Glaukos Corp
NYSE:GKOS
Glaukos Corp
Founded in 1998, Glaukos Corporation has carved a niche within the highly specialized arena of ophthalmic medical technology. Enveloped in the nuances of eye health, Glaukos initially set its sights on transforming the treatment of glaucoma, a prevalent yet often devastating eye condition. The company pioneered the development of minimally invasive surgical devices, introducing the iStent, which offers a less invasive procedure compared to traditional glaucoma surgeries. This implantable device works by enhancing the natural outflow of fluid from the eye, ultimately reducing intraocular pressure, a key factor in managing glaucoma. Glaukos succeeded where many had faltered by coupling sophisticated technology with a deep understanding of its ophthalmologist customer base, facilitating smoother surgical processes and better patient outcomes.
The business model of Glaukos is deeply intertwined with continuous innovation and robust partnerships with healthcare professionals. Revenue primarily stems from the sale of its flagship products—devices and systems designed for both glaucoma treatment and other corneal health therapies. The company achieves this through a combination of direct sales and strategic global partnerships, expanding its market reach beyond domestic borders. Furthermore, Glaukos invests significantly in research and development, extending its portfolio and venturing into adjacent fields like corneal disorders. This strategy not only secures its position as an industry leader but also catalyzes sustainable growth by addressing broader aspects of ophthalmic care, thus ensuring a steady stream of revenue flows as they remain at the cutting edge of eye healthcare solutions.
Founded in 1998, Glaukos Corporation has carved a niche within the highly specialized arena of ophthalmic medical technology. Enveloped in the nuances of eye health, Glaukos initially set its sights on transforming the treatment of glaucoma, a prevalent yet often devastating eye condition. The company pioneered the development of minimally invasive surgical devices, introducing the iStent, which offers a less invasive procedure compared to traditional glaucoma surgeries. This implantable device works by enhancing the natural outflow of fluid from the eye, ultimately reducing intraocular pressure, a key factor in managing glaucoma. Glaukos succeeded where many had faltered by coupling sophisticated technology with a deep understanding of its ophthalmologist customer base, facilitating smoother surgical processes and better patient outcomes.
The business model of Glaukos is deeply intertwined with continuous innovation and robust partnerships with healthcare professionals. Revenue primarily stems from the sale of its flagship products—devices and systems designed for both glaucoma treatment and other corneal health therapies. The company achieves this through a combination of direct sales and strategic global partnerships, expanding its market reach beyond domestic borders. Furthermore, Glaukos invests significantly in research and development, extending its portfolio and venturing into adjacent fields like corneal disorders. This strategy not only secures its position as an industry leader but also catalyzes sustainable growth by addressing broader aspects of ophthalmic care, thus ensuring a steady stream of revenue flows as they remain at the cutting edge of eye healthcare solutions.
Record Sales: Glaukos reported record Q4 net sales of $143.1 million, up 36% year-over-year, and full-year 2025 sales of $507.4 million, up 32% from 2024.
Strong Guidance: Management reaffirmed 2026 net sales guidance of $600 million to $620 million, expecting over 20% growth at the midpoint.
iDose TR Growth: iDose TR generated about $45 million in Q4 sales and $136 million for the full year, reflecting strong adoption and expected continued sequential growth through 2026.
Epioxa Launch: The FDA approved Epioxa, the first topical drug therapy for keratoconus, with commercial launch set for this quarter; initial payer coverage and site deployment are progressing ahead of schedule.
Investment in Access: Glaukos is investing in patient awareness, payer negotiations, and site access to smooth Epioxa’s adoption, expecting a stronger impact in the second half of 2026 as reimbursement becomes established.
Operating Expenses: Operating expenses are expected to grow in the mid-teens percent in 2026, but management anticipates operating leverage and possible cash flow generation.
Pipeline Advancements: The company continues to advance a robust R&D pipeline, with progress across iStent, iDose, iLink, and retinal platforms.
