Glaukos Corporation (GKOS Quick QuoteGKOS - Free Report) reported a first-quarter 2026 adjusted loss of 18 cents per share, which came narrower than the Zacks Consensus Estimate of a loss of 30 cents by 40%. The figure improved from the year-ago quarter’s adjusted loss of 22 cents per share.

The GAAP loss per share was 34 cents compared with the prior-year quarter’s reported loss of 32 cents.

Q1 Revenue Details

Glaukos registered revenues of $150.6 million in the first quarter, up 41% year over year on a reported basis and 39% at constant currency (cc). The figure also surpassed the Zacks Consensus Estimate by 10%.

Quarter in Detail

The company recorded net sales of $129.3 million for Glaucoma, up 47% year over year. Sales at Corneal Health totaled $21.3 million.

GKOS’ Margin Analysis

Adjusted gross profit increased 43.3% year over year to $125.9 million. The adjusted gross margin expanded 120 basis points (bps) to 83.6%.

Selling, general and administrative expenses rose 31.5% year over year to $92.9 million. Research and development expenses totaled $44.1 million, up 36.4% year over year. Total operating expenses were $137.1 million, up 33.1% from the prior-year period’s level.

The operating loss decreased to $19.9 million from $20.7 million in the year-ago period. The adjusted operating loss was $10.5 million, narrower than the year-ago quarter’s adjusted operating loss of $15.2 million.

Glaukos Corporation Price, Consensus and EPS Surprise

Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote

Financial Update

Glaukos exited the first quarter of 2026 with cash and cash equivalents and short-term investments of $280.5 million compared with $282.6 million at the end of fourth-quarter 2025.

2026 Guidance by GKOS

The company raised its guidance for 2026 revenues. It now expects net sales in the range of $620 million to $635 million (up from its previous guidance of $600 million to $620 million). The Zacks Consensus Estimate for the same is pegged at $610.9 million. The loss per share estimate is pinned at 57 cents, implying 36.7% improvement year over year.

Our Take on GKOS

Glaukos delivered a strong start to 2026, with results beating their respective consensus estimate. The company’s first-quarter performance reflected strong execution across its global commercial and development initiatives.

Shares of GKOS were up 8.2% during after-market trading following the first-quarter results. However, the company’s shares have gained 3.6% in the year-to-date period against the industry’s decline of 15.7%. The broader S&P 500 Index has increased 4.5% in the same time frame.

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The U.S. glaucoma franchise remained the primary growth engine, driven by continued rapid adoption of iDose TR. Growth was supported by expanding surgeon adoption, increasing utilization and improving reimbursement coverage, with access pathways now covering nearly all commercial and Medicare Advantage patients. The therapy continues to gain traction as a foundation for earlier interventional glaucoma treatment, supported by strong clinical evidence and growing physician confidence.

International glaucoma delivered solid growth, reflecting infrastructure investments and broader adoption of MIGS globally. While management expects competitive product trialing and currency tailwinds to create some near-term pressure, contributions from recently launched products are expected to partially offset these headwinds.

Meanwhile, the corneal health segment delivered steady growth, supported by Photrexa and the initial contribution from Epioxa. The launch of Epioxa marks an inflection point, introducing a non-invasive, epithelium-sparing cross-linking therapy for keratoconus. Early launch indicators are encouraging, with site-of-care coverage reaching around 65% of the U.S. population and expected to expand toward 95%. Payer engagement is also progressing, with access pathways established for more than 100 million covered lives and a permanent J-code set to take effect in July 2026.

Glaukos continues to advance a broad and differentiated pipeline across multiple therapeutic platforms, with more than a dozen programs spanning glaucoma, corneal health and retinal diseases. Developments include ongoing studies for next-generation iDose technologies, iStent infinite in additional patients and the PRESERFLO MicroShunt, alongside a Phase II program for demodex blepharitis and development within its iLink platform, including a keratoconus screening device to launch later this year. Overall, the quarter reinforces the company’s evolution into a diversified ophthalmic growth platform, with iDose TR driving near-term momentum and Epioxa signaling a significant long-term opportunity.

GKOS’ Zacks Rank & Stocks to Consider

Glaukos has a Zacks Rank #4 (Sell) at present.

Some better-ranked stocks in the broader medical space are Globus Medical (GMED Quick QuoteGMED - Free Report) , Phibro Animal Health (PAHC Quick QuotePAHC - Free Report) and Cardinal Health (CAH Quick QuoteCAH - Free Report) .

Globus Medical, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 9.6%. GMED’s earnings surpassed estimates in three of the trailing four quarters and missed one, with the average surprise being 18.8%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Globus Medical’s shares have gained 1.4% against the industry’s 15.7% decline in the year-to-date period.

Phibro Animal Health, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 21.5%. PAHC’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 20.1%.

Phibro Animal Health stock has climbed 41.1% against the industry’s 18.8% decline in the year-to-date period.

Cardinal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 15%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 9.3%.

Cardinal Health’s shares have lost 1.3% compared with the industry’s 4.6% decline in the year-to-date period.