Glaukos Announces First Quarter 2026 Financial Results

ALISO VIEJO, Calif.--(BUSINESS WIRE)--Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, today announced financial results for the first quarter ended March 31, 2026. Key highlights include: Record net sales of $150.6 million in Q1 2026 increased 41% year-over-year on a reported basis and 39% year-over-year on a constant currency basis. Glaucoma record net sales of $129.3 million in Q1 2026 increased 47% year-over-year. U.S. Glaucoma record net sales of $93.5 million in Q1 2026 increased 58% year-over-year. Gross margin of approximately 78% and non-GAAP gross margin of approximately 84% in Q1 2026. Raised 2026 net sales guidance to $620 million to $635 million, compared to $600 million to $620 million previously. “Our record first quarter results reflect successful global execution across our key global commercial and development priorities, leaving us well positioned to sustain our strong growth momentum driven by two transformational growth drivers in iDose TR and Epioxa ,” said Thomas Burns, Glaukos chairman and chief executive officer. “We continue to successfully advance our robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.” First Quarter 2026 Financial Results Net sales in the first quarter of 2026 of $150.6 million increased 41% on a reported basis, or 39% on a constant currency basis, compared to $106.7 million in the same period in 2025. Gross margin for the first quarter of 2026 was approximately 78%, compared to approximately 77% in the same period in 2025. Non-GAAP gross margin for the first quarter of 2026 was approximately 84%, compared to approximately 82% in the same period in 2025. Selling, general and administrative (SG&A) expenses for the first quarter of 2026 increased 32% to $92.9 million, compared to $70.7 million in the same period in 2025. Non-GAAP SG&A expenses for the first quarter of 2026 increased 31% to $92.2 million, compared to $70.7 million in the same period in 2025. GAAP and non-GAAP research and development (R&D) expenses for the first quarter of 2026 increased 36% to $44.1 million, compared to $32.4 million in the same period in 2025. Loss from operations in the first quarter of 2026 was $19.9 million, compared to operating loss of $20.7 million in the first quarter of 2025. Non-GAAP loss from operations in the first quarter of 2026 was $10.5 million, compared to non-GAAP operating loss of $15.2 million in the first quarter of 2025. Net loss in the first quarter of 2026 was $19.8 million, or ($0.34) per diluted share, compared to net loss of $18.1 million, or ($0.32) per diluted share, in the first quarter of 2025. Non-GAAP net loss in the first quarter of 2026 was $10.4 million, or ($0.18) per diluted share, compared to non-GAAP net loss of $12.6 million, or ($0.22) per diluted share, in the first quarter of 2025. The company ended the first quarter of 2026 with approximately $280.5 million in cash and cash equivalents, short-term investments and restricted cash, and no debt. 2026 Revenue Guidance The company expects 2026 net sales to be in the range of $620 million to $635 million based on the latest foreign currency exchange rates. Webcast & Conference Call The company will host a conference call and simultaneous webcast today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results and provide additional information about the company’s financial outlook. A link to the webcast is available on the company’s website at http://investors.glaukos.com . To participate in the conference call, please dial 800-715-9871 (U.S.) or 646-307-1963 (international) and enter Conference ID 1333241. A replay of the webcast will be archived on the company’s website following completion of the call. Quarterly Summary Document The company has posted a document on its Investor Relations website under the “Financials & Filings – Quarterly Results” section titled “Quarterly Summary.” This Quarterly Summary document is designed to provide the investment community with a summarized and easily accessible reference document that details the key facts associated with the quarter, the state of the company’s business objectives and strategies, and any forward statements or guidance the company may make. This document is provided alongside the company’s earnings press release and is designed to be read by investors before the regularly scheduled quarterly conference call. It is the company’s goal that this format will make its quarterly earnings process more efficient and impactful for the investment community. About Glaukos Glaukos ( www.glaukos.com ) is an ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. In 2024, Glaukos commenced commercial launch activities for iDose ® TR , a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rarely diagnosed corneal disorder. Glaukos continues to successfully develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases. Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of federal securities laws. All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on management’s current expectations, assumptions, estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our iDose TR and Epioxa therapies; the impact of general macroeconomic conditions including foreign currency fluctuations and future public health crises; supply and/or manufacturing disruptions, including those impacting our principal revenue-producing products, including the risk of recalls or serious safety issues with our products; our ability to achieve or sustain profitability, generate sales of our commercialized products and develop and commercialize additional products; risks associated with our international operations; our ability to meet our customers’ expectations for the quality or delivery of our products; the potential for misuse of our products; our ability to manage our growth and meet customer demand; the success of our acquisitions, collaborations, in licensing agreements, joint ventures, alliances or partnerships with third parties; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; risks related to the implementation of artificial intelligence and machine learning technologies; the availability of net operating loss tax carryforwards; risks related to our capped call transactions; changes to domestic or foreign healthcare laws or trade policies, which could impact our profitability; the high cost of regulatory compliance, including the requirements of participation in federal healthcare programs such as Medicare and Medicaid and regulations for the approval and sale and marketing of our products and of our manufacturing processes; risks related to securing or maintaining adequate coverage or reimbursement by government or third-party payors the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; and our ability to protect, and the expense and time-consuming nature of protecting, our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation. These and other known risks, uncertainties and factors are described in detail under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 23, 2026, and our Quarterly Report on Form 10-Q for the year ended March 31, 2026, which we expect to file on or before May 11, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov . In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com . All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law. Statement Regarding Use of Non-GAAP Financial Measures To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) (“Non-GAAP Purposes”). The Company uses the term "Non-GAAP" to exclude certain expenses, gains and losses to achieve the Non-GAAP Purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment associated with the exchange or redemption of convertible senior notes; significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See “GAAP to Non-GAAP Reconciliations” for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure. In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See “Reported Sales vs. Prior Periods” for a presentation of certain net sales information on a reported, GAAP and a constant currency basis. GLAUKOS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts) Three Months Ended March 31, 2026 2025 Net sales $ 150,571 $ 106,664 Cost of sales 33,339 24,316 Gross profit 117,232 82,348 Operating expenses: Selling, general and administrative 92,943 70,673 Research and development 44,145 32,353 Total operating expenses 137,088 103,026 Loss from operations (19,856 ) (20,678 ) Non-operating income: Interest income 2,431 3,076 Interest expense (1,125 ) (1,163 ) Other (expense) income, net (749 ) 945 Total non-operating income 557 2,858 Loss before taxes (19,299 ) (17,820 ) Income tax provision 484 326 Net loss $ (19,783 ) $ (18,146 ) Basic and diluted net loss per share $ (0.34 ) $ (0.32 ) Weighted-average shares outstanding used to compute basic and diluted net loss per share 58,022 56,637 GLAUKOS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par values) March 31, December 31, 2026 2025 (unaudited) Assets Current assets: Cash and cash equivalents $ 104,249 $ 90,813 Short-term investments 172,436 187,947 Accounts receivable, net 119,691 108,608 Inventory 62,384 63,564 Prepaid expenses and other current assets 26,993 24,052 Total current assets 485,753 474,984 Restricted cash 3,834 3,834 Property and equipment, net 112,432 113,253 Operating lease right-of-use asset 31,025 31,527 Finance lease right-of-use asset 38,800 39,404 Intangible assets, net 133,028 141,916 Goodwill 66,710 66,710 Deposits and other assets 21,744 21,859 Total assets $ 893,326 $ 893,487 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 19,153 $ 24,624 Accrued liabilities 70,262 76,651 Total current liabilities 89,415 101,275 Operating lease liability 35,313 35,767 Finance lease liability 67,743 68,109 Deferred tax liability, net 441 441 Other liabilities 29,486 31,740 Total liabilities 222,398 237,332 Stockholders' equity: Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025 - - Common stock, $0.001 par value; 150,000 shares authorized; 58,387 and 57,539 shares issued and 58,359 and 57,511 shares outstanding at March 31, 2026 and December 31, 2025, respectively 58 58 Additional paid-in capital 1,621,272 1,586,056 Accumulated other comprehensive income 2,643 3,303 Accumulated deficit (952,913 ) (933,130 ) Less treasury stock (28 shares as of March 31, 2026 and December 31, 2025) (132 ) (132 ) Total stockholders' equity 670,928 656,155 Total liabilities and stockholders' equity $ 893,326 $ 893,487 GLAUKOS CORPORATION GAAP to Non-GAAP Reconciliations (in thousands, except per share amounts and percentage data) (unaudited) Q1 2026 Q1 2025 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Cost of sales $ 33,339 $ (8,675 ) (a)(b) $ 24,664 $ 24,316 $ (5,523 ) (a) $ 18,793 Gross Margin 77.9 % 5.7 % 83.6 % 77.2 % 5.2 % 82.4 % Operating expenses: Selling, general and administrative $ 92,943 $ (693 ) (c) $ 92,250 $ 70,673 $ - $ 70,673 Loss from operations $ (19,856 ) $ 9,368 $ (10,488 ) $ (20,678 ) $ 5,523 $ (15,155 ) Net loss $ (19,783 ) $ 9,368 (d) $ (10,415 ) $ (18,146 ) $ 5,523 (d) $ (12,623 ) Basic and diluted net loss per share $ (0.34 ) $ 0.16 $ (0.18 ) $ (0.32 ) $ 0.10 $ (0.22 ) (a) Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $8.2 million in Q1 2026 and $5.5 million in Q1 2025. (b) Mobius acquisition-related amortization expense of developed intellectual property of $0.5 million. (c) Expenses related to the Company’s trade secrets litigation and related matters. (d) Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2026 and 2025. Reported Sales vs. Prior Periods (in thousands) Year-over-Year Percent Change Quarter-over-Quarter Percent Change 1Q 2026 1Q 2025 4Q 2025 Reported Operations (1) Currency (2) Reported Operations (1) Currency (2) International Glaucoma $ 35,808 $ 29,009 $ 32,779 23.4% 15.7% 7.7% 9.2% 8.2% 1.0% Total Net Sales $ 150,571 $ 106,664 $ 143,121 41.2% 39.1% 2.1% 5.2% 5.0% 0.2% (1) Operational growth excludes the effect of translational currency (2) Calculated by converting the current period numbers using the prior period’s average foreign exchange rates Contacts Chris Lewis Vice President, Investor Relations & Corporate Affairs clewis@glaukos.com