Core Insights - Glaukos reported $106.66 million in revenue for Q1 2025, a 24.6% year-over-year increase, with an EPS of -$0.22 compared to -$0.70 a year ago, exceeding the Zacks Consensus Estimate of $102.72 million by 3.84% [1] - The company achieved an EPS surprise of 33.33%, with the consensus EPS estimate being -$0.33 [1] Revenue Breakdown - U.S. revenues reached $75.07 million, surpassing the average estimate of $71.54 million, reflecting a 30.1% year-over-year increase [4] - International revenues totaled $31.59 million, slightly above the average estimate of $31.35 million, marking a 13.1% year-over-year increase [4] - Corneal Health revenues in the international market were $2.59 million, below the average estimate of $2.78 million, showing a decline of 4.1% year-over-year [4] - U.S. Corneal Health revenues were $15.94 million, exceeding the average estimate of $15.50 million, with a 1.5% year-over-year increase [4] - International Glaucoma revenues amounted to $29.01 million, surpassing the average estimate of $28.57 million, reflecting a 14.9% year-over-year increase [4] - U.S. Glaucoma revenues reached $59.13 million, exceeding the average estimate of $56.03 million, with a significant 40.8% year-over-year increase [4] - Total Corneal Health revenues were $18.53 million, slightly above the average estimate of $18.28 million, representing a 0.7% year-over-year increase [4] - Total Glaucoma revenues were $88.14 million, exceeding the average estimate of $84.60 million, reflecting a 31.1% year-over-year increase [4] Stock Performance - Glaukos shares have returned -5.8% over the past month, compared to the Zacks S&P 500 composite's -0.7% change, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3]

Glaukos Corporation (GKOS) reported first-quarter 2025 adjusted loss of 22 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 33 cents. The figure also improved from the year-ago quarter’s adjusted loss of 70 cents per share. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)The GAAP loss per share was 32 cents compared with the prior-year quarter’s reported loss of 82 cents.Revenue DetailsGlaukos registered revenues of $106.7 million in the first quart ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-37463 GLAUKOS CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of Delaware 33-0945406 (I.R.S. Em ...

Glaukos (GKOS) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Speaker0 Welcome to the Glycos Corporation First Quarter twenty twenty five Financial Results Conference Call. Copies of the company's press release and quarterly summary document, both issued after the market closed today, are available at www.glycos.com. As a reminder, all lines are muted until the end of today's presentation, where we will have a question and answer session. This call is being recorded and an archived replay will be made ava ...

APRIL 30, 2025 GLAUKOS CORPORATION (NYSE: GKOS) FIRST QUARTER 2025 IN REVIEW Important Information This document is intended to be read by investors in advance of regularly scheduled quarterly conference calls and was designed to provide a review of Glaukos Corporation's recent financial and operational performance and general business outlook. Please see "Forward-Looking Statements" and "Statement Regarding Use of Non-GAAP Financial Measures" in the "Additional Information" section of this document. | Conf ...

Glaukos Corporation (GKOS) reported record fourth-quarter 2024 revenues of $105.5 million, reflecting a 28% year-over-year increase. This growth was driven by strong demand for its innovative glaucoma and corneal health solutions. The company’s success in expanding its iDose TR adoption and international footprint further bolstered its financial performance. As GKOS continues to expand its footprint in the ophthalmology sector, key elements should shape its trajectory this year.The increasing prevalence of ...

Financial Performance - Net sales for 2024 reached $383.481 million, a 21.9% increase from $314.711 million in 2023[354]. - Gross profit for 2024 was $289.454 million, up from $239.136 million in 2023, reflecting a gross margin improvement[354]. - Total operating expenses increased to $411.820 million in 2024, compared to $367.836 million in 2023, primarily driven by higher selling, general and administrative expenses[354]. - The net loss for 2024 was $146.372 million, slightly higher than the net loss of $134.661 million in 2023[354]. - Cash and cash equivalents increased to $169.626 million in 2024, up from $93.467 million in 2023, indicating improved liquidity[353]. - Total assets grew to $974.756 million in 2024, compared to $940.414 million in 2023, reflecting a strong balance sheet[353]. - Stockholders' equity increased significantly to $766.931 million in 2024, up from $461.766 million in 2023, driven by additional paid-in capital[353]. - The company reported a net operating loss (NOL) of $147.8 million for the year ended December 31, 2024, compared to $138.2 million in 2023 and $101.3 million in 2022[512]. Revenue and Sales - The company’s revenue is derived from product sales in the U.S. and internationally, with revenue adjustments for volume-based rebates and other incentives[348]. - Total revenue for glaucoma products increased from $237.0 million in 2023 to $303.3 million in 2024, representing a growth of 27.9%[464]. - The company has faced challenges in auditing net sales, particularly in evaluating discounts and incentives related to customer programs[350]. Cash and Liquidity - The company has significant amounts of cash and cash equivalents at U.S. financial institutions that exceed federally insured limits, posing credit risk[337]. - Cash, cash equivalents, and restricted cash at the end of the period increased to $174.4 million from $99.3 million at the beginning of the period[362]. - The company maintains cash balances exceeding federally insured amounts, indicating a strong liquidity position[376]. Expenses and Costs - Research and development expenses were $136.425 million in 2024, slightly down from $138.768 million in 2023, indicating a focus on cost management[354]. - The company recorded advertising costs of approximately $3.6 million, $3.4 million, and $2.5 million for the years ended December 31, 2024, 2023, and 2022, respectively[413]. - Depreciation and amortization expense related to property and equipment rose to $10.1 million in 2024, up from $7.3 million in 2023, marking an increase of approximately 38.4%[438]. Risks and Challenges - The company reported a significant risk related to the commercial success of its iDose TR product, which could materially impact its business[19]. - The company faces potential supply and manufacturing disruptions that could reduce gross margins and negatively affect operating results[19]. - The company has not yet achieved sustained profitability and may fail to generate sufficient sales of its commercialized products[19]. - The company is exposed to foreign currency exchange risks, particularly as international operations grow, which could increase operational costs[338]. Foreign Currency and Hedging - A hypothetical 10% fluctuation in foreign exchange rates would have an immaterial impact on the company's net loss as of December 31, 2024[340]. - The company has not entered into foreign currency hedging contracts but may consider doing so in the future[339]. Stock and Equity - The weighted-average shares outstanding used to compute basic and diluted net loss per share increased to 52.755 million in 2024 from 48.433 million in 2023[354]. - The company has 5,000,000 authorized preferred stock issuable, with no preferred stock outstanding as of December 31, 2024, and December 31, 2023[428]. - The total stock-based compensation cost for the year ended December 31, 2024, was $50.2 million, an increase of 15.4% from $43.5 million in 2023[510]. Tax and Deferred Assets - Deferred tax assets increased to $269.6 million as of December 31, 2024, from $224.0 million in 2023, primarily due to an increase in net operating loss carryforwards[513]. - The valuation allowance for deferred tax assets increased by $50.7 million in 2024, indicating management's expectation that a portion of these assets may not be realized[514]. - The company had approximately $527.5 million in federal NOL carryforwards as of December 31, 2024, with $322.8 million subject to an 80% limitation on future taxable income[515]. Acquisitions and Investments - The company acquired a clinical stage biopharma company for $5.0 million in stock and $5.1 million in cash, with potential future payments of up to $201.0 million based on development and sales milestones[370]. - The company’s investment portfolio is primarily in marketable securities, with all investments stated at fair value[377]. Lease and Liabilities - Operating lease liabilities increased from $30.4 million in 2023 to $33.9 million in 2024, an increase of approximately 11.5%[455]. - The total lease liabilities rose from $103.2 million in 2023 to $105.9 million in 2024, indicating an increase of approximately 2.6%[455]. - The contingent consideration liability increased from $1.4 million to $1.6 million during 2024, reflecting a change in fair value due to updated assumptions[447].

On Monday, Glaukos Corporation GKOS received the “Day 74” notification from the U.S. Food and Drug Administration (FDA) acknowledging the previously submitted New Drug Application (NDA) for Epioxa (Epi-on), its next-gen corneal cross-linking iLink therapy for keratoconus, a sight-threatening corneal disease, is sufficiently complete to permit a substantive review.The Prescription Drug User Fee Act goal date for the completion of the FDA’s review of the Epioxa NDA is set for Oct. 20, 2025.Also Read: Glaukos ...

Core Insights - Glaukos Corporation reported a narrower adjusted loss of 40 cents per share for Q4 2024, better than the Zacks Consensus Estimate of a 43 cents loss and improved from a 63 cents loss in the same quarter last year [1] - The company achieved revenues of $105.5 million in Q4 2024, reflecting a 28.1% year-over-year increase and surpassing the Zacks Consensus Estimate by 4.7% [2] Revenue Details - Net sales for Glaucoma reached $84.1 million, marking a 39% year-over-year increase, while sales in Corneal Health remained stable [3] Margin Analysis - Gross profit rose by 21.1% year-over-year to $76.9 million, with an adjusted gross margin of 82%, down from 84% in the previous year [4] - Selling, general, and administrative expenses increased by 9.5% year-over-year to $69 million, while research and development expenses decreased by 1.4% to $36.5 million [4] Financial Update - Glaukos ended Q4 2024 with cash and cash equivalents and short-term investments totaling $324 million, up from $267.2 million at the end of Q3 2024 [6] 2025 Guidance - The company expects 2025 revenues to be between $475 million and $485 million, significantly higher than the previous guidance of $370 million to $376 million, with a loss per share estimate of $1.08, indicating a 42.8% improvement year-over-year [7] Operational Highlights - The glaucoma franchise's revenue growth was driven by the iStent portfolio and increasing contributions from iDose TR, with plans to enhance market access for iDose TR in 2025 [9] - Glaukos is advancing its product pipeline, including an NDA submission for Epioxa, with expected approval by the end of 2025, and is conducting a phase 2b/3 clinical trial for iDose TREX [10][11] Market Performance - Following the Q4 results, shares of Glaukos fell by 13.6% in after-market trading, although the stock has gained 6.1% year-to-date, contrasting with a 0.1% decline in the industry [12]

Financial Data and Key Metrics Changes - Glaukos reported record fourth quarter consolidated net sales of $105.5 million, up 28% year-over-year [9] - For the full year 2024, consolidated net sales reached $383.5 million, growing 22% compared to 2023 [10] - The company provided full-year 2025 net sales guidance in the range of $475 million to $485 million [10] Business Line Data and Key Metrics Changes - U.S. glaucoma franchise achieved record fourth quarter net sales of $56.3 million, reflecting a strong year-over-year growth of 45%, primarily driven by iDose TR [13] - International glaucoma franchise delivered record net sales of $27.9 million, with year-over-year growth of 28% on a reported basis and 29% on a constant currency basis [21] - Corneal health franchise reported net sales of $21.4 million, including Photrexa net sales of $18.8 million, benefiting from entry into the Medicaid Drug Rebate Program [23] Market Data and Key Metrics Changes - The U.S. market for glaucoma procedures includes over 20 million eyes with ocular hypertension or glaucoma, with approximately 10 million actively treated [55] - The international growth outlook for 2025 is expected to be high single-digit growth, impacted by foreign exchange headwinds and competitive product trials [82][84] Company Strategy and Development Direction - Glaukos aims to pioneer new marketplaces within ophthalmology, focusing on interventional glaucoma and innovative treatment options [11] - The company is expanding its clinical literature and training programs to support the adoption of iDose TR and enhance market access [14][15] - Plans to build a new research, development, and manufacturing facility in Huntsville, Alabama, to support future expansion [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of iDose TR, with expectations for increasing adoption as reimbursement confidence improves [39] - The company anticipates that the headwinds from new LCD restrictions will peak in the first half of 2025, with a gradual improvement expected in the second half [51] - Management remains optimistic about the potential of Epioxa, a next-generation corneal cross-linking therapy, with an anticipated FDA approval decision by the end of 2025 [25][27] Other Important Information - The company ended 2024 with cash and equivalents of approximately $324 million and no debt, following the retirement of $287.5 million in convertible senior notes [30] - Glaukos is advancing a Phase 2 clinical program for its third-generation iLink therapy and plans to commence a Phase 2 trial for iLution Blepharitis in 2025 [28] Q&A Session Summary Question: Can you elaborate on the trends seen with iDose in the quarter? - Management noted strong performance with iDose TR revenues doubling compared to the previous quarter, supported by positive clinical outcomes and expanding surgeon training [35][36] Question: Can you break down the components of the 2025 revenue guidance? - Management indicated that the guidance reflects healthy expectations for the iDose franchise, while non-iDose revenues may see flat to low single-digit growth due to LCD headwinds and the expiration of the Hydrus royalty [41][42] Question: How do you expect the impact of LCD headwinds to play out in 2025? - Management expects the headwinds to peak in the first half of the year, with some improvement anticipated in the second half [51][52] Question: What is the status of iDose's market share compared to DURYSTA? - Management characterized the growth as overall market expansion rather than direct share gains from DURYSTA, emphasizing the opportunity for multiple products to grow together [58][59] Question: What is the expected timeline for iDose TRIO? - Management expects to begin a small safety study for iDose TRIO mid-year, with a commercial launch anticipated in 2026 [92] Question: How is the uptake of iDose varying between larger and smaller facilities? - Management noted that smaller facilities tend to adopt iDose more readily, while larger systems face more bureaucratic hurdles [122]