GKOS

A month has gone by since the last earnings report for Idexx Laboratories (IDXX). Shares have lost about 7.8% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Idexx due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for IDEXX Laboratories, Inc. before we dive into how investors and analysts have reacted as of late. IDEXX Laboratories reported second-quarter 2026 earnings of $4.27 per share, up 18% year over year. The figure surpassed the Zacks Consensus Estimate by 8.1%. Comparable constant-currency EPS of $4.07 improved 15% year over year. Revenues rose 10% to $1.22 billion and topped the Zacks Consensus Estimate by 1.3%. Results benefited from volume-driven Companion Animal Group (“CAG”) Diagnostics’ recurring revenues, increased diagnostic utilization and continued adoption of IDEXX’s innovations. CAG Diagnostics’ recurring revenues advanced 11% as reported and 10% organically. CAG revenues increased 9.4% year over year to $1.12 billion. Organic growth was 8.7%. International CAG revenues climbed 13.4% as reported and 11.5% organically, while U.S. revenues advanced 7.4%. IDEXX VetLab consumables revenues increased 14.7% to $430.3 million, with organic growth of 13.6%. Performance was supported by higher testing utilization, recent product launches, net new customer gains and an 11% expansion of the global premium instrument installed base. Reference laboratory diagnostic and consulting services revenues rose 10.6% to $406.7 million. Organic growth was 10.3%, driven by higher testing volumes and customer additions. Rapid assay product revenues increased 1.3% to $101.6 million. Water revenues advanced 15% year over year to $58.6 million and 13% organically. This growth reflected solid performances in the United States and Europe. Livestock, Poultry and Dairy revenues increased 11% to $35.2 million, with organic growth of 9%. Strength in the Americas supported the improvement. Gross profit increased 12% to $779.1 million. Gross margin expanded 140 basis points to 64%, supported by recurring revenue volume gains, operational productivity initiatives and net price realization. Operating expenses rose 10% to $353.5 million as IDEXX invested in commercial capabilities, innovation and information technology. Operating profit climbed 14% to $425.6 million, while operating margin expanded 140 basis points to 35%. IDEXX exited the second quarter of 2026 with cash and cash equivalents of $196.9 million compared with $200.5 million at the end of the first quarter. Cumulative net cash provided by operating activities was $613.4 million compared with $423.7 million in the prior-year period. IDEXX has updated its 2026 revenue guidance to $4.70-$4.75 billion from $4.68-$4.76 billion. The midpoint increased $5 million despite a projected $15-million headwind from updated foreign exchange assumptions. The company now expects reported revenue growth of 9.1-10.3% and organic growth of 8.5-9.7%. The Zacks Consensus Estimate is currently pegged at $4.72 billion, indicating 9.6% year-over-year growth. IDEXX raised its 2026 earnings outlook to $14.69-$14.94 per share from $14.45-$14.90. The Zacks Consensus Estimate is currently pegged at $14.81. In the past month, investors have witnessed a downward trend in fresh estimates. At this time, Idexx has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Idexx has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Idexx is part of the Zacks Medical - Instruments industry. Over the past month, Glaukos (GKOS), a stock from the same industry, has gained 5%. The company reported its results for the quarter ended June 2026 more than a month ago. Glaukos reported revenues of $185.61 million in the last reported quarter, representing a year-over-year change of +49.5%. EPS of -$0.14 for the same period compares with -$0.24 a year ago. Glaukos is expected to post a loss of $0.12 per share for the current quarter, representing a year-over-year change of +25%. Over the last 30 days, the Zacks Consensus Estimate has changed +4.8%. Glaukos has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report IDEXX Laboratories, Inc. (IDXX) : Free Stock Analysis Report Glaukos Corporation (GKOS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

A month has gone by since the last earnings report for Glaukos (GKOS). Shares have added about 8% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Glaukos due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers. Glaukos reported a second-quarter 2026 adjusted loss of 14 cents per share, narrower than the Zacks Consensus Estimate of a loss of 28 cents by 50%. The figure also improved from the year-ago quarter’s adjusted loss of 24 cents per share. The GAAP loss per share was 31 cents compared with the prior-year quarter’s reported loss of 34 cents. Revenues of $185.6 million increased 50% year over year on a reported basis and 49% at constant currency (cc). The top line surpassed the Zacks Consensus Estimate by 24.1%. Growth was driven by increasing adoption and utilization of iDose TR, broader interventional glaucoma initiatives across U.S. and international markets, continued expansion of the company’s global commercial infrastructure and early contributions from the Epioxa launch. Better-than-expected sales growth led the management to raise its guidance for the full year. U.S. Glaucoma revenues reached a record $118.5 million, up 64% year over year on a reported basis. The increase reflected expanding iDose TR adoption, higher utilization among active surgeons and continued growth in trained physicians and accounts. International Glaucoma revenues were $36.6 million, up 17% year over year on a reported basis. Growth was broad-based, supported by international infrastructure investments and contributions from iStent infinite and PRESERFLO. Corneal Health revenues increased 48% year over year to $30.4 million. Epioxa contributed approximately $11 million in its first full quarter of commercial availability. Adjusted gross profit increased 52.3% year over year to $156.9 million. The adjusted gross margin expanded 150 basis points (bps) to 84.5%. Selling, general and administrative expenses rose 39.2% year over year to $116.1 million. Research and development expenses totaled $51.3 million, up 40.4% from the prior-year quarter. Total operating expenses were $168.9 million, up 40.8% year over year. The operating loss narrowed to $17.3 million from $22.7 million in the year-ago period. The adjusted operating loss was $7.6 million, narrower than the prior-year quarter’s adjusted operating loss of $16.6 million. Glaukos exited the second quarter with $286.2 million in cash, cash equivalents and short-term investments, up from $280.5 million at the end of the first quarter. The company reported no debt. Cumulative net cash provided by operating activities was $2.3 million against cumulative net cash used in operating activities of $11.5 million in the year-ago period. Glaukos raised its 2026 revenue guidance. Management now expects net sales in the range of $680 million to $700 million, up from its previous guidance of $620 million to $635 million. The Zacks Consensus Estimate for the same is pegged at $627.6 million. The loss per share estimate is pinned at 57 cents, implying a 36.7% improvement year over year. It turns out, fresh estimates have trended upward during the past month. The consensus estimate has shifted 25.93% due to these changes. Currently, Glaukos has a great Growth Score of A, a grade with the same score on the momentum front. However, the stock has a score of F on the value side, putting it in the fifth quintile for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Glaukos has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Glaukos belongs to the Zacks Medical - Instruments industry. Another stock from the same industry, Thermo Fisher Scientific (TMO), has gained 9.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Thermo Fisher reported revenues of $11.99 billion in the last reported quarter, representing a year-over-year change of +10.5%. EPS of $6.03 for the same period compares with $5.36 a year ago. For the current quarter, Thermo Fisher is expected to post earnings of $6.40 per share, indicating a change of +10.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.3% over the last 30 days. Thermo Fisher has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Glaukos Corporation (GKOS) : Free Stock Analysis Report Thermo Fisher Scientific Inc. (TMO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, July 29, 2026 at 4:30 p.m. ET Chairman and Chief Executive Officer - Thomas Burns President and Chief Operating Officer - Joseph Gilliam Chief Financial Officer - Alex Thurman Vice President of Investor Relations and Corporate Affairs - Christopher Lewis Operator: Hello, and welcome to Glaukos Corporation's Second Quarter 2026 Financial Results Conference Call. Copies of the company's press release and quarterly summary document, both issued after the market closed today, are available at www.glaukos.com. This call is being recorded, and an archived replay will be available online in the Investor Relations section at www.glaukos.com. I will now turn the call over to Chris Lewis, Vice President of Investor Relations and Corporate Affairs. Christopher Lewis: Thank you, and good afternoon. Joining me today are Glaukos Chairman and CEO, Tom Burns; President and COO, Joe Gilliam; and CFO, Alex Thurman. Similar to prior quarters, the company has posted a document on its Investor Relations website under the Financials and Filings Quarterly Results section titled Quarterly Summary. This document is designed to be read by investors before the regularly scheduled quarterly conference call. Please note that all statements other than statements of historical facts made on this call that address activities, events or developments we expect, believe or anticipate will or may occur in the future are forward-looking statements. These include statements about our plans, objectives, strategies and prospects regarding, among other things, our sales, products, pipeline technologies and clinical trials, US and international commercialization, market development efforts, product approvals, the efficacy of our current and future products, competitive market position, regulatory strategies and reimbursement for our products, financial condition and results of operations as well as the expected impact of general macroeconomic conditions, including foreign currency fluctuations on our business and operations. These statements are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Therefore, they may cause our actual results to differ materially from those expressed or implied by forward-looking statements. Please review today's press release and our recent SEC filings for more information about these risk factors. You'll find these documents in the Investors section of our website at www.glaukos.com. Finally, please note that during today's call, we will also discuss certain non-GAAP financial measures, including results on an adjusted basis. We believe these financial measures can facilitate a more complete analysis and greater transparency into Glaukos' ongoing results of operations, particularly when comparing underlying results from period to period. Please refer to the tables and earnings press release available in the Investor Relations section of our website for a reconciliation of these measures to their most directly comparable GAAP financial measure. With that, I will turn the call over to Glaukos Chairman and CEO, Tom Burns. Thomas Burns: Okay. Thank you, Chris. Good afternoon, and thank you all for joining us today. Today, Glaukos reported record second quarter consolidated net sales of $185.6 million, up 50% on a reported basis and 49% on a constant currency basis versus the year ago quarter. As a result of our second quarter outperformance, we are raising our full year 2026 net sales guidance to $680 million to $700 million, an increase of $60 million to $65 million over our prior guidance of $620 million to $635 million. Our second quarter results reflect strong performance across our global commercial and development priorities, underscoring the successful execution of our teams, the strength of our differentiated technology platforms and our continued evolution as an increasingly diversified leader in ophthalmology. Looking ahead, we believe we are well positioned to sustain this momentum, driven by 2 transformational growth drivers, including the further advancement of the interventional glaucoma treatment paradigm with iDose TR and the launch of Epioxa, establishing a new standard in interventional keratoconus and rare diseases. Together, these compelling and durable market opportunities reinforce our confidence in our ability to deliver a best-in-class growth and margin profile well into the next decade. At the same time, we continue to invest strategically across our industry-leading pipeline and commercial infrastructure while maintaining a focus on disciplined capital allocation to support sustained operating leverage and cash flow. While our priority remains to maximize near- and long-term growth, we were pleased with our progress across our P&L in the second quarter. Now let's discuss our second quarter results in more detail. Within our U.S. glaucoma franchise, we delivered record second quarter net sales of $118.5 million on strong year-over-year growth of 64%, driven by growing contributions from iDose TR, which generated sales of approximately $74 million in the second quarter. iDose TR continues to deliver strong clinical outcomes that meaningfully improve patients' lives, resulting in strong physician interest and adoption while helping to accelerate a broader treatment paradigm shift towards earlier interventional glaucoma care. From an execution standpoint, we remain focused on our key initiatives, including expanding our base of trained surgeons and active accounts increasing utilization, broadening market access, scaling targeted commercial investments and expanding the robust and growing body of clinical evidence, which now includes 24 peer-reviewed publications, complemented by a broad portfolio of active Phase IV studies across diverse real-world clinical settings, further enforcing and reinforcing its consistent performance in real-world practice. Earlier this month, CMS issued its proposed rules for 2027, which as drafted, largely maintain the 2026 APC assignments, associated facility payments and relative physician fee rates associated with our procedures across both the hospital outpatient and ASC settings. Additionally, as many of you know, during the quarter, 5 of the 7 Medicare administrative contractors issued proposed local coverage determinations for iDose TR. We were encouraged by the overwhelming support from physicians, medical societies and other stakeholders throughout the open meetings and public comment period, validating the meaningful clinical value that iDose TR is delivering to patients. We continue to believe that the strength of iDose TR's clinical evidence, real-world outcomes and broad stakeholder advocacy support appropriate Medicare coverage that preserves physician decision-making and patient access. Moving on. Our international glaucoma franchise delivered record net sales of $36.6 million on year-over-year growth of 17% on a reported basis and 16% on a constant currency basis. The strong growth was once again broad-based as we continue to scale our international infrastructure and execute our plans to drive MIGS forward as the standard of care in each region and major market in the world. As previously discussed, we continue to expect new competitive product trialing headwinds in some of our major international markets as we progress through 2026, partially offset by growing contributions from iStent infinite following its EU MDR certification and associated European commercial launches late last year. We also expect the currency tailwinds to abate going forward based on the current rate environment. And finally, our Corneal Health franchise delivered net sales of $30.4 million on year-over-year growth of 48%, including Epioxa net sales of approximately $11 million. Turning to Epioxa. We remain very encouraged by the early progress of our commercial launch as the first and only FDA-approved epithelium-on corneal cross-linking therapy for keratoconus, Epioxa has been met with strong interest from surgeons and the broader ophthalmic community, reinforcing our confidence in its potential to redefine the treatment paradigm for this rare, sight-threatening disease that is currently far too often undiagnosed and untreated. Our launch priorities remain centered on expanding patient access, building awareness, optimizing referral networks and driving earlier diagnosis. We continue to make meaningful progress across each of these areas, including the ongoing expansion of our site of care network, establishing broad market access and the implementation of our specialty pharma infrastructure and robust patient support programs. First, I'm proud to report that we've successfully established and continue to selectively expand our broad-reaching site of care network. Our acquired O2N systems are already actively deployed across locations serving roughly 85% of the U.S. population, with the pipeline progressing through various approval processes that we expect will expand our treatment center reach to approximately 95%. Next, we continue to make considerable progress with payers to secure access pathways or policy coverage for Epioxa, with access pathways now established for more than 125 million covered commercial lives in the United States, including with the 5 largest payers, reflecting encouraging initial receptivity of Epioxa's clinical value. While we expect the pace of policy adoption to build over time, we remain focused on driving broader coverage across both commercial payers and Medicaid programs to support more streamlined access pathways over time. As anticipated, Epioxa's new product-specific J-code, J2789 became effective on July 1, 2026. While we expect it will take some time for this to be solidified operationally by providers and our specialty pharma partner, we believe this now effective code will help streamline the reporting and reimbursement processes for Epioxa among US payers over time. Beyond market access, we're proud to lead the way once again of forging a new path for interventional keratoconus by advancing targeted marketing and DTC initiatives to drive awareness, education and earlier detection, supported by greater optometric engagement and strengthened advocacy partnerships. Finally, we've launched a co-pay assistance program for eligible patients. While we remain in the early stages of the launch, we're encouraged by the solid progress we're making against our core launch priorities and remain very excited by the significant potential Epioxa offers to patients living with keratoconus. Beyond Epioxa, we continue to advance a broad and differentiated clinical pipeline across our 5 novel therapeutic platforms, encompassing 13 publicly disclosed programs and additional undisclosed assets supported by a robust portfolio of active clinical and Phase IV studies. Within our iDose platform, we are advancing a Phase IIb/III clinical program for iDose TREX, our next-generation iDose therapy and patient follow-up in a Phase IIIb study for iDose TRIO with a targeted FDA approval by the end of 2027. We also continue to advance various additional Phase IV studies. Within our iLink platform, we remain on track for our planned commercial introduction of our KC screening device later this year and are preparing to commence a Phase III clinical program for our third-generation customized topographically guided iLink therapy in 2027. Within our iStent surgical glaucoma platform, we are advancing a PMA pivotal trial for iStent infinite in mild to moderate glaucoma patients and recently completed patient enrollment in our 510(k) pivotal study for the PRESERFLO MicroShunt. Within our iLution platform, we recently completed patient enrollment in a Phase II study for Demodex blepharitis and expect to have top line results in hand by the end of this year. Finally, within our retinal platform, we are advancing a first-in-human clinical development program for GLK-401, our intravitreal multi-kinase inhibitor retinal program in wet AMD patients. We believe that each of these novel differentiated platforms have the potential to generate transformative therapies that significantly improve the existing treatment paradigms for patients suffering from chronic eye diseases. So in conclusion, at Glaukos, we're in the business of pioneering new marketplaces within ophthalmology. Our record second quarter performance highlights the strength of our strategy and execution as we continue evolving into an increasingly diversified ophthalmic leader with multiple transformational growth drivers in iDose TR and Epioxa as we advance our mission to transform vision therapies for the benefits of patients worldwide. So with that, I'll open the call open for questions. Operator? Operator: Your first question comes from the line of Tom Stephan with Stifel. Thomas Stephan: Congrats on the nice quarter here. Maybe on Corneal Health, nice start to the Epioxa launch. Joe, maybe for you. Can you talk about, I guess, where your expectations now stand on 2026 Corneal Health revenue growth? I think previously, it was high single digits. And then if you can help us understand the puts and takes as we think about the Q3 and Q4 cadence. I know the earnings summary, I think, mentioned some transient headwinds in 3Q amidst the transition to Epioxa, but any more color on the cadence would be great. Congrats again. Joseph Gilliam: Yes. Thanks, Tom. Happy to jump in there. Obviously, we were very encouraged by the contribution of Epioxa in its first full quarter really of commercial availability, particularly when you consider the unavoidable challenges that go along with the miscellaneous J-code period that's there. And as you heard Tom mention, obviously, our primary focus today remains on those building blocks that we think really set up Epioxa for long-term success. And I can certainly talk more about that as we make our way through the call here. But as I think about the translation of how this plays out for the remainder of this year, and again, orienting you back to where our focus is at is making sure that we get the right puzzle pieces in place to drive optimization in 2027 and beyond. We know that the third quarter will come with some transition as it relates to the permanent J-code. We've talked about that for some time. So you end of the third quarter having sunset largely Photrexa, while launching, if you will, Epioxa in the permanent J-code setting. And so there will be some volatility around that. It makes it much more difficult than usual for us to forecast during that stretch. And so there's a wider variety of scenarios, I guess, the way I would say it, around the potential outcomes of Epioxa as we transition that way throughout the third quarter and certainly into the fourth. I think as we get into the fourth quarter, we have a lot more conviction that some of those J-code translation or transition-related issues should start to get behind us, and we should start to see that uptick as we think our way -- making our way through the fourth quarter and into the beginning of next year. So I think we're going to have some transition here, while we make our way through. And we may ultimately deliver terrific results. But I think we want to make sure that we're staying somewhat conservative here as we navigate really what is a unique transition for us. And then for the full year as it relates to Epioxa or really our overall corneal health franchise, we started off this year saying we were confident we would still grow. And then we ultimately, I think, upgraded that to high single digits. And now I think we're confident in saying that for the overall year, Corneal Health should now be able to grow, call it, 20% plus or minus on a year-over-year basis, Just again, based on that strong Q2 performance and then the growing Epioxa contributions as we make our way through the remainder of the year. Operator: Your next question from the line of Adam Maeder of Piper Sandler. Adam Maeder: Good afternoon, and thank you for taking the questions. Great quarter. I guess just one for me. I'm going to be pulling on the modeling thread question. You just talked about expectations for the Corneal Health business. But Joe, in the past, you've given a lot of really helpful color across the different segments. So just wanted to see if you could kind of provide updated thoughts on how you're thinking about iDose contribution versus the stent business versus OUS in corneal health for the second half? Joseph Gilliam: Yes, I'm happy to do that. As both you and Tom alluded, we obviously very pleased with the strong second quarter. And really, each of our franchises exceeded expectations. And so as a result, we're happy to be able to raise guidance in line with what you heard Tom mentioned earlier to the $680 million to $700 million mark. If you think about your kind of models by franchise, and I think it requires adjustments across all the franchises given that outperformance. First, on international glaucoma, I would say we've increased our expectations there now where we expect to achieve low to mid-teens year-over-year growth for the overall year. As you think about the second half dynamics within that, you do have the FX tailwinds abating. We've called that out before, and we certainly expect that, and we're kind of past the, I'll call it, the FX benefit now on a year-over-year basis. So that will be a relative headwind as we make our way into the second half. And we'll continue to navigate competitive dynamics in those international markets and some reimbursement headwinds that have emerged in Germany and Switzerland, but offset that by continued growth of PreserFlo and Infinite and really our overall interventional glaucoma market developments abroad. So I think we're pleased to be able to increase our expectations there to low to mid-teens for the overall year. You heard me reference the Corneal Health side of things before, so I won't spend as much time there. But just again, reiterating that the 20% growth year-over-year, plus or minus, items to factor in, especially in the third quarter, the impact from sunsetting Photrexa shifting to the permanent J-code for Epioxa. It's possible we'll have a bit of an air pocket there as we make our way through this quarter. But we remain confident that, that air pocket will be behind us by the time we get into the fourth and moving out of the full year. And then finally, on the U.S. glaucoma side, we now expect full year growth of right around 50%, plus or minus for that business. And that's really driven by 2 things. Obviously, I think we now can say that we would expect for the year at least low single-digit growth of our broader portfolio and then the continued expansion of iDose TR, which I think when you do all the math, you're going to land somewhere in that, I'll call it, $275 million to $280 million range for iDose in 2026. Operator: Your next question from the line of Larry Biegelsen of Wells Fargo. Larry Biegelsen: Pretty impressive quarter here, guys. So I'll do the first ask about the iDose LCD. So since the open meetings for the iDose LCD, has your -- how is your confidence in the revised policy changed? Which provisions do you think are most likely to be changed in a potential final LCD? And if the proposed LCD stayed the same, how would that impact your thinking around iDose over the next few years? Joseph Gilliam: Yes. Thanks, Larry. I mean, to your point, clearly, a lot has transpired on this front between the draft LCD that came out in May, the open meetings in June and the formal submissions in early July. And really, I think the way we always had conviction, as you can imagine, around the evidence associated with iDose in a multitude of settings and use cases and certainly, perhaps most importantly, the study that supported the approval of iDose and all the evidence that generated a wide open label in that regard. So we were encouraged, as I think many of you were by the overwhelming support from physicians and the medical societies and even patients throughout the country. The objective and high-quality evidence that was presented really just validated our belief in the clinical value of iDose. So -- at this point, we certainly believe that the MACs are digesting all that evidence that was presented and submitted. And while there's no statutory next step or even timing in that regard, we do believe that ultimately, it should come out in a more favorable position to the extent that it is proposed as a final LCD. As I think about in the context of moving forward, what may or may not shift, I think it would be a recap of what you heard during those meetings. I think there was a pretty strong opposition to the underlying criteria associated with each of the provisions. There certainly was a lot of opposition to the idea of having multiple components to the -- I'll call it the step edit associated with both drops and SLT. -- you heard significant pushback around glaucoma as a disease and the right way of treating it and thinking about it clinically and really not reducing the optionality for physicians to utilize multiple tools that are complementary in the case of iDose and other MIGS. And so I think all of those things had compelling evidence presented and certainly are in play as it relates to the overall. As I think about the final part of your question, which is how does this impact the years to come if it were finalized as it is, while I think it's highly unlikely that, that would be the outcome of any process here. I think it's important to remind folks some things that we talked about when investors were on the road. I think the continued strength of the business that you see in iDose today, I think shortens the put, if you will, in the context of the bridge to the expectations that existed previously around 2027 and beyond. And maybe more importantly, even in an SLT world, I just remind investors that there are 500,000 to 600,000 SLTs done a year, and that's been being done for quite some time, meaning that there's a pretty large market there of patients, both in terms of annual incidents as well as the overall prevalence pool for iDose to continue to make a meaningful contribution. Now clearly, if something came forward that was not aligned with what we believe is appropriate clinically, not only would we object strenuously that alongside the society, but we would also continue to provide the evidence that we have already generated or will generate to make sure that for the long term of iDose and interventional glaucoma that we rectify any wrongs that are part of the final proposed LCD. Operator: Your next question from the line of Ryan Zimmerman with BTIG. Ryan Zimmerman: Let me echo my congrats. It's really impressive. Maybe turning back to Epioxa for a minute, Joe. You talked about some of the patient co-pay dynamics that you're standing up. And I'm wondering if you could elaborate on kind of how you think about the gross to net pricing for Epioxa over time? And the second component of my question, I'll sneak in a 2-parter into one question just to keep to Chris' rules. But when you think about the O2 placements and the 85% of the user base, what are you seeing? Are you seeing new users take over these systems? Are you seeing upticks in a select cohort of corneal surgeons in terms of higher utilization early on some of the early adopters? Just if you could kind of reflect on kind of that user base dynamic as well. Joseph Gilliam: Of course. I'll pretend like it was one question, Ryan, so that I don't get trouble with Chris. First, as it relates to the Epioxa kind of gross to net dynamics, obviously, that's something that we'll be watching and Alex will be watching alongside of us here as we get a bit more maturity in the market launch of Epioxa. But what I think generally, we've said to investors is I think a safe place out of the gate is to think about it in that kind of net $60,000 range. And that's really meant primarily to include the impact of Medicaid pricing and the various other required discounts as a part of the launch. We're not necessarily doing much beyond that at this stage of the launch. So it comes down to that mix that happens with Medicaid, and places like the Department of Defense and things like that. So as we make our way through, we'll hone that in a bit more from there. But I think $60,000 is a good place. On the O2N system side, we made a lot more progress during the quarter, and we were already well ahead of our expectations. I think at this stage, if you'll say you've got systems deployed at sort of 85% of the U.S. population and that pipeline progressing towards 95% of the country. When you actually think about the country from a geographic perspective, that's about as good as it gets in terms of the way you think about an installed base, certainly at this stage of the launch. And as the J-code came online, we've seen even some of those folks who were a little bit slower in their process and approvals, picking up the pace of getting that in line going forward. I would say it's not so much about any particular cohort of patients or sites. You've got private sites. We've got parts of large groups that have sites in their network. We've got hospitals and 340B institutions that are there. There certainly are some new, but I would say it's been much more about taking a look at our prior base of customers and leaning into those folks that historically have both geographically and from a patient focus standpoint, provided the optimum care in terms of their treatment times, their commitment to it, the education with the optometrists and the community and all the things you want to see to make sure that you're optimizing your network, especially in these early days where you can't afford to have a massive number of centers. So we've really leaned into what I would call the Tier 1 and Tier 2 sites and our conversion of those have been extremely high. And so we're pleased with what that looks like. And in terms of the early utilization, I think it's really been pretty profound in terms of the number of patients that almost all of these sites have started to put into our hub and seeking to get approval for Epioxa given the clear benefits of that therapy over the legacy of an epi-off solution like Photrexa. Operator: Your next question from the line of Allen Gong with JPMorgan. K. Gong: I guess starting off on like a different tack. I think not only did the top line do quite well, it looks as though your performance down the P&L was also quite strong once we back out the onetime SBC charge that you look to have recognized in SG&A. So I know that in the past, the messaging really has been a focus on reinvestment back in the pipeline. We saw that with R&D stepping up another $8 million sequentially. But how should we think about the potential for profitability in the back half of the year? Is that something that you're willing to let fall through? Or are you just going to ramp up investment even more to reflect your success? Alex Thurman: Allen, it's Alex. I'll take that question. And you're right, we were pleased with the progress that we saw in the second quarter across the entire P&L from the margin to operating expenses to the bottom line as well. including cash generation in the quarter that we saw. And again, like we've said to investors in the past, given our company's gross margin profile, there's certainly a clear line of sight that we have today towards Glaukos seeing profitability at some point in the future. And it's increasingly more and more towards the near term as we see the increased revenues from these 2 transformative drivers. But that said, we would remind investors that our management focus continues to be on prioritizing and prudently investing back into the commercial business to support these 2 transformative launches as well as supporting the R&D pipeline and things that you saw in the quarter as we stepped up, especially in clinical as we've grown our clinical trial programs that Tom was referencing in the prepared remarks. And that is just really again driven to maximize both our near-term and long-term top line growth profile of the company. Operator: Your next question from the line of -- Truist Securities. Richard Newitter: Congrats on the quarter. I guess, I just want to -- I'll ask very quick ones on iDose and one on Epioxa. I guess on iDose, this is such a substantial sequential uplift. I get that the reimbursement environment is getting better. But was there any pull forward or just consideration from your customer base on everything going on in the background with the LCD? I'm just wondering if you're starting to hear or see any of that. And then on Epioxa, I'm just curious if from a 340B standpoint, is there anything that we should be thinking about from an ASP standpoint or how that might impact pricing there? Joseph Gilliam: Thanks, Richard. First, on the iDose front, there was no that I'm aware of LCD-related pull-forward dynamics in iDose. I mean, most of the surgeons you talk to, their schedules are pushed out well beyond even that time frame from when this came on. So if you're going to see that, I think it would be something that was on the heels of actually a proposed final rule if it were ever to come out. So I don't think that was really the case. And what we really saw in the quarter was the first time where you had -- obviously, we had meaningful growth in the beginning. But in this quarter, we really saw both an acceleration across the various MACs. I would say with the most recent additions of the professional fees in NGS and Palmetto, you saw that contribution pick up. And then maybe even more importantly or equally as important, we saw a nice uptick in activity around the commercial and Medicare Advantage patient populations as well as more of our customers started to expand utilization of iDose into those patient populations. So I would say it was a diversified performance in the quarter. The strength of it does give us a little bit of pause, I'll call it, in terms of conservatism around how we think about that into the third quarter and through the remainder of the year. We're still early in that launch as well. And so when you have quarters of this magnitude, you want to make sure you still stay somewhat cautious about how that will translate certainly into a, I'll call it a seasonal down quarter in terms of ophthalmology procedures in the third here. As it relates to Epioxa and 340B pricing, that's really factored in as a part of the prior question that I think Ryan asked. So -- when we think about the gross to net and what that kind of realized average ASP, and we've sort of consistently said around $60,000 is our starting point, that really factors in the impact of the 340B institution-related volume and the discounts associated with selling product into those institutions. Operator: Your next question from the line of Joanne Wuensch with Citi. Joanne Wuensch: I want to sort of zero in on some of the expense management that we're looking at. In particular, gross margins have reached a new high by my math. Last quarter, you gave us 84% to 86% gross margins for the year. I don't know if that's still consistent. And similarly, it looks like you are starting to leverage OpEx, what your current thoughts are for that. Alex Thurman: Joanne, it's Alex. Thanks for the question. And yes, we were pleased absolutely to see the continued accretion in the gross margin during the quarter. And as you mentioned, it landed approximately 85%, which was up roughly, call it, 90 basis points from last quarter. And that accretion was driven, as you might expect, from the growing contributions of iDose and Epioxa and the overall revenue mix. And you were asking about looking ahead, we would continue to expect modest gross margin accretion over the remainder of the year and particularly in the fourth quarter as the iDose and Epioxa sales continue to become a greater share of our revenue mix. Now that all said, we'll continue to stick with our targeted guidance range for the year of a gross margin of 84% to 86%. We're holding that steady as we move forward at this point. Joanne Wuensch: And on op margins? For OpEx, which is usually yes. Alex Thurman: On operating expenses -- yes. No, that's exactly right. We -- obviously, we're encouraged to see the operating leverage in the quarter. And our philosophy remains the same. We're going to continue to push our operating expenses such that we realize the leverage in the model while still investing in these priorities around commercial and R&D, and that will be our philosophy going forward. And again, you couple that with the cash and what we're trying to do there, and we're just trying to manage the business towards a cash flow breakeven stance and those all kind of pull together and triangulate. And I guess, Joanne, I'll just end just to get it out there on the record that for operating expenses for the year now, given the outperformance on the top line, you can expect our operating expenses to land somewhere around $600 million for the year. Operator: Your next question from the line of Mason Carrico with Stephens. Mason Carrico: Appreciate the questions here. Going back to the guide, you called out iDose revenue in the $275 million to $285 million range this year. That seems to imply pretty minimal sequential growth from the Q2 numbers. So just to confirm, is that largely just driven by your commentary around being conservative on commercial and Medicare Advantage volumes? Is there anything else in the back half we should be aware of? Joseph Gilliam: Yes, Mason, there's nothing I would call out in particular around it. I think I sort of answered that before by saying that whenever you have this level of outperformance in a quarter, and it's really the first -- we certainly continue to see sequential growth and progress throughout our launch and strong growth on a year-over-year basis. But the second quarter was so strong. I think we'd like to see another quarter or 2 of that before we call it a trend. And so I think we just want to be cautious about how you translate that Q2 number into Q3 in particular. And just knowing that volumes seasonally tend to be down in the third quarter. And given that outperformance in the second, I just would be a little bit conservative around the third quarter iDose number and give us a little bit of time to determine whether this is a trend or a bit of an outlier in the context of the strength of that print in the second quarter. Operator: Your next question from the line of David Saxon with Needham & Company. David Saxon: Obviously, a really strong quarter here. So I wanted to ask my question on Epioxa. And I would love if you could talk about the cadence of prior auth submissions you saw in the second quarter. Did you see any uptake in activity as the J-code became effective here in July? And then how is the backlog of eyes looking in the portal, the cases that are kind of awaiting approvals and would love some color on just the cadence of approvals as you move through the quarter and into July. Joseph Gilliam: Yes, David, I think -- so let me start with the second quarter and the cadence there. As you might expect, the majority or certainly a significant portion of the $11 million of revenue that we talked about was realized towards the latter part of the quarter. And that stands the reason with an FDA approval that was at the exit of the first, it took time for some of those claims to make their way through the prior authorizations, the contracting around them and ultimately to get those approved and shipped and those treatments to happen. So I think we're now thankfully through that part of that process. But having said that, you kind of get there in June. And then on July 1, a very important milestone, but one that does shift years for us a bit is the permanent J-code being established. So you made that progress, you got those patients treated and you did that in the miscellaneous code environment. And on July 1, obviously, you have -- it's not a full reset, if you will, but there's a partial reset there around making sure that those patients are getting access in the contracts and both the prior authorization as well as the payment approvals are happening with that permanent J-code now in place. And so you got to start back over a little bit in that context and make it through. And that's why we called out here on this call the potential for volatility around the Epioxa and Corneal Health results in the third quarter, in particular, as we reset that. But I'll finish this by addressing, I think, part of your question around the backlog. And that, along with the things that you heard Tom mentioned earlier in terms of the payer network, the progress we've had there, the site of care network and so on and so forth in terms of the foundations of our launch. We've been extremely encouraged by the sheer number of patients that are being put in to seek approval for Epioxa. It makes us, I'll call it, very bullish around what this product can mean for us in the intermediate term. And the question becomes more about how do you -- how quickly can you get from where we stand today to seeing these patients get approvals and access to treatment on a more rapid basis. Certainly, as we make our way into 2027, that will be our focus here. But the leading indicators are strong in terms of the number of patients that our providers are seeking access to Epioxa as a therapy form. Operator: Your next question from the line of Steven Lichtman with William Blair. Steven Lichtman: Thank you. Hi, guys. Congratulations. I'm wondering on your Epioxa customers, how they're viewing the Specialty Pharmacy option versus buy-and-bill. Are we seeing most go to Specialty Pharmacy initially? How quickly are they getting confidence that they're shifting to buy and bill? Because obviously, that's another driver over the medium term. Joseph Gilliam: Yes, absolutely. So that answer to that question has very much to do with which site of care you're talking about. So there are clearly those institutions and groups who have the experience that are much more comfortable out of the gate with the buy-and-bill pathway, and you see them pretty much even in the early days, bypassing the Specialty Pharmacy option. I think as you get more into the broader community-based practices, you can imagine that they lean a little bit more heavily, if not entirely on the Specialty Pharmacy option, certainly, again, in the early days. That does not mean that we don't believe over time, they won't shift some of their thinking around that versus the buy-and-bill pathway. But it's a little early, again, thinking about -- we've just got the permanent J-code here less than a month ago. And so from that standpoint, I think for them to have that confidence, they've got to start seeing consistent and recurring approvals even through the SP pathway with individual payers before they're going to start thinking about whether they should buy and build that. So I think that will be a part of the journey here over the next several years, but one we're prepared to support. Operator: Your next question from the line of Anthony Petrone with Mizuho Group. Anthony Petrone: Congrats on a solid quarter. I'll keep it to Epioxa. Maybe first, just on the competitive landscape as it sits today and just how it's going to evolve over time. Do you think we're in a position to gain share, I guess, from scleral lenses, which is an option here ahead of corneal cross-linking? Are you seeing those patients come in? And then there's some combination therapies under development, some private companies out there. So if you look ahead over the next couple of years, how do you think the cross-linking specific competitive landscape will shape out, assuming we have a potential entrant again at some point next year or the year after? Joseph Gilliam: Well, I think, first, it's important to remind ourselves that we're at the beginning of a pretty transformational product launch and maybe even more importantly, a seismic shift in the standard of care. And when you think about what that means in terms of driving awareness and detection and access to treatment at a different level, that's obviously a large opportunity for Glaukos and for our customers and most importantly, their patients. Whenever you build a market like that, you do so expecting competition. And you hope that, that incremental competition comes in the form of responsible market participants who are going to invest and hopefully help accelerate that shift in overall market growth. I think when we look at it sitting here today, we should be many, many years away from market share dynamics outweighing expansion and market growth as a key consideration. The reality is that when you think about things like sclera lens, that's really not a competitive solution. These patients often will have sclera lens even after therapy. The point is you stabilize and arrest the progression of a sight-threatening disease. And so from that standpoint, I think the fact that you've got a solution that doesn't require removing epithelium lowers the bar for patients or for providers to act more prophylactically in the treatment of the disease and put sclera lens where it should be, which is postoperatively a part of continuing that vision as you move forward after a cross-linking procedure. So I think that Epioxa helps us in that broader initiative in terms of solidifying cross-linking as a therapy of choice. And I think ultimately, we provide the investment to meaningfully change. We've talked before about difference between doing 18,000 to 20,000 eyes where we ultimately believe the market could be as high as 50,000 or 100,000 annual eyes in any given year that's potentially addressable. But we've got to go do the work to build that market the hard way and prove that to ourselves and to you all. Thomas Burns: And I'll add on to what Joe is saying. This is Tom. And we spend lots of time and effort building new marketplaces. So you can imagine we spend considerable time figuring out how to protect our market share and how to grow these marketplaces over time. And so it's important to point out not only how much progress we'll make with Epioxa in the near term, but we already have a second or we call now a third-generation customized topographically guided eyeline therapy that's going to be in clinical trials in 2027 and if that product performs as well as I think it will and can, we could have a product that has demonstrably greater reductions in Kmax than even what we're seeing with the current methodologies and a preferential treatment of the peaks to allow us to create the ultimate kind of sphere in refractive indices that may be able to throw off even better best corrected visual acuity. So you can imagine not only would any competitor have to deal with a really formidable commercial team that Joe has put together, but we'll have to then have to deal with a demonstrably possibly far better approach that we will have just in the near term. And so you can imagine in our contemplation, if we spent the time and effort to build this marketplace, we will spend that time and effort to protect it as well. Operator: Your next question from the line of Yi Chen with H.C. Wainwright. Joseph Gilliam: Yi, are you there? Maybe on mute. Katherine Degen: Yes. Apologies. Can you hear me? Joseph Gilliam: Yes. Katherine Degen: This is Katie on for Yi. Just real quick on looking at readministration and TREX. Is what you're seeing what you kind of expected from early reimplantation data? Are you seeing any cannibalization on the devices? Joseph Gilliam: I'll start, if Tom wants to add something he can. I think as it relates to readministration, we're continuing to see successful procedures get done. Obviously, it's still somewhat limited because these are really for some of our earliest commercial patients that are just now getting the window where you see that. But where they're eligible, we're seeing them get done and get done successfully. I don't see anything there in the context of cannibalization. I see that as additive in terms of the physicians and those patients determining that they want to stay on the therapy as the initial iDose wears off. And if you think about in the context of iDose TREX in the future and the approvals there, I think that's only additive in the context of that overall algorithm for getting those patients on therapy, both initially as well as during a readministration procedure. Operator: This concludes our question-and-answer session. I will now turn the call back to the company for closing remarks. Thomas Burns: Okay. I want to thank all of you for your time and attention today, and thank you for your continued interest and support of Glaukos. Goodbye. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Glaukos (GKOS) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Glaukos Corporation GKOS reported a second-quarter 2026 adjusted loss of 14 cents per share, narrower than the Zacks Consensus Estimate of a loss of 28 cents by 50%. The figure also improved from the year-ago quarter’s adjusted loss of 24 cents per share. The GAAP loss per share was 31 cents compared with the prior-year quarter’s reported loss of 34 cents. Shares of GKOS were up 9.8% during after-market trading following the second-quarter results. Year to date, the company’s shares have gained 43.1%, outperforming the industry’s decline of 11.7% and the S&P 500 Index’s increase of 6.6%. Image Source: Zacks Investment Research Revenues of $185.6 million increased 50% year over year on a reported basis and 49% at constant currency (cc). The top line surpassed the Zacks Consensus Estimate by 24.1%. Growth was driven by increasing adoption and utilization of iDose TR, broader interventional glaucoma initiatives across U.S. and international markets, continued expansion of the company’s global commercial infrastructure and early contributions from the Epioxa launch. Better-than-expected sales growth led the management to raise its guidance for the full year. U.S. Glaucoma revenues reached a record $118.5 million, up 64% year over year on a reported basis. The increase reflected expanding iDose TR adoption, higher utilization among active surgeons and continued growth in trained physicians and accounts. International Glaucoma revenues were $36.6 million, up 17% year over year on a reported basis. Growth was broad-based, supported by international infrastructure investments and contributions from iStent infinite and PRESERFLO. Corneal Health revenues increased 48% year over year to $30.4 million. Epioxa contributed approximately $11 million in its first full quarter of commercial availability. Adjusted gross profit increased 52.3% year over year to $156.9 million. The adjusted gross margin expanded 150 basis points (bps) to 84.5%. Selling, general and administrative expenses rose 39.2% year over year to $116.1 million. Research and development expenses totaled $51.3 million, up 40.4% from the prior-year quarter. Total operating expenses were $168.9 million, up 40.8% year over year. The operating loss narrowed to $17.3 million from $22.7 million in the year-ago period. The adjusted operating loss was $7.6 million, narrower than the prior-year quarter’s adjusted operating loss of $16.6 million. Glaukos exited the second quarter with $286.2 million in cash, cash equivalents and short-term investments, up from $280.5 million at the end of the first quarter. The company reported no debt. Cumulative net cash provided by operating activities was $2.3 million against cumulative net cash used in operating activities of $11.5 million in the year-ago period. Glaukos raised its 2026 revenue guidance. Management now expects net sales in the range of $680 million to $700 million, up from its previous guidance of $620 million to $635 million. The Zacks Consensus Estimate for the same is pegged at $627.6 million. The loss per share estimate is pinned at 57 cents, implying a 36.7% improvement year over year. Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote Glaukos continued to broaden iDose TR adoption by expanding its base of trained surgeons and active accounts, increasing utilization and strengthening market access. The therapy is supported by a growing clinical evidence base, including 24 peer-reviewed publications and multiple Phase 4 studies. The company is scaling targeted marketing investments to improve patient awareness and support the shift toward earlier interventional glaucoma care. The Epioxa launch progressed through an expanding site-of-care network covering around 85% of the U.S. population, with the potential to reach approximately 95%. Access pathways have been established for more than 125 million commercial lives, including the five largest payers. Its product-specific J-code, J2789, became effective July 1, 2026, which should help streamline reimbursement processes in the second-half of 2026. Glaukos also launched a co-pay assistance program and operationalized a specialty pharmacy network. Management remains focused on improving diagnosis, referral networks and patient awareness as it transitions commercial activity from Photrexa to Epioxa. Glaukos is advancing iDose TREX through a Phase 2b/3 program and iDose TRIO through a Phase 3b study, with a targeted approval by the end of 2027. The company plans to launch a keratoconus screening device in 2026 and begin a Phase 3 study of its customized, topography-guided iLink therapy in 2027. Other developments include a pivotal study for iStent infinite and PRESERFLO MicroShunt, a Phase 2 demodex blepharitis study with results expected by year-end and the GLK-401 retinal program in wet age-related macular degeneration. Glaukos has a Zacks Rank #4 (Sell) at present. Some better-ranked stocks from the broader medical space are West Pharmaceutical WST, McKesson MCK and Cardinal Health CAH, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. West Pharmaceutical reported second-quarter 2026 adjusted earnings per share (EPS) of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%. West Pharmaceutical has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.4%. McKesson reported a fourth-quarter fiscal 2026 adjusted EPS of $11.69, which beat the Zacks Consensus Estimate by 1.1%. Revenues of $96.3 billion missed the Zacks Consensus Estimate by 5.5%. McKesson has an estimated long-term earnings growth rate of 13.7%. MCK’s earnings surpassed estimates in the trailing four quarters, the average surprise being 3.1%. Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%. Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 10.3%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Glaukos Corporation (GKOS) : Free Stock Analysis Report Cardinal Health, Inc. (CAH) : Free Stock Analysis Report McKesson Corporation (MCK) : Free Stock Analysis Report West Pharmaceutical Services, Inc. (WST) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Glaukos (GKOS) reported $185.61 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 49.5%. EPS of -$0.14 for the same period compares to -$0.24 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $149.57 million, representing a surprise of +24.1%. The company delivered an EPS surprise of +50%, with the consensus EPS estimate being -$0.28. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Glaukos performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues by geography- United States: $146.74 million compared to the $112.26 million average estimate based on four analysts. The reported number represents a change of +62.1% year over year. Revenues by product category- United States- Glaucoma: $118.5 million versus $96.27 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +63.9% change. Revenues by product category- International- Corneal Health: $2.24 million compared to the $2.64 million average estimate based on four analysts. The reported number represents a change of -4.7% year over year. Revenues by geography- International: $38.87 million versus the four-analyst average estimate of $37.05 million. The reported number represents a year-over-year change of +15.7%. Revenues by product category- International- Glaucoma: $36.63 million versus $34.41 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +17.2% change. Revenues by product category- United States- Corneal Health: $28.19 million versus the four-analyst average estimate of $15.98 million. The reported number represents a year-over-year change of +54.6%. Net Sales- Corneal Health: $30.43 million compared to the $19.2 million average estimate based on five analysts. The reported number represents a change of +47.8% year over year. Net Sales- Glaucoma: $155.2 million compared to the $130.55 million average estimate based on five analysts. The reported number represents a change of +49.9% year over year. View all Key Company Metrics for Glaukos here>>> Shares of Glaukos have returned +8.3% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Glaukos Corporation (GKOS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Glaukos Corporation? Here are five stocks we like better. Record Q2 sales: Glaukos reported $185.6 million in second-quarter revenue, up 50% year over year, driven by strong U.S. glaucoma, international glaucoma and corneal health performance. The company raised its 2026 sales guidance to $680 million–$700 million. iDose TR led growth: U.S. glaucoma revenue rose 64% to $118.5 million, including approximately $74 million from iDose TR. Glaukos expects iDose TR revenue of roughly $275 million–$280 million in 2026, while Medicare coverage proposals remain under review. Corneal health and profitability gains: Corneal health revenue increased 48% to $30.4 million, supported by the Epioxa launch, though third-quarter results may be volatile during the transition to its permanent billing code. Gross margin reached about 85%, and management continues investing in commercialization and its pipeline while targeting cash-flow breakeven. Glaukos (NYSE:GKOS) reported record second-quarter 2026 consolidated net sales of $185.6 million, up 50% from the prior-year period on a reported basis and 49% on a constant-currency basis, as growth in its U.S. glaucoma, international glaucoma and corneal health businesses exceeded management’s expectations. Chairman and CEO Tom Burns said the company raised its full-year net sales guidance to $680 million to $700 million, up from its prior range of $620 million to $635 million. The company cited continued adoption of iDose TR, the launch of Epioxa, and broad-based international growth as drivers of the stronger outlook. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? U.S. glaucoma franchise revenue reached a record $118.5 million in the second quarter, increasing 64% year over year. iDose TR contributed approximately $74 million of that total. Burns said physician interest and adoption of iDose TR continued to grow, supported by its clinical outcomes and what the company views as a shift toward earlier interventional glaucoma care. Glaukos is focused on adding trained surgeons and active accounts, increasing utilization, expanding market access, and growing clinical evidence for the treatment. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now President and COO Joe Gilliam said Glaukos now expects U.S. glaucoma revenue to grow about 50%, plus or minus, for the full year. The company expects its broader U.S. glaucoma portfolio to post at least low-single-digit growth, while iDose TR revenue is expected to land in a range of roughly $275 million to $280 million in 2026. Gilliam said the second-quarter iDose performance reflected acceleration across Medicare Administrative Contractor regions as well as increased activity among commercial and Medicare Advantage patients. He said the company did not identify material demand pull-forward related to proposed Medicare local coverage determinations, or LCDs. → Oil Prices Are Surging and These 4 Stocks Are Cashing In Five of seven Medicare Administrative Contractors issued proposed LCDs for iDose TR during the quarter. Gilliam said Glaukos was encouraged by support from physicians, medical societies and patients during public meetings and comment periods. He said the company believes the evidence supporting iDose TR should lead to a more favorable final policy if LCDs are finalized. Earlier in July, CMS issued proposed 2027 rules that, as drafted, largely maintain 2026 ambulatory payment classifications, facility payments and relative physician fee rates for Glaukos procedures in hospital outpatient and ambulatory surgical center settings, Burns said. International glaucoma revenue was $36.6 million, up 17% reported and 16% on a constant-currency basis. Gilliam said Glaukos now expects low- to mid-teens international glaucoma growth for the full year. Management expects foreign-exchange tailwinds to diminish in the second half. The company also cited competitive product trialing and reimbursement headwinds in Germany and Switzerland, though it expects those factors to be partly offset by growth from PRESERFLO and iStent infinite. Corneal health revenue rose 48% to $30.4 million, including about $11 million in Epioxa sales. Epioxa is the company’s FDA-approved epithelium-on corneal cross-linking therapy for keratoconus. Gilliam said Glaukos now expects the overall corneal health franchise to grow approximately 20%, plus or minus, in 2026. He cautioned that third-quarter performance could be volatile as the company transitions from Photrexa and a miscellaneous billing code to Epioxa’s permanent product-specific J-code, which became effective July 1. “There will be some volatility” during the transition, Gilliam said, though he expects the related issues to begin moving behind the company in the fourth quarter. O2n systems are deployed at locations serving roughly 85% of the U.S. population, with a pipeline that Glaukos expects could extend reach to approximately 95%. Access pathways for Epioxa have been established for more than 125 million covered commercial lives, including arrangements involving the five largest U.S. payers. Glaukos launched a co-pay assistance program for eligible patients and is investing in awareness, referral networks, earlier diagnosis and patient-support programs. Gilliam said the company has been encouraged by the number of patients being submitted for Epioxa approval, though providers and payers are adjusting to the new permanent J-code. He said some institutions and larger groups are more comfortable using a buy-and-bill model, while many community practices are initially relying more heavily on specialty pharmacy distribution. Glaukos said it continues to advance programs across five therapeutic platforms. Its pipeline includes iDose TREX, which is in a Phase II-B/III program; iDose Trio, with a Phase III-B study targeting FDA approval by the end of 2027; and a planned commercial introduction later this year of a keratoconus screening device. The company also said it is preparing a Phase III program for a third-generation customized topographically guided iLink therapy in 2027. In other programs, Glaukos completed enrollment in a 510(k) pivotal study for PRESERFLO MicroShunt and in a Phase II study for demodex blepharitis, with top-line results from the latter expected by year-end. The company is also advancing a first-in-human study of GLK-401 for wet age-related macular degeneration. Chief Financial Officer Alex Thurman said the company was pleased with second-quarter progress across gross margin, operating expenses, the bottom line and cash generation. Gross margin was approximately 85% in the quarter, up about 90 basis points sequentially, driven by a greater revenue contribution from iDose TR and Epioxa. Glaukos maintained its full-year gross-margin target of 84% to 86% and expects modest additional accretion through the remainder of 2026, particularly in the fourth quarter. Thurman said operating expenses are now expected to total around $600 million for the year. While management sees a clearer path toward profitability as revenue grows, Thurman said Glaukos intends to continue investing in commercialization and clinical development to support its product launches and pipeline, while managing the business toward cash-flow breakeven. Glaukos Corporation is a medical technology company specializing in the development, manufacturing and commercialization of innovative therapies for patients with glaucoma and other chronic eye diseases. The company's core offerings focus on micro-invasive glaucoma surgery (MIGS), designed to reduce intraocular pressure and manage glaucoma more safely and effectively than traditional surgical approaches. Glaukos's flagship products include the iStent, iStent inject and iStent infinite trabecular micro-bypass stents, which are implanted during cataract surgery to improve aqueous outflow and help control eye pressure. Beyond its MIGS portfolio, Glaukos has expanded into sustained drug-delivery solutions. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Record Q2 performance was primarily driven by the rapid commercial scaling of iDose TR, which generated approximately $74 million in sales as physician interest and adoption accelerated. The U.S. glaucoma franchise grew 64% year-over-year, reflecting a broader treatment paradigm shift toward earlier interventional care and expanding market access. Epioxa's initial launch phase delivered $11 million in net sales, supported by the successful deployment of O2N systems covering roughly 85% of the U.S. population. International growth of 17% was broad-based across major markets, though management noted emerging reimbursement headwinds in Germany and Switzerland. Management attributes the significant guidance raise to outperformance across all franchises, signaling confidence in the durability of the interventional glaucoma and keratoconus markets. Operational leverage improved as gross margins reached 85%, driven by a favorable product mix shifting toward higher-margin transformative therapies. Full-year 2026 net sales guidance was raised to $680 million to $700 million, reflecting increased expectations for both iDose TR and the Corneal Health franchise. Management expects a potential 'air pocket' or volatility in Q3 Corneal Health results due to the transition from Photrexa to the permanent J-code for Epioxa. The iDose TR revenue target for 2026 is now projected between $275 million and $280 million, assuming continued expansion into commercial and Medicare Advantage populations. Pipeline milestones include targeted FDA approval for iDose TRIO by late 2027 and the commencement of Phase III trials for third-generation customized iLink therapy in 2027. Financial strategy remains focused on reaching cash flow breakeven while maintaining high R&D investment to support 13 publicly disclosed clinical programs. A new permanent J-code (J2789) for Epioxa became effective July 1, 2026, which is expected to streamline reimbursement despite near-term operational transition challenges. Proposed 2027 CMS rules largely maintain existing facility payments and physician fee rates, providing a stable regulatory outlook for core procedures. International revenue growth is expected to face headwinds in the second half of 2026 as favorable currency tailwinds abate and new competitive product trialing begins. Management expressed confidence that proposed Medicare Local Coverage Determinations (LCDs) for iDose TR will ultimately be revised to be more favorable following strong physician advocacy. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management believes the final LCD will likely be more favorable due to overwhelming clinical evidence and physician opposition to proposed 'step edits' involving drops or SLT. Even under restrictive scenarios, the existing pool of 500,000 to 600,000 annual SLT procedures provides a significant target market for iDose adoption. The shift to a permanent J-code on July 1 requires a 'partial reset' of prior authorizations, which may cause temporary volatility in Q3 before stabilizing in Q4. Early indicators are strong, with a significant backlog of patients in the hub portal seeking approval for the new epithelium-on therapy. While revenue growth provides a clear line of sight to near-term profitability, the company will prioritize spending roughly $600 million in annual OpEx to maximize long-term growth. Investment is specifically targeted at scaling the specialty pharma infrastructure and advancing the next-generation iDose TREX and TRIO programs. Management views the keratoconus market as significantly under-penetrated, with potential to grow from 20,000 annual procedures to over 50,000. Glaukos plans to defend its leadership via a third-generation topographically guided therapy entering trials in 2027, aimed at superior visual acuity outcomes.

This article first appeared on GuruFocus. Revenue: Record second quarter consolidated net sales of $185.6 million, up 50% on a reported basis and 49% on a constant currency basis versus the year-ago quarter. US Glaucoma Franchise Revenue: Record second quarter net sales of $118.5 million, up 64% year-over-year. iDose TR Revenue: Generated sales of approximately $74 million in the second quarter. International Glaucoma Franchise Revenue: Record net sales of $36.6 million, up 17% on a reported basis and 16% on a constant currency basis year-over-year. Corneal Health Franchise Revenue: Net sales of $30.4 million, up 48% year-over-year. Epioxa Revenue: Net sales of approximately $11 million. Full Year 2026 Net Sales Guidance: Raised to $680 million to $700 million, an increase of $60 million to $65 million over prior guidance of $620 million to $635 million. Warning! GuruFocus has detected 6 Warning Signs with GKOS. Is GKOS fairly valued? Test your thesis with our free DCF calculator. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record second quarter consolidated net sales of $185.6 million, up 50% year-over-year, driven by strong performance across all franchises. iDose TR generated approximately $74 million in sales, with strong physician adoption and a growing body of clinical evidence. Epioxa launch is progressing well, with access pathways established for over 125 million covered commercial lives and a site-of-care network reaching 85% of the US population. Gross margins improved to approximately 85%, driven by favorable product mix from iDose TR and Epioxa. Full-year 2026 net sales guidance raised to $680-$700 million, reflecting confidence in sustained growth momentum. Potential volatility in Q3 2026 corneal health revenue due to the transition from Photrexa to Epioxa's permanent J-code. Proposed local coverage determinations (LCDs) for iDose TR could impose restrictive criteria, potentially limiting patient access and physician flexibility. International glaucoma franchise faces competitive trialing headwinds and reimbursement challenges in Germany and Switzerland. Foreign currency tailwinds are expected to abate, creating a relative headwind for international revenue in the second half of 2026. Epioxa's gross-to-net pricing is expected to be around $60,000, impacted by Medicaid and 340B discounts, which may pressure net revenue. Here are the key highlights from the Glaukos Corp (NYSE:GKOS) Q2 2026 earnings call, presented as summarized Q&A pairs. Q: Can you provide an update on the iDose TR Local Coverage Determination (LCD) process and your confidence in a revised policy?A: (Joseph Gilliam, President & COO) We were encouraged by the overwhelming support from physicians and medical societies during the open meetings, which validated the clinical value of iDose. We believe the MACs are digesting this evidence and that a final LCD should come out in a more favorable position. There was strong opposition to the proposed step-edit criteria. Even if the policy were finalized as proposed, the strength of our current business shortens the bridge to 2027 expectations, and the large existing SLT market (500k-600k procedures annually) provides a significant opportunity for iDose. Q: What are your updated expectations for the 2026 corneal health revenue growth, and how should we think about the Q3 and Q4 cadence for Epioxa?A: (Joseph Gilliam, President & COO) We are now confident that the overall corneal health business will grow approximately 20% plus or minus year-over-year. However, Q3 will see some volatility due to the transition from the miscellaneous J-code to the permanent J-code (J2789) for Epioxa, which may create a temporary "air pocket." We expect this transition to be behind us by Q4, leading to a stronger finish to the year. Q: How are you thinking about the revenue contribution from iDose TR versus the stent business and international segments for the second half of 2026?A: (Joseph Gilliam, President & COO) For the full year, we expect US glaucoma to grow ~50% year-over-year, driven by low single-digit growth in the broader portfolio and iDose TR revenue landing in the $275M-$280M range. International glaucoma is now expected to achieve low-to-mid teens growth, though FX tailwinds will abate. Corneal health is expected to grow ~20% year-over-year, factoring in the Q3 transition. Q: How do you think about the gross-to-net pricing for Epioxa and the dynamics of the O2n system placements?A: (Joseph Gilliam, President & COO) A safe starting point for Epioxa's net price is around $60,000, which factors in Medicaid and other required discounts. Regarding the O2n systems, we have successfully deployed them to serve ~85% of the US population, with a pipeline to reach ~95%. We have focused on converting our top-tier existing customers, and the early utilization and patient submissions into our hub have been very encouraging. Q: Given the strong top-line performance, how should we think about profitability and operating expenses in the back half of the year?A: (Alex Thurman, CFO) We were pleased with the P&L progress, including margin expansion and cash generation. While we have a clear line of sight to profitability, our focus remains on prudently reinvesting into the commercial launches and R&D pipeline to maximize long-term growth. For the full year, we expect operating expenses to land around $600 million. Q: Was the substantial sequential uplift in iDose TR revenue driven by any pull-forward related to the LCD backdrop?A: (Joseph Gilliam, President & COO) No, we do not believe there was any LCD-related pull-forward. The strong performance was driven by an acceleration across various MACs, particularly with the addition of professional fees in NGS and Palmetto, and a nice uptick in commercial and Medicare Advantage patient volumes. We remain somewhat cautious about translating this Q2 strength into Q3 due to typical seasonal volume declines. Q: What is the cadence of prior authorization submissions for Epioxa, and how is the backlog looking?A: (Joseph Gilliam, President & COO) A significant portion of the $11M in Q2 Epioxa revenue was realized late in the quarter. The July 1 permanent J-code is a key milestone but creates a partial reset in the approval process, which is why we expect volatility in Q3. However, we are extremely encouraged by the sheer number of patients being submitted for approval, which makes us very bullish on the product's intermediate-term potential. Q: How are Epioxa customers viewing the specialty pharmacy option versus the buy-and-bill model?A: (Joseph Gilliam, President & COO) Larger institutions and groups with experience are comfortable with buy-and-bill from the start. Broader community-based practices are leaning more heavily on the specialty pharmacy option in these early days. We expect a shift toward buy-and-bill over time as providers gain confidence from seeing consistent approvals, but this will be a multi-year journey. Q: How do you see the competitive landscape for Epioxa evolving, particularly with potential new entrants and alternative therapies like scleral lenses?A: (Joseph Gilliam, President & COO & Thomas Burns, CEO) We are many years away from market share dynamics outweighing overall market expansion. Scleral lenses are not a competitive solution but are often used post-procedure. We are focused on building the market from ~20,000 eyes annually to a potential 50,000-100,000. Furthermore, (Thomas Burns, CEO) we are already advancing a third-generation customized topographically guided iLink therapy (Phase III in 2027) that could offer demonstrably better outcomes, ensuring we protect the marketplace we are building. Q: What are you seeing from early iDose TR re-administration data, and is there any cannibalization of devices?A: (Joseph Gilliam, President & COO) We are seeing successful re-administration procedures being completed for our earliest commercial patients. We view this as additive to the therapy algorithm, not cannibalistic, as it allows patients to stay on the therapy as the initial iDose wears off. This will be further enhanced by the future approval of iDose TREX. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

ALISO VIEJO, Calif., July 29, 2026--(BUSINESS WIRE)--Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, today announced financial results for the second quarter ended June 30, 2026. Key highlights include: Record net sales of $185.6 million in Q2 2026 increased 50% year-over-year on a reported basis and 49% year-over-year on a constant currency basis. Glaucoma record net sales of $155.2 million in Q2 2026 increased 50% year-over-year. U.S. Glaucoma record net sales of $118.5 million in Q2 2026 increased 64% year-over-year. Gross margin of approximately 82% and non-GAAP gross margin of approximately 85% in Q2 2026. Raised 2026 net sales guidance to $680 million to $700 million, compared to $620 million to $635 million previously. "Our record second quarter results reflect successful global execution across our key global commercial and development priorities, leaving us well positioned to sustain our strong growth momentum driven by two transformational growth drivers in iDose TR and Epioxa," said Thomas Burns, Glaukos chairman and chief executive officer. "We continue to successfully advance our robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases." Second Quarter 2026 Financial Results Net sales in the second quarter of 2026 of $185.6 million increased 50% on a reported basis, or 49% on a constant currency basis, compared to $124.1 million in the same period in 2025. Gross margin for the second quarter of 2026 was approximately 82%, compared to approximately 78% in the same period in 2025. Non-GAAP gross margin for the second quarter of 2026 was approximately 85%, compared to approximately 83% in the same period in 2025. Selling, general and administrative (SG&A) expenses for the second quarter of 2026 increased 39% to $116.1 million, compared to $83.4 million in the same period in 2025. Non-GAAP SG&A expenses for the second quarter of 2026 increased 34% to $111.7 million, compared to $83.1 million in the same period in 2025. GAAP and non-GAAP research and development (R&D) expenses for the second quarter of 2026 increased 40% to $51.3 million, compared to $36.5 million in the same period in 2025. Loss from operations in the second quarter of 2026 was $17.3 million, compared to operating loss of $22.7 million in the second quarter of 2025. Non-GAAP loss from operations in the second quarter of 2026 was $7.6 million, compared to non-GAAP operating loss of $16.6 million in the second quarter of 2025. Net loss in the second quarter of 2026 was $18.4 million, or ($0.31) per diluted share, compared to net loss of $19.7 million, or ($0.34) per diluted share, in the second quarter of 2025. Non-GAAP net loss in the second quarter of 2026 was $8.3 million, or ($0.14) per diluted share, compared to non-GAAP net loss of $13.6 million, or ($0.24) per diluted share, in the second quarter of 2025. Included in non-GAAP loss from operations, non-GAAP net loss, and non-GAAP EPS for the second quarter of 2026 is an acquired in-process R&D (IPR&D) charge of $1.5 million, which caused the non-GAAP loss per diluted share to have an additional loss of ($0.02) in the second quarter of 2026. The company ended the second quarter of 2026 with approximately $289.3 million in cash and cash equivalents, short-term investments and restricted cash, and no debt. 2026 Revenue Guidance The company expects 2026 net sales to be in the range of $680 million to $700 million based on the latest foreign currency exchange rates. Webcast & Conference Call The company will host a conference call and simultaneous webcast today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results and provide additional information about the company’s financial outlook. A link to the webcast is available on the company’s website at http://investors.glaukos.com. To participate in the conference call, please dial 833-461-5787 (U.S.) or 585-542-9983 (international) and enter Conference ID 626961391. A replay of the webcast will be archived on the company’s website following completion of the call. Quarterly Summary Document The company has posted a document on its Investor Relations website under the "Financials & Filings – Quarterly Results" section titled "Quarterly Summary." This Quarterly Summary document is designed to provide the investment community with a summarized and easily accessible reference document that details the key facts associated with the quarter, the state of the company’s business objectives and strategies, and any forward statements or guidance the company may make. This document is provided alongside the company’s earnings press release and is designed to be read by investors before the regularly scheduled quarterly conference call. It is the company’s goal that this format will make its quarterly earnings process more efficient and impactful for the investment community. About Glaukos Glaukos (www.glaukos.com) is an ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. In 2024, Glaukos commenced commercial launch activities for iDose® TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rarely diagnosed corneal disorder. Glaukos continues to successfully develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases. Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of federal securities laws. All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on management’s current expectations, assumptions, estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our iDose TR and Epioxa therapies; the impact of general macroeconomic conditions including foreign currency fluctuations and future public health crises; supply and/or manufacturing disruptions, including those impacting our principal revenue-producing products, including the risk of recalls or serious safety issues with our products; our ability to achieve or sustain profitability, generate sales of our commercialized products and develop and commercialize additional products; risks associated with our international operations; our ability to meet our customers’ expectations for the quality or delivery of our products; the potential for misuse of our products; our ability to manage our growth and meet customer demand; the success of our acquisitions, collaborations, in licensing agreements, joint ventures, alliances or partnerships with third parties; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; risks related to the implementation of artificial intelligence and machine learning technologies; the availability of net operating loss tax carryforwards; risks related to our capped call transactions; changes to domestic or foreign healthcare laws or trade policies, which could impact our profitability; the high cost of regulatory compliance, including the requirements of participation in federal healthcare programs such as Medicare and Medicaid and regulations for the approval and sale and marketing of our products and of our manufacturing processes; risks related to securing or maintaining adequate coverage or reimbursement by government or third-party payors the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; and our ability to protect, and the expense and time-consuming nature of protecting, our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation. These and other known risks, uncertainties and factors are described in detail under the caption "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which was filed with the SEC on April 30, 2026, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which we expect to file on or before August 10, 2026. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law. Statement Regarding Use of Non-GAAP Financial Measures To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) ("Non-GAAP Purposes"). The Company uses the term "Non-GAAP" to exclude certain expenses, gains and losses to achieve the Non-GAAP Purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment associated with the exchange or redemption of convertible senior notes; significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See "GAAP to Non-GAAP Reconciliations" for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure. In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See "Reported Sales vs. Prior Periods" for a presentation of certain net sales information on a reported, GAAP and a constant currency basis. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729717850/en/ Contacts Chris LewisVice President, Investor Relations & Corporate [email protected]