Glaukos Corporation (GKOS) Business Profile

What it does

Glaukos Corporation develops and sells medical devices and pharmaceutical therapies for eye diseases. Its products are used by ophthalmologists and other eye care professionals, and its primary customers include surgery centers, hospitals and physician practices. The company is headquartered in Aliso Viejo, California, and Thomas W. Burns is its chairman and chief executive officer.

For glaucoma, a disease that can damage the optic nerve and cause vision loss, Glaukos sells the iStent family of small implants. These devices are designed to lower pressure in the eye by improving the drainage of fluid. Some are placed during cataract surgery; iStent infinite can also be used as a standalone procedure for patients whose glaucoma remains uncontrolled after earlier treatment.

The company also sells iDose TR, an implant designed to release glaucoma medication inside the eye over an extended period. Its corneal health products address conditions such as keratoconus, in which the cornea progressively thins and changes shape. The iLink platform uses pharmaceutical formulations activated by ultraviolet light to strengthen and stabilize the cornea. Epioxa is an iLink therapy that treats keratoconus without removing the cornea’s outer layer.

Glaukos is also developing therapies for other eye conditions, including an eyelid-applied cream for Demodex blepharitis and sustained-release treatments for retinal diseases.

How it makes money

Glaukos operates in one segment: the development and commercialization of ophthalmic therapies. It earns revenue by selling glaucoma devices and pharmaceutical products, as well as corneal health therapies and associated products. Its sales efforts are directed at the clinicians who perform the procedures, while customers include the facilities and practices that purchase the products.

Net sales were $507.4 million in FY2025 and $211 million in the third quarter of 2026.

Glaucoma generated $421.1 million in FY2025, or 83.0% of revenue. The franchise includes the iStent devices, iDose TR and related accessories. iStent products are implanted during procedures, while iDose TR delivers a formulation of travoprost inside the eye over an extended period. Glaukos received FDA approval in January 2026 for readministration of iDose TR to patients who had previously received an implant.

Corneal Health generated $86.4 million in FY2025. Its products include single-use pharmaceutical formulations used with systems that deliver ultraviolet light to the cornea. Glaukos has launched Epioxa, which does not require removal of the corneal epithelium. Epioxa generated approximately $53 million of net sales in the third quarter of 2026.

Payment for these products and procedures involves government and private insurers. For iDose TR, Medicare reimbursement includes separate product, facility and physician payment components. Epioxa has a product-specific reimbursement code, and Glaukos is working with providers and a specialty pharmacy partner on reimbursement processes. For Epioxa, Glaukos advises using a $65,000 to $70,000 net average selling price in models.

Customers and how it sells

Glaukos markets its products to ophthalmic surgeons and other eye care professionals. Its primary purchasing customers are ambulatory surgery centers, hospitals and private physician practices. No single customer or distributor accounted for more than 10% of total net sales in 2025.

The company sells most products in the United States through its own sales organization. Outside the United States, it mainly uses direct sales subsidiaries, supplemented by independent distributors in countries where it has little or no direct commercial presence. Products in the iStent family are available in countries including the United Kingdom, Japan, Australia, Canada and Brazil, although reimbursement is not always available for every procedure.

The United States accounted for $375.0 million, or 73.9%, of FY2025 revenue. International revenue was $132.4 million, or 26.1%. Glaukos has also commercialized the licensed PRESERFLO MicroShunt in countries including Canada, Australia, Mexico and Brazil where it has obtained regulatory approval.

For Epioxa, Glaukos said it exited the third quarter of 2026 with more than 200 established sites of care. The company said access pathways had been established for approximately 90% of commercial lives in the United States and more than 80% of Medicaid lives; it continues to work with providers, payers and its specialty pharmacy partner on access and reimbursement.

Suppliers and costs

Glaukos manufactures its iStent products and iDose TR at its San Clemente, California, campus. Third parties in the United States and Germany primarily manufacture and supply its pharmaceutical therapies for keratoconus. The systems that activate those therapies are manufactured in Burlington, Massachusetts.

Distribution also combines internal and outside operations. In the United States, Glaukos distributes iStent products from San Clemente or a third-party distribution center, while third-party logistics providers distribute iDose TR and Photrexa. Internationally, it uses a distribution center in Germany and logistics providers in several other countries.

The company’s uses of cash include commercial activities, research and development, clinical programs, administration and capital spending. Glaukos expects research and clinical expenditures to increase as it advances trials and regulatory approvals. It also expects construction to begin in 2026 on an R&D and manufacturing facility in Huntsville, Alabama.

Some vendors have experienced raw-material and labor challenges. Glaukos has faced longer component lead times and higher costs for certain components and raw materials, although it said supply challenges generally stabilized during 2025. It recorded an impairment charge in cost of sales in 2025 related to Photrexa developed technology following Epioxa’s approval.

Competitive position

Glaukos competes with companies offering surgical devices, pharmaceuticals and other treatments for eye disease. In minimally invasive glaucoma surgery, its named competitors include Alcon, Sight Sciences, AbbVie, Iantrek and New World Medical. Its procedural pharmaceutical product also competes with AbbVie.

In corneal disorders, Glaukos has the only FDA-approved bio-activated pharmaceutical therapy for keratoconus. Epion Therapeutics is developing competing corneal cross-linking products, and some pharmacies compound pharmaceuticals that physicians may use instead of Photrexa or Epioxa. Outside the United States, Glaukos also competes with providers of corneal cross-linking therapies such as PeschkeTrade GmBH.

Glaukos relies on patents, licenses, trademarks, trade secrets and other protections. Its commercial products have FDA approvals or clearances, and the company has established reimbursement pathways for its glaucoma products. Epioxa’s launch also involves building treatment sites, payer access and support for providers and patients.

Our reading: Regulatory approvals and the work required to establish reimbursement and clinical evidence provide meaningful protection, but they do not prevent competing therapies from reaching the market. Our reading: Intellectual property is another important defense, though its value depends on Glaukos being able to maintain and enforce its rights. Our reading: The treatment-site and payer network can support Epioxa’s adoption, but payer processes and access vary, limiting how quickly that network translates into treatment.

Growth opportunities

Glaukos is expanding the use of its commercial glaucoma and corneal health products while developing additional therapies. The company said iDose TR generated approximately $76 million of sales in the third quarter of 2026, and Epioxa generated approximately $53 million. Glaukos expects more timely and consistent reimbursement for iDose TR procedures to increase customer utilization.

For Epioxa, the company is expanding treatment sites, payer access and patient support. It plans to launch a keratoconus screening device as it enters 2027, with the aim of making screening and diagnosis more accessible and identifying patients earlier. Glaukos is also preparing a Phase III clinical program in 2027 for a customized cross-linking therapy.

The glaucoma pipeline includes iDose TREX and iDose TRIO. Glaukos is targeting FDA approval for iDose TRIO by the end of 2027. It has completed patient enrollment in pivotal studies for iStent infinite in mild-to-moderate glaucoma and for the PRESERFLO MicroShunt, and is following patients in both studies.

Beyond glaucoma and corneal health, Glaukos completed enrollment in a Phase II study of iLution for Demodex blepharitis and expects top-line results by the end of 2026. It has licensed RO-104, now called GLK-901, and rights to a platform for developing additional retinal biologics. The company is also conducting a first-in-human program for GLK-401 in wet age-related macular degeneration.

Structural risks

• Reimbursement and access: Medicare contractors can change coverage terms, and Glaukos cannot assure that adequate iDose TR coverage and reimbursement will be obtained or maintained. The company is monitoring proposed local coverage determinations. Epioxa coverage and payment can differ among commercial payers, and early treatment can involve lengthy authorization processes.
• Commercial execution: The success of iDose TR and Epioxa depends on multiple factors. Glaukos said Epioxa site deployment placed pressure on its operations and field support teams as they scaled to meet demand.
• Clinical and regulatory requirements: Pipeline products require testing and regulatory authorization, and trials can be suspended or terminated. Approved products remain subject to manufacturing, reporting and other requirements; violations can result in restrictions, recalls or withdrawal of approvals.
• Competition and intellectual property: New technologies or therapies could make Glaukos products obsolete. If the company cannot protect its intellectual property, others could develop similar or identical products.
• Supply and financial losses: Supplier delays and higher material costs could affect shipments, margins or pipeline launches. Glaukos incurred a net loss of $187.7 million in 2025 and cannot assure future profitability or cash generation from operations.

Bottom line

Our reading

Glaukos combines procedure-based devices with pharmaceutical implants and corneal therapies, selling primarily through eye care providers rather than directly to patients. Its growth depends on expanding iDose TR and Epioxa use while advancing a pipeline of additional treatments. The business remains exposed to reimbursement decisions, competition and execution costs, and it reported a net loss in 2025 despite higher sales. [item1, item7, call_prepared]