Glaukos Q1 2025: Unraveling Contradictions in iDose Growth, Revenue, and Market Access

iDose growth expectations and market expansion, the impact of LCDs on revenue growth, iDose reimbursement dynamics and growth expectations, iDose revenue projections and market access, and iDose launch and market access are the key contradictions discussed in Glaukos' latest 2025Q1 earnings call.



Record Financial Performance and Guidance:
- Glaukos Corporation reported first quarter 2025 consolidated net sales of $106.7 million, up 25% on a reported basis, or 26% on a constant currency basis, compared to the year-ago quarter.
- The company reaffirmed its full-year 2025 net sales guidance range of $475 million to $485 million.
- The growth was driven by strong performance in iDose TR adoption and both U.S. and international glaucoma franchises.

U.S. Glaucoma Franchise Growth:
- Glaukos' U.S. glaucoma franchise achieved record first quarter net sales of $59.1 million, with a year-over-year growth rate of 41%.
- The growth was primarily attributed to the expanding contributions from iDose TR, a first-of-its-kind intracameral procedural pharmaceutical.
- The company is pioneering a new therapeutic category that has the potential to reshape glaucoma management.

International Glaucoma and Product Pipeline:
- The interventional glaucoma franchise delivered record net sales of $29 million with a year-over-year growth of 15% on a reported basis and 19% on a constant currency basis.
- The growth was driven by scaling international infrastructure and executing plans to drive MIGS as the standard of care globally.
- Glaukos continues to advance its product pipeline with several clinical trials in progress, such as for iDose TREX and iLution Demodex blepharitis.

Strategic Partnerships and Capital Position:
- Glaukos ended the first quarter of 2025 with a strong capital position, with cash and equivalents of more than $303 million and no debt.
- The company announced an expanded collaboration with Radius XR and Topcon Healthcare to accelerate global efforts in glaucoma diagnosis and care networks.
- Glaukos is focused on striking a balance between current and future investments, maintaining a strong financial position to support growth initiatives.