Glaukos Q2 Earnings Call Highlights

Record Q2 sales: Glaukos reported $185.6 million in second-quarter revenue, up 50% year over year, driven by strong U.S. glaucoma, international glaucoma and corneal health performance. The company raised its 2026 sales guidance to $680 million–$700 million. iDose TR led growth: U.S. glaucoma revenue rose 64% to $118.5 million, including approximately $74 million from iDose TR. Glaukos expects iDose TR revenue of roughly $275 million–$280 million in 2026, while Medicare coverage proposals remain under review. Corneal health and profitability gains: Corneal health revenue increased 48% to $30.4 million, supported by the Epioxa launch, though third-quarter results may be volatile during the transition to its permanent billing code. Gross margin reached about 85%, and management continues investing in commercialization and its pipeline while targeting cash-flow breakeven. Glaukos NYSE: GKOS reported record second-quarter 2026 consolidated net sales of $185.6 million, up 50% from the prior-year period on a reported basis and 49% on a constant-currency basis, as growth in its U.S. glaucoma, international glaucoma and corneal health businesses exceeded management’s expectations. Chairman and CEO Tom Burns said the company raised its full-year net sales guidance to $680 million to $700 million, up from its prior range of $620 million to $635 million. The company cited continued adoption of iDose TR, the launch of Epioxa, and broad-based international growth as drivers of the stronger outlook. U.S. glaucoma franchise revenue reached a record $118.5 million in the second quarter, increasing 64% year over year. iDose TR contributed approximately $74 million of that total. Burns said physician interest and adoption of iDose TR continued to grow, supported by its clinical outcomes and what the company views as a shift toward earlier interventional glaucoma care. Glaukos is focused on adding trained surgeons and active accounts, increasing utilization, expanding market access, and growing clinical evidence for the treatment. President and COO Joe Gilliam said Glaukos now expects U.S. glaucoma revenue to grow about 50%, plus or minus, for the full year. The company expects its broader U.S. glaucoma portfolio to post at least low-single-digit growth, while iDose TR revenue is expected to land in a range of roughly $275 million to $280 million in 2026. Gilliam said the second-quarter iDose performance reflected acceleration across Medicare Administrative Contractor regions as well as increased activity among commercial and Medicare Advantage patients. He said the company did not identify material demand pull-forward related to proposed Medicare local coverage determinations, or LCDs. Five of seven Medicare Administrative Contractors issued proposed LCDs for iDose TR during the quarter. Gilliam said Glaukos was encouraged by support from physicians, medical societies and patients during public meetings and comment periods. He said the company believes the evidence supporting iDose TR should lead to a more favorable final policy if LCDs are finalized. Earlier in July, CMS issued proposed 2027 rules that, as drafted, largely maintain 2026 ambulatory payment classifications, facility payments and relative physician fee rates for Glaukos procedures in hospital outpatient and ambulatory surgical center settings, Burns said. International glaucoma revenue was $36.6 million, up 17% reported and 16% on a constant-currency basis. Gilliam said Glaukos now expects low- to mid-teens international glaucoma growth for the full year. Management expects foreign-exchange tailwinds to diminish in the second half. The company also cited competitive produ...