GLAUKOS Corp (GKOS): Results of Operations and Financial Condition
GLAUKOS Corp (GKOS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: Chris Lewis Vice President, Investor Relations & Corporate Affairs clewis@glaukos.com Glaukos Announces Second Quarter 2026 Financial Results Aliso Viejo, CA – July 29, 2026 – Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutic
How this was made
The 30-second read
Why it matters
Traders can update models using the reported 2Q revenue performance and the explicit FY2026 consolidated revenue guidance range, plus product-level adoption signals (iDose TR and Epioxa).
Market read
A primary-source quarterly update with a defined FY2026 revenue range is actionable for positioning around earnings expectations and guidance credibility.
What to watch
The excerpt emphasizes non-GAAP gross margin and guidance but does not include detailed expense trajectory, R&D/commercial spend changes, or segment profitability, which can affect valuation despite top-line strength.
Record second quarter net revenues of $185.6 million, up 50% on a reported basis, and FY 2026 global consolidated net sales guidance raised to $680 - $700 million.
Record revenue grew 50% versus 2Q 2025, all three reported franchises grew year over year, non-GAAP gross margin was approximately 85%, and the company raised FY 2026 sales guidance from $620 - $635 million to $680 - $700 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Global consolidated net revenuesGAAP | $185.6 million | – | 50% reported and 49% constant currency versus 2Q 2025 |
| Gross marginnon-GAAP | ~85% | – | – |
| Cash & Cash Equivalents, Short-Term Investments, and Restricted Cashother | $289.3 million as of June 30, 2026 | – | – |
| iDose TR salesother | approximately $74 million in the second quarter | – | – |
| Epioxa net salesother | approximately $11 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| U.S. GlaucomaGrowing contributions from iDose TR. | approximately $118.5 million | – | 64% versus 2Q 2025 |
| International GlaucomaBroad-based international growth as the company scales international infrastructure and drives MIGS adoption. | approximately $36.6 million | – | 17% on a reported basis, or 16% on a constant currency basis, versus 2Q 2025 |
| Corneal HealthInitial commercial launch plans for Epioxa, including Epioxa net sales of approximately $11 million. | approximately $30.4 million | – | 48% versus 2Q 2025 |
FY 2026 outlook
- Revenue$680 - $700 million
What drove it
- Growing iDose TR adoption and utilization, along with broader Interventional Glaucoma initiatives globally, drove second-quarter results.
- iDose TR generated sales of approximately $74 million in the second quarter.
- Epioxa contributed approximately $11 million of Corneal Health net sales.
- Epioxa commercial availability was announced March 19, 2026.
- Acquired O2N systems were actively deployed at locations covering roughly 85% of the U.S. population; the broader pipeline would expand treatment reach to approximately 95%.
- Epioxa access pathways were established for more than 125 million covered commercial lives in the U.S., including with the 5 largest payors.
- The product-specific Epioxa J-code, J2789, became effective on July 1, 2026.
- The company has invested more than $900 million into R&D since 2018 alone.
Concerns
- The company cited potential transient headwinds within U.S. Corneal Health during the third quarter related to the Photrexa to Epioxa transition and ongoing operationalization of Epioxa's effective J-code.
- FY 2026 guidance incorporates uncertainties associated with five MAC's proposed LCDs for iDose TR.
- The company identified combo-cataract MIGS competition globally as a guidance consideration.
- Guidance reflects the continued estimated impact on U.S. Glaucoma volumes related to professional fee reimbursement for combination-cataract trabecular bypass surgery versus other more invasive alternatives.
- The company cited foreign currency exchange rates, global macroeconomic conditions, and geopolitical uncertainties as guidance considerations.
- CMS proposed modest reductions in physician fee reimbursement for several Category 1 CPT codes across ophthalmology, including cataract and surgical MIGS procedures.
What to watch
- Potential growing contributions from iDose TR as market access initiatives progress and broader Interventional Glaucoma initiatives take hold.
- Potential growing contributions from Epioxa as commercial launch plans advance and its permanent J-code is effective and solidified operationally.
- Execution of the Photrexa to Epioxa transition during the third quarter.
- Expansion of Epioxa payor access, site-of-care coverage, patient support programs, and detection initiatives.
- Potential growing contributions from iStent infinite as broader Interventional Glaucoma initiatives take hold.
- Resolution and potential impact of five MAC's proposed LCDs for iDose TR.
Balance sheet and cash flow
- Cash & Cash Equivalents, Short-Term Investments, and Restricted Cash: $289.3 million as of June 30, 2026, versus $280.5 million as of March 31, 2026.
Analysis
Glaukos reported record second-quarter global consolidated net revenues of $185.6 million, up 50% on a reported basis and 49% on a constant currency basis versus 2Q 2025. The company characterized the result as sustained growth acceleration, driven by iDose TR adoption and utilization, broader global Interventional Glaucoma initiatives, and early Epioxa contributions. Non-GAAP gross margin was approximately 85%, compared with approximately 83% in 2Q 2025.
All three reported franchises delivered year-over-year growth. U.S. Glaucoma generated approximately $118.5 million, up 64%, with iDose TR generating approximately $74 million in the second quarter. International Glaucoma generated approximately $36.6 million, up 17% on a reported basis and 16% on a constant currency basis. Corneal Health generated approximately $30.4 million, up 48%, including approximately $11 million of Epioxa net sales.
Commercial execution centered on expanding iDose TR access and utilization and establishing Epioxa infrastructure. The company cited a growing number of trained surgeons and accounts, increasing utilization by its installed active surgeon base, and broadening market access for iDose TR. For Epioxa, acquired O2N systems were deployed at locations covering roughly 85% of the U.S. population, with a pipeline that would expand reach to approximately 95%; access pathways were established for more than 125 million covered commercial lives. The Epioxa product-specific J-code, J2789, became effective on July 1, 2026.
Management raised FY 2026 global consolidated net sales guidance to $680 - $700 million from $620 - $635 million. The updated outlook reflects potential growth from iDose TR, Epioxa, and iStent infinite, while incorporating potential U.S. Corneal Health transition headwinds in the third quarter, proposed iDose TR LCD uncertainties, global combo-cataract MIGS competition, professional-fee reimbursement effects on U.S. Glaucoma volumes, foreign exchange, and macroeconomic and geopolitical uncertainty. Cash & Cash Equivalents, Short-Term Investments, and Restricted Cash were $289.3 million as of June 30, 2026, versus $280.5 million as of March 31, 2026.
Not in the filing
stated, not guessed- GAAP gross margin
- GAAP operating income or loss
- Non-GAAP operating income or loss
- GAAP net income or loss
- Non-GAAP net income or loss
- GAAP EPS
- Non-GAAP EPS
- Operating cash flow
- Free cash flow
- Debt balance
- Share repurchases
- Dividends
- Revenue prior-year dollar amount
- Revenue prior-quarter amount
- Segment prior-year revenue amounts
- Segment prior-quarter revenue amounts
- FY 2026 gross margin guidance
- FY 2026 operating expense guidance
- FY 2026 tax rate guidance
- Prior-release outlook for comparison
- Named executive quotes
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This SEC 8-K (Item 2.02) is Glaukos’ quarterly results review ahead of its scheduled conference call.
Ticker impact
Glaukos reports 2Q 2026 net revenues of $185.6M (+50% YoY) and FY2026 sales guidance of $680M to $700M.
Likely positive bias for GKOS as the filing shows strong growth and raises confidence via a defined FY2026 guidance range.
This is a primary-source earnings-style update (8-K Item 2.02) with concrete revenue growth, gross margin, cash balance, and a specific full-year guidance band.
Market effects
Reinforces demand read-through for ophthalmic interventional glaucoma and corneal cross-linking platforms, potentially supporting sentiment across specialty eye-care peers.
U.S. growth is the main driver (iDose TR sales), while international expansion remains an additional contributor.
Guidance and adoption commentary may influence broader investor appetite for ophthalmic med-tech commercialization stories globally.
Counterpoint
Revenue growth may be heavily dependent on iDose TR adoption and early Epioxa contributions, so any payer access delays could cap upside.
Key entities
- companyGLAUKOS CORPORATION
Ophthalmic pharmaceutical and medical technology company reporting 2Q 2026 results and FY2026 revenue guidance.
- productiDose TR
Intracameral procedural pharmaceutical for glaucoma therapy; cited as driving U.S. growth and adoption.
- productEpioxa
Epithelium-on corneal cross-linking therapy for keratoconus; cited with initial commercial launch progress and sales.
