Glaukos Corporation Reports 41% Revenue Growth to $150.6 Million in Q1 2026

Glaukos Corporation reported significant financial performance for the first quarter of 2026, with net sales reaching $150.6 million, a 41% increase from $106.7 million in the same period last year. The growth was primarily driven by a 58% rise in U.S. glaucoma product sales, totaling $93.5 million, largely attributed to the higher sales volume of the iDose TR product. International sales also saw a 23% increase, amounting to $35.8 million, benefiting from favorable foreign exchange rates, particularly with the Euro. Despite the revenue growth, the company recorded a net loss of $19.8 million, slightly higher than the $18.1 million loss reported in the prior year.

Operating expenses for Glaukos increased to $137.1 million from $103.0 million, reflecting a 33% rise. This increase was driven by higher selling, general, and administrative (SG&A) expenses, which rose by 32% to $92.9 million, primarily due to increased personnel costs and stock-based compensation. Research and development (R&D) expenses also grew by 36% to $44.1 million, as the company continued to invest in its product pipeline, including ongoing clinical studies and regulatory activities for its glaucoma and corneal health products.

In terms of operational developments, Glaukos has commenced a controlled commercial launch of Epioxa, a new treatment for keratoconus, which received FDA approval in 2025. The company also entered into an Option Agreement with a biopharmaceutical company to potentially license or acquire proprietary technology for drug development, with upfront payments of up to $17.5 million contingent on achieving specific milestones. Additionally, the U.S. Centers for Medicare and Medicaid Services assigned a unique J-code for Epioxa, effective July 1, 2026, which is expected to streamline the reimbursement process for the new product.

As of March 31, 2026, Glaukos reported total assets of $893.3 million, with cash and cash equivalents increasing to $104.2 million from $90.8 million at the end of 2025. The company’s working capital also improved to $396.3 million, indicating sufficient liquidity to cover short-term obligations. However, the company continues to face challenges, including potential disruptions from macroeconomic conditions and the need to manage its growth effectively. Looking ahead, Glaukos anticipates increased utilization of its iDose TR product and continued expansion in its international markets, while also preparing for the transition from Photrexa to Epioxa in its corneal health franchise.