Glaukos Heads to JPM With Strong iDose TR Momentum and New Drug Launch

ALISO VIEJO, CA – December 16, 2025 – As the healthcare industry prepares to converge on San Francisco for the 44th Annual J.P. Morgan Healthcare Conference, all eyes in the ophthalmic sector will be on Glaukos Corporation (NYSE: GKOS). The company announced its management is scheduled to present on January 13, 2026, a routine disclosure that belies the significant anticipation surrounding its appearance. Buoyed by the explosive commercial success of its glaucoma implant iDose® TR and a newly approved drug for corneal disorders, Glaukos arrives at the industry’s premier investment symposium not just as a participant, but as a closely watched growth story with high expectations for the year ahead.

Investors and analysts will be tuning into the webcast, eager for insights into the company’s strategy to sustain its remarkable momentum. The presentation offers a critical platform for management to detail the commercial execution of its key products, justify its ambitious 2026 financial guidance, and outline the next phase of innovation from its robust pipeline.

The iDose TR Revolution Fuels Record Growth

The primary driver of Glaukos's stellar 2025 performance has been the rapid market adoption of iDose TR, a first-of-its-kind procedural pharmaceutical for glaucoma. Since commercial launch activities began in early 2024, the tiny implant, which is surgically placed inside the eye to deliver a continuous, 24/7 dose of travoprost, has been a game-changer. It directly addresses one of the most persistent challenges in glaucoma care: patient non-adherence to daily eye drop regimens.

The market’s response has been nothing short of phenomenal. The product's sales trajectory tells a story of accelerating uptake, growing from approximately $21 million in the first quarter of 2025 to $31 million in the second, and surging to nearly $40 million in the third quarter alone. This performance has powered the company's glaucoma franchise to a record $110.2 million in net sales in the third quarter, a 45% increase over the prior year.

This commercial success is built on a foundation of strong clinical evidence and expanding market access. In a 36-month follow-up analysis of its pivotal trials, iDose TR demonstrated a durable ability to lower intraocular pressure (IOP). Notably, about 70% of patients who received the implant remained well-controlled with the same or fewer topical medications three years after a single administration. This long-duration effect is a powerful value proposition for both physicians and patients. Furthermore, growing reimbursement coverage from key Medicare Administrative Contractors (MACs), including Noridian, Novitas, and First Coast, has been instrumental in removing barriers to adoption and solidifying iDose TR's position in the treatment paradigm.

A Financial Powerhouse in the Making

The success of iDose TR has transformed Glaukos's financial landscape. The company reported record total net sales of $133.5 million for the third quarter of 2025, a 38% year-over-year increase. This impressive top-line growth prompted management to raise its full-year 2025 sales guidance to a range of $490 million to $495 million.

More importantly for the investors gathering at the J.P. Morgan conference, the company has already issued ambitious preliminary guidance for 2026, projecting net sales between $600 million and $620 million. The upcoming presentation will be a key opportunity for management to articulate the strategy behind this confident forecast. While the company continues to report a net loss—a common trait for high-growth firms heavily reinvesting in innovation—the loss has narrowed year-over-year, signaling a clear path toward profitability. With a healthy balance sheet holding approximately $277.5 million in cash and no debt, Glaukos is well-capitalized to fund its aggressive growth and research initiatives, which consistently consume around 30% of its sales revenue.

Beyond Glaucoma: A Dual Engine of Innovation

While iDose TR has captured the spotlight, Glaukos's strategy extends far beyond a single product. The company is cultivating what it describes as a "dual-growth engine," balancing its breakthrough procedural pharmaceuticals with its pioneering work in Micro-Invasive Glaucoma Surgery (MIGS) and an expanding portfolio in corneal health.

Underscoring this strategy is the recent, significant news of the FDA's approval of Epioxa™ in October 2025. Epioxa is a novel, incision-free topical drug for the treatment of keratoconus, a progressive eye disease that causes thinning of the cornea. This approval marks a major milestone, offering a non-invasive alternative in the company's corneal health franchise. Glaukos plans to launch Epioxa in the first quarter of 2026, and its introduction is expected to reshape the company’s business in this segment.

The company’s foundation as the pioneer of MIGS with its iStent family of devices remains a core part of its identity. These devices created an entirely new, less invasive surgical category for glaucoma treatment and continue to contribute to its market leadership. This combination of established surgical devices, a blockbuster drug-eluting implant, and a new topical pharmaceutical demonstrates a multi-pronged approach to dominating the ophthalmic market.

Setting the Stage for 2026 and Beyond

As management takes the stage in San Francisco, their narrative will likely focus on the future. Beyond the execution of iDose TR and the launch of Epioxa, the investment community will be keen to hear updates on the next wave of innovation. Glaukos is already advancing iDose TREX, a next-generation version of its implant with nearly double the drug capacity, which has entered late-stage clinical trials. Looking further ahead, the company aims to initiate trials for iDose Trio by 2027, a multi-drug implant designed to target glaucoma through multiple mechanisms.

The J.P. Morgan conference presentation will serve as a crucial touchpoint for Glaukos to weave these threads together into a cohesive and compelling long-term growth story. The company must demonstrate that the iDose TR launch is not a fleeting success but the first major step in a broader platform strategy, that the Epioxa launch can create a new pillar of growth, and that its deep pipeline promises to deliver a succession of market-disrupting therapies for years to come.