Glaukos Corporation

glaukos.com

What Do They Do?

Sells glaucoma implants and surgical devices, as well as bio-activated therapies for corneal disorders, to eye-care professionals and healthcare providers.

How Do They Make Money?

Customers pay for ophthalmic products, and sales count when products are delivered; invoices typically have 30 – 60 day payment terms. During the iDose TR commercial launch, the company offered extended payment terms.

revenue

Segment	Share	Revenue	How money arrives
Glaucoma Sold outright	83% FY2022: 76%		Sold outright
Corneal Health Sold outright	17% FY2022: 24%		Sold outright

Who Are Their Customers?

Ambulatory surgery centers, hospitals and physician practices are the main buyers. Most U.S. sales are direct; internationally, Glaukos sells through its own subsidiaries and uses independent distributors in some countries.

Do Revenues Turn Into Profits?

No. It lost $187.7M in FY2025.

Operating income, FY2025

−39% of revenue

▲ +63% (Loss) vs FY2024 (−$122.4M, −32%)

Net income, FY2025

−37% of revenue

▲ +28% (Loss) vs FY2024 (−$146.4M, −38%)

Free cash flow, FY2025

−4% of revenue

▼ −67% (Loss) vs FY2024 (−$67.6M, −18%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +50%; vs $124.1M in Q2 FY2025
Net income: ▼ −7% (Loss); vs −$19.7M in Q2 FY2025

Glaucoma share of revenue vs 83.4% in Q2 FY2025

Jul 29, 2026 Raised full-year 2026 revenue guidance to $680 - $700 million The new range is up from $620 - $635 million.

Growing. Revenue grew 73% in 4 years, from $294M in FY2021 to $507.4M in FY2025, about 15% a year.

iDose TR commercialization The older report described iDose TR as an unapproved pipeline implant; the latest says it is approved for sale in the United States and being commercialized.

Corneal therapy approval The older report described the no-epithelium iLink treatment as still in clinical development; the latest says Epioxa is approved and commercial launch preparations are underway.

Revenue over time

Glaucoma Corneal Health

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Alcon, Sight Sciences, AbbVie, Iantrek, New World Medical, Epion Therapeutics, PeschkeTrade, Johnson & Johnson, Novartis, Genentech/Roche, Regeneron Pharmaceuticals, and Bayer

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