Glaukos (GKOS 0.35%), a medical technology company focused on novel ophthalmic therapies, announced its financial results for the second quarter on July 30, 2025. The company reported GAAP revenue of $124.1 million, beating analyst expectations of $115.5 million by 7.4%. Non-GAAP earnings per share (EPS) came in at a loss of ($0.24), outperforming the anticipated ($0.26) non-GAAP loss. Both top-line and bottom-line results showed sharp improvements over the same period last year. The quarter was marked by ongoing strong adoption of its innovative glaucoma products in the U.S. and continued expansion in global markets.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (Non-GAAP) | ($0.24) | ($0.26) | ($0.52) | 53.8 % (improvement) |
| Revenue (GAAP) | $124.1 million | $115.52 million | $95.7 million | 29.7 % |
| Gross Margin (Non-GAAP) | 83.0 % | 82.2 % | 0.8 pp | |
| SG&A Expense (Non-GAAP) | $83.1 million | $65.5 million | 26.9 % | |
| Net Loss (Non-GAAP) | ($13.6 million) | ($26.3 million) | 48.3 % decrease |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
About Glaukos: Business Focus and Key Drivers
Glaukos develops and commercializes innovative therapies for chronic eye diseases, including glaucoma, corneal disorders, and retinal diseases. Its leading treatments include micro-invasive glaucoma surgery (MIGS) devices, pharmaceutical implants, and therapies aimed at improving patient outcomes with less invasive approaches.
Growth for Glaukos currently depends on expanding its glaucoma franchise, launching next-generation products, and increasing reimbursement coverage. Success requires both clinical innovation and strong execution in the regulatory and market access fields. Further investment into research and development, combined with strategic expansion internationally, are cited as ongoing priorities.
Quarter Highlights: Financial and Product Progress
The quarter saw total net sales rise nearly 30 % over the prior year. Glaucoma product revenue climbed 36%, reaching $103.5 million, with U.S. glaucoma net sales jumped 45% to $72.3 million. International glaucoma sales increased 19.6%.
Gross margin edged up to 83.0% (non-GAAP), compared to 82.2% in Q2 2024. While losses remain, operating margin losses narrowed year over year. Selling, general, and administrative expenses (SG&A) rose to $83.1 million, up 27%, on a non-GAAP basis. Research and development spending grew 6% to $36.5 million, reflecting continued investment in new products and clinical trials.
Glaukos also advanced key products in its pipeline. The iDose TR implant saw rapid uptake and has been gaining broad reimbursement coverage via the U.S. J-code process, enabling easier payment across major insurers and Medicare plans. The company is launching programs to lower patients’ out-of-pocket costs, including $0 copay programs for commercial insurance holders. Its novel Epioxa therapy, a topical corneal cross-linking drug for keratoconus (a corneal disorder), is under FDA review, with a decision expected by October 2025. The company continued studies for new products like the PRESERFLO MicroShunt (an eye drainage implant for refractory glaucoma), next-generation iDose delivery systems, and investigational retinal drugs.
U.S. stent revenue, representing Glaukos’ original MIGS surgical devices, continues to face reimbursement headwinds due to local coverage determinations (LCDs), which restrict use of multiple combination devices in one procedure. This has driven a forecasted mid single-digit revenue decline for non-iDose U.S. glaucoma sales in 2025. The corneal health product line, particularly the Photrexa drug for corneal cross-linking, remains static with only flat-to-low single-digit growth expected due to ongoing changes in reimbursement for the Medicaid Drug Rebate Program (MDRP).
Glaukos ended the quarter with $278.6 million in cash, cash equivalents, short-term investments, and restricted cash, and no debt, highlighting its strong balance sheet to support ongoing investments and expansion.
Looking Ahead: Guidance and Investor Focus
Leadership raised 2025 net sales guidance (GAAP) to a range of $480 million to $486 million, reflecting increased optimism for the iDose TR growth trajectory as payer coverage expands and more physicians are trained. Operating expense guidance remains for approximately 15% year-over-year growth, consistent with continued investments into the sales force and product development. Despite these increases, the company acknowledges that profitability remains subdued with ongoing operating losses, although margins (GAAP and non-GAAP) are improving with higher sales volumes.
Investors should track updates on the commercial uptake of iDose TR, the ongoing regulatory review of Epioxa, and the company’s ability to manage spending and bring new therapies to market. Key future events include the FDA’s decision on Epioxa in October and observed progress toward operating breakeven as sales expand. GKOS does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
