1 billion in R&D to develop a robust pipeline focused on chronic and rare ophthalmic diseases [19] - The company is constructing a new 200,000-square-foot research, development, and manufacturing facility in Huntsville, Alabama, to support long-term growth and innovation [19] Q&A Session Summary Question: Can you discuss the rationale behind the CAC meeting and potential outcomes? - Management highlighted the importance of educating MACs on the unmet need that iDose addresses and the robust FDA data supporting its utilization [30][31] Question: What is the confidence level regarding payer coverage for Epioxa? - Management indicated that education at the payer level is crucial, and they are optimistic about engaging in conversations to establish coverage [36] Question: Can you provide more granularity on the 2026 revenue guidance? - Management stated that the preliminary guidance reflects expectations for Epioxa's rollout and the transition from Votrexa, with more detailed insights to be provided in future calls [41][42] Question: How is iDose performing in terms of utilization? - Management reported strong sales growth for iDose, with contributions from various MAC regions and a growing trend in combination with cataract surgeries [45][46] Question: What are the expectations for patient access to Epioxa? - Management acknowledged that while there may be initial headwinds, they aim to significantly expand patient access over time through education and awareness initiatives [55]