Glaukos (GKOS) Q2 2026 Earnings Call Transcript
Glaukos (NYSE: GKOS) reported Q2 2026 net sales of $185.6 million, up 50% year over year. U.S. glaucoma sales were $118.5 million, and iDose TR revenue was about $74 million. The company raised full-year 2026 net sales guidance to $680 million to $700 million and iDose TR revenue guidance to $275 million to $280 million.
How this was made
The 30-second read
Why it matters
Traders can update models based on raised full-year 2026 guidance, gross margin expansion, operating expense plans, and specific reimbursement and approval timelines (including iDose TRIO targeted FDA approval by end of 2027).
Market read
The call is a guidance and reimbursement catalyst update for GKOS, with raised revenue outlook and margin targets likely to drive revisions to forward estimates.
What to watch
The Q3 J-code transition (sunset of Photrexa while launching Epioxa under the permanent J-code) could create quarter-to-quarter volatility that matters more for near-term trading than full-year guidance.
Background
This is Glaukos’ Q2 2026 earnings call transcript, covering commercial performance across iDose TR, Epioxa, and corneal health, plus pipeline and reimbursement/regulatory updates.
Ticker impact
Glaukos raised full-year 2026 net sales guidance to $680 million to $700 million and iDose TR revenue to $275 million to $280 million.
Near-term bias higher as raised guidance and gross margin expansion support earnings expectations, though international reimbursement headwinds and J-code transition add volatility.
Raised revenue guidance plus ~85% non-GAAP gross margin and ~84% to 86% target are concrete positives. Offsetting risks include Germany and Switzerland reimbursement headwinds and Q3 J-code transition volatility.
Market effects
Reinforces demand momentum for glaucoma and corneal cross-linking franchises, with reimbursement coding (J-code) and LCD dynamics remaining key swing factors for medtech/ophthalmology names.
Highlights specific international pressure points in Germany and Switzerland that could affect regional revenue mix and payer negotiations.
FDA approval timing for iDose TRIO (target end of 2027) and ongoing clinical programs keep regulatory and clinical calendars in focus for the broader ophthalmology pipeline.
Counterpoint
Raised guidance may already reflect known adoption, so upside could be limited if payer coverage and international reimbursement headwinds worsen faster than management expects.
Key entities
- companyGlaukos Corporation
Reported Q2 2026 results and raised full-year 2026 guidance, emphasizing iDose TR scaling and Epioxa launch under new J-code reimbursement.
- productiDose TR
Long-duration intracameral glaucoma therapy; management cited ~$74 million Q2 revenue and raised full-year revenue guidance to $275 million to $280 million.
- productEpioxa
Corneal cross-linking therapy; management said J2789 became effective July 1, 2026 and provided commercial coverage and site-of-care network metrics.
- pipelineiDose TRIO
Next-generation iDose TR; management expects targeted FDA approval by end of 2027.
- reimbursementEpioxa J-code (J2789)
Product-specific J-code effective July 1, 2026, expected to streamline reporting and reimbursement.
