Detailed Narrative
iDose TR Performance and Market Evolution
iDose TR delivered strong first-quarter net sales of approximately $54 million, driving a 58% year-over-year growth in the U.S. Glaucoma franchise. The product continues to show strong clinical outcomes, physician interest, and adoption, supported by 22 peer-reviewed publications and active Phase IV studies. Glaukos is focused on expanding its trained surgeon base, increasing utilization, broadening market access, and scaling commercial investments, contributing to a broader shift towards earlier intervention in glaucoma care.
Epioxa Launch and Market Access Progress
Glaukos announced the commercial availability of Epioxa, a novel incision-free treatment for keratoconus. The company has established a broad site-of-care network covering approximately 65% of the U.S. population, with plans to expand to 95%. Significant progress has been made with payers, securing access pathways for over 100 million covered commercial lives, including 4 of the 5 largest payers. A product-specific J-code (J2789) is scheduled to take effect on July 1, 2026, which is expected to streamline reimbursement.
International Glaucoma and Corneal Health Dynamics
The International Glaucoma franchise achieved record net sales of $35.8 million, growing 23% reported and 16% constant currency year-over-year, driven by broad-based strength. The company anticipates competitive product trialing headwinds in some major international markets and expects currency tailwinds to abate. Corneal Health, including Photrexa and early Epioxa sales, delivered $21.3 million in net sales, growing 15% year-over-year. The transition from Photrexa to Epioxa is expected to cause some volatility in Q2 and Q3 FY26, with Photrexa anticipated to fully sunset by the end of Q3 FY26.
Clinical Pipeline Advancements
Glaukos continues to advance a broad clinical pipeline across five therapeutic platforms, encompassing 13 publicly disclosed programs. Key ongoing pivotal trials include iDose TREX, iStent infinite for mild-to-moderate patients, and PRESERFLO MicroShunt. An active Phase II trial is underway for iLution demodex blepharitis, and the iLink platform is progressing with a planned market introduction of a KC screening device later this year. The iDose TRIO clinical study has been completed, with a filing planned by year-end FY26 and targeted approval in Q4 FY27.
Strategic Investments and Profitability Outlook
The company is making significant investments in patient awareness, education, and access for Epioxa, including targeted marketing and DTC initiatives. For iDose, investments are focused on increasing awareness and education, particularly for commercial and Medicare Advantage patients. While operating expenses are expected to grow in the high teens for FY26, management remains focused on achieving cash flow breakeven and driving operating leverage, with a clear line of sight towards profitability in the coming years, balancing growth investments with financial discipline.