Glaukos Reports Financial Results for First Quarter 2025
Glaukos Corporation , a global ophthalmic pharmaceutical and medical technology innovator, delivered a powerful performance in the first quarter of 2025, signaling a robust start to the fiscal year. With record-breaking revenue and continued momentum in its glaucoma franchise, the company reported financial results that reflect its expanding commercial footprint, innovation-driven strategy, and disciplined operational execution.
The California-based company, which focuses on the development and commercialization of breakthrough therapies for the treatment of glaucoma, corneal disorders, and retinal diseases, reported net sales of $106.7 million for the quarter ended March 31, 2025. This marks a significant 25% increase year-over-year on a reported basis, and a 26% increase on a constant currency basis, demonstrating strong growth across its product portfolio despite global market fluctuations.
Strong Growth Across Glaucoma Franchise
A standout driver behind this performance was Glaukos’ glaucoma segment, which set new benchmarks. The glaucoma business alone contributed $88.1 million in sales during the quarter, representing a substantial 31% year-over-year increase. The U.S. market was especially notable, with domestic glaucoma sales reaching $59.1 million, a remarkable 41% increase compared to the same period in 2024. This growth reflects both increased adoption of Glaukos’ innovative MIGS (minimally invasive glaucoma surgery) devices and expanding utilization of its broader product offerings among eye care professionals.
Chairman and CEO Thomas Burns credited the success to the company’s cohesive global strategy, commenting, “Our record first quarter results reflect a strong start to the year and sustained growth acceleration in our business driven by successful global execution of our key strategic plans. We continue to successfully advance our robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.”
Financial Highlights: Margins, Operating Metrics, and Cash Position
In terms of profitability, Glaukos reported a gross margin of approximately 77% for Q1 2025, a slight improvement over the 76% gross margin in Q1 2024. On a non-GAAP basis, which excludes certain one-time expenses and adjustments, the gross margin was approximately 82%. While this was slightly down from the 83% reported in the same quarter last year, the company maintained a solid margin profile as it continued to invest in strategic growth initiatives.
Operating expenses increased moderately as the company ramped up investment in commercial operations and innovation. Selling, general and administrative (SG&A) expenses rose 14% year-over-year to $70.7 million in Q1 2025, compared to $62.0 million in Q1 2024. On a non-GAAP basis, SG&A expenses increased 15% to $70.7 million from $61.3 million. These increases are consistent with Glaukos’ efforts to expand its sales force, strengthen global distribution networks, and invest in customer education and support.
Research and development (R&D) spending also rose modestly, underscoring the company’s unwavering commitment to innovation. GAAP and non-GAAP R&D expenses for the first quarter totaled $32.4 million, up 5% from $30.7 million in the prior-year period. These expenditures are directed at advancing the company’s deep pipeline of investigational therapies, particularly its suite of dropless platforms, which aim to reduce patients’ reliance on eye drops and provide more consistent therapeutic delivery.
From a bottom-line perspective, Glaukos reported a loss from operations of $20.7 million in the first quarter of 2025, a significant improvement over the $39.1 million loss reported in Q1 2024. On a non-GAAP basis, the company narrowed its operating loss to $15.2 million, compared to $32.8 million in the year-ago quarter. This reflects both stronger revenue performance and continued discipline in operating expense management.
Net losses also improved substantially. The company posted a non-GAAP net loss of $12.6 million, or a loss of $0.22 per diluted share, in Q1 2025. This compares to a non-GAAP net loss of $34.6 million, or $0.70 per diluted share, in Q1 2024. Importantly, results from the first quarter of 2024 included an acquired in-process R&D (IPR&D) charge of $11.7 million, which added $0.24 to the loss per share in that period. Excluding this charge, Glaukos’ current performance reflects meaningful progress toward achieving profitability while maintaining a strong focus on innovation.
Solid Cash Position and Reaffirmed Guidance
Glaukos exited the first quarter with a strong balance sheet, reporting approximately $303.4 million in cash, cash equivalents, short-term investments, and restricted cash. The company has no debt on its books, providing it with significant financial flexibility to continue investing in its pipeline and strategic initiatives.
Given the robust performance in the first quarter and confidence in continued momentum, Glaukos reaffirmed its full-year 2025 net sales guidance in the range of $475 million to $485 million. If achieved, this would represent meaningful growth from 2024 levels and a testament to the increasing demand for the company’s novel ophthalmic solutions.
Advancing a Pipeline of Innovative, Dropless Technologies
Beyond its commercial performance, Glaukos continues to make progress on the development of a next-generation pipeline of novel therapies that could transform the treatment landscape for several chronic eye conditions. Central to this pipeline are dropless sustained-release platforms designed to replace or supplement traditional topical eye drop regimens. These platforms aim to address critical issues with adherence, dosing variability, and patient burden associated with chronic use of eye drops.
This includes Glaukos’ investigational iDose TR platform, a travoprost intraocular implant designed for sustained drug delivery in patients with open-angle glaucoma or ocular hypertension. The iDose TR system has already completed Phase 3 clinical trials and is currently under FDA review. If approved, it could represent a paradigm shift in glaucoma treatment by providing continuous therapeutic effect over extended periods, potentially up to 12 months, with a single administration.
The company is also advancing other early- and mid-stage programs targeting corneal cross-linking therapies and retina-focused drug delivery systems, which represent significant unmet medical needs and large addressable markets.
A Strategic Vision for Long-Term Growth
Glaukos’ Q1 2025 results demonstrate more than just financial strength—they highlight the effectiveness of a long-term strategic vision focused on addressing chronic ophthalmic diseases with differentiated, technology-driven therapies. By investing in both commercial expansion and scientific innovation, the company is positioning itself to deliver sustainable growth and create lasting value for patients, healthcare providers, and shareholders alike.
Looking ahead, CEO Thomas Burns expressed optimism about the company’s trajectory, stating, “Our vision is to redefine the treatment paradigm for chronic eye diseases through groundbreaking technology platforms. As we continue to scale our business and drive forward our pipeline, we are excited about the opportunity to impact millions of patients around the world who are in need of better, more convenient, and more effective treatment options.”
With strong financial momentum, an expanding commercial footprint, a robust product pipeline, and a clear strategic vision, Glaukos is poised to remain at the forefront of innovation in ophthalmology.
