Glaukos Corporation (GKOS) Earnings
Glaukos Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $-0.21. GKOS has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +15.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $-0.30 | $-0.18 | +40.0% | $151M | +9.9% |
| Feb 17, 2026 | $-0.22 | $-0.28 | -27.3% | $143M | +6.5% |
| Oct 29, 2025 | $-0.27 | $-0.16 | +40.7% | $134M | +3.2% |
| Jul 30, 2025 | $-0.26 | $-0.24 | +7.7% | $124M | +1.4% |
| Apr 30, 2025 | $-0.33 | $-0.22 | +33.3% | $107M | +3.8% |
| Feb 20, 2025 | $-0.38 | $-0.40 | -5.3% | $105M | +4.5% |
| Jul 31, 2024 | $-0.52 | $-0.52 | +0.0% | $96M | +7.6% |
| May 1, 2024 | $-0.58 | $-0.70 | -20.7% | $86M | +7.6% |
| Feb 21, 2024 | $-0.56 | $-0.63 | -12.5% | $82M | +5.6% |
| Nov 1, 2023 | $-0.56 | $-0.50 | +10.7% | $78M | +3.7% |
| Aug 2, 2023 | $-0.57 | $-0.55 | +3.5% | $80M | +7.6% |
| May 3, 2023 | $-0.61 | $-0.59 | +3.3% | $74M | +9.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Record first quarter consolidated net sales. • Raised full year 2026 net sales guidance to 620 - 635 million. • Strong execution across global commercial and development priorities. • U.S. glaucoma franchise driven by IDOS-TR growth. • International glaucoma franchise scaled infrastructure. • Epioxa launched, redefining go-to-market for keratoconus. • Advanced clinical pipeline across novel therapeutic platforms.
Guidance
• Raised full year 2026 net sales guidance to 620 - 635 million from 600 - 620 million previously. • U.S. glaucoma franchise expected to have low 30% type growth for full year. • International glaucoma franchise expected to have low double digit growth with single digit growth in remaining quarters. • Corneal health franchise expected to have high single-digit growth for the entire year with puts and takes in individual quarters.
Segment performance
Consolidated net sales were $150.6 million, up 41% on a reported basis and 39% on a constant currency basis. U.S. glaucoma franchise: record net sales of $93.5 million, up 58% y-o-y, with IDOS-TR generating ~$54M. International glaucoma franchise: record net sales of $35.8 million, up 23% on a reported basis and 16% on a constant currency basis. Corneal health franchise: net sales of 21.3 million, up 15%, including Trexa and early Epioxa net sales of 17.7 million. IDOS-TR has 22 peer-reviewed publications and active Phase IV studies. Epioxa is commercially available, with efforts to expand site of care network and secure payer access.
Risks & headwinds
• Risks related to forward-looking statements, including uncertainties in operations, business environment, regulatory strategies, reimbursement, etc. • Potential LCD risks for IDOS, although current view is it's premature at this stage of clinical adoption curve. • Risks associated with market access hurdles for Epioxa such as payer adoption headwinds and hurdles.
Analyst Q&A
Q: Talk about early findings on Epioxa claims and prior auth processes, and demand from early utilization.
A: Joe mentioned progress with site of care network and payer pathways, encouraged by leading indicators in patient flow.
Q: Drivers of IDOS strength and Noridian, Novitas vs remaining MACs.
A: Joe said broad-based drivers, with earlier adopting MACs' contribution changing and broader patient flow funnel.
Q: Modeling help on updated guidance, drivers of U.S. glaucoma, corneal health.
A: Joe discussed growth drivers for each franchise, including international glaucoma currency effects, corneal health transition dynamics, and U.S. glaucoma growth expectations.
Q: Engagement with MAC since CAC meeting, LCD likelihood, Phase 4 studies.
A: Joe talked about MAC engagement, LCD view as premature, and details on Phase 4 studies.
Q: Existing body of evidence vs Phase 4 study for IDOS.
A: Joe and Tom discussed trends in IDOS usage, mix of standalone and combinatorial procedures, and studies for payers.
Q: Operating expense guidance and profitability.
A: Alex discussed operating expenses, reinvestment, and path to profitability.
Q: Core U.S. glaucoma business outlook.
A: Alan was told of stabilization but caution in re-rating view.
Q: Corneal health site of care network progress.
A: Alan was told of acceleration and progress towards 95% target.
Q: Epioxa market development efforts.
A: Joe discussed site of care, payer access, and initial launch machinery.
Q: IDOS re-implantation approval and interplay with labels.
A: Joe said seen successful re-administration, payer policy updates, and progress.
Q: Provider base transition for Epioxa and spend direction.
A: Joe said provider base to be in hundreds, spend in market access machinery.
Q: IDOS surgeon cohort utilization.
A: Joe said ongoing growth in utilization, with readministration becoming more material.
Q: Commercial payer progress for IDOS.
A: Joe said 99% patients have access pathways, 50% in plans with specific policies.
Q: Specialty pharmacy channel for Epioxa.
A: David was told early days of adjudicating claims, encouraged by Orsini's work.
Q: Gross margin expectations.
A: Alex said 84% margin in Q1, expecting 84% - 86% for the year.
Q: Epioxa buy and bill options and iDose Trio timeline.
A: Joe talked about buy and bill options, and iDose Trio timeline of filing by end 2026 and approval in Q4 2027.
Q: Physician pushback on Epioxa price.
A: Joe said pushback exists but not as material as initial launch.
Q: Epioxa Portrexa sunset and international expansion.
A: Joe said Portrexa to sunset by end 3Q, international expansion selective.
Q: True TAM for keratoconus and diagnostic pathway for Epioxa.
A: Joe discussed TAM estimates and investments in awareness and detection for Epioxa