GLAUKOS Corp (GKOS) FY2025 10-K Annual Report
GLAUKOS Corp (GKOS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
GLAUKOS Corp FY2025 10-K Analysis
Business Overview
- • Core business model: Development, manufacturing, and commercialization of ophthalmic surgical implants and pharmaceutical therapies
- • New product emphasis: Commercial launch of iDose TR implant in early 2024 and FDA approval plus planned commercialization of Epioxa pharmaceutical therapy in early 2026
- • Strategic risk exposure: Increased vulnerability to geopolitical conflicts, economic volatility, and supply chain disruptions impacting manufacturing and regulatory processes
- • Quantitative metric: Accumulated deficit of approximately $933.1 million as of December 31, 2025 reflecting ongoing investment and operating losses
- • Noteworthy fact: First-time FDA approval of Epioxa in October 2025, an incision-free keratoconus treatment alternative, marking significant product portfolio expansion
Management Discussion & Analysis
- • Revenue $507.4M, up 32% YoY from $383.5M; US glaucoma sales up 50% to $298.6M, international glaucoma up 18% to $122.5M
- • Gross margin 56% in 2025 vs 75% in 2024; Operating loss $(199.6)M vs $(122.4)M; Net loss $(187.7)M vs $(146.4)M
- • Best segment US glaucoma sales $298.6M (+50%); Worst margin impacted by $112.9M intangible asset impairment, driving cost of sales 139% higher to $224.7M
- • Cash/cash equivalents $90.8M; short-term investments $187.9M; operating cash used $14.8M; investing cash used $77.6M; financing cash provided $11.9M; $80M+ capex planned for Huntsville facility
- • Management expects higher 2026 capex with Huntsville facility construction; key risk in funding operations as cash flows and profitability remain negative
Risk Factors
- • Regulatory risk: U.S. FDA approval of Epioxa in October 2025 requires securing permanent HCPCS J-Code and commercial payer coverage for reimbursement
- • Macroeconomic risk: U.S. tariffs on imports from Canada, Mexico, and China, despite limited exposure, risk escalating trade disputes affecting sourcing costs
- • Supply chain risk: Vendor supply shortages and labor disruptions causing longer lead times and higher raw material costs, impacting gross margins and product availability
- • Competitive risk: Royalty income from Ivantis’ Hydrus Microstent expired April 2025, coinciding with competitor Alcon’s acquisition of Ivantis
- • Financial risk: Accumulated deficit of $933.1 million as of December 31, 2025 with net losses of $187.7 million in 2025, reflecting ongoing unprofitability and high operating expenses
GLAUKOS Corp FY2025 Key Financial MetricsXBRL
Revenue
$507M
▲ +32.3% YoY
Net Income
-$188M
▼ -28.2% YoY
Gross Margin
55.7%
▼ -1976bp YoY
Operating Margin
-39.3%
▼ -743bp YoY
Net Margin
-37.0%
▲ +118bp YoY
ROE
-28.6%
▼ -952bp YoY
Total Assets
$893M
▼ -8.3% YoY
EPS (Diluted)
$-3.28
▼ -18.4% YoY
Operating Cash Flow
-$15M
▲ +75.9% YoY
Source: XBRL data from GLAUKOS Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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