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Glaukos Corporation, an ophthalmic pharmaceutical and medical technology company, develops therapies for the treatment of glaucoma, corneal disorders, and retinal diseases in the United States and internationally. It offers iStent and iStent inject W micro-bypass stents designed to treat mild-to-moderate open-angle glaucoma through the restoration of the natural physiologic outflow pathways for aqueous humor. The company also provides iStent infinite indicated for use in the treatment of patients with glaucoma uncontrolled by prior medical and surgical therapy; and iDose TR, an intracameral procedural pharmaceutical therapy indicated for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension. In addition, the company develops iLink, a device used for the treatment of keratoconus without the removal of the epithelium; ILution, a platform of cream-based drug formulation applied to the outer surface of the eyelid for drop less transdermal delivery of pharmaceutically active compounds for the treatment of anterior segment eye disorders; and retinal XR platform to treat age-related macular degeneration, diabetic macular edema, retinal vein occlusion, and other posterior segment retinal diseases. It sells its products to ambulatory surgery centers, hospitals, and physician private practices through a direct sales organization, direct sales subsidiaries, and distributors. The company was formerly known as Transdx, Inc. Glaukos Corporation was incorporated in 1998 and is headquartered in Aliso Viejo, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $507M | $-146M | $-188M | $-39M | -28.6% | 32.3% | 28.2% |
| 2024 | $383M | $-96M | $-146M | $-68M | -19.1% | 21.9% | 8.7% |
| 2023 | $315M | $-82M | $-135M | $-78M | -29.2% | 11.3% | 35.8% |
| 2022 | $283M | $-49M | $-99M | $-63M | -18.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 282.86 | 314.71 | 383.48 | 507.44 |
| Operating Revenue | - | 282.86 | 314.71 | 383.48 | 507.44 |
| Cost Of Revenue | - | 68.98 | 75.58 | 94.03 | 224.68 |
| Gross Profit | - | 213.88 | 239.14 | 289.45 | 282.76 |
| Operating Expense | - | 316.20 | 362.84 | 397.59 | 482.36 |
| Research And Development | - | 123.27 | 138.77 | 136.43 | 150.61 |
| Selling General And Administration | - | 192.92 | 224.07 | 261.17 | 331.75 |
| Total Expenses | - | 385.18 | 438.41 | 491.62 | 707.04 |
| Operating Income | - | -102.31 | -123.70 | -108.14 | -199.60 |
| Total Operating Income As Reported | - | -82.31 | -128.70 | -122.37 | -199.60 |
| EBITDA | - | -48.76 | -82.12 | -95.64 | -146.06 |
| Normalized EBITDA | - | -68.76 | -77.12 | -81.41 | -146.06 |
| EBIT | - | -84.71 | -120.09 | -135.56 | -188.41 |
| Interest Income | - | 2.38 | 9.16 | 11.10 | 10.71 |
| Interest Expense | - | 13.72 | 13.63 | 10.04 | 4.64 |
| Net Interest Income | - | -11.34 | -4.47 | 1.06 | 6.08 |
| Other Non Operating Income Expenses | - | -4.77 | -0.56 | -24.30 | 0.48 |
| Other Income Expense | - | 15.23 | -5.56 | -38.53 | 0.48 |
| Interest Income Non Operating | - | 2.38 | 9.16 | 11.10 | 10.71 |
| Interest Expense Non Operating | - | 13.72 | 13.63 | 10.04 | 4.64 |
| Net Non Operating Interest Income Expense | - | -11.34 | -4.47 | 1.06 | 6.08 |
| Pretax Income | - | -98.43 | -133.73 | -145.60 | -193.04 |
| Tax Provision | - | 0.77 | 0.93 | 0.77 | -5.35 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 4.20 | -1.05 | -2.99 | 0 |
| Net Income Continuous Operations | - | -99.20 | -134.66 | -146.37 | -187.69 |
| Net Income From Continuing And Discontinued Operation | - | -99.20 | -134.66 | -146.37 | -187.69 |
| Net Income From Continuing Operation Net Minority Interest | - | -99.20 | -134.66 | -146.37 | -187.69 |
| Net Income | - | -99.20 | -134.66 | -146.37 | -187.69 |
| Net Income Common Stockholders | - | -99.20 | -134.66 | -146.37 | -187.69 |
| Net Income Including Noncontrolling Interests | - | -99.20 | -134.66 | -146.37 | -187.69 |
| Normalized Income | - | -115 | -130.71 | -135.13 | -187.69 |
| Diluted NI Availto Com Stockholders | - | -99.20 | -134.66 | -146.37 | -187.69 |
| Basic Average Shares | - | 47.44 | 48.43 | 52.76 | 57.19 |
| Diluted Average Shares | - | 47.44 | 48.43 | 52.76 | 57.19 |
| Reconciled Depreciation | - | 35.95 | 37.98 | 39.92 | 42.34 |
| Reconciled Cost Of Revenue | - | 68.98 | 75.58 | 94.03 | 224.68 |
| Total Unusual Items | - | 20 | -5 | -14.23 | 0 |
| Total Unusual Items Excluding Goodwill | - | 20 | -5 | -14.23 | 0 |
| Special Income Charges | - | 20 | -5 | -14.23 | 0 |
| Other Special Charges | -20 | -20 | 5 | 14.23 | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Glaukos Corporationthis co. | GKOS | $7.1B | -38.08 | 10.89 | -28.6% | -49.02 |
| Henry Schein, Inc. | HSIC | $8.7B | 21.84 | 2.68 | 12.3% | 12.42 |
| Bio-Techne Corporation | TECH | $8.3B | 113.50 | 4.34 | 3.8% | 39.69 |
| Corcept Therapeutics Incorporated | CORT | $8.0B | 80.68 | 12.41 | 15.4% | 66.11 |
| Alkermes plc | ALKS | $7.2B | 29.92 |
| - |
| - |
| - |
| - |
| - |
| 3.97 |
| 13.3% |
| 20.89 |
| Protagonist Therapeutics, Inc. | PTGX | $6.6B | -50.79 | 10.75 | -21.2% | -41.39 |
| TG Therapeutics, Inc. | TGTX | $6.2B | 13.88 | 9.58 | 69.0% | 47.51 |
| PTC Therapeutics, Inc. | PTCT | $5.9B | 8.58 | - | -332.5% | 7.46 |
| Teleflex Incorporated | TFX | $5.8B | -6.46 | 1.87 | -29.0% | 27.09 |
| Peer Median | - | 17.86 | 4.34 | 8.0% | 23.99 | |