In This Article:
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Consolidated Net Sales: $106.7 million, up 25% on a reported basis or 26% on a constant currency basis year-over-year.
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Full Year 2025 Net Sales Guidance: Reaffirmed at $475 million to $485 million.
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US Glaucoma Franchise Net Sales: $59.1 million, representing a 41% year-over-year growth.
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International Glaucoma Franchise Net Sales: $29 million, with a 15% growth on a reported basis and 19% on a constant currency basis.
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Corneal Health Franchise Net Sales: $18.5 million.
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Cash and Equivalents: Over $303 million with no debt.
Release Date: April 30, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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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.
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The company reaffirmed its full-year 2025 net sales guidance range of $475 million to $485 million, indicating confidence in its growth trajectory.
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Strong performance was driven by the adoption of iDose TR and robust growth in both US and international glaucoma franchises.
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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.
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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
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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.
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The company faces potential headwinds from the trialing of new competitive products in major international markets.
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The Corneal Health franchise experienced challenges due to the impact of MDRP, affecting realized revenues.
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There is ongoing uncertainty regarding the global macroeconomic environment, which could impact future performance.
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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.