Glaukos Corp's Q2 2025: Unraveling Key Contradictions in iDose Reimbursement, Reimplantation Timelines, and Growth Expectations

iDose reimbursement and market access, iDose TR reimplantation timeline, U.S. glaucoma business growth expectations, iDose reimplantation timing, and Corneal Health revenue impact are the key contradictions discussed in Glaukos Corporation's latest 2025Q2 earnings call.



Record Revenue and Growth:
- Glaukos reported record second-quarter net sales of $124.1 million, up 30% on a reported basis and 29% on a constant currency basis compared to the year ago quarter.
- The growth was driven by the sustained acceleration in the business due to growing adoption and utilization of iDose TR and broader interventional glaucoma efforts.

iDose TR Performance and Market Penetration:
- iDose TR generated sales of approximately $31 million in the second quarter, indicating growing market adoption.
- The momentum reflects positive clinical outcomes and surgeon feedback, which supports the view of iDose TR as a pioneer in a new therapeutic category for glaucoma management.

U.S. Glaucoma and International Expansion:
- U.S. glaucoma franchise delivered record second-quarter net sales of $72.3 million, a 45% year-over-year increase, with international glaucoma franchise sales growing 20% on a reported basis and 15% on a constant currency basis.
- This growth was supported by the execution of detailed launch plans and the successful navigation of regulatory and reimbursement challenges.

Investment in Pipeline and Strategic Acquisitions:
- Glaukos has made significant progress in advancing several clinical programs, including a PMA pivotal trial for iStent Infinite and a Phase IIb/III clinical program for iDose TREX.
- Strategic acquisitions such as Mobius Therapeutics have been made to support supply chain solidification and enhance glaucoma specialist relationships.