GLAUKOS Corp
Glaukos Corp develops and commercializes ophthalmic therapies and devices focused on glaucoma, corneal disorders, and emerging anterior/posterior segment treatments. The company sells products such as iStent, iDose TR, Photrexa, and Epioxa through direct sales in the U.S. and a mix of subsidiaries and distributors internationally.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaMicro-invasive glaucoma surgery products used by surgeons to reduce intraocular pressure.
Drug-device therapies such as iDose TR used in ophthalmic procedures.
Photrexa and Epioxa products used in keratoconus and corneal disorder treatment.
Clinical and pre-clinical programs targeting broader ophthalmic indications.
Tuotteet
Raportoitu · osuus liikevaihdosta- Glaucoma83,0 %
- Corneal Health17,0 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Glaukos sells primarily to ophthalmic surgeons and other eye care professionals, with end-user demand concentrated in ambulatory surgery centers, hospitals, and physician private practices. In the U.S. it relies mainly on a direct sales force, while internationally it uses direct subsidiaries and distributors where it lacks a full commercial footprint.
Buy iStent, iDose TR, and corneal products for outpatient ophthalmic procedures and efficiency.
Purchase ophthalmic devices and therapies for surgical and specialty eye care programs.
Use Glaukos products for glaucoma and corneal treatment in office-based care settings.
Buy and resell products in countries where Glaukos lacks direct commercial operations.
Influence product adoption through procedure preference, training, and clinical acceptance.
Strategia
Glaukos is expanding beyond its core glaucoma franchise by commercializing iDose TR and launching Epioxa while advancing earlier-stage ophthalmology pipeline assets. It is also investing in manufacturing and R&D capacity, including a planned Huntsville facility, to support future product demand and broader global commercialization.
It is a newly commercialized product and a key growth driver, but adoption and reimbursement must scale.
FDA approval expands the corneal franchise and diversifies revenue beyond glaucoma.
Capacity is needed to meet demand and support a broader product portfolio.
Pipeline success could extend the company into larger ophthalmology markets.
Maantiede
Q1/2026Glaukos generates most of its revenue in the United States, with the remainder coming from international markets. The company sells directly in the U.S. and uses direct subsidiaries plus independent distributors abroad, which makes international growth dependent on local commercial coverage and regulatory access.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
Glaukos depends heavily on the commercial success of a small number of products, especially iDose TR and Epioxa, so launch execution and reimbursement are critical. The company also faces regulatory, manufacturing, and competitive risks across ophthalmology, where larger peers and alternative therapies can pressure adoption and pricing.
- Commercial failure of iDose TRVaikutus: KorkeaTodennäköisyys: Kohtalainen
The product is newly commercialized and needs physician adoption, reimbursement, and manufacturing scale.
Kohdistuu: Core growth product
- Commercial failure of EpioxaVaikutus: KorkeaTodennäköisyys: Kohtalainen
The product is newly approved and must establish clinical acceptance and payer support.
Kohdistuu: New corneal franchise
- Competitive pressure in ophthalmologyVaikutus: KorkeaTodennäköisyys: Kohtalainen
Large medtech and pharma companies compete in glaucoma, corneal disorders, and future pipeline indications.
Kohdistuu - Manufacturing capacity constraintsVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Growth requires expansion of production and facility build-out, which can delay supply or raise costs.
Kohdistuu: U.S. and global supply chain
- International commercial executionVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Some markets rely on distributors rather than direct operations, which can limit control and growth.
Kohdistuu: 26% of 2025 sales
Kirjanpito
Harkinnanvaraiset erätNet sales are reduced by rebates, returns, warranties, discounts, and incentives, affecting quarterly comparability.
Vaikutus: Can shift reported revenue and margins period to period
Manufacturing cost of sales includes reserves for excess and obsolete inventory.
Vaikutus: Can materially affect gross margin when demand or product mix changes
Operating and financing lease obligations are part of short-term liquidity needs.
Vaikutus: Affects balance sheet liabilities and cash flow presentation
The Huntsville R&D/manufacturing project will require substantial multi-year spending.
Vaikutus: Raises depreciation, capitalized asset balances, and future fixed-cost burden
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
IRIDEX Corporation
IRIX · Electromedical & Electrotherapeutic Apparatus
IRIDEX Corp is an ophthalmic medical technology company that develops and commercializes laser-based systems and related therapies for sight-threatening eye diseases.
Alcon Inc
ALC · Ophthalmic Goods
Alcon Inc is a United States-based ophthalmic goods company focused on eye care products and surgical ophthalmology solutions.
Kodiak Sciences Inc.
KOD · Biological Products, (No Diagnostic Substances)
Ocular Therapeutix, Inc
OCUL · Pharmaceutical Preparations
Ionis Pharmaceuticals, Inc
IONS · Pharmaceutical Preparations
Ionis Pharmaceuticals is a U.S.-based biotechnology company focused on RNA-targeted medicines, using antisense chemistry to discover and develop therapies for serious diseases.
Globus Medical, Inc
GMED · Surgical & Medical Instruments & Apparatus
Globus Medical is a U.S.-based medical device company focused on musculoskeletal care, with products used in spine, orthopedic trauma, hip, knee, extremity and neurosurgical procedures.
Päivitetty: 24.9.2026