Glaukos Corporation reported record fourth‑quarter 2025 net sales of $143.1 million, up 36 % year‑over‑year from $105.5 million in Q4 2024. The figure surpassed the consensus revenue estimate of $130.37 million to $139.25 million, giving the company a revenue beat of roughly $3.9 million, or about 6 %.
The company posted a non‑GAAP net loss of $133.7 million, or $2.32 per diluted share, compared with a $33.6 million loss ($0.60 per share) in the same period a year earlier. The loss widened to $133.7 million largely because of a $112.9 million one‑time impairment related to the Avedro acquisition, which reduced GAAP gross margin to 56 % from 75 % in 2024. Non‑GAAP gross margin improved to 84 % from 82 % in 2024, indicating that core operations remain profitable.
U.S. glaucoma sales rose 53 % year‑over‑year to $86.4 million, driven by a 57 % increase in iDose TR revenue, which reached approximately $45 million in Q4 2025. In contrast, the legacy iStent franchise declined by a mid‑single‑digit percentage, reflecting Medicare reimbursement restrictions that limited new product uptake.
The GAAP gross margin compression is almost entirely attributable to the Avedro impairment, while the non‑GAAP margin expansion reflects higher mix of high‑margin iDose TR and Epioxa products and improved operational leverage. The company’s operating loss widened to $133.7 million from $16.2 million in Q3 2025, but the sequential decline in loss is driven by the one‑time charge rather than a deterioration in operating performance.
Glaukos reaffirmed its 2026 sales guidance of $600 million to $620 million, unchanged from the prior guidance. The guidance signals management’s confidence that the momentum from iDose TR and the upcoming Epioxa launch will sustain growth, while the company remains cautious about international headwinds that could temper demand outside the United States.
Thomas Burns, Chairman and CEO, said the record quarter “caps off a highly successful year of global execution across our key commercial and development initiatives, leaving us well positioned to sustain our strong growth momentum in 2026 and beyond driven by two transformational growth drivers in iDose TR and now Epioxa.” CFO Joseph E. Gilliam noted that iDose TR growth was “north of 10 % sequentially” and that the company expects continued quarterly growth through 2026.
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