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- **Record Growth**: Q4 2025 net sales of $143.1 million (+36% YoY), full-year $507.4 million (+32% YoY), with 2026 guidance of $600-620 million.
- **iDose Dominance**: Q4 iDose sales $45 million, full-year $136 million, with FDA approval for re-administration driving adoption.
- **Epioxa Breakthrough**: FDA-approved topical therapy for keratoconus, set to launch Q2 2026 with 50% U.S. population coverage.
- **Financial Discipline**: 2026 operating expenses ~15% growth, balanced for cash flow breakeven, with focus on iDose and Epioxa investments.

**【Management Opening Remarks】**
- Glaukos reported Q4 2025 net sales of $143.1 million, up 36% year-over-year, and full-year sales of $507.4 million, up 32%. 
- Reaffirmed 2026 net sales guidance of $600-620 million, implying 20%+ growth at midpoint.
- Highlighted iDose TR as a growth driver, with Q4 sales of $45 million and full-year sales of $136 million.
- Announced FDA approval of Epioxa for keratoconus, a first-in-class topical therapy.

**【CEO Commentary】**
- **U.S. Glaucoma Franchise**: iDose TR sales grew 53% YoY, driven by FDA approval for re-administration and expanding physician adoption. Q4 iDose sales reached $45 million, with strong clinical outcomes.
- **International Glaucoma**: Q4 sales grew 18% (13% constant currency), supported by iStent Infinite EU MDR certification and broader MIGS adoption.
- **Corneal Health**: Epioxa FDA approval marks a paradigm shift in keratoconus treatment. Q4 corneal health sales of $24 million included $21.4 million from Photrexa, with Epioxa expected to launch in Q2 2026.

**【CFO Financial Commentary】**
- 2025 net sales of $507.4 million reflect 32% YoY growth, driven by iDose and international expansion.
- Operating expenses remain disciplined, with focus on cash flow generation and ROI-driven investments.
- 2026 guidance assumes high single-digit growth in international glaucoma and modest corneal health growth amid Epioxa launch transition.

**【Q&A Highlights】**
- **Epioxa Launch**: 50% of U.S. population covered by installed O2n Systems; J-code expected in July 2026. Early payer coverage determinations positive, but initial adoption gated by miscellaneous code.
- **iDose Growth**: Q4 sequential growth >10%, with continued expansion in 2026. Re-administration expected to contribute meaningfully in 2027+.
- **2026 Guidance**: U.S. glaucoma growth ~30% (iDose-driven), international glaucoma ~10%, corneal health flat to modest growth due to Photrexa-to-Epioxa transition.
- **Operating Expenses**: ~15% YoY growth in 2026, balanced against revenue to drive cash flow breakeven.


Glaukos Corporation (GKOS) Q4 2025 Earnings Call Transcript

- **Q3 Growth Records**: 38% YoY sales driven by iDose TR ($40M) and U.S. Glaucoma (+57% YoY). 2025 guidance raised to $490-495M.
- **Epioxa Breakthrough**: FDA-approved incision-free keratoconus therapy priced at $78,500, targeting 10,000+ annual patients by 2026.
- **Pipeline Expansion**: iStent infinite launched in Europe; iDose Phase IV trials in combo with cataract/MIGS expected late 2026-2027.
- **Financial Strength**: $278M cash, 2026 guidance of $600-620M reflects iDose, Epioxa, and MIGS growth.
- **Strategic Moves**: $1B+ R&D investment, new Huntsville facility, and disciplined capital allocation.


**【CEO Summary Section】**
- **Record Q3 Results**: Consolidated net sales of $133.5 million, up 38% YoY, driven by iDose TR ($40M in Q3) and strong growth in U.S. Glaucoma (+57% YoY). Full-year 2025 guidance raised to $490-495M.
- **Epioxa FDA Approval**: First incision-free corneal cross-linking therapy for keratoconus, priced at $78,500, with planned launch in Q1 2026. Transitioning from Photrexa to Epioxa, expecting 10,000+ annual patients by 2026.
- **Pipeline Momentum**: iStent infinite launched in Europe; iDose TR Phase IV trials in combo with cataract surgery and MIGS expected to read out in late 2026-2027.
- **Financial Strength**: $278M cash, no debt; 2026 guidance of $600-620M reflects iDose, Epioxa, and MIGS growth.

**【CFO Financial Commentary】**
- **Revenue Growth**: U.S. Glaucoma franchise at $80.8M (57% YoY), Corneal Health at $23.3M (13% YoY), International Glaucoma at $29.4M (20% YoY).
- **Gross Margin Accretion**: Continued improvement from scale and cost efficiencies.
- **Balance Sheet**: $278M cash; disciplined capital allocation for R&D and commercial expansion.

**【Q&A Highlights】**
- **iDose Adoption**: Q3 sales of $40M, 80% from established MACs. CAC meeting focused on educating MACs on iDose's clinical evidence and reimbursement.
- **Epioxa Pricing Strategy**: $78,500 WAC, lower than rare disease peers, with co-pay assistance and specialty pharmacy support.
- **2026 Outlook**: iDose expected to grow mid-40s YoY; Corneal Health decline in Q4 2025 due to Photrexa transition, offset by Epioxa ramp.
- **R&D Investment**: $1B+ in R&D, new 200K sq.ft. R&D/manufacturing facility in Huntsville, AL.


Glaukos Corporation (GKOS) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 up 30% YoY to $124.1M, driven by iDose TR ($31M) and U.S. glaucoma (+45% YoY). Full-year guidance raised to $480-486M.
- **iDose Momentum**: 80% of U.S. volumes from MACs with pro fees; Q3/Q4 sequential growth despite Q3 seasonal slowdown.
- **Pipeline Progress**: iDose Trio clinical trial late 2025, Epioxa approval Oct 2025, and retinal program GLK-401 IND filed.
- **Financial Performance**: Non-GAAP EPS $1.08, operating expenses +16% YoY (excluding one-time costs). iDose gross margin 83%.
- **Strategic Moves**: $30M investment in infrastructure and Mobius; targeting cash flow breakeven with iDose accretion.

**【CEO Summary Section】**
- **Record Q2 Sales**: $124.1 million, up 30% YoY (29% constant currency), driven by iDose TR ($31 million) and U.S. glaucoma franchise growth (+45% YoY). Full-year guidance raised to $480-486 million.
- **iDose TR Momentum**: 80% of U.S. iDose volumes from MACs with established pro fees; Q3/Q4 expected to show sequential growth despite seasonal Q3 slowdown.
- **International Growth**: $31.3 million (+20% YoY, 15% constant currency), supported by EU MDR clearance for iStent Infinite.
- **Corneal Health Transition**: Photrexa sales impacted by Medicaid rebate program; Epioxa approval expected in October 2025, with potential Q4/Q1 disruption.
- **Pipeline Progress**: iDose Trio clinical trial targeting late 2025, iStent Infinite PMA trial for mild-moderate glaucoma, and retinal program GLK-401 IND filing.

**【CFO Financial Commentary】**
- **Q2 Financials**: GAAP net income $42.1 million, non-GAAP EPS $1.08 (vs. $0.95 consensus). Operating expenses +16% YoY (excluding $4M one-time stock comp).
- **Cash Flow**: $4.5 million net cash generation (excluding $30M for building/Mobius acquisition). Targeting cash flow breakeven with iDose margin accretion (83% gross margin Q2).
- **Guidance**: Full-year OpEx ~$460 million (+mid-teens YoY), reflecting pipeline investments.

**【Q&A Key Highlights】**
- **Sales Cadence**: Q3 U.S. glaucoma +iDose offsetting -non-iDose; Q4 expected acceleration. iDose Trio FDA approval targeted for late 2027.
- **Reimbursement Trends**: CMS proposed fee cuts may drive shift to standalone IG therapies; iDose Trio in-office potential with non-facility codes.
- **Corneal Health Transition**: Epioxa rollout expected to cause Q4 2025/Q1 2026 Photrexa decline; J-code for Epioxa anticipated mid-2026.
- **MAC Progress**: 3/7 MACs with pro fees; CGS lagging. iDose Trio 1mm incision design to minimize aqueous humor loss.
- **Cash Flow Management**: Balancing pipeline investments with near-term cash generation; iDose margin accretion expected to continue.


Glaukos Corporation (GKOS) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: $106.7M net sales (+25% YoY), driven by iDose TR's 41% U.S. glaucoma franchise expansion.
- **iDose Momentum**: $21M in Q1 sales, 85% annualized run rate, with Medicare Advantage coverage >50% of patients.
- **Pipeline Progress**: FDA accepts Epioxa NDA for keratoconus; PRESERFLO pivotal study underway.
- **Headwinds**: U.S. stent business down mid-single digits YoY due to MAC LCD restrictions.
- **Financial Strength**: $303M cash, no debt, supporting strategic pipeline investments.


**【CEO Opening Remarks】**
- Q1 2025 net sales reached $106.7 million, up 25% YoY (26% on constant currency), driven by iDose TR adoption and U.S. glaucoma franchise growth.
- U.S. glaucoma sales hit $59.1 million (+41% YoY), fueled by iDose TR's first-of-its-kind intracameral drug delivery for up to 3 years.
- Reaffirmed full-year 2025 guidance of $475-485 million amid macroeconomic uncertainty.
- Intercontinental glaucoma franchise grew 15% YoY, with broad-based international expansion.
- Corneal health franchise reported $18.5 million in sales, including $15.4 million for Photrexa, impacted by Medicaid rebate program.
- Pipeline progress: FDA accepted Epioxa NDA for keratoconus, and PRESERFLO pivotal study initiated.

**【COO Business Update】**
- U.S. stent business faced 10-15% headwind from MAC LCDs, leading to mid-single-digit YoY decline.
- iDose TR achieved $21 million in Q1 sales, with 85% annualized run rate exiting the quarter.
- Medicare Advantage and commercial payer coverage expanded to over 50% of potential patients.
- Global IG pipeline: Phase 2 trials for iLink-3, iDose TREX, and wet AMD program progressing.
- Capital position: $303 million in cash, no debt, supporting strategic investments.

**【Q&A Key Takeaways】**
- **iDose Reimbursement**: Noridian MAC shows 20% of covered lives but 40% of iDose volume; Novitas and First Coast now paying consistently.
- **LCD Impact**: U.S. MIGS market expected to remain constrained through 2025 due to combo-surgery restrictions.
- **Commercial Growth**: Epioxa launch in 2026 aims to address historical patient access challenges with Photrexa.
- **Tariff Resilience**: 90% of products manufactured in U.S., minimizing direct tariff exposure.
- **Standalone iStent**: Early adopters showing standalone utilization, but long-term growth dependent on IG paradigm shift.


Glaukos (GKOS)-30 Apr 25-2025 Q1 Earnings call transcript

- **Record Q4 Growth**: $105.5M net sales (28% YoY), full-year $383.5M (22% YoY). 2025 guidance: $475M-$485M.
- **iDose TR Breakthrough**: Q4 sales up 45% YoY, 36-month clinical data shows 70% IOP control. 2025 sales >$100M expected.
- **Reimbursement Progress**: 5/7 MACs processing J-code, 3/7 with professional fee coverage. Commercial/Medicare Advantage expansion planned.
- **Epioxa Milestone**: NDA submitted, FDA approval by end-2025 for non-invasive keratoconus therapy.
- **Risks**: FX headwinds, competitive pressure in international markets, iStent Infinite LCD headwinds.

**【CEO Summary Section】**
- Q4 2024 net sales: $105.5M (28% YoY growth), full-year 2024: $383.5M (22% YoY growth). 2025 guidance: $475M-$485M.
- U.S. glaucoma franchise: iDose TR Q4 sales up 45% YoY, driven by clinical adoption and reimbursement progress.
- International glaucoma: Q4 sales $27.9M (28% YoY growth), France rebate tailwind sunsetting in 2025.
- Corneal health: Photrexa Q4 sales $18.8M, Epioxa NDA submission for 2025 FDA approval.

**【COO Operational Update】**
- iDose TR: 9 peer-reviewed publications, 36-month clinical data shows 70% IOP control vs. 58% in controls. Phase 2b/3 iDose TREX trial underway.
- Reimbursement: 5/7 MACs processing J-code efficiently, 3/7 MACs with professional fee coverage. Commercial/Medicare Advantage expansion planned for 2025.
- iStent Infinite: LCD changes causing Q4 2024 slowdown, expected to persist in 2025.

**【Q&A Key Takeaways】**
- **iDose Trajectory**: 2025 sales expected to >$100M, weighted to H2. MAC reimbursement confidence and surgeon training driving adoption.
- **International Risks**: FX headwinds, competitive product launches in Japan/France may limit growth to high single digits in 2025.
- **iDose TRIO**: 1mm incision design in development, FDA safety study mid-2025, commercial launch targeted for 2026.
- **Epioxa Launch**: FDA approval decision by end-2025, rare disease focus to optimize access unlike Photrexa.
- **iStent Infinite**: MDR approval in Europe could unlock upside, but regulatory delays remain a risk.

Actual											-0.44	-0.61	-0.09	-0.02	-0.21	-0.11	-0.21	-0.31	-0.38	-0.83	-0.45	-0.53	-0.59	-0.55	-0.5	-0.63	-0.7	-0.52	-0.28	-0.4	-0.22	-0.24	-0.16	-0.28
Forecast											-0.3775	-0.7645	-0.4881	-0.2917	-0.3062	-0.2461	-0.2433	-0.3729	-0.5052	-0.438	-0.5224	-0.5456	-0.5751	-0.5554	-0.5502	-0.5492	-0.5771	-0.5153	-0.4778	-0.3834	-0.3483	-0.2642	-0.2606	-0.1957
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-16.56%	+20.21%	+81.56%	+93.14%	+31.42%	+55.30%	+13.69%	+16.87%	+24.78%	-89.50%	+13.86%	+2.86%	-2.59%	+0.97%	+9.12%	-14.71%	-21.30%	-0.91%	+41.40%	-4.33%	+36.84%	+9.16%	+38.60%	-43.08%

GKOS

GKOS fundamentals

GKOS Q4 2025 Earnings

Earnings Call

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GKOS

GKOS fundamentals

GKOS Q4 2025 Earnings

Earnings Call

GKOS Earnings Call Summary for Q4/20254:30 PM on Feb 17, 2026

GKOS Earnings Call Summary for Q3/20254:30 PM on Oct 29, 2025

GKOS Earnings Call Summary for Q2/20254:30 PM on Jul 30, 2025

GKOS Earnings Call Summary for Q1/20254:30 PM on Apr 30, 2025

GKOS Earnings Call Summary for Q4/20244:30 PM on Feb 20, 2025

You can ask Aime