Glaukos Corporation Q4 FY2025 earnings call

• 2025 was a milestone year with record sales, 10th IPO anniversary, over 1000 employees, and new facility groundbreaking. - 2026 growth led by iDose TR advancement and Epioxa launch. - U.S. glaucoma team executing on growing training, accounts, utilization, etc. - International glaucoma scaling infrastructure and driving MIGS. - Corneal health with Epioxa launch progress in sites, payer, and patient services. - R&D investment over $1 billion since inception with robust pipeline.

Fourth quarter consolidated net sales were $143.1 million, up 36% on a reported basis and 34% on a constant currency basis vs. year ago. Full year 2025 consolidated net sales were $507.4 million, up 32% vs. 2024. U.S. glaucoma franchise: fourth quarter net sales $86.4 million, up 53% y-o-y, with iDose TR sales ~$45 million in Q4 and ~$136 million in 2025. International glaucoma franchise: net sales $32.8 million, up 18% on a reported basis and 13% on a constant currency basis y-o-y. Corneal health franchise: net sales $24 million, up 12% y-o-y, with Photrexa net sales $21.4 million. FDA approved Epioxa for corneal cross-linking in keratoconus, with progress in establishing sites of care network, payer communications, and patient services.

• Reaffirmed full year 2026 net sales guidance range $600 million to $620 million. - U.S. glaucoma expected to grow ~30% y-o-y driven by iDose TR. - International glaucoma expected high single-digit growth. - Corneal health franchise expected modest growth with Epioxa launch transition. - Sequential growth expected for iDose throughout 2026 with seasonality considerations. - Epioxa launch expected to have growth dynamics with transition from Photrexa and J-code impact.

Q: Elaborate on Epioxa early positive coverage determinations and payer pushback on pricing.

A: Positive coverage determinations due to clinical education, no formal pushback on pricing.

Q: Factors in iDose sequential deceleration and Q1 growth.

A: Mix shift to Medicare Advantage and rep incentive pull factors, expect sequential growth in Q1.

Q: Breakdown of 2026 guidance components.

A: International glaucoma high single-digit growth, U.S. glaucoma 30% growth driven by iDose, corneal health modest growth with Epioxa transition.

Q: Cadence and sequencing of 2026.

A: Seasonality considerations, Q1 modest corneal growth, Q2 transition, Q3 J-code impact, Q4 strong exit.

Q: Interplay of iDose re-administration and TREX.

A: Monitor re-administration, multiple options for patients, halo effect on new starts.

Q: Epioxa account upgrade and Photrexa phase out.

A: Installing capital equipment, transition to Epioxa with July 1 J-code.

Q: iDose re-administration percent and halo effect.

A: Monitor re-administration, halo effect on new starts.

Q: iDose utilization and CAC meeting.

A: MAC progress, increasing utilization in broader patient population.

Q: 2026 guidance introduction and changes.

A: Early introduction, no changes yet, positive trends.

Q: Re-administration in 2026 guidance and Epioxa access programs.

A: Re-administration not material in 2026, Epioxa access programs for awareness and access.

Q: Epioxa equipment sites and coverage.

A: Installing equipment covering 50% population, conversations with top payers.

Q: Glaucoma business iDose and iStent franchise.

A: iDose commercial growth, iStent franchise flat expectation.

Q: Epioxa waitlist and 2027 growth.

A: Epioxa waitlist, expected 2027 growth.