Short answer
GLAUKOS Corp (GKOS) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $507M (+32.3% year over year) and net income of −$188M.
- Top risk flagged: Regulatory risk: U.S. FDA approval of Epioxa in October 2025 requires securing permanent HCPCS J-Code and commercial payer coverage for reimbursement
FY2025 key financial metrics · XBRL
- Revenue
- $507M
- +32.3% YoY
- Net income
- −$188M
- −28.2% YoY
- Operating margin
- -39.3%
- −7.4 pp YoY
- Gross margin
- 55.7%
- −19.8 pp YoY
- EPS (diluted)
- −$3.28
- −18.4% YoY
- ROE
- -28.6%
- −9.5 pp YoY
- Operating cash flow
- −$15M
- +75.9% YoY
Source: XBRL data from the GLAUKOS Corp (GKOS) FY2025 10-K on SEC EDGAR. USD.
GLAUKOS Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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