Glaukos Corporation Reports 25% Revenue Growth to $106.7 Million in Q1 2025

Glaukos Corporation reported a significant increase in financial performance for the first quarter of 2025, with net sales reaching $106.7 million, a 25% increase from $85.6 million in the same period last year. The growth was primarily driven by a 41% rise in U.S. sales of glaucoma products, totaling $59.1 million, largely attributed to the commercial launch of the iDose TR product. The company's gross profit also improved, amounting to $82.3 million, resulting in a gross margin of 77%, compared to 76% in the prior year. Despite these gains, Glaukos recorded a net loss of $18.1 million, a notable reduction from the $40.8 million loss reported in the first quarter of 2024.

In terms of operational metrics, Glaukos experienced a rise in accounts receivable, which increased to $71.5 million from $60.7 million, reflecting higher sales volumes and extended payment terms associated with the iDose TR product. The company’s inventory also saw a slight increase, totaling $59.5 million, up from $57.7 million. The total employee headcount remained stable, supporting the company's ongoing operational needs as it navigates the complexities of the ophthalmic market.

Strategically, Glaukos has made significant moves, including the acquisition of a 40,000 square foot building in Aliso Viejo, California, for $16.6 million, which is expected to facilitate future expansion and reduce capital expenditures. The company continues to focus on its product pipeline, particularly in the areas of glaucoma and corneal health, while also managing the challenges posed by supply chain disruptions and inflationary pressures that have affected costs and product availability.

Looking ahead, Glaukos anticipates that the establishment of reimbursement for the iDose TR procedure will enhance its market penetration and utilization rates. However, the company remains cautious about potential impacts from competitive products entering the market and ongoing changes in reimbursement policies from Medicare Administrative Contractors (MACs). The management has indicated that while they expect continued growth, they are also preparing for the challenges posed by economic conditions and evolving market dynamics.