10-Q · April 29, 2026
Glaukos Corporation (GKOS) reported a strong Q1 2026 performance with revenues of $150.6 million, surpassing expectations by 9.9%, and a narrower loss per share of -$0.18, better than the estimated -$0.28. Management…
Earnings analysis · 10-Q
GKOS earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Glaukos delivered strong Q3 operating momentum, with revenue of $211.0 million, gross margin of 85.2%, approximately 0.4% operating margin and diluted EPS of $0.03. Revenue and margins improved materially both…
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Glaukos delivered strong Q3 operating momentum, with revenue of $211.0 million, gross margin of 85.2%, approximately 0.4% operating margin and diluted EPS of $0.03. Revenue and margins improved materially both sequentially and year over year, while iDose TR and the early Epioxa launch supported growth across Glaucoma and Corneal Health. Management raised 2026 revenue guidance to $775 million-$785 million and introduced preliminary 2027 revenue guidance of $1 billion, although reimbursement, litigation, manufacturing concentration and the company’s $969.3 million accumulated deficit remain material risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.03
- Segment
- Glaucoma: grew year over year, driven by iDose TR and iStent franchise demand; exact segment revenue was not provided in the supplied filing text.
- Segment
- Corneal Health: grew year over year, supported by the controlled launch of Epioxa in early 2026; exact segment revenue was not provided in the supplied filing text.
What stood out
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Revenue accelerated sharply
Revenue was $211.0 million, up $25.0 million, or 13.4%, from $186 million in Q2 2026 and up $77.0 million, or 57.5%, from $134 million in Q3 2025. Revenue exceeded consensus of $168.216 million by approximately $42.8 million.
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Gross margin expanded
Gross margin increased to 85.2% from 81.7% in Q2 2026 and 78.4% in Q3 2025, an improvement of 3.5 and 6.8 percentage points, respectively.
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Operating performance turned positive
Operating income improved to $0.8 million from an operating loss of $16.4 million in Q3 2025, producing an operating margin of approximately 0.4% versus negative 12.3% a year earlier.
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EPS moved into profit
Diluted EPS was $0.03 versus diluted losses of $0.31 in Q2 2026 and $0.28 in Q3 2025, reflecting a $0.34 sequential improvement and a $0.31 year-over-year improvement.
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New products broaden growth
Management began commercializing Epioxa in a controlled manner in early 2026 following FDA approval in October 2025, adding a new Corneal Health growth driver alongside iDose TR, which was FDA-approved in December 2023.
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Controls remained effective
Management stated that disclosure controls were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the third quarter of 2026.
What to watch
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Sustained profitability remains uncertain
The company continues to carry an accumulated deficit of approximately $969.3 million as of September 30, 2026. Management expects expenses to continue increasing and stated that sustained profitability and positive future cash flow remain highly uncertain, despite believing cash is sufficient for at least the next 12 months.
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Trade-secret litigation continues
The SpyGlass trade-secret litigation remains outstanding, with trial currently scheduled for January 26, 2027. The court entered an injunction in December 2025 after finding the company was likely to prevail and faced irreparable harm, but SpyGlass and its former employee have asserted counterclaims.
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New-product commercialization risk
Commercial success of iDose TR and Epioxa depends on physician adoption, reimbursement, payor coverage, patient outcomes and manufacturing capacity. iDose TR received FDA approval in December 2023 and Epioxa received FDA approval in October 2025, but both remain exposed to launch and reimbursement execution risk.
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Manufacturing concentration
The company identifies concentration risk in manufacturing: its San Clemente facility is approximately 120,000 square feet and manufactures, inspects, packages, releases and ships nearly all implanted device products. Disruption at San Clemente, the Burlington facility or the Aliso Facility could impair supply and margins.
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Reimbursement remains a headwind
Proposed LCDs issued by five of seven MACs in May 2026 could impose conditions on iDose TR use and adversely affect future U.S. Glaucoma sales if adopted. The filing also notes that physician fee rates for iDose TR remain unpublished by several MACs.
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Macro and regulatory uncertainty
The filing highlights new or heightened exposure to geopolitical and regulatory uncertainty, including the ongoing U.S.-Iran conflict and Strait of Hormuz blockade, the FDA QMSR effective February 2, 2026, and additional EU AI Act provisions effective August 2, 2026. These developments could increase supply-chain, compliance and operating costs.
Management's outlook
2026 net sales guidance was raised to $775 million-$785 million from $680 million-$700 million previously. Preliminary 2027 net sales guidance of $1 billion was introduced. No numeric EPS guidance was provided.
Earlier filings 4
10-Q · May 1, 2025
Glaukos reported Q1 2025 revenue of $106,664,000 (up from $85,622,000 in Q1 2024) and GAAP net loss per share narrowed to $(0.32) from $(0.82). Gross margin expanded to 77.2% and loss from operations improved to…
10-Q · November 5, 2024
Q3 2024 results show solid top-line growth and margin stability but the company remains unprofitable and cash flow negative. Net sales rose to $96.67M while gross margin held at ~76.7%; diluted loss per share improved…
10-Q · August 2, 2023
Q2 2023 results showed top-line growth with improving operating performance but continued net losses and negative free cash flow. Net sales rose to $80,399 (Q2 2023) from $72,685 (Q2 2022) and operating loss narrowed to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.