Glaukos Announces Third Quarter 2025 Financial Results

ALISO VIEJO, Calif.--( 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 third quarter ended September 30, 2025. Key highlights include:

“Our record third quarter results reflect continued strong momentum in our business driven by successful global execution of our key strategic plans,” 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.”

Third Quarter 2025 Financial Results

Net sales in the third quarter of 2025 of $133.5 million increased 38% on a reported basis, or 37% on a constant currency basis, compared to $96.7 million in the same period in 2024.

Gross margin for the third quarter of 2025 was approximately 78%, compared to approximately 77% in the same period in 2024. Non-GAAP gross margin for the third quarter of 2025 was approximately 84%, compared to approximately 82% in the same period in 2024.

Selling, general and administrative (SG&A) expenses for the third quarter of 2025 increased 30% to $83.0 million, compared to $64.0 million in the same period in 2024. Non-GAAP SG&A expenses for the third quarter of 2025 increased 32% to $83.2 million, compared to $63.3 million in the same period in 2024.

GAAP and non-GAAP research and development (R&D) expenses for the third quarter of 2025 increased 10% to $38.1 million, compared to $34.7 million in the same period in 2024.

Loss from operations in the third quarter of 2025 was $16.4 million, compared to operating loss of $24.7 million in the third quarter of 2024. Non-GAAP loss from operations in the third quarter of 2025 was $9.3 million, compared to non-GAAP operating loss of $18.4 million in the third quarter of 2024.

Net loss in the third quarter of 2025 was $16.2 million, or ($0.28) per diluted share, compared to net loss of $21.4 million, or ($0.39) per diluted share, in the third quarter of 2024. Non-GAAP net loss in the third quarter of 2025 was $9.2 million, or ($0.16) per diluted share, compared to non-GAAP net loss of $15.2 million, or ($0.28) per diluted share, in the third quarter of 2024.

The company ended the third quarter of 2025 with approximately $277.5 million in cash and cash equivalents, short-term investments and restricted cash, and no debt.

2025 Revenue Guidance

The company expects 2025 net sales to be in the range of $490 million to $495 million based on the latest foreign currency exchange rates.

2026 Preliminary Revenue Guidance

The company expects preliminary 2026 net sales to be in the range of $600 million to $620 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 800-715-9871 (U.S.) or 646-307-1963 (international) and enter Conference ID 5255602. 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 or Epioxa therapies; the impact of general macroeconomic conditions including foreign currency fluctuations and future health crises on our business; our ability to continue to generate sales of our commercialized products and develop and commercialize additional products; our dependence on a limited number of third-party suppliers, some of which are single-source, for components of our products; the occurrence of a crippling accident, natural disaster, or other disruption at our primary facility, which may materially affect our manufacturing capacity and operations; securing or maintaining adequate coverage or reimbursement by governmental or third-party payors for procedures using our existing products or other products in development, and our compliance with the requirements of participation in federal healthcare programs such as Medicare and Medicaid; our compliance with federal, state and foreign laws and regulations for the approval and sale and marketing of our products and of our manufacturing processes; the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; the risk of recalls or serious safety issues with our products and the uncertainty of patient outcomes; 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; 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; and our ability to service our indebtedness. 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 in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which was filed with the SEC on August 4, 2025, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is expected to be filed with the SEC by November 10, 2025. 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.

GLAUKOS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

133,537

96,670

364,321

277,982

28,831

22,584

80,043

65,392

104,706

74,086

284,278

212,590

82,999

64,000

237,047

192,163

38,072

34,746

106,963

99,898

14,229

121,071

98,746

344,010

306,290

(16,365

)

(24,660

)

(59,732

)

(93,700

)

2,552

2,700

8,202

8,611

(1,175

)

(1,663

)

(3,489

)

(8,468

)

(18,012

)

(1,009

)

2,391

1,793

(338

)

368

3,428

6,506

(18,207

)

(15,997

)

(21,232

)

(53,226

)

(111,907

)

234

177

808

885

(16,231

)

(21,409

)

(54,034

)

(112,792

)

(0.28

)

(0.39

)

(0.95

)

(2.18

)

57,398

55,037

57,083

51,804

September 30,

December 31,

2025

2024

(unaudited)

98,246

169,626

175,466

149,289

98,684

60,744

63,863

57,678

18,509

12,455

454,768

449,792

3,834

4,733

110,944

97,867

31,536

30,254

40,007

41,816

264,136

263,445

66,710

66,134

27,443

20,715

999,378

974,756

19,883

13,026

67,633

62,099

87,516

75,125

35,847

33,936

68,468

69,463

6,921

6,928

31,083

22,373

229,835

207,825

issued and outstanding as of September 30, 2025 and December 31, 2024

1,566,029

1,509,831

3,062

2,615

(799,473

)

(745,439

)

(132

)

(132

)

769,543

766,931

999,378

974,756

28,831

(7,310

)

21,521

22,584

(5,523

)

17,061

78.4

5.5

83.9

76.6

5.8

82.4

82,999

243

83,242

64,000

(705

)

63,295

(16,365

)

7,067

(9,298

)

(24,660

)

6,228

(18,432

)

(16,231

)

7,067

(9,164

)

(21,409

)

6,228

(15,181

)

(0.28

)

0.12

(0.16

)

(0.39

)

0.11

(0.28

)

(a)

Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $5.5 million in Q3 2025 and Q3 2024.

(b)

Mobius acquisition-related amortization expense of developed intellectual property of $0.5 million.

(c)

Non-recurring, non-cash charge related to the write-down of certain inventory of $1.3 million.

(d)

Mobius contingent consideration fair value adjustment.

(e)

Avedro acquisition-related amortization expense of customer relationship intangible assets.

(f)

Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2025 and 2024.

80,043

(18,597

)

61,446

65,392

(16,569

)

48,823

78.0

5.1

83.1

76.5

5.9

82.4

237,047

(52

)

236,995

192,163

(2,115

)

190,048

(59,732

)

18,649

(41,083

)

(93,700

)

18,684

(75,016

)

(18,012

)

18,012

(54,034

)

18,649

(35,385

)

(112,792

)

36,696

(76,096

)

(0.95

)

0.33

(0.62

)

(2.18

)

0.71

(1.47

)

(a)

Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $16.6 million year-to-date Q3 2025 and year-to-date Q3 2024.

(b)

Mobius acquisition-related amortization expense of developed intellectual property of $0.7 million.

(c)

Non-recurring, non-cash charge related to the write-down of certain inventory of $1.3 million.

(d)

Mobius acquisition-related transaction expense of $0.3 million.

(e)

Mobius contingent consideration fair value adjustment of $0.2 million.

(f)

Avedro acquisition-related amortization expense of customer relationship intangible assets.

(g)

Expenses associated with the exchange of convertible senior notes, consisting of a non-cash inducement charge of $17.4 million and direct transaction costs of $0.6 million.

(h)

Year-over-Year Percent Change

Quarter-over-Quarter Percent Change

3Q 2025

3Q 2024

2Q 2025

Reported

Operations (1)

Currency (2)

Reported

Operations (1)

Currency (2)

29,443

24,467

31,251

20.3

17.0

3.3

(5.8

(7.0

1.2

133,537

96,670

124,120

38.1

37.3

0.8

7.6

7.3

0.3

(1) Operational growth excludes the effect of translational currency

(2) Calculated by converting the current period numbers using the prior period’s average foreign exchange rates