GKOS — Glaukos Corporation

Glaukos Corporation (GKOS) Q1 2026 Earnings Call Summary

1. Key Financial Results and Metrics

• Net Sales: Recorded at $150.6 million, a 41% increase year-over-year (39% on a constant currency basis).
• U.S. Glaucoma Franchise: Achieved net sales of $93.5 million, up 58% year-over-year, driven by iDose TR sales of approximately $54 million.
• International Glaucoma Franchise: Generated $35.8 million in sales, reflecting 23% growth (16% on a constant currency basis).
• Corneal Health Franchise: Reported net sales of $21.3 million, a 15% increase, including early Epioxa sales of $17.7 million.
• Guidance Update: Full-year 2026 net sales guidance raised to $620 million - $635 million from a previous range of $600 million - $620 million.

2. Strategic Updates and Business Highlights

• Product Launches: Epioxa launched as a novel treatment for keratoconus, with a focus on expanding patient access and awareness.
• Clinical Evidence: iDose TR supported by 22 peer-reviewed publications and ongoing Phase IV studies, reinforcing its efficacy and safety.
• Market Access Initiatives: Established a site of care network reaching 65% of the U.S. population, with plans to expand to 95%.
• Payer Engagement: Secured access pathways for Epioxa covering over 100 million commercial lives, with a new J-code effective July 1, 2026, to streamline reimbursement.

3. Forward Guidance and Outlook

• Sales Growth: Anticipated continued momentum in U.S. glaucoma driven by iDose TR, with expectations of low double-digit growth in international markets and high single-digit growth in Corneal Health.
• Profitability: Focus on cash flow breakeven with plans to increase operating expenses modestly to support commercial launches, particularly Epioxa.
• Long-Term Potential: Epioxa viewed as a potential $1 billion-plus franchise, with ongoing investments in awareness and detection initiatives.

4. Challenges and Points of Concern

• Competitive Pressures: Anticipated headwinds from new competitive products in international markets, which may impact growth.
• Reimbursement Risks: Ongoing concerns regarding the adoption of LCDs for iDose, with no current signs of an LCD despite positive engagement with MAX.
• Market Dynamics: Potential volatility in Corneal Health sales as the transition from Photrexa to Epioxa continues, with expected fluctuations in quarterly performance.

5. Notable Q&A Insights

• Epioxa Launch: Initial experiences with claims processing are slower due to the miscellaneous code, but early patient flow and engagement are encouraging.
• iDose Performance: Broad-based growth observed, with increasing adoption among established surgeons and new markets, though cautious about declaring stabilization in non-iDose sales.
• Surgeon Engagement: Continued education and support for surgeons are critical as they integrate iDose into their practices, with a growing trend towards combination procedures.
• Long-Term Market Potential: The keratoconus market is viewed as underdiagnosed, with estimates suggesting a significant opportunity for Epioxa beyond current treatment levels.

Overall, Glaukos demonstrated strong financial performance in Q1 2026, with strategic initiatives aimed at expanding its product offerings and market presence, while also navigating challenges related to competition and reimbursement.