Glaukos Q2 Earnings Beat Estimates on iDose TR Growth, Stock Up

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%.

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GKOS’ Q2 Revenue Performance

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.

Glaukos Posts Broad Segmental Growth

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.

Glaukos’ Margins Expand as Loss Narrows

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.

GKOS Strengthens Its Liquidity Position

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 Raises 2026 Revenue Guidance

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.

GKOS Expands Commercial Reach

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.

GKOS’ Epioxa Access Efforts Progress

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.

GKOS Advances Its Innovation Pipeline

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.

GKOS’ Zacks Rank & Stocks to Consider

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%.

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