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GKOS GLAUKOS Corp

FY2025 10-K
Filed: Feb 23, 2026
Health Care
Surgical & Medical Instruments & ApparatusSEC EDGAR
GLAUKOS Corp Overview

GLAUKOS Corp (GKOS) filed its fiscal year 2025 10-K annual report with the SEC on Feb 23, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.

AI Filing Analysis
FY2025 10-K

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
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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
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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
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Financial Summary
XBRL

Revenue

$507M

Net Income

-$188M

Gross Margin

55.7%

Operating Margin

-39.3%

Net Margin

-37.0%

ROE

-28.6%

Total Assets

$893M

EPS (Diluted)

$-3.28

Operating Cash Flow

-$15M

Source: XBRL data from GLAUKOS Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.

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