Q4 2025 Glaukos Corp Earnings Call Transcript
Key Points
- Glaukos Corp (GKOS) reported record fourth-quarter consolidated net sales of $143.1 million, up 36% on a reported basis and 34% on a constant currency basis compared to the previous year.
- The company achieved full-year 2025 consolidated net sales of $507.4 million, marking a 32% increase from 2024.
- Glaukos Corp (GKOS) reaffirmed its full-year 2026 net sales guidance range of $600 million to $620 million, indicating continued strong growth.
- The launch of Epioxa, a novel treatment for keratoconus, has been well-received by the physician community, with significant interest and early positive coverage determinations.
- The iDose TR product has shown strong adoption, with sales of approximately $136 million in 2025, driven by positive clinical outcomes and growing physician adoption.
- The company anticipates new competitive product trialing headwinds in some major international markets in 2026.
- The transition from Photrexa to Epioxa may cause volatility, particularly in Q2 and Q3, as the company navigates payer adoption hurdles.
- The fourth quarter saw a sequential deceleration in iDose revenue due to a mix shift towards Medicare Advantage and specific rep incentive dynamics.
- Initial patient access to Epioxa will be gated by site of care network deployment and payer adoption challenges, potentially delaying widespread adoption.
- The company faces challenges in expanding market access for iDose TR, particularly in commercial and Medicare Advantage segments.
Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to Glaukos' fourth-quarter and full-year 2025 financial results conference call. (Operator Instructions)
I would now like to turn the call over to Chris Lewis, Vice President of Investor Relations and Corporate Affairs. Chris, please go ahead.
Thank you, and good afternoon. Joining me today are Glaukos Chairman and CEO, Tom Burns; President and COO, Joe Gilliam; and CFO, Alex Thurman.
Similar to prior quarters, the company has posted a document on its Investor Relations website under the Financials and Filings Quarterly Results section titled Quarterly summary. This document is designed to be read by investors before the regularly scheduled quarterly conference call. (Operator Instructions)
Please note that all statements other than statements of historical facts made on this call that address
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