• Consolidated Net Sales: $106.7 million, up 25% on a reported basis or 26% on a constant currency basis year-over-year.
• Full Year 2025 Net Sales Guidance: Reaffirmed at $475 million to $485 million.
• US Glaucoma Franchise Net Sales: $59.1 million, representing a 41% year-over-year growth.
• International Glaucoma Franchise Net Sales: $29 million, with a 15% growth on a reported basis and 19% on a constant currency basis.
• Corneal Health Franchise Net Sales: $18.5 million.
• Cash and Equivalents: Over $303 million with no debt.

• Warning! GuruFocus has detected 2 Warning Sign with GKOS.

Release Date: April 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Glaukos Corp (NYSE:GKOS) reported record first quarter consolidated net sales of $106.7 million, marking a 25% increase on a reported basis and 26% on a constant currency basis compared to the previous year.
• The company reaffirmed its full-year 2025 net sales guidance range of $475 million to $485 million, indicating confidence in its growth trajectory.
• Strong performance was driven by the adoption of iDose TR and robust growth in both US and international glaucoma franchises.
• The US glaucoma franchise achieved record first quarter net sales of $59.1 million, with a 41% year-over-year growth, primarily due to the success of iDose TR.
• Glaukos Corp (NYSE:GKOS) maintains a strong capital position with over $303 million in cash equivalents and no debt, allowing for continued investment in growth initiatives.

Negative Points

• The implementation of five MAC LCDs in late 2024 has caused market turbulence, impacting the use of two main surgical devices in the same procedure, which is expected to continue throughout 2025.
• The company faces potential headwinds from the trialing of new competitive products in major international markets.
• The Corneal Health franchise experienced challenges due to the impact of MDRP, affecting realized revenues.
• There is ongoing uncertainty regarding the global macroeconomic environment, which could impact future performance.
• The company is navigating complex reimbursement dynamics for iDose TR, with varying levels of progress across different MAC regions.

Q & A Highlights

Q: Can you provide insights on US state growth in the quarter and how doctors are reacting to the LCD changes? A: Joseph Gilliam, President and COO, explained that the US saw over 40% year-over-year growth, driven by iDose TR, despite LCD restrictions causing a mid-single-digit decline in the MIGS franchise. Doctors are adapting to these restrictions, focusing more on a serial approach to glaucoma care.

Q: How is the reimbursement situation for Meridian, and can it serve as an analog for other MACs? A: Joseph Gilliam noted that Noridian has been a case study for reimbursement, showing consistent growth. As other MACs like Novitas and First Coast streamline their processes, similar trends are expected, indicating a positive outlook for broader reimbursement.

Q: What are the components of guidance for iStent versus iDose franchises? A: Joseph Gilliam mentioned that the company expects flat to low single-digit growth for the corneal health business, high single-digit to low double-digit growth internationally, and a mid-single-digit decline for non-iDose revenues in the US. iDose expectations have been modestly increased for the remainder of 2025.

Q: How is the iDose ramp expected to progress throughout the year? A: Joseph Gilliam explained that the iDose ramp is supported by continued progress in reimbursement and market access. The company is already at an $85 million run rate, with expectations for consistent upward progress as more MACs streamline their processes.

Q: How is Glaukos addressing potential economic slowdowns and their impact on procedure volumes? A: Joseph Gilliam stated that while ophthalmology is somewhat insulated, economic pressures could affect surgery centers and customer offices. The company remains cautious about macroeconomic conditions and their potential impact on the business.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.