Glaukos Corp. Reports Record Revenue and Growth

Glaukos Corp. ((GKOS)) has held its Q1 earnings call. Read on for the main highlights of the call.

Glaukos Corp. recently held its earnings call, revealing a strong financial performance characterized by record revenues and robust growth in key areas. Despite facing challenges such as the impact of LCD restrictions on its U.S. stent business and Photrexa revenue, the company maintains a solid financial position and continues to advance its promising pipeline products.

Record-Breaking Revenue and Growth

Glaukos reported a record first-quarter consolidated net sales of $106.7 million, marking a 25% increase on a reported basis and 26% on a constant currency basis compared to the previous year. The company reaffirmed its full-year 2025 net sales guidance range of $475 million to $485 million, showcasing its confidence in sustained growth.

Strong Performance of iDose TR

The U.S. glaucoma franchise delivered record first-quarter net sales of $59.1 million, reflecting a remarkable 41% year-over-year growth. This impressive performance was primarily driven by the adoption of iDose TR, highlighting the product’s growing acceptance and success in the market.

International Glaucoma Franchise Growth

The international glaucoma franchise also demonstrated significant growth, achieving record net sales of $29 million. This represents a year-over-year increase of 15% on a reported basis and 19% on a constant currency basis, indicating strong international demand for Glaukos’ products.

Strong Financial Position

Glaukos ended the first quarter of 2025 with a robust capital position, holding cash and equivalents of more than $303 million and no debt. This financial strength provides the company with the flexibility to invest in future growth opportunities and navigate potential challenges.

FDA Acceptance of Epioxa NDA

In a significant development, the FDA has accepted the NDA for Epioxa, a next-generation corneal cross-linking therapy, for review. A PDUFA date has been established for October 20, 2025, marking a critical milestone in the advancement of Glaukos’ product pipeline.

Impact of LCD Restrictions on U.S. Stent Business

The implementation of five MAC LCDs in Q4 2024 caused some turbulence for Glaukos, resulting in a mid-single-digit decline year-over-year for the U.S. stent franchise. This challenge underscores the regulatory hurdles the company faces in its domestic market.

Photrexa Revenue Impact

The corneal health franchise continues to experience an impact on Photrexa revenue due to Glaukos’ entry into the Medicaid Drug Rebate Program (MDRP). This development has affected the revenue stream, highlighting the complexities of navigating healthcare reimbursement landscapes.

Forward-Looking Guidance

During the earnings call, Glaukos reaffirmed its full-year 2025 net sales guidance range of $475 million to $485 million. The company remains optimistic about its pipeline, including the FDA’s review of Epioxa and the commencement of a pivotal study for PRESERFLO MicroShunt. With over $303 million in cash and equivalents and no debt, Glaukos is well-positioned to continue its growth trajectory.

In summary, Glaukos Corp.’s earnings call highlighted a strong financial performance with record revenues and significant growth in key areas. Despite facing challenges in the U.S. stent business and Photrexa revenue, the company maintains a solid financial position and is optimistic about its future prospects, driven by a promising product pipeline and strategic growth initiatives.