Glaukos Corporation (GKOS) Earnings
Glaukos Corporation is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.12. GKOS has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +21.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $-0.21 | $-0.14 | +33.5% | $186M | +23.0% |
| Apr 29, 2026 | $-0.30 | $-0.18 | +40.0% | $151M | +9.5% |
| Feb 17, 2026 | $-0.22 | $-0.28 | -27.3% | $143M | +6.5% |
| Oct 29, 2025 | $-0.27 | $-0.16 | +40.7% | $134M | +3.2% |
| Jul 30, 2025 | $-0.26 | $-0.24 | +7.7% | $124M | +1.4% |
| Apr 30, 2025 | $-0.33 | $-0.22 | +33.3% | $107M | +3.8% |
| Feb 20, 2025 | $-0.38 | $-0.40 | -5.3% | $105M | +4.5% |
| Jul 31, 2024 | $-0.52 | $-0.52 | +0.0% | $96M | +7.5% |
| May 1, 2024 | $-0.58 | $-0.70 | -20.7% | $86M | +7.4% |
| Feb 21, 2024 | $-0.56 | $-0.63 | -12.5% | $82M | +5.7% |
| Nov 1, 2023 | $-0.56 | $-0.50 | +10.7% | $78M | +3.8% |
| Aug 2, 2023 | $-0.57 | $-0.55 | +3.5% | $80M | +7.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Core Strategic Priorities * Management continues to prioritize prudent investment in commercial operations to support the launches of IDOS and Epioxa, as well as investment in the R&D pipeline and expanded clinical trial programs, with the goal of maximizing both near-term and long-term top-line growth. * The company is working toward achieving cash flow break-even and long-term profitability, with profitability becoming increasingly visible in the near term as revenue grows from IDOS and Epioxa. - IDOS Launch Performance * IDOS delivered a substantial sequential revenue uplift in the reported quarter, driven by expanded coverage across multiple Medicare Administrative Contractors (MACs) following the addition of professional fees in NGS and Palmetto, and growing utilization among commercial and Medicare Advantage patient populations, resulting in diversified quarterly performance. * No LCD-related demand pull-forward was observed in the quarter, as surgeon schedules are booked far in advance of any potential final LCD rule. - Epioxa Launch Progress * The permanent J-code for Epioxa went into effect on July 1 following FDA approval, requiring a partial reset of prior authorization and payment approval processes that may create short-term volatility. * Management reports strong leading indicators, with a large backlog of patients seeking Epioxa approval, creating bullish expectations for intermediate-term growth. * Site adoption of distribution pathways varies by provider type: large experienced institutions typically use buy-and-bill from launch, while smaller community-based practices initially rely more heavily on specialty pharmacy; a shift toward broader buy-and-bill adoption is expected over time as providers gain confidence in consistent reimbursement. - Gross Margin Performance * Gross margin reached approximately 85% in the reported quarter, an increase of 90 basis points from the prior quarter, driven by the growing revenue contribution from the higher-margin IDOS and Epioxa product lines.
Guidance
- Full-year gross margin guidance is maintained at 84% to 86%, with management expecting modest gross margin accretion through the remainder of the year, particularly in the fourth quarter as IDOS and Epioxa grow as a share of total revenue. - Full-year operating expenses are now expected to land around $600 million, with management continuing to pursue operating leverage while maintaining planned investments in commercial and R&D priorities. - Full-year IDOS revenue guidance is set at $275 million to $285 million, which incorporates management's conservatism following a very strong second quarter performance and accounts for the typical seasonal decline in ophthalmology procedures during the third quarter, as well as the early stage of the IDOS launch. - Short-term volatility in Epioxa revenue and corneal health segment results is expected in the third quarter due to the process reset required following the implementation of the permanent J-code in July.
Segment performance
No full segment-level financial results with absolute values and revenue contribution percentages were disclosed in the provided transcript. The transcript references $11 million in Epioxa revenue recorded in the reported quarter, the majority of which was recognized in the latter part of the quarter, and guidance for full-year IDOS revenue of $275 million to $285 million.
Risks & headwinds
- The strong sequential growth of IDOS in the reported quarter may not be sustainable, requiring management conservatism given the early stage of the product launch and typical seasonal volume declines in the third quarter for ophthalmology procedures. - The implementation of the new permanent J-code for Epioxa created a partial reset of prior authorization and payment processes, which is expected to cause revenue volatility in the third quarter. - Potential new competitors may enter the corneal cross-linking market over the next two years, though management believes market expansion will remain the primary dynamic for many years and has positioned the company to retain leadership via ongoing product development.
Analyst Q&A
Q: Richard asks if the strong sequential uplift for IDOS was driven by LCD-related demand pull-forward, and if 340B pricing will impact Epioxa's ASP. /
A: Joe confirms there was no LCD-related pull-forward, as surgeon schedules are booked well beyond the current LCD rulemaking timeline. The strong quarter came from expanded MAC reimbursement and growing utilization in commercial and Medicare Advantage populations. He adds that 340B discounts are already fully factored into the company's expected average ASP of ~$60,000 for Epioxa.
Q: Joanne asks if the 84-86% full-year gross margin guidance is still on track, and what operating expense trends look like. /
A: Alex confirms the 84-86% gross margin range is maintained, with continued modest accretion expected as IDOS and Epioxa grow as a share of revenue. He notes operating leverage is improving, and full-year operating expenses are now expected to be ~$600 million, with the company continuing to invest in priority areas while working toward cash flow break-even.
Q: Mason asks why the full-year IDOS guidance implies minimal sequential growth from Q2, if there are any hidden factors. /
A: Joe explains that guidance is intentionally conservative after Q2's outperformance, as the launch is still early. The guidance also accounts for typical seasonal volume declines in Q3 for ophthalmology procedures, and management prefers to see multiple quarters of strong performance before updating guidance to reflect a new trend.
Q: David asks about Epioxa's revenue cadence in Q2, post-J-code dynamics, and backlog of pending patient approvals. /
A: Joe confirms most of Q2's $11 million Epioxa revenue came in the latter part of the quarter after FDA approval, as contracting and prior authorization took time. The July 1 J-code implementation required a partial reset of approval processes, which will cause Q3 volatility. He adds the large backlog of patients seeking approval is a strong leading indicator for intermediate-term growth.
Q: Anthony asks about Epioxa's competitive landscape, including share gains from scleral lenses and future potential new entrants. /
A: Joe notes the market is still early and expanding, so market share dynamics are not a primary near-term concern; scleral lenses are not a direct competitor, as patients often use them after Epioxa treatment. Tom Burns adds that Glaukos has a next-generation product in clinical development for 2027 that will offer improved outcomes, protecting the company's first-mover position in the market it is building.