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Glaukos: Glaukos Corporation Reports Record Q2 Sales, Raises Full-Year Guidance

Glaukos Corporation reported record second-quarter consolidated net sales of $124.1 million, up 30% on a reported basis or 29% on a constant currency basis. The company's EPS came in at -$0.24, beating estimates of -$0.26. The company's cash and equivalents grew by more than $4 million in the second quarter, excluding one-time investments. Management is optimistic about the long-term opportunity with IG, citing a significant potential value creation from its pipeline programs, and a growing market for interventional glaucoma treatments.

GKOS

USD 113.76

1.82%

A-Score: 3.0/10

Publication date: July 31, 2025

Full Report

Author: Analystock.ai

📋 Highlights
  • Record Net Sales Achieved $124.1 million in Q2 net sales, up 30% year-over-year, driven by iDose TR adoption and global IG initiatives.
  • U.S. Glaucoma Growth U.S. glaucoma franchise net sales rose 45% to $72.3 million, with iDose TR contributing $31 million.
  • Epioxa Regulatory Progress Completed key milestones for Epioxa, with an October 20, 2025 PDUFA date, positioning for future corneal cross-linking growth.
  • Mobius Therapeutics Acquisition Acquired Mobius Therapeutics, adding Mitosol, an FDA-approved glaucoma treatment, to the portfolio.
  • iDose TR Sales and Reimbursement Generated $31 million in iDose sales, with 80% of volumes in regions where MACs have established professional fee schedules.

Financial Performance

The company's U.S. glaucoma franchise net sales were $72.3 million, up 45%, driven by iDose TR sales of approximately $31 million. International glaucoma franchise delivered record net sales of $31.3 million, up 20% on a reported basis and 15% on a constant currency basis. The Corneal Health franchise delivered net sales of $20.6 million, up 4%, including Photrexa net sales of $17.9 million. The company's gross margin was positively impacted by the growth of iDose, with margins standing at around 83%.

Segment Performance

The company's iDose TR adoption and utilization continue to drive growth, with $31 million in iDose sales in Q2, driven by new starts and increasing utilization. According to CFO Joseph E. Gilliam, "the acceleration of iDose adoption has been faster in regions where MACs have established professional fee schedules, such as Novitas, Noridian, and First Coast, which cover over 50% of Medicare lives but accounted for over 80% of iDose volumes in Q2."

Guidance and Outlook

The company raised its full-year 2025 net sales guidance range to $480 million to $486 million. Management expects SG&A growth to be around mid-teens, with a one-time stock comp expense hit in Q2. The company expects Q3 to be roughly flat to Q2, and Q4 to see a sequential step-up. The company's goal is to manage its business to achieve cash flow breakeven or small amounts of cash flow generation, with iDose growth expected to contribute to this goal.

Valuation and Risks

Using valuation metrics, the stock trades at a P/S ratio of 11.36 and an EV/EBITDA of -65.87. The P/E ratio is -52.81, indicating that the stock is not profitable on a GAAP basis. Analysts estimate next year's revenue growth at 25.7%, which could potentially drive a re-rating of the stock.

Glaukos's A-Score