Glaukos Misses Q4 Earnings Estimates, Raises 2026 Revenue Outlook

Glaukos Corporation GKOS reported fourth-quarter 2025 adjusted loss of 28 cents per share, which missed the Zacks Consensus Estimate of a loss of 22 cents by 0.06%. The figure improved from the year-ago quarter’s adjusted loss of 40 cents per share.

For the full year, adjusted loss per share was 90 cents, up 51.6% from the comparable 2024 period.

The GAAP loss per share was $2.32 compared with the prior-year quarter’s reported loss of 60 cents.

Revenue Details

Glaukos registered revenues of $143.1 million in the fourth quarter, up 36% year over year on a reported basis and 34% at constant currency (cc). The figure also surpassed the Zacks Consensus Estimate by 6%.

Total revenues for 2025 were $507.4 million, up 32% year over year on a reported basis and at cc from the year-ago period’s levels.

Quarter in Detail

The company recorded net sales of $119.2 million for Glaucoma, up 42% year over year. Sales at Corneal Health totaled $24 million.

GKOS’ Margin Analysis

Adjusted gross profit increased 40.3% year over year to $121.8 million. The adjusted gross margin was 85.1% compared with 82.3% in the year-ago period.

Selling, general and administrative expenses rose 37.2% year over year to $94.7 million. Research and development expenses totaled $43.7 million, up 19.5% year over year. Total operating expenses were $138.4 million, up 31% from the prior-year period’s level.

The operating loss increased to $139.9 million from $28.7 million in the year-ago period. The adjusted operating loss was $16.4 million, narrower than the year-ago quarter’s reported loss of $18.3 million.

Glaukos Corporation Price, Consensus and EPS Surprise

Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote

Financial Update

Glaukos exited the fourth quarter of 2025 with cash and cash equivalents and short-term investments of $282.6 million compared with $277.5 million at the end of third-quarter 2025.

2026 Guidance

The company raised its guidance for 2026 revenues. It expects net sales in the range of $600-$620 million. The Zacks Consensus Estimate for the same is pegged at $610.6 million. The loss per share estimate is pinned at 33 cents, implying 60.9% improvement year over year.

Our Take in GKOS

Glaukos delivered a strong finish to 2025, posting strong fourth-quarter revenue results reflecting growth and continued momentum across its glaucoma and corneal health portfolios. Entering 2026, management highlighted two key drivers - continued adoption of iDose TR and the launch of Epioxa, a new interventional approach to keratoconus and rare corneal diseases. These differentiated platforms support long-term growth, backed by ROI-focused investment and cash flow management.

The U.S. glaucoma growth was fueled by rapid adoption of iDose TR, broader physician utilization, surgeon training and strong clinical confidence in the therapy’s long-term outcomes. The FDA approval for the company’s NDA labeling supplement permits unlimited re-administration of iDose TR in eligible patients and supports sustained procedure growth over time.

International glaucoma growth reflects broad-based strength across key regions and continues to be supported by investments in international infrastructure and efforts to position MIGS as the global standard of care. While competitive product trialing may create headwinds through 2026, contributions from iStent infinite following its EU MDR certification and European commercial launch late last year should partially offset these pressures.

The recent FDA approval of Epioxa introduces the first non-epithelium-removal topical cross-linking therapy for keratoconus, with drug availability expected later this quarter. GKOS is building out its Epioxa site-of-care network covering almost 50% of the U.S. population, expanding toward 90% over time as reimbursement and drug acquisition pathways mature.

The company has initiated payer engagement for Epioxa, reaching insurers covering 50% of U.S. commercial lives. A permanent J-code is expected in July 2026, with interim access supported by a miscellaneous code and patient assistance programs. Meanwhile, multiple late-stage pipeline programs across glaucoma, corneal, retinal and drug-delivery platforms continue to advance, driven by sustained R&D investment and diversified innovation platforms.

Overall, we view the quarter as reinforcing GKOS’ transition into a diversified ophthalmic growth company, with multiple commercial catalysts and pipeline milestones positioning it for durable double-digit revenue expansion.

Shares of GKOS traded flat during after-market trading following the fourth-quarter results. However, the company’s shares have gained 18.4% in the past six months against the industry’s decline of 7.1%. The broader S&P 500 Index has increased 8.1% in the same time frame.

GKOS’ Zacks Rank & Stocks to Consider

Glaukos has a Zacks Rank #3 (Hold) at present.

Some better-ranked stocks in the broader medical space are Intuitive Surgical ISRG, Veracyte VCYT and GE HealthCare Technologies Inc. GEHC.

Intuitive Surgical, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 15.7%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 13.2%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Intuitive Surgical’s shares have gained 2.7% against the industry’s  7% decline in the past six months.

Veracyte, sporting a Zacks Rank #1 at present, has an estimated earnings recession rate of 3%. VCYT’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 45.1%.

Veracyte’s shares have gained 19.8% against the industry’s 7.1% decline in the past six months.

GE HealthCare Technologies, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 9.1%. GEHC’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 7.5%.

GE HealthCare Technologies’ shares have risen 11.6% compared with the industry’s 12.9% decline in the past six months.

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This article originally published on Zacks Investment Research (zacks.com).

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