GLAUKOS Corp GKOS
Glaukos is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal disease. We first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching our first MIGS device, the iStent, commercially in 2012. In 2024, we commenced commercialization activities for iDose® TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical implant designed to continuously deliver glaucoma drug therapy inside the eye for extended periods of time. We also offer commercially proprietary bio-activated pharmaceutical therapies for the treatment of corneal disorders. Beyond our approved products, we continue to develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $507.4M | $383.5M | $314.7M | $282.9M | $294.0M | $225.0M | $237.0M | $181.3M | $159.3M | $114.4M |
| Cost of revenue | $111.8M | $94.0M | $75.6M | $69.0M | $66.6M | $91.7M | $38.6M | $25.1M | $21.1M | $16.2M |
| Gross profit | $282.8M | $289.5M | $239.1M | $213.9M | $227.4M | $133.2M | $198.4M | $156.2M | $138.2M | $98.2M |
| R&D | — | — | — | — | — | — | — | $49.7M | $38.9M | $29.2M |
| SG&A | $331.7M | $261.2M | $224.1M | $192.9M | $179.3M | $171.4M | $176.6M | $119.5M | $96.3M | $64.8M |
| Total operating expenses | $482.4M | $411.8M | $367.8M | $296.2M | $260.3M | $256.8M | $248.7M | $169.2M | $140.5M | $94.0M |
| Operating income | -$199.6M | -$122.4M | -$128.7M | -$82.3M | -$32.9M | -$123.6M | -$50.3M | -$13.0M | -$2.3M | $4.2M |
| Interest expense | $4.6M | $10.0M | $13.6M | $13.7M | $13.4M | $14.1M | $2.6M | — | — | — |
| Pre-tax income | -$193.0M | -$145.6M | -$133.7M | -$98.4M | -$49.3M | -$132.3M | -$50.0M | -$12.4M | $1.0K | $4.6M |
| Income tax | $5.4M | $771.0K | $934.0K | $766.0K | $326.0K | $12.0M | $65.5M | $583.0K | $93.0K | $43.0K |
| Net income | -$187.7M | -$146.4M | -$134.7M | -$99.2M | -$49.6M | -$120.3M | $15.4M | -$13.0M | -$92.0K | $4.5M |
| EPS, basic | -3.28 | -2.77 | -2.78 | -2.09 | -1.07 | -2.70 | 0.41 | -0.37 | 0.00 | 0.14 |
| EPS, diluted | -3.28 | -2.77 | -2.78 | -2.09 | -1.07 | -2.70 | 0.37 | -0.37 | 0.00 | 0.12 |
| Shares, diluted (wtd. avg.) | $57.2M | $52.8M | $48.4M | $47.4M | $46.4M | $44.5M | $41.1M | $35.3M | $34.4M | $36.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $90.8M | $169.6M | $93.5M | $126.6M | $110.1M | $106.2M | $71.8M | $38.6M | $24.5M | $6.6M |
| Receivables | $108.6M | $60.7M | $39.9M | $36.1M | $33.4M | $36.1M | $38.4M | $18.7M | $16.7M | $14.3M |
| Inventory | $63.6M | $57.7M | $42.0M | $37.8M | $23.0M | $15.8M | $42.6M | $13.3M | $11.2M | $6.8M |
| Total current assets | $475.0M | $449.8M | $395.5M | $443.9M | $486.1M | $469.4M | $262.9M | $176.6M | $149.5M | $120.0M |
| Property, plant and equipment | $113.3M | $97.9M | $103.2M | $94.4M | $69.0M | $24.0M | $22.1M | $19.2M | $11.8M | $7.6M |
| Goodwill | $66.7M | $66.1M | $66.1M | $66.1M | $66.1M | $66.1M | $66.1M | — | — | — |
| Other intangibles | $141.9M | $263.4M | $283.0M | $307.9M | $332.8M | $357.7M | $382.6M | — | $3.1M | $6.6M |
| Total assets | $893.5M | $974.8M | $940.4M | $1.00B | $1.05B | $1.01B | $818.4M | $207.0M | $165.8M | $134.4M |
| Accounts payable | $24.6M | $13.0M | $13.4M | $14.4M | $7.3M | $4.4M | $5.8M | $6.3M | $6.2M | $3.0M |
| Total current liabilities | $101.3M | $75.1M | $74.0M | $72.4M | $63.4M | $49.7M | $57.7M | $30.4M | $26.8M | $16.9M |
| Total liabilities | $237.3M | $207.8M | $478.6M | $472.4M | $462.5M | $338.1M | $145.1M | $33.1M | $27.6M | $17.1M |
| Retained earnings | -$933.1M | -$745.4M | -$599.1M | -$464.4M | -$365.2M | -$310.1M | -$189.7M | -$205.1M | -$192.2M | -$192.1M |
| Total equity | $656.2M | $766.9M | $461.8M | $530.0M | $587.2M | $667.4M | $673.3M | $173.9M | $138.2M | $117.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14.8M | -$61.3M | -$57.8M | -$33.1M | $24.7M | -$23.0M | -$369.0K | $18.9M | $26.1M | $12.3M |
| Depreciation and amortisation | $38.1M | $35.6M | $33.7M | $31.6M | $29.7M | $29.4M | $6.3M | $6.3M | $5.5M | $4.7M |
| Stock-based compensation | $63.2M | $50.2M | $43.5M | $38.6M | $30.1M | $46.5M | $36.4M | $25.7M | $17.6M | $8.8M |
| Capital expenditure | $7.7M | $6.3M | $20.2M | $30.3M | $47.8M | $6.9M | $4.7M | $10.3M | $6.3M | $6.3M |
| Investing cash flow | -$77.6M | $47.8M | $14.1M | $44.8M | -$58.2M | -$205.1M | $43.4M | -$26.4M | -$12.4M | -$26.1M |
| Financing cash flow | $11.9M | $91.5M | $15.0M | $6.3M | $39.3M | $262.5M | -$9.6M | $21.6M | $4.7M | -$1.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-157829.
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