Glaukos Corporation · NYSE:GKOS
Glaukos — Q1 2026 Earnings Presentation
31 slides from Glaukos's earnings presentation, Apr 29, 2026
Slide 1: Glaukos Corporation First Quarter 2026 in Review
Exhibit 99.2 GLAUKOS CORPORATION (NYSE: GKOS) FIRST QUARTER 2026 IN REVIEW Important Information This document is intended to be read by investors in advance of regularly scheduled quarterly conference calls and was designed to provide a review of Glaukos Corporation’s recent financial and operation
Slide 2: Glaukos: Transforming Vision. We'll Go First
GLAUKOS TRANSFORMING VISION. WE’LL GO FIRST Innovation is at the core of everything we do. At Glaukos, we push the limits of science and technology to solve unmet needs in chronic eye diseases.
Slide 3: First Quarter 2026 Financial Results Summary
Business Description Disease Categories Revenue (Growth) Gross Margin (Non-GAAP) Cash & Cash Equivalents, Short-Term Investments, and Restricted Cash FY2026 Sales Guidance FIRST QUARTER 2026 FINANCIAL RESULTS SUMMARY Ophthalmic pharmaceutical and medical technology company focused on developing and
Slide 4: Revenue Performance & Commercial Overview
Revenue Performance & Commercial Overview Global Consolidated Revenue Performance Glaukos reported record first quarter net revenues of $150.6 million that were up 41% on a reported basis, or 39% on a constant currency basis, versus 1Q 2025. Our first quarter record results reflect a sustained growt
Slide 5: Franchise Revenue Performance
Franchise Revenue Performance
Slide 6: 1Q 2026 Revenue Mix
1Q 2026 Revenue Mix Corneal Health $21.3M U.S. Glaucoma $93.5M International Glaucoma $35.8M
Slide 7: U.S. Glaucoma and International Glaucoma
U.S. Glaucoma Our record first quarter U.S. Glaucoma net revenues were approximately $93.5 million, representing year-over-year growth of 58% versus 1Q 2025 driven by growing contributions from iDose TR , which generated sales of approximately $54 million in the first quarter. During the first quart
Slide 8: Additional Commercial Updates & Commentary
Additional Commercial Updates & Commentary We have had several additional positive commercial updates worth highlighting here: ✓ Advanced commercial launch activities in the U.S. for iDose TR o Growing number of trained surgeons and accounts o Increasing utilization by the installed active surgeon b
Slide 9: Epioxa co-pay assistance and specialty pharmacy network
o Launched new financial co-pay assistance program and operationalized Specialty Pharmacy partner network in support of Epioxa patients
Slide 10: 2026 Revenue Guidance Raised to Reflect Strong Momentum
2026 Revenue Guidance Raised to Reflect Strong Momentum Glaukos now expects full-year 2026 global consolidated net sales of $620 - $635 million, up from its previous guidance of $600 - $620 million. This guidance attempts to take into consideration: • Potential growing contributions from iDose TR as
Slide 11: Research & Development / Pipeline Overview
Research & Development / Pipeline Overview Pipeline Summary Our five key dropless technology therapy platforms designed to disrupt traditional treatment paradigms and generate cascades of future innovation are as follows: • iStent® micro-scale surgical devices • iDose® sustained-release procedural p
Slide 12: Ocular Hypertension and Open-Angle Glaucoma; Keratoconus; Myopia
Ocular Hypertension and Open-Angle Glaucoma \_ Keratoconus | Myopia!
Slide 13: Key R&D and Pipeline Updates
Key R&D and Pipeline Updates We are continuing to invest in and advance our fulsome pipeline of core novel platforms, supported by more than $800 million investment into R&D since 2018 alone. Recent updates in our pipeline include:
Slide 14: iDose Platform Updates
iDose Platform Updates ✓ Announced U.S. FDA approval for NDA labeling supplement allowing for unlimited re-administration of iDose TR in patients who maintain a healthy cornea (January 2026) ✓ Advancing Phase 2b/3 clinical program for iDose TREX , our next-generation iDose therapy o Initial results
Slide 15: iLink Platform Updates
iLink Platform Updates ✓ Announced U.S. FDA approval for Epioxa (Epi-on ) (October 2025) o Epioxa is a groundbreaking advancement in corneal cross-linking for the treatment of keratoconus, a rare, sight-threatening disease that is currently far too often undiagnosed and untreated o Epioxa ushers in
Slide 16: GLAUKOS
GLAUKOS
Slide 17: iStent Platform Updates
iStent Platform Updates ✓ Completed patient enrollment in PMA pivotal trial for iStent infinite in mild-to-moderate glaucoma patients (4Q 2025) ✓ Announced EU MDR certification for iStent infinite (June 2025) ✓ Advancing 510(k) pivotal study for PRESERFLO™ MicroShunt
Slide 18: iLution Platform Updates
iLution Platform Updates ✓ Advancing Phase 2 clinical trial for iLution™ Blepharitis
Slide 19: Retina XR Platform Updates
Retina XR Platform Updates ✓ Completed patient enrollment in first-in-human Retina XR clinical development program for IVT multi-kinase inhibitor in wet AMD patients (GLK-401) (4Q 2025)
Slide 20: Product / Pipeline Chart
Product / Pipeline Chart
Slide 21: Product Patient Status
PRODUCT PATIENT STATUS tent / iStent inject / iStent inject W Mild-to-Moderate Glaucoma with Cataract FDA Approved (2012, 2018, 2020) iStent infinite Glaucoma (failed on prior therapy) FDA Cleared (2022) Glaucoma (label expansion) Active PMA Study / EU MDR Cert (2025) Advanced-Refractory Glaucoma ‘O
Slide 22: Other Financial Performance Overview
Other Financial Performance Overview As a reminder, we discuss our financial performance on a non-GAAP basis and summarize our GAAP performance. We encourage investors to review our GAAP to non-GAAP reconciliation which can be found in our earnings press release, the Additional Information section c
Slide 23: Other Important Updates
Other Important Updates ➢ The Company announced the release of its 2025 Sustainability Report (April 2026) o The report highlights the company’s continued commitment and progress on our key corporate sustainability initiatives. o For additional information and highlights, please see Glaukos’ 2025 Su
Slide 24: GLAUKOS
GLAUKOS
Slide 25: Additional Information
Additional Information
Slide 26: Forward-Looking Statements
Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of federal securities laws. All statements other than statements of historical facts included in this presentation that address activities, events or developments that we expect, believe or anticip
Slide 27: Statement Regarding Use of Non-GAAP Financial Measures
result of new information, future events or otherwise, except as may be required under applicable securities law. Statement Regarding Use of Non-GAAP Financial Measures To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the
Slide 28: GAAP Income Statement
Three Months Ended March 31, 2026 2025 Net sales $ 150,571 $ 106,664 Cost of sales 33,339 24,316 Gross profit 117,232 82,348 Operating expenses: Selling, general and administrative 92,943 70,673 Research and development 44,145 32,353 Total operating expenses 137,088 103,026 Loss from operations (19,
Slide 29: Condensed Consolidated Balance Sheets
March 31, December 31, 2026 2025 (unaudited) Assets Current assets: Cash and cash equivalents $ 104,249 $ 90,813 Short-term investments 172,436 187,947 Accounts receivable, net 119,691 108,608 Inventory 62,384 63,564 Prepaid expenses and other current assets 26,993 24,052 Total current assets 485,75
Slide 30: Primary GAAP to Non-GAAP Reconciliations
Q1 2026 Q1 2025 GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Cost of sales $ 33,339 $ (8,675 ) (a)(b) $ 24,664 $ 24,316 $ (5,523 ) (a) $ 18,793 Gross Margin 77.9 % 5.7 % 83.6 % 77.2 % 5.2 % 82.4 % Operating expenses: Selling, general and administrative $ 92,943 $ (693 ) (c) $ 92,250 $ 70,673
Slide 31: Additional GAAP to Non-GAAP Reconciliations
Reported Sales vs. Prior Periods (in thousands) Year-over-Year Percent Change Quarter-over-Quarter Percent Change 1Q 2026 1Q 2025 4Q 2025 Reported Operations (1) Currency (2) Reported Operations (1) Currency (2) International Glaucoma $ 35,808 $ 29,009 $ 32,779 23.4 % 15.7 % 7.7 % 9.2 % 8.2 % 1.0 %