Glaukos (GKOS) investor relations material

Executive summary

• Achieved record Q1 2026 net sales of $150.6 million, up 41% year-over-year, driven by strong execution in glaucoma (notably iDose TR) and corneal health, with Epioxa launch underway.

• Raised full-year 2026 net sales guidance to $620M–$635M, reflecting outperformance and confidence in iDose TR and Epioxa growth drivers.

• Gross margin improved to 78% (GAAP) and 84% (non-GAAP), up from prior year, reflecting favorable product mix and operational leverage.

• Net loss was $19.8 million, or $(0.34) per share, as higher operating expenses offset revenue gains; operating loss margin improved year-over-year.

• Ended Q1 2026 with $280.5 million in cash, cash equivalents, and short-term investments, with no debt.

Financial highlights

• Q1 2026 net sales: $150.6 million, up 41% year-over-year; gross profit: $117.2 million, up 42% year-over-year.

• U.S. glaucoma franchise Q1 net sales: $93.5 million, up 58% year-over-year, with iDose TR contributing ~$54 million.

• International glaucoma franchise Q1 net sales: $35.8 million, up 23% year-over-year, aided by favorable FX.

• Corneal health franchise Q1 net sales: $21.3 million, up 15% year-over-year, including early Epioxa sales.

• Operating expenses: $137.1 million, up 33% year-over-year, driven by SG&A and R&D growth.

Outlook and guidance

• Full-year 2026 net sales guidance raised to $620M–$635M, reflecting commercial momentum and updated FX rates.

• U.S. glaucoma expected to grow low 30% for the year, with sequential iDose expansion and flat non-iDose sales.

• International glaucoma expected to deliver low double-digit growth, with high single-digit growth in remaining quarters as FX tailwinds wane.

• Corneal health franchise expected to see high single-digit growth, with Q2 dip due to Photrexa/Epioxa transition and J-code changes.

• Capital expenditures to rise in 2026 due to facility upgrades and new R&D/manufacturing site in Huntsville, AL.