Glaukos reported a strong finish to 2025 with record Q4 net sales driven by significant growth in its Glaucoma segment, particularly in the U.S. The company also saw full-year revenue increase substantially, positioning it for continued growth in 2026 with reaffirmed guidance.
Record net sales of $143.1 million in Q4 2025 increased 36% year-over-year on a reported basis and 34% year-over-year on a constant currency basis.
positiveGlaucoma segment net sales reached a record $119.2 million in Q4 2025, a 42% increase year-over-year.
positiveU.S. Glaucoma net sales grew 53% year-over-year to $86.4 million in Q4 2025.
positiveFull year 2025 net sales increased 32% to $507.4 million.
positiveNon-GAAP gross margin improved to 85.1% in Q4 2025 from 82.3% in Q4 2024.
positiveNon-GAAP loss from operations improved to $16.4 million in Q4 2025 from $18.3 million in Q4 2024.
positiveNon-GAAP net loss improved to $16.4 million ($0.28 per diluted share) in Q4 2025 from $22.2 million ($0.40 per diluted share) in Q4 2024.
positiveGAAP gross margin was negative (1.1%) in Q4 2025, a significant decline from 72.9% in Q4 2024, primarily due to a $112.9 million non-cash impairment charge related to an acquired intangible asset.
negativeGAAP loss from operations widened to $139.9 million in Q4 2025 from $28.7 million in Q4 2024, impacted by the impairment charge.
negativeGAAP net loss increased to $133.7 million ($2.32 per diluted share) in Q4 2025 from $33.6 million ($0.60 per diluted share) in Q4 2024, heavily influenced by the impairment charge.
negativeFull year 2025 GAAP net loss was $187.7 million ($3.28 per diluted share), an increase from $146.4 million ($2.77 per diluted share) in 2024, also impacted by the impairment charge.
negativeInventory increased to $63.6 million in Q4 2025 from $57.7 million in Q4 2024, a 10.2% increase.
attentionSG&A expenses increased 37% year-over-year in Q4 2025, outpacing revenue growth.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
International Glaucoma | N/A | — | — | — | +13.1% |
Total Net Sales | N/A | — | — | — | +31.7% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Record fourth quarter results capped off a highly successful year of global execution.
Well positioned to sustain strong growth momentum in 2026 and beyond driven by iDose TR and Epioxa.
Continuing to advance a robust pipeline of novel, dropless platform technologies.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.