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What does Glaukos do and what are its main business segments?

- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GKOS

GKOS fundamentals

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