Highlights

  • Net sales were $185.6 million for the three months ended June 30, 2026, against $124.1 million a year earlier.
  • Net loss was $18.4 million, or $0.31 per basic and diluted share, and the accumulated deficit was $971.3 million.
  • Net sales of glaucoma products in the United States were $118.5 million, and corneal health net sales were $30.4 million.
  • Management raised full year 2026 net sales guidance to $680 million to $700 million, from $620 million to $635 million.

Glaukos Corporation (NYSE: GKOS) shares were trading at USD 183.85 on October 27, 2026, up 3.13%, with a relative volume at time of 3.95. The ophthalmic pharmaceutical and medical technology company received a permanent J-code for Epioxa on April 15, 2026, filed its 10-Q on July 29, 2026, and reported second quarter 2026 results along with raised full year net sales guidance.

Glaukos is incorporated in Delaware and lists its principal executive offices in Aliso Viejo, California. It develops dropless platform therapies for glaucoma, corneal disorders and retinal disease. Products include the iStent family of Micro-Invasive Glaucoma Surgery devices, iDose TR, a sustained-release glaucoma therapy, and Epioxa, a therapy for keratoconus. It also sells Photrexa and iLink bioactivation systems. The company operates in one reportable segment, manufactures in San Clemente, California, and Burlington, Massachusetts, and ends its fiscal year on December 31.

Second Quarter 2026 Results

Net sales were $185,610 thousand for the three months ended June 30, 2026, against $124,120 thousand a year earlier, an increase of approximately 50%. Gross margin was 82%, against 78%. Gross profit was $151,594 thousand.

Net sales of glaucoma products in the United States were $118.5 million, against $72.3 million, an increase of 64% that the company tied mainly to higher iDose TR volume. International glaucoma net sales were $36.6 million, against $31.3 million, with reimbursement challenges in Germany partly offsetting growth. Corneal health net sales were $30.4 million, against $20.6 million, mainly from U.S. Epioxa sales.

Operating expenses were $168,861 thousand, against $119,913 thousand. Selling, general and administrative expenses were $116.1 million, up $32.7 million, with $9.4 million of the increase related to higher stock-based compensation. Research and development expenses were $51.3 million, up $14.8 million. Acquired in-process research and development was $1,500 thousand.

Loss from operations was $17,267 thousand, against $22,689 thousand. Net loss was $18,377 thousand, against $19,657 thousand, and basic and diluted net loss per share was $0.31, against $0.34. For the six months, net sales were $336,181 thousand and net loss was $38.2 million.

Liquidity and Operating Cash Flow

Cash, cash equivalents and short-term investments totaled approximately $286.2 million at June 30, 2026, and restricted cash totaled approximately $3.1 million. Working capital was $413.4 million. Operating activities provided $2.3 million in net cash for the six months, against $11.5 million used a year earlier.

The company said it plans to fund operations with existing cash and investments and cash from commercial operations, and that it may seek debt or equity financing. It said there is no assurance that it will be able to obtain financing on acceptable terms or will be profitable or generate cash from operations in the future. It expects 2026 capital expenditures to be higher than in 2025.

Regulatory and Reimbursement Developments

CMS assigned HCPCS J-code J2789 to Epioxa, effective July 1, 2026. The company is moving commercial efforts and manufacturing from Photrexa to Epioxa, with completion projected by the end of the third quarter of 2026. It anticipates some potential disruption in U.S. Corneal Health during 2026 during that transition.

Five of seven Medicare Administrative Contractors issued proposed Local Coverage Determinations for iDose TR. Public comment closed on July 4, 2026, and the proposals have not been finalized. The company said the timing, content and impact of any final determinations remain uncertain. In January 2026, the FDA approved a supplemental application for re-administration of iDose TR.

Management Outlook

On its earnings call, management said it expects full year 2026 net sales of $680 million to $700 million, raised from $620 million to $635 million. It expects iDose TR revenue of $275 million to $280 million, corneal health growth of 20%, plus or minus, and U.S. glaucoma growth of approximately 50%. Management said it expects gross margin of 84% to 86% and operating expenses of around $600 million.