Glaukos beats Q2 estimates with $185.6M revenue, narrows loss

Glaukos Corp. posted $185.6 million in Q2 revenue, beating estimates by 20.5%, as the glaucoma device maker narrowed its per-share loss to 14 cents from 23 cents expected.

"We are seeing strong adoption of our iStent and iDose platforms as surgeons increasingly prioritize minimally invasive glaucoma procedures," Thomas Burns, chief executive officer of Glaukos, said.

The San Clemente, California-based company reported revenue of $185.6 million for the quarter ended June 30, up from the $154 million consensus compiled by analysts. The net loss narrowed to $0.14 per share from the $0.23 per share analysts had projected, though the company remained unprofitable on a GAAP basis.

Glaukos shares have gained about 40% over the past 12 months as the company's iDose TR travoprost implant — approved by the FDA in December 2023 — gains traction. The device, which delivers continuous medication inside the eye for months, competes with traditional eye drops and rival implants from AbbVie Inc. and Alcon Inc. Glaukos trades at roughly 8x forward sales, a premium to Alcon's 3.5x, reflecting investor expectations for sustained growth from the iDose platform.

The iDose TR platform represents a shift in glaucoma treatment from patient-administered drops to physician-implanted sustained-release therapy. Glaukos estimates the US glaucoma market at more than $6 billion annually, with iDose capturing a growing share as Medicare and commercial insurers expand coverage.

The company's legacy iStent product line, which includes the iStent inject W and iStent infinite, continues to drive procedure volume growth. Glaukos has placed more than 3 million iStent devices globally since launch, giving it the largest installed base in the minimally invasive glaucoma surgery segment.

Competition is intensifying. AbbVie's XEN gel stent and Alcon's Hydrus Microstent target similar patient populations, while Santen Pharmaceutical Co. and Bausch & Lomb Corp. are developing rival sustained-release platforms. Glaukos's first-mover advantage in the iStent franchise and the differentiated mechanism of iDose TR provide a moat, though pricing pressure could emerge as more products enter the market.

For investors, the key question is whether iDose TR adoption can accelerate enough to push Glaukos to sustained profitability. The company narrowed its operating loss in Q2, but with research and development spending running at about 25% of revenue, a path to positive earnings per share likely depends on iDose reaching blockbuster status — defined by analysts as $500 million or more in annual sales.

This article is for informational purposes only and does not constitute investment advice.