Glaukos

Glaukos helps people with vision loss by making tiny medical devices and liquid drugs. Its products treat serious eye diseases like glaucoma and corneal disorders. These tools make eye surgery easier and help patients avoid using daily eye drops.

The Ophthalmic Product Line

• Glaucoma Surgical Devices: Micro-scale stents like iStent and iStent infinite that drain fluid to lower eye pressure; accounted for 83% of net sales in 2025 alongside iDose TR.
• Sustained-Release Pharmaceuticals: The iDose TR implant which continuously releases medicine inside the eye to replace daily prescription drops.
• Bio-Activated Therapies: The iLink platform and Photrexa drug used to strengthen and reshape the cornea; accounted for 17% of net sales in 2025.
• Transdermal Creams: The iLution platform currently in testing to treat eyelid inflammation and nearsightedness by applying medicine to the skin.

Recent Strategic Moves

• Acquired all equity interests in Mobius Therapeutics in May 2025 to add the ophthalmic drug Mitosol to its portfolio.
• Received FDA approval for the Epioxa drug-led combination therapy in October 2025 for treating corneal disorders without surgery.
• Obtained European Union Medical Device Regulation certification for iStent infinite in June 2025 to begin sales in European markets.
• Licenced the PRESERFLO MicroShunt from Santen Pharmaceutical and started a Phase 3 clinical trial for the device in 2025.

Operational Strengths and Reach

The company manages a global distribution network with a direct sales force in the U.S. and several international markets. It maintains specialized manufacturing and research hubs in California and Massachusetts to control the production of its micro-scale technologies.

Financial Performance Trajectory

• Net sales reached $143.1 million in Q4 2025, a 35.7% increase compared to Q4 2024.
• Gross profit rose to $120 million in Q4 2025, up 56.1% from the same period in 2024.
• Operating cash flow improved to $6.8 million in Q4 2025, up from $507,000 in Q4 2024.
• Operating loss narrowed to $18.4 million in Q4 2025, a 35.8% improvement from the $28.7 million loss in Q4 2024.

The Bottom Line

Glaukos has transitioned from a medical device startup into a diversified pharmaceutical company. Its expansion into drug-delivery implants and corneal therapies has broadened its presence across the ophthalmic market.