Key Highlights

  • Net sales reached USD 211.0 million in Q3 2026, a 58% increase from USD 133.5 million a year earlier.
  • Non-GAAP diluted earnings per share were USD 0.47, compared with a consensus estimate of a USD 0.10 loss.
  • Corneal Health sales grew 154% to USD 59.0 million, with Epioxa contributing roughly USD 53 million in the quarter.
  • Full-year 2026 net sales guidance spans USD 775 million to USD 785 million, up USD 90 million at the midpoint.

Glaukos Corporation (NYSE:GKOS) reported third-quarter 2026 net sales of USD 211.0 million, above a consensus estimate of USD 168.0 million and 58% higher than the USD 133.5 million recorded in the same quarter of 2025. Non-GAAP diluted earnings per share came to USD 0.47, well above a consensus estimate of a USD 0.10 loss, on non-GAAP net income of USD 28.5 million.

On a GAAP basis, net income was USD 2.0 million, or USD 0.03 per diluted share, versus a net loss of USD 16.2 million, or USD 0.28 per share, a year ago. Gross profit rose to USD 179.9 million from USD 104.7 million, lifting the GAAP gross margin to 85% from 78%. Management cited more than USD 50 million of cash generation in the period, and cash, cash equivalents and short-term investments totaled about USD 336.7 million at September 30.

Franchise Sales and Cost Detail

Corneal Health sales of USD 59.0 million compared with USD 23.3 million a year earlier, driven by Epioxa, the first FDA-approved epithelium-on corneal cross-linking therapy for keratoconus, partly offset by lower Photrexa sales as customers switched products. Epioxa operated in more than 200 treatment sites at quarter end, and executed contracts would extend the network beyond 300. Access pathways cover about 90% of commercial lives and more than 80% of Medicaid lives in the United States.

U.S. Glaucoma sales rose 47% to USD 118.6 million, with iDose TR contributing about USD 76 million. International Glaucoma added USD 33.4 million, up 13% as reported and 15% in constant currency. Selling, general and administrative expense climbed 58% to USD 130.9 million, which included a USD 14.1 million accrual tied to a Resolution Agreement payment, while research and development spending rose 26% to USD 48.1 million.

Guidance Raised and a 2027 Revenue Marker

CEO Thomas Burns said the third-quarter outperformance prompted a USD 90 million increase at the midpoint of full-year 2026 net sales guidance, to a range of USD 775 million to USD 785 million. He also introduced a highly preliminary 2027 revenue figure of USD 1 billion, which factors in the continued rollouts of Epioxa and iDose TR, the surgical MIGS landscape and the International Glaucoma franchise.

The president and chief operating officer said the company reviewed the scenarios it was aware of, including downside cases tied to the proposed Medicare local coverage determinations for iDose TR, before settling on that figure. Operating expenses are guided to grow 25% to 30% in the fourth quarter, which would bring full-year 2026 operating expenses to roughly USD 630 million, a rise of just over 30%. Management added that granular 2027 expense detail would come on a later call.

Signposts Ahead

Five items offer measurable checkpoints. Epioxa's site-of-care network is the first, moving from more than 200 sites toward more than 300. The second is the proposed Medicare coverage determinations for iDose TR, where management said it has engaged in the process while preparing for a variety of potential outcomes. Third is fourth-quarter operating expense growth against the 25% to 30% guide. Fourth are the pipeline readouts targeted by year end, namely topline Phase II data for the Demodex blepharitis candidate and Phase II axitinib data in retina. Fifth is the keratoconus screening device, which the company said remains on schedule to launch as 2027 begins, alongside a target of FDA approval for iDose TRIO by the end of 2027.