Glaukos reported record third-quarter sales of $211.0 million, up 58% from a year earlier, and returned to GAAP profitability. The eye-care company also sharply raised its 2026 sales outlook and introduced preliminary guidance of $1 billion in sales for 2027.
Growth was strong in both its U.S. glaucoma and corneal health businesses. Glaukos pointed to iDose TR and Epioxa as key growth drivers, though it did not break out their individual contributions to quarterly sales.
Key details
- Sales reached a quarterly record. Net sales were $211.0 million, compared with $133.5 million in the third quarter of 2025. Growth was 58% both as reported and at constant currency.
- Both highlighted businesses expanded. U.S. glaucoma sales rose 47% year over year to a record $118.6 million. Corneal health sales climbed 154% to a record $59.0 million.
- Margins improved. GAAP gross margin was approximately 85%, up from 78% a year earlier. Non-GAAP gross margin was approximately 88%, compared with 84%.
- The company moved into operating and net income. GAAP operating income was $0.8 million, versus an operating loss of $16.4 million a year ago. Net income was $2.0 million, or $0.03 per diluted share, compared with a net loss of $16.2 million, or $0.28 per share.
- Adjusted results were higher. Non-GAAP operating income was $27.3 million, versus a loss of $9.3 million a year earlier. Non-GAAP net income was $28.5 million, or $0.47 per diluted share, compared with a non-GAAP loss of $9.2 million, or $0.16 per share.
- Operating expenses also increased. GAAP selling, general and administrative expenses rose 58% to $130.9 million; on a non-GAAP basis, they rose 32% to $109.7 million. Research and development expenses increased 26% to $48.1 million.
- 2026 sales guidance was raised substantially. Glaukos now expects net sales of $775 million to $785 million, based on the latest foreign-exchange rates, up from its previous range of $680 million to $700 million.
- The company offered an initial 2027 target. Preliminary net sales guidance for 2027 is $1 billion.
- Cash increased, with no debt. Cash, cash equivalents, short-term investments and restricted cash totaled $339.8 million at quarter-end, up $50.5 million from the end of the second quarter. The company reported no debt.
What changes for investors
The raised 2026 outlook and preliminary 2027 target mark a materially higher sales trajectory than Glaukos had previously projected. The quarter also showed a return to GAAP operating and net income, alongside stronger gross margins. At the same time, selling and administrative costs and research spending continued to rise as the business expanded.