Glaukos Stock Earnings Reports

Glaukos reported record Q1 2026 net sales of $150.6M, up 41% year-over-year (39% constant currency). As a result of the outperformance, management raised full‑year 2026 net sales guidance to $620M–$635M (previously $600M–$620M). Key growth drivers are iDose TR (U.S. interventional glaucoma) and the newly launched Epioxa (epi-on corneal cross-linking). U.S. glaucoma net sales were $93.5M (+58% YoY), with iDose TR contributing roughly $54M in Q1. International glaucoma sales were $35.8M (+23% reported, +16% constant currency) but may face competitive trialing headwinds and reduced currency tailwinds later in 2026. Corneal Health sales were $21.3M (+15% YoY), including early Epioxa and Fetrexan revenue. Epioxa commercial launch is underway: site‑of‑care network currently reaches ~65% of U.S. population with a path toward ~95%, early payer engagement covers >100M commercial lives (including 4 of the 5 largest payers), and CMS assigned a product‑specific J‑code (J2789) effective July 1, 2026, which should streamline reimbursement over time. Management emphasized initial measured adoption while the miscellaneous J‑code is used, active payer discussions, co‑pay assistance, and a specialty pharmacy network. iDose TR adoption and payer access continued to expand (high prior authorization success; ~99% of MA/commercial lives have an access pathway; ~50% have specific plans/policies). The company reiterated focus on operating leverage and cash‑flow breakeven, expects full‑year gross margin around prior guidance (84%–86%), and plans modest incremental operating expense to support launches (still growing but with leverage). The pipeline remains broad across five therapeutic platforms (13 disclosed programs), with ongoing pivotal/Phase IV studies (iDose TREX, iStent infinite, iLution, Link KC screening device, PreserFlo MicroShunt, Trio filing timeline toward late‑2027 approval). Risks noted include payer adoption timing, miscellaneous J‑code adjudication delays until the permanent J‑code is effective, international competitive dynamics, and typical clinical/regulatory/market risks.