April 29th, 2026

The call highlighted strong commercial execution and meaningful growth: record Q1 revenue (+41% reported), raised guidance, robust U.S. glaucoma performance driven by iDose TR, encouraging early commercial and access milestones for Epioxa (including CMS J-code and >100M covered lives), improved gross margin, and a deep clinical pipeline with clear regulatory timelines. Near-term challenges include payer adoption frictions for Epioxa during the miscellaneous J-code period, expected quarter-to-quarter volatility in Corneal Health during the Photrexa-to-Epioxa transition (notably a Q2 dip), potential international competitive and currency headwinds, modestly higher operating expenses to fund launches, and residual policy/LCD risk for interventional glaucoma. Overall, the positive commercial momentum, material guidance raise, margin accretion, and pipeline progress materially outweigh the near-term operational and access headwinds.

Company Guidance

Glaukos raised 2026 net sales guidance to $620.0–$635.0 million (from $600.0–$620.0M) after reporting record Q1 consolidated net sales of $150.6M (up 41% reported, 39% constant currency); franchise detail included U.S. glaucoma net sales of $93.5M (up 58% YoY) with iDose TR contributing roughly $54M, international glaucoma $35.8M (up 23% reported, 16% constant currency) with management expecting high‑single‑digit growth for the remainder of 2026 and low‑double‑digit for the full year, and Corneal Health $21.3M (up 15%) including Fetrexan and very early Epioxa sales of $17.7M and an expected high‑single‑digit full‑year growth with quarter-to-quarter volatility (a Q2 dip anticipated during the Photrexa→Epioxa transition); corporate gross margin was 84% in Q1 with guidance of ~84–86% for 2026, operating expenses expected to rise modestly (still in the “high‑teens” range year‑over‑year) as the company invests in commercialization while targeting operating‑leverage and cash‑flow breakeven, and Epioxa launch metrics include ~65% U.S. population coverage today (target ~95%), >100M commercial lives with pathways established, and a CMS product‑specific J‑code (J2789) effective July 1, 2026.