📈 Price History

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About

Glaukos Corporation, an ophthalmic pharmaceutical and medical technology company, develops therapies for the treatment of glaucoma, corneal disorders, and retinal diseases in the United States and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding GKOS

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	118.9K	$12.8M	0.02%	Mar 2026
Steve Cohen Point72 Asset Management	101.3K	$10.9M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Multiple record quarters cited, specific revenue figures ($124.1M total, $31M iDose), raised guidance by $3M at midpoint, and detailed operational metrics (80% of iDose volumes from three MACs) show management is factual and optimistic.

Q3 2025

Confident Specific

Management repeatedly used 'record third quarter,' 'sustained growth acceleration,' and 'strong execution,' while providing specific figures like $133.5M net sales (up 38%), $40M iDose TR sales, and explicit 2025 and 2026 revenue guidance ranges.

Q4 2025

Confident Specific

Management used phrases like 'record fourth quarter consolidated net sales of $143.1 million', 'reaffirming our full year 2026 net sales guidance range of $600 million-$620 million', and 'iDose TR's positive clinical outcomes continue to generate momentum' to convey strong execution and optimism.

Q1 2026 latest

Confident Specific

Management used definitive language like 'record first quarter', 'raised full year guidance', 'strong execution', and 'transformational growth drivers', while providing specific figures for sales, guidance, and coverage milestones.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Record Q1 revenues, a 41% year-over-year increase, and a raised full-year guidance by $20 million signal robust execution. iDose TR is now a major contributor with $54 million in sales, and management provided optimistic metrics on Epioxa's launch (65% site coverage, 100M covered lives). However, uncertainty remains on LCD risk for iDose, the pace of Epioxa reimbursement adoption (especially before the permanent J-code on July 1), and the ability to expand the keratoconus market beyond historical Photrexa volumes. Next quarter, watch for Epioxa revenue ramp, iDose volume trends in newer MAC regions, and any shifts in payer policy for both products.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Glaukos Q1 2026 revenue $150.6M (+41%), raises FY guidance to $620-$635M, driven by iDose TR and Epioxa launch.

Revenue & Profitability

First quarter 2026 consolidated net sales were $150.6 million, up 41% reported and 39% constant currency. U.S. glaucoma sales were $93.5 million (up 58%), including $54 million from iDose TR. International glaucoma sales were $35.8 million (up 23% reported, 16% constant currency). Corneal health sales were $21.3 million (up 15%). Full year 2026 guidance raised to $620-$635 million from $600-$620 million. Gross margin was 84% in Q1, with guidance of 84%-86% for the full year.

Outlook

Management sees strong demand for interventional glaucoma and keratoconus therapies, with growing physician interest and adoption. For the corneal health segment, they anticipate a dip in Q2 due to the Photrexa-to-Epioxa transition, but expect a strong exit in Q4. International glaucoma faces competitive product trialing headwinds and currency fluctuations, but growth is supported by iStent infinite's EU launch. Overall, the company is confident in sustaining momentum through 2026 and beyond.

Growth Drivers

Key growth levers include iDose TR, which generated $54 million in Q1 and continues to expand trained surgeon base, active accounts, and payer coverage (commercial and Medicare Advantage). Epioxa launch is in early stages, with J-code (J2789) effective July 1, 2026, which is expected to streamline reimbursement. International glaucoma growth is driven by iStent infinite after EU MDR certification. The company is also advancing iDose TREX and other pipeline programs, including a KC screening device planned for market introduction later in 2026.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Gross margin for Q1 2026 was 84%, up 120 basis points year-over-year. Management reiterated full year gross margin guidance of 84%-86%, with expected accretion as Epioxa becomes a larger share of mix. Operating expenses are expected to grow year-over-year at high teens rate as the company reinvests in commercial launches, but they are focused on driving operating leverage and cash flow breakeven.

Key Risks

Key risks include payer adoption headwinds and hurdles for Epioxa, particularly while using a miscellaneous J-code until July 2026. The company also faces potential LCD (Local Coverage Determination) risk from MACs, though management believes it is less probable at this stage. Currency headwinds may impact international glaucoma growth, and competitive product launches in international markets are a headwind. The transition from Photrexa to Epioxa could cause quarterly volatility in corneal health sales.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Record Q2 sales grew 50% year-over-year, prompting a raised full-year guidance to $680M–$700M. iDose TR and Epioxa drove strong U.S. and international growth, with corneal health now expected to grow ~20% for the year. Gross margin reached 85%, and operating expenses are projected at $600M.

Q1 2026 Q1 2026 2026-04-29

Record Q1 sales growth of 41% year-over-year led to raised full-year guidance, driven by strong adoption of iDose TR and the Epioxa launch. Investments in commercial expansion, payer coverage, and clinical pipeline support continued momentum and operating leverage.

Q4 2025 Q4 2025 2026-02-17

Record 2025 sales grew 32% year-over-year, driven by iDose TR and strong U.S. glaucoma performance. 2026 guidance targets $600M–$620M in net sales, with continued growth expected from iDose TR and the Epioxa launch, despite anticipated volatility during the Photrexa transition.

Q3 2025 Q3 2025 2025-10-29

Record Q3 sales and raised 2025 guidance reflect strong iDose TR adoption and global glaucoma growth. FDA approval of Epioxa sets up a major corneal health transition, with a staged Photrexa phase-out and significant investments in patient access and education.

Q2 2025 Q2 2025 2025-07-30

Record Q2 sales were driven by strong iDose TR adoption and global glaucoma initiatives, prompting a raised full-year guidance. Gross margin reached 83%, and the company is preparing for Epioxa's launch while managing reimbursement and competitive headwinds.

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