Glaukos Corporation reported preliminary net sales of $143 million for the fourth quarter of 2025, a 36% increase from the $105.5 million recorded in the same period a year earlier. Full‑year 2025 net sales totaled $507 million, up 32% from $383.5 million in 2024.
The quarter’s growth was driven by robust performance across all segments. U.S. glaucoma sales rose to $86 million, with the iDose® TR intracameral drug contributing $45 million. International glaucoma generated $33 million, while corneal health sales reached $24 million. Over the full year, U.S. glaucoma revenue climbed to $299 million, iDose® TR accounted for $136 million, international glaucoma reached $122 million, and corneal health totaled $86 million.
Revenue surpassed consensus estimates by $13.6 million, or 10.5%, as analysts had projected $129.4 million for the quarter. The beat was largely attributable to the rapid adoption of iDose® TR, which captured a growing share of the glaucoma market and delivered higher pricing power. Corneal health also exceeded expectations, with $24 million in sales versus the $17 million consensus.
Management reaffirmed its 2026 net sales guidance at $600 million to $620 million, unchanged from the prior outlook. The decision reflects confidence in sustained demand but signals a modest slowdown in growth, with implied annual revenue growth of 18‑22% versus 32% in 2025. The guidance underscores a strategic pivot toward pharmaceutical products, which are expected to deliver higher margins.
While the company did not disclose Q4 2025 gross margin figures, prior-year data show a GAAP gross margin of 73% and a non‑GAAP margin of 82%. The shift to a higher‑margin pharmaceutical model, driven by iDose® TR, is anticipated to improve margin performance in subsequent periods.
CEO Thomas Burns highlighted the company’s “record fourth‑quarter preliminary results” as evidence of successful global execution and emphasized continued investment in its dropless platform pipeline. He noted that the company remains well positioned to sustain growth momentum in 2026 and beyond, despite the guidance remaining unchanged.
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