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Glaukos
Glaukos (GKOS) investor relations material
Glaukos Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Achieved record Q4 2025 consolidated net sales of $143.1M, up 36% year-over-year, and full-year 2025 net sales of $507.4M, up 32% from 2024.
U.S. Glaucoma Q4 net sales grew 53% year-over-year to $86.4M; global Glaucoma Q4 net sales rose 42% year-over-year to $119.2M.
Celebrated surpassing $500M in annual sales, 10th IPO anniversary, and broke ground on a new facility in Alabama.
Advanced pipeline with launches of iDose TR and Epioxa, supporting future growth.
Positioned for continued growth in 2026, driven by iDose TR and Epioxa launches.
Financial highlights
Q4 U.S. glaucoma net sales reached $86.4M, up 53% year-over-year, with iDose TR contributing ~$45M.
International glaucoma net sales were $32.8M, up 18% year-over-year (13% constant currency).
Corneal health franchise net sales were $24M, up 12% year-over-year, with Photrexa at $21.4M.
Q4 2025 gross margin was (1%) GAAP due to a $112.9M non-cash impairment; non-GAAP gross margin was 85% vs. 82% in Q4 2024.
Q4 2025 GAAP net loss was $133.7M ($2.32/share); non-GAAP net loss was $16.4M ($0.28/share).
Outlook and guidance
Reaffirmed 2026 net sales guidance of $600M–$620M, implying over 20% growth at midpoint.
U.S. glaucoma expected to grow ~30% year-over-year in 2026, driven by iDose TR.
International glaucoma projected to grow high single digits, with some headwinds from competitive launches.
Corneal health expected to grow modestly, with volatility during Epioxa transition.
Sequential improvement anticipated each quarter in 2026 for iDose TR.
Impact of Photrexa to Epioxa transition?
Key drivers for 2026 net sales guidance?
Underlying Q4 operational profitability?
iDose TR re-administration strategy
Epioxa Q2/Q3 revenue volatility drivers
OpEx growth vs. operating leverage in 2026
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Next Glaukos earnings date
Q1 202629 Apr, 2026
Glaukos
Next Glaukos earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Glaukos Corporation develops and commercializes medical devices and pharmaceuticals for the treatment of glaucoma, corneal disorders, and retinal diseases. The company is known for its minimally invasive surgical technologies and ophthalmic drug delivery platforms. The company is headquartered in Aliso Viejo, California, and its shares are listed on the NYSE.
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