Glaukos (GKOS) Q1 2026 sales jump 41% as guidance lifted to $620–$635M
Rhea-AI Filing Summary
Glaukos Corporation reported strong first quarter 2026 growth but remains unprofitable. Net sales reached $150.6 million, up 41% year-over-year, driven mainly by glaucoma products, including U.S. Glaucoma revenue of $93.5 million and growing adoption of the iDose TR therapy.
GAAP gross margin was about 78%, with non-GAAP gross margin near 84%. The company posted a GAAP net loss of $19.8 million, or ($0.34) per share, and a non-GAAP net loss of $10.4 million, or ($0.18) per share. Glaukos ended the quarter with $280.5 million in cash, equivalents, short-term investments and restricted cash and no debt, and raised its 2026 net sales guidance to $620–$635 million.
Positive
- Q1 2026 revenue and margin strength: Net sales grew 41% year-over-year to $150.6 million, while non-GAAP gross margin expanded to about 84%, showing strong top-line momentum and improved unit economics.
- Raised full-year 2026 outlook: Net sales guidance increased to $620–$635 million from $600–$620 million, reflecting management’s increased confidence in demand for glaucoma and corneal health therapies, including iDose TR and Epioxa.
- Solid liquidity and no debt: Glaukos ended Q1 2026 with $280.5 million in cash, cash equivalents, short-term investments and restricted cash and reported no debt, supporting continued commercialization and R&D investment.
Negative
- None.
Insights
Glaukos delivered rapid Q1 growth, improved margins and higher 2026 guidance while still operating at a loss.
Glaukos grew Q1 2026 net sales to $150.6 million, up 41% year-over-year, with glaucoma products and iDose TR leading the expansion. Non-GAAP gross margin improved to roughly 84%, indicating better profitability on each dollar of revenue despite higher operating expenses.
Non-GAAP operating loss narrowed to $10.5 million from $15.2 million, and non-GAAP net loss improved to $10.4 million, or ($0.18) per share. However, GAAP net loss still increased slightly to $19.8 million, reflecting substantial SG&A and R&D investments to support new product launches and pipeline programs.
The company finished the quarter with $280.5 million in cash, cash equivalents, short-term investments and restricted cash and reported no debt, providing flexibility to fund commercialization and R&D. Management raised 2026 net sales guidance to $620–$635 million, up from $600–$620 million, signaling confidence based on early traction from iDose TR and Epioxa and ongoing glaucoma and corneal health initiatives.
8-K Event Classification
Key Figures
Key Terms
non-GAAP financial
constant currency financial
Micro-Invasive Glaucoma Surgery (MIGS) medical
keratoconus medical
capped call transactions financial
clinical trial medical
Earnings Snapshot
Glaukos expects 2026 net sales between $620 million and $635 million based on the latest foreign currency exchange rates.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2026, Glaukos Corporation (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
A Quarterly Summary containing supplemental business and financial information for the Company’s first quarter ended March 31, 2026 is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein. A copy of the Quarterly Summary is also available in the “Financials & Filings” section of the Company’s investor relations website at https://investors.glaukos.com.
The information contained in this Item 7.01 and in the accompanying Exhibit 99.2 shall not be deemed filed for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
99.1 |
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Press Release of Glaukos Corporation, dated April 29, 2026 |
99.2 |
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Quarterly Summary of Glaukos Corporation for the first quarter ended March 31, 2026 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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GLAUKOS CORPORATION |
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/s/ Alex R. Thurman |
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Name: |
Alex R. Thurman |
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Senior Vice President & Chief Financial Officer |
Date: April 29, 2026
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Chris Lewis
Vice President, Investor Relations & Corporate Affairs
clewis@glaukos.com
Glaukos Announces First Quarter 2026 Financial Results
Aliso Viejo, CA – April 29, 2026 – Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, today announced financial results for the first quarter ended March 31, 2026. Key highlights include:
“Our record first quarter results reflect successful global execution across our key global commercial and development priorities, leaving us well positioned to sustain our strong growth momentum driven by two transformational growth drivers in iDose TR and Epioxa,” said Thomas Burns, Glaukos chairman and chief executive officer. “We continue to successfully advance our robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.”
First Quarter 2026 Financial Results
Net sales in the first quarter of 2026 of $150.6 million increased 41% on a reported basis, or 39% on a constant currency basis, compared to $106.7 million in the same period in 2025.
Gross margin for the first quarter of 2026 was approximately 78%, compared to approximately 77% in the same period in 2025. Non-GAAP gross margin for the first quarter of 2026 was approximately 84%, compared to approximately 82% in the same period in 2025.
Selling, general and administrative (SG&A) expenses for the first quarter of 2026 increased 32% to $92.9 million, compared to $70.7 million in the same period in 2025. Non-GAAP SG&A expenses for the first quarter of 2026 increased 31% to $92.2 million, compared to $70.7 million in the same period in 2025.
GAAP and non-GAAP research and development (R&D) expenses for the first quarter of 2026 increased 36% to $44.1 million, compared to $32.4 million in the same period in 2025.
Loss from operations in the first quarter of 2026 was $19.9 million, compared to operating loss of $20.7 million in the first quarter of 2025. Non-GAAP loss from operations in the first quarter of 2026 was $10.5 million, compared to non-GAAP operating loss of $15.2 million in the first quarter of 2025.
1
Net loss in the first quarter of 2026 was $19.8 million, or ($0.34) per diluted share, compared to net loss of $18.1 million, or ($0.32) per diluted share, in the first quarter of 2025. Non-GAAP net loss in the first quarter of 2026 was $10.4 million, or ($0.18) per diluted share, compared to non-GAAP net loss of $12.6 million, or ($0.22) per diluted share, in the first quarter of 2025.
The company ended the first quarter of 2026 with approximately $280.5 million in cash and cash equivalents, short-term investments and restricted cash, and no debt.
2026 Revenue Guidance
The company expects 2026 net sales to be in the range of $620 million to $635 million based on the latest foreign currency exchange rates.
Webcast & Conference Call
The company will host a conference call and simultaneous webcast today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results and provide additional information about the company’s financial outlook. A link to the webcast is available on the company’s website at http://investors.glaukos.com. To participate in the conference call, please dial 800-715-9871 (U.S.) or 646-307-1963 (international) and enter Conference ID 1333241. A replay of the webcast will be archived on the company’s website following completion of the call.
Quarterly Summary Document
The company has posted a document on its Investor Relations website under the “Financials & Filings – Quarterly Results” section titled “Quarterly Summary.” This Quarterly Summary document is designed to provide the investment community with a summarized and easily accessible reference document that details the key facts associated with the quarter, the state of the company’s business objectives and strategies, and any forward statements or guidance the company may make. This document is provided alongside the company’s earnings press release and is designed to be read by investors before the regularly scheduled quarterly conference call. It is the company’s goal that this format will make its quarterly earnings process more efficient and impactful for the investment community.
About Glaukos
Glaukos (www.glaukos.com) is an ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. In 2024, Glaukos commenced commercial launch activities for iDose® TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rarely diagnosed corneal disorder. Glaukos continues to successfully develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of federal securities laws. All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are
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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 about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our iDose TR and Epioxa therapies; the impact of general macroeconomic conditions including foreign currency fluctuations and future public health crises; supply and/or manufacturing disruptions, including those impacting our principal revenue-producing products, including the risk of recalls or serious safety issues with our products; our ability to achieve or sustain profitability, generate sales of our commercialized products and develop and commercialize additional products; risks associated with our international operations; our ability to meet our customers’ expectations for the quality or delivery of our products; the potential for misuse of our products; our ability to manage our growth and meet customer demand; the success of our acquisitions, collaborations, in licensing agreements, joint ventures, alliances or partnerships with third parties; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; risks related to the implementation of artificial intelligence and machine learning technologies; the availability of net operating loss tax carryforwards; risks related to our capped call transactions; changes to domestic or foreign healthcare laws or trade policies, which could impact our profitability; the high cost of regulatory compliance, including the requirements of participation in federal healthcare programs such as Medicare and Medicaid and regulations for the approval and sale and marketing of our products and of our manufacturing processes; risks related to securing or maintaining adequate coverage or reimbursement by government or third-party payors the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; and our ability to protect, and the expense and time-consuming nature of protecting, our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation. These and other known risks, uncertainties and factors are described in detail under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 23, 2026, and our Quarterly Report on Form 10-Q for the year ended March 31, 2026, which we expect to file on or before May 11, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Statement Regarding Use of Non-GAAP Financial Measures
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are
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inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) (“Non-GAAP Purposes”). The Company uses the term "Non-GAAP" to exclude certain expenses, gains and losses to achieve the Non-GAAP Purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment associated with the exchange or redemption of convertible senior notes; significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See “GAAP to Non-GAAP Reconciliations” for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure.
In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See “Reported Sales vs. Prior Periods” for a presentation of certain net sales information on a reported, GAAP and a constant currency basis.
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GLAUKOS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
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Three Months Ended |
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March 31, |
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2026 |
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2025 |
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Net sales |
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$ |
150,571 |
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$ |
106,664 |
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Cost of sales |
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33,339 |
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24,316 |
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Gross profit |
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117,232 |
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82,348 |
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Operating expenses: |
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Selling, general and administrative |
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92,943 |
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70,673 |
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Research and development |
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44,145 |
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32,353 |
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Total operating expenses |
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137,088 |
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103,026 |
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Loss from operations |
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(19,856 |
) |
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(20,678 |
) |
Non-operating income: |
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Interest income |
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2,431 |
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3,076 |
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Interest expense |
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(1,125 |
) |
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(1,163 |
) |
Other (expense) income, net |
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(749 |
) |
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945 |
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Total non-operating income |
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557 |
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2,858 |
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Loss before taxes |
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(19,299 |
) |
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(17,820 |
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Income tax provision |
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484 |
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326 |
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Net loss |
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$ |
(19,783 |
) |
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$ |
(18,146 |
) |
Basic and diluted net loss per share |
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$ |
(0.34 |
) |
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$ |
(0.32 |
) |
Weighted-average shares outstanding used to compute basic and |
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58,022 |
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56,637 |
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5
GLAUKOS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)
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March 31, |
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December 31, |
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2026 |
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2025 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
104,249 |
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$ |
90,813 |
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Short-term investments |
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172,436 |
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187,947 |
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Accounts receivable, net |
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119,691 |
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108,608 |
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Inventory |
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62,384 |
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63,564 |
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Prepaid expenses and other current assets |
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26,993 |
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24,052 |
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Total current assets |
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485,753 |
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474,984 |
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Restricted cash |
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3,834 |
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3,834 |
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Property and equipment, net |
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112,432 |
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113,253 |
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Operating lease right-of-use asset |
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31,025 |
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31,527 |
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Finance lease right-of-use asset |
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38,800 |
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39,404 |
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Intangible assets, net |
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133,028 |
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141,916 |
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Goodwill |
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66,710 |
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66,710 |
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Deposits and other assets |
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21,744 |
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21,859 |
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Total assets |
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$ |
893,326 |
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$ |
893,487 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
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$ |
19,153 |
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$ |
24,624 |
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Accrued liabilities |
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70,262 |
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76,651 |
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Total current liabilities |
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89,415 |
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101,275 |
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Operating lease liability |
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35,313 |
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35,767 |
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Finance lease liability |
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67,743 |
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68,109 |
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Deferred tax liability, net |
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441 |
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441 |
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Other liabilities |
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29,486 |
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31,740 |
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Total liabilities |
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222,398 |
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237,332 |
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Stockholders' equity: |
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Preferred stock, $0.001 par value; 5,000 shares authorized; no shares |
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- |
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- |
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Common stock, $0.001 par value; 150,000 shares authorized; 58,387 |
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58 |
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58 |
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Additional paid-in capital |
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1,621,272 |
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1,586,056 |
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Accumulated other comprehensive income |
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2,643 |
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3,303 |
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Accumulated deficit |
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(952,913 |
) |
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(933,130 |
) |
Less treasury stock (28 shares as of March 31, 2026 and December 31, 2025) |
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(132 |
) |
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(132 |
) |
Total stockholders' equity |
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670,928 |
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656,155 |
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Total liabilities and stockholders' equity |
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$ |
893,326 |
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$ |
893,487 |
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6
GLAUKOS CORPORATION
GAAP to Non-GAAP Reconciliations
(in thousands, except per share amounts and percentage data)
(unaudited)
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Q1 2026 |
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Q1 2025 |
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GAAP |
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Adjustments |
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Non-GAAP |
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GAAP |
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Adjustments |
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Non-GAAP |
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Cost of sales |
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$ |
33,339 |
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$ |
(8,675 |
) |
(a)(b) |
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$ |
24,664 |
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$ |
24,316 |
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$ |
(5,523 |
) |
(a) |
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$ |
18,793 |
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Gross Margin |
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77.9 |
% |
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5.7 |
% |
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83.6 |
% |
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77.2 |
% |
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5.2 |
% |
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82.4 |
% |
Operating expenses: |
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Selling, general and |
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$ |
92,943 |
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|
$ |
(693 |
) |
(c) |
|
$ |
92,250 |
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$ |
70,673 |
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|
$ |
- |
|
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|
$ |
70,673 |
|
Loss from operations |
|
$ |
(19,856 |
) |
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$ |
9,368 |
|
|
|
$ |
(10,488 |
) |
|
$ |
(20,678 |
) |
|
$ |
5,523 |
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|
|
$ |
(15,155 |
) |
Net loss |
|
$ |
(19,783 |
) |
|
$ |
9,368 |
|
(d) |
|
$ |
(10,415 |
) |
|
$ |
(18,146 |
) |
|
$ |
5,523 |
|
(d) |
|
$ |
(12,623 |
) |
Basic and diluted net loss per |
|
$ |
(0.34 |
) |
|
$ |
0.16 |
|
|
|
$ |
(0.18 |
) |
|
$ |
(0.32 |
) |
|
$ |
0.10 |
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|
|
$ |
(0.22 |
) |
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Reported Sales vs. Prior Periods (in thousands) |
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Year-over-Year Percent Change |
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Quarter-over-Quarter Percent Change |
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1Q 2026 |
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1Q 2025 |
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4Q 2025 |
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Reported |
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Operations (1) |
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Currency (2) |
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Reported |
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Operations (1) |
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Currency (2) |
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International |
|
$ |
35,808 |
|
|
$ |
29,009 |
|
|
$ |
32,779 |
|
|
|
23.4 |
% |
|
|
15.7 |
% |
|
|
7.7 |
% |
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|
9.2 |
% |
|
|
8.2 |
% |
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|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total Net Sales |
|
$ |
150,571 |
|
|
$ |
106,664 |
|
|
$ |
143,121 |
|
|
|
41.2 |
% |
|
|
39.1 |
% |
|
|
2.1 |
% |
|
|
5.2 |
% |
|
|
5.0 |
% |
|
|
0.2 |
% |
8
|
APRIL 29, 2026 |
Exhibit 99.2
GLAUKOS CORPORATION (NYSE: GKOS)
FIRST QUARTER 2026 IN REVIEW
Important Information
This document is intended to be read by investors in advance of regularly scheduled quarterly conference calls and was designed to provide a review of Glaukos Corporation’s recent financial and operational performance and general business outlook.
Please see “Forward-Looking Statements” and “Statement Regarding Use of Non-GAAP Financial Measures” in the “Additional Information” section of this document.
Conference Call Information
Date: |
|
April 29, 2026 |
|
|
|
Time: |
|
4:30 p.m. ET / 1:30 p.m. PT |
|
|
|
Dial-in numbers: |
|
1-800-715-9871 (U.S.), 1-646-307-1963 (International) |
|
|
|
Confirmation ID: |
|
1333241 |
|
|
|
Live webcast: |
|
Events page at the Glaukos Investor Relations website at http://investors.glaukos.com or at this link. |
|
|
|
Webcast replay: |
|
A replay of the webcast will be archived on the Glaukos Investor Relations website following completion of the call. |
1
|
APRIL 29, 2026 |
FIRST QUARTER 2026 FINANCIAL RESULTS SUMMARY
Business Description |
Ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel, dropless platform therapies designed to disrupt the conventional standard of care and improve outcomes for patients suffering from chronic eye diseases |
Disease Categories |
Glaucoma Corneal Health Retinal Disease |
Revenue (Growth) |
1Q 2026 $150.6 million (+41% reported and +39% constant currency versus 1Q 2025) |
Gross Margin (Non-GAAP) |
1Q 2026 ~84% (versus ~82% in 1Q 2025) |
Cash & Cash Equivalents, Short-Term Investments, and Restricted Cash |
$280.5 million as of March 31, 2026 (versus $282.6 million as of December 31, 2025) |
FY2026 Sales Guidance |
FY 2026 global consolidated revenues of $620 - $635 million expected |
See “Statement Regarding Use of Non-GAAP Financial Measures” and the Non-GAAP reconciliations included within the Additional Information section of this document. Reconciliations for each of constant currency revenue growth, Non-GAAP Gross Margin, and the other non-GAAP financial measures disclosed in this document to the most directly comparable GAAP financial measure are provided.
2
|
APRIL 29, 2026 |
Revenue Performance & Commercial Overview
Global Consolidated Revenue Performance
Glaukos reported record first quarter net revenues of $150.6 million that were up 41% on a reported basis, or 39% on a constant currency basis, versus 1Q 2025. Our first quarter record results reflect a sustained growth acceleration in our business with the strong performance driven by growing iDose® TR adoption and utilization, along with our broader Interventional Glaucoma, or IG, initiatives globally.
Franchise Revenue Performance
3
|
APRIL 29, 2026 |
U.S. Glaucoma
Our record first quarter U.S. Glaucoma net revenues were approximately $93.5 million, representing year-over-year growth of 58% versus 1Q 2025 driven by growing contributions from iDose TR, which generated sales of approximately $54 million in the first quarter.
During the first quarter, we successfully advanced execution of our commercialization of iDose TR, a first-of-its-kind intracameral procedural pharmaceutical that was designed to continuously deliver glaucoma drug therapy for up to three years. Most importantly, clinical outcomes and product feedback from a growing number of cases and trained surgeons continue to be very positive and reaffirm our view that with the launch of iDose TR, we have the potential to deliver an interventional therapy to reshape glaucoma management for the benefit of patients with this sight threatening disease.
International Glaucoma
Our record first quarter International Glaucoma net revenues were approximately $35.8 million, representing year-over-year growth of 23% on a reported basis, or 16% on a constant currency basis, versus 1Q 2025. The strong growth internationally during the first quarter was broad-based as we continue to scale our international infrastructure and increasingly drive MIGS forward as the standard of care in each region and major market in the world.
We remain in the early stages of expanding our IG and product portfolio initiatives globally ahead of anticipated new product approvals and expanding market access in the years to come.
Corneal Health
Our first quarter Corneal Health net revenues were approximately $21.3 million, representing year-over-year growth of 15% versus 1Q 2025, including U.S. Photrexa® and very early Epioxa™ net sales of $17.7 million.
At the end of the first quarter, we were delighted to announce commercial availability of Epioxa, our novel, groundbreaking advancement in corneal cross-linking for the treatment of keratoconus, a rare, sight-threatening disease that is currently far too often undiagnosed and untreated. We believe Epioxa represents a transformative innovation in keratoconus care, offering an incision-free alternative to traditional corneal cross-linking procedures as it does not require the removal of the corneal epithelium, the outermost layer of the front of the eye. This novel, oxygen-enriched topical therapeutic, bioactivated by UV light, is designed to reduce the pain associated with removal of the epithelium, streamline the procedure, and minimize recovery, all while delivering clinically meaningful outcomes and exceptional value to patients, providers, and the healthcare system.
We will continue to focus on expanding access for keratoconus patients suffering from this rarely diagnosed disease.
4
|
APRIL 29, 2026 |
Additional Commercial Updates & Commentary
We have had several additional positive commercial updates worth highlighting here:
5
|
APRIL 29, 2026 |
6
|
APRIL 29, 2026 |
2026 Revenue Guidance Raised to Reflect Strong Momentum
Glaukos now expects full-year 2026 global consolidated net sales of $620 - $635 million, up from its previous guidance of $600 - $620 million. This guidance attempts to take into consideration:
7
|
APRIL 29, 2026 |
Research & Development / Pipeline Overview
Pipeline Summary
Our five key dropless technology therapy platforms designed to disrupt traditional treatment paradigms and generate cascades of future innovation are as follows:
8
|
APRIL 29, 2026 |
Key R&D and Pipeline Updates
We are continuing to invest in and advance our fulsome pipeline of core novel platforms, supported by more than $800 million investment into R&D since 2018 alone. Recent updates in our pipeline include:
|
iDose Platform Updates |
|
iLink Platform Updates |
9
|
APRIL 29, 2026 |
|
iStent Platform Updates |
|
iLution Platform Updates |
|
Retina XR Platform Updates |
10
|
APRIL 29, 2026 |
Product / Pipeline Chart
11
|
APRIL 29, 2026 |
Other Financial Performance Overview
As a reminder, we discuss our financial performance on a non-GAAP basis and summarize our GAAP performance. We encourage investors to review our GAAP to non-GAAP reconciliation which can be found in our earnings press release, the Additional Information section contained herein, as well as the Investor Relations section of our website.
First quarter 2026 financial performance summary:
|
1Q 2026: 84% 1Q 2025: 82% YoY ∆: +120 bps |
• Please note that our non-GAAP adjustments to cost of goods sold include substantial amounts related to Avedro and Mobius acquisitions accounting |
|
1Q 2026: $92.2M 1Q 2025: $70.7M YoY ∆: +31% |
• (-2%) sequential decrease vs $94.5M in 4Q 2025 • YoY increase primarily reflects commercial and G&A investments globally and new product launch activities |
|
1Q 2026: $44.1M 1Q 2025: $32.4M YoY ∆: +36% |
• +1% sequential increase vs $43.7M in 4Q 2025 • YoY and QoQ increases reflect continued investment in and advancement of R&D programs |
|
1Q 2026: $136.4M 1Q 2025: $103.0M YoY ∆: +32% |
• (-1%) sequential decrease vs $138.2M in 4Q 2025 |
|
Op Loss (Non-GAAP) 1Q 2026 ($10.5M) 1Q 2025: ($15.2M)
Net Loss (Non-GAAP) 1Q 2026: ($10.4M) 1Q 2025: ($12.6M)
Diluted EPS (Non-GAAP) 1Q 2026: ($0.18) 1Q 2025: ($0.22)
|
|
|
1Q 2026: $4.0M 1Q 2025: $1.9M YoY ∆: +$2.1M
|
• Capital expenditures reflect normal course spend primarily on business maintenance activities and equipment upgrades |
|
1Q 2026: $280.5M 4Q 2025: $282.6M QoQ ∆: (-$2.1M)
|
|
12
|
APRIL 29, 2026 |
Other Important Updates
13
|
APRIL 29, 2026 |
|
Additional Information |
14
|
APRIL 29, 2026 |
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of federal securities laws. 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 about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this presentation. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our iDose TR and Epioxa therapies; the impact of general macroeconomic conditions including foreign currency fluctuations and future public health crises; supply and/or manufacturing disruptions, including those impacting our principal revenue-producing products, including the risk of recalls or serious safety issues with our products; our ability to achieve or sustain profitability, generate sales of our commercialized products and develop and commercialize additional products; risks associated with our international operations; our ability to meet our customers’ expectations for the quality or delivery of our products; the potential for misuse of our products; our ability to manage our growth and meet customer demand; the success of our acquisitions, collaborations, in licensing agreements, joint ventures, alliances or partnerships with third parties; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; risks related to the implementation of artificial intelligence and machine learning technologies; the availability of net operating loss tax carryforwards; risks related to our capped call transactions; changes to domestic or foreign healthcare laws or trade policies, which could impact our profitability; the high cost of regulatory compliance, including the requirements of participation in federal healthcare programs such as Medicare and Medicaid and regulations for the approval and sale and marketing of our products and of our manufacturing processes; risks related to securing or maintaining adequate coverage or reimbursement by government or third-party payors the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; and our ability to protect, and the expense and time-consuming nature of protecting, our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation. These and other known risks, uncertainties and factors are described in detail under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 23, 2026, and our Quarterly Report on Form 10-Q for the year ended March 31, 2026, which we expect to file on or before May 11, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a
15
|
APRIL 29, 2026 |
result of new information, future events or otherwise, except as may be required under applicable securities law.
Statement Regarding Use of Non-GAAP Financial Measures
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) (“Non-GAAP Purposes”). The Company uses the term "Non-GAAP" to exclude certain expenses, gains and losses to achieve the Non-GAAP purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment with the exchange or redemption of convertible senior notes; and significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See “Primary GAAP to Non-GAAP Reconciliations” for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure. Beginning in the second quarter of 2022, we no longer exclude certain upfront and contingent milestone payments in connection with collaborative and licensing arrangements and certain in-process R&D charges for non-GAAP reporting and disclosure purposes.
In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See “Additional GAAP to Non-GAAP Reconciliations” for a presentation of certain net sales information on a reported, GAAP and a constant currency basis.
16
|
APRIL 29, 2026 |
GAAP Income Statement
GLAUKOS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Net sales |
|
$ |
150,571 |
|
|
$ |
106,664 |
|
Cost of sales |
|
|
33,339 |
|
|
|
24,316 |
|
Gross profit |
|
|
117,232 |
|
|
|
82,348 |
|
Operating expenses: |
|
|
|
|
|
|
||
Selling, general and administrative |
|
|
92,943 |
|
|
|
70,673 |
|
Research and development |
|
|
44,145 |
|
|
|
32,353 |
|
Total operating expenses |
|
|
137,088 |
|
|
|
103,026 |
|
Loss from operations |
|
|
(19,856 |
) |
|
|
(20,678 |
) |
Non-operating income: |
|
|
|
|
|
|
||
Interest income |
|
|
2,431 |
|
|
|
3,076 |
|
Interest expense |
|
|
(1,125 |
) |
|
|
(1,163 |
) |
Other (expense) income, net |
|
|
(749 |
) |
|
|
945 |
|
Total non-operating income |
|
|
557 |
|
|
|
2,858 |
|
Loss before taxes |
|
|
(19,299 |
) |
|
|
(17,820 |
) |
Income tax provision |
|
|
484 |
|
|
|
326 |
|
Net loss |
|
$ |
(19,783 |
) |
|
$ |
(18,146 |
) |
Basic and diluted net loss per share |
|
$ |
(0.34 |
) |
|
$ |
(0.32 |
) |
Weighted-average shares outstanding used to compute basic |
|
|
58,022 |
|
|
|
56,637 |
|
17
|
APRIL 29, 2026 |
GAAP Balance Sheet
GLAUKOS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par values)
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
|
|
(unaudited) |
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
104,249 |
|
|
$ |
90,813 |
|
Short-term investments |
|
|
172,436 |
|
|
|
187,947 |
|
Accounts receivable, net |
|
|
119,691 |
|
|
|
108,608 |
|
Inventory |
|
|
62,384 |
|
|
|
63,564 |
|
Prepaid expenses and other current assets |
|
|
26,993 |
|
|
|
24,052 |
|
Total current assets |
|
|
485,753 |
|
|
|
474,984 |
|
Restricted cash |
|
|
3,834 |
|
|
|
3,834 |
|
Property and equipment, net |
|
|
112,432 |
|
|
|
113,253 |
|
Operating lease right-of-use asset |
|
|
31,025 |
|
|
|
31,527 |
|
Finance lease right-of-use asset |
|
|
38,800 |
|
|
|
39,404 |
|
Intangible assets, net |
|
|
133,028 |
|
|
|
141,916 |
|
Goodwill |
|
|
66,710 |
|
|
|
66,710 |
|
Deposits and other assets |
|
|
21,744 |
|
|
|
21,859 |
|
Total assets |
|
$ |
893,326 |
|
|
$ |
893,487 |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
19,153 |
|
|
$ |
24,624 |
|
Accrued liabilities |
|
|
70,262 |
|
|
|
76,651 |
|
Total current liabilities |
|
|
89,415 |
|
|
|
101,275 |
|
Operating lease liability |
|
|
35,313 |
|
|
|
35,767 |
|
Finance lease liability |
|
|
67,743 |
|
|
|
68,109 |
|
Deferred tax liability, net |
|
|
441 |
|
|
|
441 |
|
Other liabilities |
|
|
29,486 |
|
|
|
31,740 |
|
Total liabilities |
|
|
222,398 |
|
|
|
237,332 |
|
Stockholders' equity: |
|
|
|
|
|
|
||
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value; 150,000 shares authorized; 58,387 |
|
|
58 |
|
|
|
58 |
|
Additional paid-in capital |
|
|
1,621,272 |
|
|
|
1,586,056 |
|
Accumulated other comprehensive income |
|
|
2,643 |
|
|
|
3,303 |
|
Accumulated deficit |
|
|
(952,913 |
) |
|
|
(933,130 |
) |
Less treasury stock (28 shares as of March 31, 2026 and December 31, |
|
|
(132 |
) |
|
|
(132 |
) |
Total stockholders' equity |
|
|
670,928 |
|
|
|
656,155 |
|
Total liabilities and stockholders' equity |
|
$ |
893,326 |
|
|
$ |
893,487 |
|
18
|
APRIL 29, 2026 |
Primary GAAP to Non-GAAP Reconciliations
GLAUKOS CORPORATION
GAAP to Non-GAAP Reconciliations
(in thousands, except per share amounts and percentage data)
(unaudited)
|
|
Q1 2026 |
|
|
Q1 2025 |
|
||||||||||||||||||||
|
|
GAAP |
|
|
Adjustments |
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
Adjustments |
|
|
|
Non-GAAP |
|
||||||
Cost of sales |
|
$ |
33,339 |
|
|
$ |
(8,675 |
) |
(a)(b) |
|
$ |
24,664 |
|
|
$ |
24,316 |
|
|
$ |
(5,523 |
) |
(a) |
|
$ |
18,793 |
|
Gross Margin |
|
|
77.9 |
% |
|
|
5.7 |
% |
|
|
|
83.6 |
% |
|
|
77.2 |
% |
|
|
5.2 |
% |
|
|
|
82.4 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Selling, general and |
|
$ |
92,943 |
|
|
$ |
(693 |
) |
(c) |
|
$ |
92,250 |
|
|
$ |
70,673 |
|
|
$ |
- |
|
|
|
$ |
70,673 |
|
Loss from operations |
|
$ |
(19,856 |
) |
|
$ |
9,368 |
|
|
|
$ |
(10,488 |
) |
|
$ |
(20,678 |
) |
|
$ |
5,523 |
|
|
|
$ |
(15,155 |
) |
Net loss |
|
$ |
(19,783 |
) |
|
$ |
9,368 |
|
(d) |
|
$ |
(10,415 |
) |
|
$ |
(18,146 |
) |
|
$ |
5,523 |
|
(d) |
|
$ |
(12,623 |
) |
Basic and diluted net |
|
$ |
(0.34 |
) |
|
$ |
0.16 |
|
|
|
$ |
(0.18 |
) |
|
$ |
(0.32 |
) |
|
$ |
0.10 |
|
|
|
$ |
(0.22 |
) |
19
|
APRIL 29, 2026 |
Additional GAAP to Non-GAAP Reconciliations
|
|
Reported Sales vs. Prior Periods (in thousands) |
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Year-over-Year Percent Change |
|
Quarter-over-Quarter Percent Change |
|
|||||||||||||||||||||
|
|
1Q 2026 |
|
|
1Q 2025 |
|
|
4Q 2025 |
|
Reported |
|
|
Operations (1) |
|
|
Currency (2) |
|
Reported |
|
|
Operations (1) |
|
|
Currency (2) |
|
|||||||||
International |
|
$ |
35,808 |
|
|
$ |
29,009 |
|
|
$ |
32,779 |
|
|
23.4 |
% |
|
|
15.7 |
% |
|
|
7.7 |
% |
|
9.2 |
% |
|
|
8.2 |
% |
|
|
1.0 |
% |
Total Net Sales |
|
$ |
150,571 |
|
|
$ |
106,664 |
|
|
$ |
143,121 |
|
|
41.2 |
% |
|
|
39.1 |
% |
|
|
2.1 |
% |
|
5.2 |
% |
|
|
5.0 |
% |
|
|
0.2 |
% |
For Non-GAAP disclosures associated with the company’s past quarterly results, included with respect to the sequential comparisons included herein, please see reconciliations here.
20