Glaukos Corporation

What they do

Glaukos develops and commercializes Micro-Invasive Glaucoma Surgery (MIGS) devices and pharmaceutical therapies. Its product portfolio includes iStent, iStent inject W, iStent infinite, iDose TR, Photrexa, Epioxa, and PRESERFLO Microshunt, addressing glaucoma, keratoconus, and retinal diseases.

Revenue drivers

• Glaucoma products (U.S.) — Q2 2026 U.S. glaucoma net sales were $118.5 million, up 64% year-over-year, driven by iDose TR and MIGS devices.
• Glaucoma products (International) — Q2 2026 international glaucoma net sales contributed to total glaucoma sales of $155.2 million, up 50% year-over-year.
• Corneal health (Photrexa and Epioxa) — Epioxa, FDA-approved in 2025, is in controlled commercial launch in 2026, with a transition from Photrexa expected by end of Q3 2026. Photrexa is the established corneal cross-linking therapy.

Recent performance

Q2 2026 net sales were a record $185.6 million, up 50% year-over-year (49% constant currency). Gross margin was 82% (non-GAAP 85%). Net loss was $18.4 million, or ($0.31) per diluted share, compared to a $19.7 million loss in Q2 2025. Six-month 2026 net sales were $336.2 million; cash, equivalents, short-term investments, and restricted cash totaled $289.3 million with no debt.

Strategy

The company is leveraging two growth drivers: iDose TR for glaucoma and Epioxa for keratoconus. It is transitioning manufacturing and commercial efforts from Photrexa to Epioxa, with completion targeted by end of Q3 2026. The pipeline includes dropless platform therapies for glaucoma, corneal disorders (dry eye, refractive correction), and retinal diseases (neovascular AMD, diabetic macular edema, retinal vein occlusion).

Risks

• Reimbursement and payer coverage — Epioxa received a permanent J-code (J2789) effective July 2026, but commercial and government payer adoption is uncertain and could impact sales.
• Product transition execution — The shift from Photrexa to Epioxa could disrupt corneal health revenue if the transition is delayed or if clinician adoption is slower than expected.
• Macroeconomic and geopolitical conditions — Inflation, supply chain disruptions, and geopolitical tensions (e.g., Middle East conflict and Strait of Hormuz blockage) may raise costs and affect operations.
• Continued operating losses — The company has an accumulated deficit of $971.3 million as of June 30, 2026, and may require additional capital to fund R&D and commercialization.

Outlook

Management raised 2026 net sales guidance to $680-700 million, up from prior $620-635 million. The company expects to complete the Photrexa-to-Epioxa transition by end of Q3 2026, and remains focused on expanding iDose TR and Epioxa while advancing pipeline programs.