# EDGAR Filing Document

**Accession Number:** 0001192448
**File Stem:** 0001558370-25-009798
**Filing Date:** 2025-7
**Character Count:** 67080
**Document Hash:** a841512a343e09132394dfbabbc85f02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-009798.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001558370-25-009798

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GLAUKOS Corp
- **CENTRAL INDEX KEY:** 0001192448
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37463
- **FILM NUMBER:** 251167143

**BUSINESS ADDRESS:**
- **STREET 1:** 1 GLAUKOS WAY
- **CITY:** ALISO VIEJO
- **STATE:** CA
- **ZIP:** 92656
- **BUSINESS PHONE:** 949-367-9600

**MAIL ADDRESS:**
- **STREET 1:** 1 GLAUKOS WAY
- **CITY:** ALISO VIEJO
- **STATE:** CA
- **ZIP:** 92656

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLAUKOS CORP
- **DATE OF NAME CHANGE:** 20020925

?xml version='1.0' encoding='ASCII'?

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**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 30, 2025

## Glaukos Corporation
**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37463** | **33-0945406** |
| **(State or other jurisdiction** | **(Commission** | **(I.R.S. Employer** |
| **of incorporation)** | **File Number)** | **Identification No.)** |

---

---

| | | |
|:---|:---|:---|
| **One Glaukos Way** |  |  |
| **Aliso Viejo** |  |  |
| **California** |  | **92656** |
| **(Address of principal executive offices)** |  | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (949) 367-9600**

**(Former name or former address, if changed since last report.)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title of each class:** |  | **Trading Symbol** |  | **Name of each exchange on which registered:** |
| Common Stock |  | GKOS |  | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On July 30, 2025, Glaukos Corporation (the "Company") issued a press release announcing its financial results for the second quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such filing.

**Item 7.01. Regulation FD Disclosure.**

A Quarterly Summary containing supplemental business and financial information for the Company's second quarter ended June 30, 2025 is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein. A copy of the Quarterly Summary is also available in the "Financials & Filings" section of the Company's investor relations website at https://investors.glaukos.com.

The information contained in this Item 7.01 and in the accompanying Exhibit 99.2 shall not be deemed filed for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release of Glaukos Corporation, dated July 30, 2025](gkos-20250730xex99d1.htm) |
| 99.2 | [Quarterly Summary of Glaukos Corporation for the second quarter ended June 30, 2025](gkos-20250730xex99d2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **GLAUKOS CORPORATION**<br>*(Registrant)*  | **GLAUKOS CORPORATION**<br>*(Registrant)*  | **GLAUKOS CORPORATION**<br>*(Registrant)*  |
| By: | /s/ Alex R. Thurman | /s/ Alex R. Thurman |
|  | Name: | Alex R. Thurman  |
|  | Title: | Senior Vice President & Chief Financial Officer  |

---

Date: July 30, 2025

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](gkos-20250730xex99d1001.jpg)

**FOR IMMEDIATE RELEASE**

**Contact:**

Chris Lewis

Vice President, Investor Relations & Corporate Affairs

(949) 481-0510

clewis@glaukos.com

**Glaukos Announces Second Quarter 2025 Financial Results**

**Aliso Viejo, CA – July 30, 2025 –** Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders and retinal diseases, today announced financial results for the second quarter ended June 30, 2025. Key highlights include:

● Record net sales of $124.1 million in Q2 2025 increased 30% year-over-year on a reported basis and 29% year-over-year on a constant currency basis.

● Glaucoma record net sales of $103.5 million in Q2 2025 increased 36% year-over-year.

● U.S. Glaucoma record net sales of $72.3 million in Q2 2025 increased 45% year-over-year.

● Gross margin of approximately 78% and non-GAAP gross margin of approximately 83% in Q2 2025.

● Raised 2025 net sales guidance to $480 million to $486 million, compared to $475 million to $485 million previously.

"Our record second quarter results reflect a sustained growth acceleration in our business driven by successful global execution of our key strategic plans," said Thomas Burns, Glaukos chairman and chief executive officer. "We continue to successfully advance our 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."

**Second Quarter 2025 Financial Results**

Net sales in the second quarter of 2025 of $124.1 million increased 30% on a reported basis, or 29% on a constant currency basis, compared to $95.7 million in the same period in 2024.

Gross margin for the second quarter of 2025 was approximately 78%, compared to approximately 76% in the same period in 2024. Non-GAAP gross margin for the second quarter of 2025 was approximately 83%, compared to approximately 82% in the same period in 2024.

Selling, general and administrative (SG&A) expenses for the second quarter of 2025 increased 26% to $83.4 million, compared to $66.2 million in the same period in 2024. Non-GAAP SG&A expenses for the second quarter of 2025 increased 27% to $83.1 million, compared to $65.5 million in the same period in 2024.

GAAP and non-GAAP research and development (R&D) expenses for the second quarter of 2025 increased 6% to $36.5 million, compared to $34.4 million in the same period in 2024.

------

![Graphic](gkos-20250730xex99d1001.jpg)

Loss from operations in the second quarter of 2025 was $22.7 million, compared to operating loss of $30.0 million in the second quarter of 2024. Non-GAAP loss from operations in the second quarter of 2025 was $16.6 million, compared to non-GAAP operating loss of $23.7 million in the second quarter of 2024.

Net loss in the second quarter of 2025 was $19.7 million, or ($0.34) per diluted share, compared to net loss of $50.5 million, or ($1.00) per diluted share, in the second quarter of 2024. Non-GAAP net loss in the second quarter of 2025 was $13.6 million, or ($0.24) per diluted share, compared to non-GAAP net loss of $26.3 million, or ($0.52) per diluted share, in the second quarter of 2024.

Included in non-GAAP loss from operations, non-GAAP net loss and non-GAAP EPS for the second quarter of 2024 is an acquired in-process R&D (IPR&D) charge of $2.5 million, which caused the non-GAAP loss per diluted share to have an additional loss of ($0.05) in the second quarter of 2024.

The company ended the second quarter of 2025 with approximately $278.6 million in cash and cash equivalents, short-term investments and restricted cash, and no debt.

**2025 Revenue Guidance**

The company expects 2025 net sales to be in the range of $480 million to $486 million based on the latest foreign currency exchange rates.

**Webcast & Conference Call**

The company will host a conference call and simultaneous webcast today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results and provide additional information about the company's financial outlook. A link to the webcast is available on the company's website at <u>http://investors.glaukos.com</u>. To participate in the conference call, please dial 800-715-9871 (U.S.) or 646-307-1963 (international) and enter Conference ID 5255602. A replay of the webcast will be archived on the company's website following completion of the call.

**Quarterly Summary Document**

The company has posted a document on its Investor Relations website under the "Financials & Filings – Quarterly Results" section titled "Quarterly Summary." This Quarterly Summary document is designed to provide the investment community with a summarized and easily accessible reference document that details the key facts associated with the quarter, the state of the company's business objectives and strategies and any forward statements or guidance the company may make. This document is provided alongside the company's earnings press release and is designed to be read by investors before the regularly scheduled quarterly conference call. As such, today's conference call will be in a format primarily consisting of a questions and answers session, during which Glaukos will address any queries investors have regarding the company's results. It is the company's goal that this format will make its quarterly earnings process more efficient and impactful for the investment community going forward.

**About Glaukos**

Glaukos (www.glaukos.com) is an ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012. In 2024, Glaukos commenced commercial launch activities for *iDose*<sup>®</sup> *TR*, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy

------

![Graphic](gkos-20250730xex99d1001.jpg)

utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rarely diagnosed corneal disorder. Glaukos continues to successfully 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.

**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 press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on management's current expectations, assumptions, estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this press release. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our *iDose TR* therapy; the impact of general macroeconomic conditions including foreign currency fluctuations and future health crises on our business; our ability to continue to generate sales of our commercialized products and develop and commercialize additional products; our dependence on a limited number of third-party suppliers, some of which are single-source, for components of our products; the occurrence of a crippling accident, natural disaster, or other disruption at our primary facility, which may materially affect our manufacturing capacity and operations; securing or maintaining adequate coverage or reimbursement by third-party payors for procedures using the *iStent,* the *iStent inject W*, *iAccess*, *iStent infinite*, *iDose TR*, our corneal cross-linking products or other products in development, and our compliance with the requirements of participation in federal healthcare programs such as Medicare and Medicaid; our compliance with federal, state and foreign laws and regulations for the approval and sale and marketing of our products and of our manufacturing processes; the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; the risk of recalls or serious safety issues with our products and the uncertainty of patient outcomes; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; our ability to protect, and the expense and time-consuming nature of protecting our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation; and our ability to service our indebtedness. These and other known risks, uncertainties and factors are described in detail under the caption "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission (SEC), including in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 1, 2025, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which is expected to be filed with the SEC by August 11, 2025. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-

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![Graphic](gkos-20250730xex99d1001.jpg)

looking statements whether as a 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 Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) ("Non-GAAP Purposes"). The Company uses the term "Non-GAAP" to exclude certain expenses, gains and losses to achieve the Non-GAAP Purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment associated with the exchange or redemption of convertible senior notes; significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See "GAAP to Non-GAAP Reconciliations" for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure.

In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See "Reported Sales vs. Prior Periods" for a presentation of certain net sales information on a reported, GAAP and a constant currency basis.

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![Graphic](gkos-20250730xex99d1001.jpg)

**GLAUKOS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited)**

**(in thousands, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $124120 | $95690 | $230784 | $181312 |
| Cost of sales | 26896 | 22550 | 51212 | 42808 |
| Gross profit | 97224 | 73140 | 179572 | 138504 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 83375 | 66188 | 154048 | 128163 |
| &nbsp;&nbsp;Research and development | 36538 | 34426 | 68891 | 65152 |
| &nbsp;&nbsp;Acquired in-process research and development |  | 2500 |  | 14229 |
| Total operating expenses | 119913 | 103114 | 222939 | 207544 |
| Loss from operations | (22689) | (29974) | (43367) | (69040) |
| Non-operating income (expense): |  |  |  |  |
| &nbsp;&nbsp;Interest income | 2574 | 2828 | 5650 | 5911 |
| &nbsp;&nbsp;Interest expense | (1151) | (3355) | (2314) | (6805) |
| &nbsp;&nbsp;Charges associated with convertible senior notes |  | (18012) |  | (18012) |
| &nbsp;&nbsp;Other income (expense), net | 1857 | (1701) | 2802 | (2729) |
| Total non-operating income (expense) | 3280 | (20240) | 6138 | (21635) |
| Loss before taxes | (19409) | (50214) | (37229) | (90675) |
| Income tax provision | 248 | 331 | 574 | 708 |
| Net loss | $(19657) | $(50545) | $(37803) | $(91383) |
| Basic and diluted net loss per share | $(0.34) | $(1.00) | $(0.66) | $(1.82) |
| Weighted-average shares outstanding used to compute basic and diluted net loss per share | 57205 | 50715 | 56922 | 50169 |

---

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![Graphic](gkos-20250730xex99d1001.jpg)

**GLAUKOS CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except par values)**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $100813 | $169626 |
| &nbsp;&nbsp;Short-term investments | 173973 | 149289 |
| &nbsp;&nbsp;Accounts receivable, net | 82985 | 60744 |
| &nbsp;&nbsp;Inventory | 64621 | 57678 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 13673 | 12455 |
| Total current assets | 436065 | 449792 |
| Restricted cash | 3834 | 4733 |
| Property and equipment, net | 111816 | 97867 |
| Operating lease right-of-use asset | 31985 | 30254 |
| Finance lease right-of-use asset | 40610 | 41816 |
| Intangible assets, net | 270491 | 263445 |
| Goodwill | 66710 | 66134 |
| Deposits and other assets | 25447 | 20715 |
| Total assets | $986958 | $974756 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $13684 | $13026 |
| &nbsp;&nbsp;Accrued liabilities | 65452 | 62099 |
| Total current liabilities | 79136 | 75125 |
| Operating lease liability | 36200 | 33936 |
| Finance lease liability | 68823 | 69463 |
| Deferred tax liability, net | 6910 | 6928 |
| Other liabilities | 30777 | 22373 |
| Total liabilities | 221846 | 207825 |
| Stockholders' equity: |  |  |
| Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Common stock, $0.001 par value; 150,000 shares authorized; 57,277 and 56,472 shares issued and 57,249 and 56,544 shares outstanding at June 30, 2025 and December 31, 2024, respectively | 57 | 56 |
| Additional paid-in capital | 1545557 | 1509831 |
| Accumulated other comprehensive income | 2872 | 2615 |
| Accumulated deficit | (783242) | (745439) |
| Less treasury stock (28 shares as of June 30, 2025 and December 31, 2024) | (132) | (132) |
| Total stockholders' equity | 765112 | 766931 |
| Total liabilities and stockholders' equity | $986958 | $974756 |

---

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![Graphic](gkos-20250730xex99d1001.jpg)

**GLAUKOS CORPORATION**

**GAAP to Non-GAAP Reconciliations**

**(in thousands, except per share amounts and percentage data)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **Q2 2024** |
|  | **GAAP** | Adjustments | Non-GAAP | **GAAP** | Adjustments | Non-GAAP |
| Cost of sales | $**26896** | $(5764)<br> (a)(b)  | $21132 | $**22550** | $(5523)<br> (a) | $17027 |
| Gross Margin | 78.3% | 4.7% | 83.0% | **76.4%**  | 5.8% | 82.2% |
| <u>Operating expenses:</u> |  |  |  |  |  |  |
| Selling, general and administrative | $**83375** | $(295)<br> (c) | $83080 | $**66188** | $(705)<br> (d) | $65483 |
| Loss from operations | $**(22689)** | $6059 | $(16630) | $**(29974)** | $6228 | $(23746) |
| <u>Non-operating (expense) income:</u> |  |  |  |  |  |  |
| Charges associated with convertible senior notes | $**—** | $— | $— | $**(18012)** | $18012<br> (e) | $— |
| Net loss | $**(19657)** | $6059<br> (f) | $(13598) | $**(50544)** | $24240<br> (f) | $(26304) |
| Basic and diluted net loss per share | $**(0.34)** | $0.10 | $(0.24) | $**(1.00)** | $0.48 | $(0.52) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $5.5 million in Q2 2025 and Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Mobius acquisition-related amortization expense of developed intellectual property and distribution rights of $0.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Mobius acquisition-related transaction expense.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Avedro acquisition-related amortization expense of customer relationship intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses associated with the exchange of convertible senior notes, consisting of a non-cash inducement charge of $17.4 million and direct transaction costs of $0.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2025 and 2024.

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![Graphic](gkos-20250730xex99d1001.jpg)

**GLAUKOS CORPORATION**

**GAAP to Non-GAAP Reconciliations**

**(in thousands, except per share amounts and percentage data)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year-to-Date Q2 2025** | **Year-to-Date Q2 2025** | **Year-to-Date Q2 2025** | **Year-to-Date Q2 2024** | **Year-to-Date Q2 2024** | **Year-to-Date Q2 2024** |
|  | **GAAP** | Adjustments | Non-GAAP | **GAAP** | Adjustments | Non-GAAP |
| Cost of sales | $**51212** | $(11287)<br> (a)(b)  | $39925 | $**42808** | $(11046)<br> (a) | $31762 |
| Gross Margin | **77.8%**  | 4.9% | 82.7% | **76.4%**  | 6.1% | 82.5 |
| <u>Operating expenses:</u> |  |  |  |  |  |  |
| Selling, general and administrative | $**154048** | $(295)<br> (c) | $153753 | $**128163** | $(1410)<br> (d) | $126753 |
| Loss from operations | $**(43367)** | $11582 | $(31785) | $**(69040)** | $12456 | $(56584) |
| <u>Non-operating expense:</u> |  |  |  |  |  |  |
| Charges associated with convertible senior notes | $**—** | $— | $— | $**(18012)** | $18012<br> (e) | $— |
| Net loss | $**(37803)** | $11582<br> (f) | $(26221) | $**(91382)** | $30468<br> (f) | $(60914) |
| Basic and diluted net loss per share | $**(0.66)** | $0.20 | $(0.46) | $**(1.82)** | $0.61 | $(1.21) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $11.0 million year-to-date Q2 2025 and year-to-date Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Mobius acquisition-related amortization expense of developed intellectual property and distribution rights of $0.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Mobius acquisition-related transaction expense.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Avedro acquisition-related amortization expense of customer relationship intangible assets of $1.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses associated with the exchange of convertible senior notes, consisting of a non-cash inducement charge of $17.4 million and direct transaction costs of $0.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2025 and 2024.

------

![Graphic](gkos-20250730xex99d1001.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** | **Reported Sales vs. Prior Periods (in thousands)** |
|  | | | | **Year-over-Year Percent Change** | **Year-over-Year Percent Change** | **Year-over-Year Percent Change** | **Quarter-over-Quarter Percent Change** | **Quarter-over-Quarter Percent Change** | **Quarter-over-Quarter Percent Change** |
|  | <br>**2Q 2025** | <br>**2Q 2024** | <br>**1Q 2025** | **Reported** | **Operations *(1)*** | **Currency *(2)*** | **Reported** | **Operations *(1)*** | **Currency *(2)*** |
| International Glaucoma | $31251 | $26131 | $29009 | 19.6% | 15.5% | 4.1% | 7.7% | 2.1% | 5.6% |
| Total Net Sales | $124120 | $95690 | $106664 | 29.7% | 28.6% | 1.1% | 16.4% | 14.8% | 1.6% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Operational growth excludes the effect of translational currency* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Calculated by converting the current period numbers using the prior period's average foreign exchange rates* 

------

## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

**GLAUKOS CORPORATION (NYSE: GKOS)**

***SECOND QUARTER 2025 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 operational performance and general business outlook.

Please see "Forward-Looking Statements" and "Statement Regarding Use of Non-GAAP Financial Measures" in the "Additional Information" section of this document.

**Conference Call Information**

---

| | |
|:---|:---|
| Date: | July 30, 2025 |
| Time: | 4:30 p.m. ET / 1:30 p.m. PT |
| Dial-in numbers: | 1-800-715-9871 (U.S.), 1-646-307-1963 (International) |
| Confirmation ID: | 5255602 |
| Live webcast: | Events page at the Glaukos Investor Relations website at http://investors.glaukos.com or at this link. |
| Webcast replay: | A replay of the webcast will be archived on the Glaukos Investor Relations website following completion of the call. |

---

![Graphic](gkos-20250730xex99d2003.jpg)

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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**SECOND QUARTER 2025 FINANCIAL RESULTS SUMMARY**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Business Description | &nbsp;&nbsp;Ophthalmic pharmaceutical and medical technology company focused on developing and commercializing novel, dropless platform therapies designed to disrupt the conventional standard of care and improve outcomes for patients suffering from chronic eye diseases |
| &nbsp;&nbsp;Disease Categories | &nbsp;&nbsp;Glaucoma<br>Corneal Health<br>Retinal Disease |
| &nbsp;&nbsp;Revenue (Growth) | &nbsp;&nbsp;<u>2Q 2025</u><br>**$124.1 million**<br>*(+30% reported and +29% constant currency vs. 2Q 2024)* |
| &nbsp;&nbsp;Gross Margin (Non-GAAP) | &nbsp;&nbsp;<u>2Q 2025</u><br>**~83%**<br>*(versus ~82% in 2Q 2024)* |
| &nbsp;&nbsp;Cash & Cash Equivalents, Short-Term Investments, and Restricted Cash | &nbsp;&nbsp;**$278.6 million** as of June 30, 2025 (versus $303.4 million as of March 31, 2025) |
| &nbsp;&nbsp;FY2025 Sales Guidance | &nbsp;&nbsp;FY 2025 global consolidated revenues of **$480 - $486 million** expected (versus $475 - $485 million previously) |

---

*See "Statement Regarding Use of Non-GAAP Financial Measures" and the Non-GAAP reconciliations included within the Additional Information section of this document. Reconciliations for each of constant currency revenue growth, Non-GAAP Gross Margin, and the other non-GAAP financial measures disclosed in this document to the most directly comparable GAAP financial measure are provided.*

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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**Revenue Performance & Commercial Overview**

***Global Consolidated Revenue Performance***

Glaukos reported record second quarter net revenues of $124.1 million that were up 30% on a reported basis, or 29% on a constant currency basis, versus 2Q 2024. Our second quarter record results reflect a sustained growth acceleration in our business with the strong performance driven by growing *iDose® TR* adoption and utilization, along with our broader Interventional Glaucoma, or IG, initiatives globally.

![Graphic](gkos-20250730xex99d2005.jpg)

***Franchise Revenue Performance***

![Graphic](gkos-20250730xex99d2006.jpg)

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

*U.S. Glaucoma*

Our record second quarter U.S. Glaucoma net revenues were approximately $72.3 million, representing year-over-year growth of 45% versus 2Q 2024 driven by growing contributions from *iDose TR*, which generated sales of approximately $31 million in the second quarter.

During the second quarter, we successfully advanced execution of our detailed launch plans for *iDose TR,* a first-of-its-kind intracameral procedural pharmaceutical that was designed to continuously deliver glaucoma drug therapy for up to three years. Most importantly, clinical outcomes and product feedback from a growing number of cases and trained surgeons continue to be very positive and reaffirm our view that with the launch of *iDose TR*, we have the potential to reshape glaucoma management as we know it today.

*International Glaucoma*

Our record second quarter International Glaucoma net revenues were approximately $31.3 million, representing year-over-year growth of 20% on a reported basis, or 15% on a constant currency basis, versus 2Q 2024. The strong growth internationally during the second quarter was broad-based as we continue to scale our international infrastructure and increasingly drive MIGS forward as the standard of care in each region and major market in the world.

We remain in the early stages of expanding our IG and product portfolio initiatives globally ahead of anticipated new product approvals and expanding market access in the years to come. As previously discussed, we expect the trialing of new competitive products in some of our major international markets may become an increasing headwind as we progress through 2025.

*Corneal Health*

Our second quarter Corneal Health net revenues were approximately $20.6 million, representing year-over-year growth of 4% versus 2Q 2024, including U.S. Photrexa® net sales of $17.9 million. As discussed previously, these second quarter results reflect the continued impact to Photrexa realized revenues as a result of our entry as a company into the Medicaid Drug Rebate Program (MDRP).

We will continue to focus on expanding access for keratoconus patients suffering from this rarely diagnosed disease.

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

***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*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Growing number of trained surgeons and accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Expanding utilization of the installed active surgeon base

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Broadening and streamlining market access among MACs, commercial, and Medicare Advantage payors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Expanded set of peer-reviewed literature, now consisting of 14 different peer-reviewed publications highlighting *iDose TR* as a transformative new treatment alternative for patients suffering with glaucoma and ocular hypertension

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Accelerating marketing investments to support increased patient awareness and education

✓ Advanced preparatory planning for potential Epioxa*™* FDA approval and commercial launch

✓ Following recent European Union (EU) Medical Device Registration (MDR) certification, we are advancing our plans to commence commercial launch activities for *iStent infinite®* in our key European markets at the upcoming ESCRS annual meeting in September 2025

✓ CMS's Proposed Rules for Calendar Year 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Hospital Outpatient Prospective Payment System (OPPS) and Ambulatory Surgical Center (ASC) Facility Fee Schedules: Proposed to maintain the 2025 APC assignments and modestly increase facility fee rates associated with our procedures across both the hospital outpatient and ASC settings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Physician Fee Schedule (PFS) updates: Proposed reductions in physician fee reimbursement for several Category 1 CPT codes across ophthalmology, including for cataract and surgical MIGS procedures specifically, along with several other specialties.

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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***2025 Revenue Guidance Raised to Reflect Strong Momentum***

Glaukos now expects full-year 2025 global consolidated net sales of $480 - $486 million, up from its previous guidance of $475 - $485 million. This guidance attempts to take into consideration:

● Potential growing contributions from *iDose TR* as reimbursement confidence grows and broader IG initiatives take hold over the course of the year

● Potential growing contributions from *iStent infinite* as broader IG initiatives take hold

● Headwinds within our U.S. Glaucoma stent business associated with the final MIGS LCDs in 5 of the 7 MACs

● Potential transient headwinds within our U.S. Corneal Health franchise associated with the Photrexa to Epioxa transition following targeted approval

● The continued estimated impact on U.S. Glaucoma volumes related to professional fee reimbursement for combination-cataract trabecular bypass surgery versus other more invasive alternatives

● The expiration of the Hydrus® Microstent (Alcon) royalty on April 26, 2025

● Headwinds within our U.S. Corneal Health franchise associated with our entry as a company into the MDRP

● The sunsetting of the year-over-year growth tailwind associated with the new French Health Authority rebate agreement

● The latest foreign currency exchange spot rates as of our 2Q 2025 earnings call on July 30, 2025

● Combo-cataract MIGS competition globally

● Global macroeconomic environment and associated uncertainties, which at this time are difficult to predict

------

---

| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

**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 pharmaceuticals

● *iLution™* transdermal pharmaceuticals

● *iLink®* bio-activated pharmaceuticals

● *Retina XR* bio-erodible sustained-release pharmaceuticals

![Graphic](gkos-20250730xex99d2007.jpg)

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

***Key R&D and Pipeline Updates***

We are continuing to prudently invest in and advance our fulsome pipeline of core novel platforms, supported by more than $700 million investment into our R&D programs since 2018 alone. Recent updates in our pipeline include:

✓ Announced FDA acceptance for review of NDA submission for Epioxa *(Epi-on)* (February 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Completed successful pre-approval inspection (PAI) at Burlington, MA facility (2Q 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Completed productive post mid-cycle review meeting with the FDA (2Q 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Advancing towards PDUFA date of October 20, 2025

✓ Announced EU MDR certification for *iStent infinite* along with several of our other leading trabecular micro-bypass MIGS technologies (June 2025)

✓ Advancing patient enrollment in Phase 2b/3 clinical program for *iDose TREX*, our next-generation *iDose* therapy

✓ Advancing review and dialogue with the FDA for previously submitted labeling supplement for the re-administration of *iDose TR*

✓ Advancing various Phase 4 studies for *iDose TR*

✓ Advancing patient enrollment in PMA pivotal trial for *iStent infinite* in mild-to-moderate glaucoma patients

✓ Advancing 510(k) pivotal study for *PRESERFLO™ MicroShunt* (April 2025)

✓ Advancing patient enrollment in first-in-human *Retina XR* clinical development program for IVT multi-kinase inhibitor in wet AMD patients (GLK-401), where we now also have an open U.S. FDA IND

✓ Advancing Phase 2 clinical program for third-generation *iLink* therapy

✓ Preparing to commence Phase 2 clinical trial for *iLution™* Blepharitis by end of 2025

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

***Product / Pipeline Chart***

![Graphic](gkos-20250730xex99d2008.jpg)

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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**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 contained herein, as well as the Investor Relations section of our website.

Second quarter 2025 financial performance summary:

---

| | | |
|:---|:---|:---|
| ![Graphic](gkos-20250730xex99d2009.jpg) | &nbsp;&nbsp;**2Q 2025: 83%**<br>2Q 2024: 82%<br>YoY ∆: +80 bps | <br>● Please note that our non-GAAP adjustments to cost of goods sold include substantial amounts related to Avedro and Mobius acquisitions accounting<br>|
| ![Graphic](gkos-20250730xex99d2010.jpg) | &nbsp;&nbsp;**2Q 2025: $83.1M**<br>2Q 2024: $65.5M<br>YoY ∆: +27% | <br>● +18% sequential increase vs $70.7M in 1Q 2025<br>● YoY and QoQ increases primarily reflects commercial and G&A investments globally and new product launch activities, along with $3.3M in one-time stock compensation expenses associated with the triggering of certain performance awards in 2Q 2025<br>|
| ![Graphic](gkos-20250730xex99d2011.jpg) | &nbsp;&nbsp;**2Q 2025: $36.5M**<br>2Q 2024: $34.4M<br>YoY ∆: +6% | <br>● +13% sequential increase vs $32.4M in 1Q 2025<br>● YoY and QoQ increases reflect continued investment in and advancement of R&D programs<br>|
| ![Graphic](gkos-20250730xex99d2012.jpg) | &nbsp;&nbsp;**2Q 2025: $119.6M**<br>2Q 2024: $99.9M<br>YoY ∆: +20% | <br>● +16% sequential increase vs $103.0M in 1Q 2025<br>● Includes $3.8M in one-time stock compensation expenses associated with the triggering of certain performance awards in 2Q 2025<br>|
| ![Graphic](gkos-20250730xex99d2013.jpg) | &nbsp;&nbsp;**Op Loss (Non-GAAP)**<br>**2Q 2025 ($16.6M)**<br>2Q 2024: ($23.7M)<br>**Net Loss (Non-GAAP)**<br>**2Q 2025: ($13.6M)**<br>2Q 2024: ($26.3M)<br>**Diluted EPS (Non-GAAP)**<br>**2Q 2025: ($0.24)**<br>2Q 2024: ($0.52) | <br>● Included in non-GAAP loss from operations, non-GAAP net loss and non-GAAP EPS for the second quarter of 2024 is an acquired in-process R&D (IPR&D) charge of $2.5 million, which caused the non-GAAP loss per diluted share to have an additional loss of ($0.05) in the second quarter of 2024<br>|
| ![Graphic](gkos-20250730xex99d2014.jpg) | &nbsp;&nbsp;**2Q 2025: $1.2M**<br>2Q 2024: $2.1M<br>YoY ∆: ($1.0M) | <br>● Capital expenditures have moderated to levels more consistent with historical norms<br>|
| ![Graphic](gkos-20250730xex99d2015.jpg)<br>| &nbsp;&nbsp;**2Q 2025: $278.6M**<br>1Q 2025: $303.4M<br>QoQ ∆: ($24.8M)<br>| <br>● Operating expenses and working capital <br>● Includes payment of $12.6 million (net) associated with the acquisition of Mobius Therapeutics<br>● Includes payment of $16.6 million associated with Aliso Viejo HQ building purchase<br>|

---

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

**Other Important Updates**

During the second quarter, we put our disciplined business development strategy to work with the small acquisition of Mobius Therapeutics, whose lead product, Mitosol<sup>®</sup>, is the only FDA-approved ophthalmic formulation of mitomycin-C, or MMC, which is often utilized as an adjunct in late-stage glaucoma filtration procedures. This addition helps to solidify our supply chain as it is being utilized alongside the *PRESERFLO MicroShunt* in our active 510(k) study. It will also support our broader late-stage glaucoma tertiary care efforts over time and further add to our deepening relationship with the glaucoma specialist community.

We also continue to invest operationally to support our long-term growth plans with the purchase of an additional building at our Aliso Viejo headquarters campus during the second quarter.

Given the ongoing conversations around tariff and geopolitical issues, we wanted to highlight that we manufacture and source our products primarily within the U.S., and as such, expect minimal direct exposure to the most recently implemented tariff-related policies. That said, the tariff dynamics obviously remain highly fluid. As such, we will continue to closely monitor the situation given the overall instability in the marketplace and global macroeconomic uncertainties.

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2016.jpg) | <br>**Additional Information**<br>|

---

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

**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 anticipate will or may occur in the future are forward-looking statements. These statements are based on management's current expectations, assumptions, estimates and beliefs. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this presentation. These potential risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements include, without limitation, our ability to successfully commercialize our *iDose TR* therapy; the impact of general macroeconomic conditions including foreign currency fluctuations and future public health crises on our business; our ability to continue to generate sales of our commercialized products and develop and commercialize additional products; our dependence on a limited number of third-party suppliers, some of which are single-source, for components of our products; the occurrence of a crippling accident, natural disaster, or other disruption at our primary facility, which may materially affect our manufacturing capacity and operations; securing or maintaining adequate coverage or reimbursement by third-party payors for procedures using the *iStent,* the *iStent inject W*, *iAccess*, *iStent infinite*, *iDose TR*, our corneal cross-linking products or other products in development, and our compliance with the requirements of participation in federal healthcare programs such as Medicare and Medicaid; our ability to properly train, and gain acceptance and trust from ophthalmic surgeons in the use of our products; our compliance with federal, state and foreign laws and regulations for the approval and sale and marketing of our products and of our manufacturing processes; the lengthy and expensive clinical trial process and the uncertainty of timing and outcomes from any particular clinical trial or regulatory approval processes; the risk of recalls or serious safety issues with our products and the uncertainty of patient outcomes; our ability to protect our information systems against cyber threats and cybersecurity incidents, and to comply with state, federal and foreign data privacy laws and regulations; our ability to protect, and the expense and time-consuming nature of protecting our intellectual property against third parties and competitors and the impact of any claims against us for infringement or misappropriation of third party intellectual property rights and any related litigation; and our ability to service our indebtedness. These and other known risks, uncertainties and factors are described in detail under the caption "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission (SEC), including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 1, 2025, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which we expect to file on or before August 11, 2025. Our filings with the SEC are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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**Statement Regarding Use of Non-GAAP Financial Measures**

To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses certain non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations) ("Non-GAAP Purposes"). The Company uses the term "Non-GAAP" to exclude certain expenses, gains and losses to achieve the Non-GAAP purposes, including external acquisition-related costs incurred to effect a business combination; amortization of intangible assets acquired in a business combination, asset purchase transaction or other contractual relationship; impairment of goodwill and intangible assets; certain in-process R&D charges; fair value adjustments to contingent consideration liabilities and pre-acquisition contingencies arising from a business combination; integration and transition costs related to business combinations; fair market value adjustments to inventories acquired in a business combination or asset purchase transaction; restructuring charges, duplicative operating expenses, or asset write-offs (or reversals) associated with exiting or significantly downsizing a business; unusual non-recurring expenses associated with inventory write-downs; gain or loss from the sale of a business; gain or loss on the mark-to-market adjustment, impairment, or sale of long-term investments; mark-to-market adjustments on derivative instruments that hedge income or expense exposures in a future period; significant legal litigation costs and/or settlement expenses or proceeds; legal and other associated expenses that are both unusual and significant related to governmental or internal inquiries; expenses, acceleration of amortization of debt issuance costs and gain or loss on debt extinguishment with the exchange or redemption of convertible senior notes; and significant discrete income and other tax adjustments related to transactions as well as changes in estimated acquisition-date tax effects associated with business combinations, and the impact from implementation of tax law changes and settlements; and any other adjustment that is determined to be appropriate and consistent with the Non-GAAP Purposes. See "Primary GAAP to Non-GAAP Reconciliations" for a reconciliation of each non-GAAP measure presented to the comparable GAAP financial measure. Beginning in the second quarter of 2022, we no longer exclude certain upfront and contingent milestone payments in connection with collaborative and licensing arrangements and certain in-process R&D charges for non-GAAP reporting and disclosure purposes.

In addition, in order to remove the impact of fluctuations in foreign currency exchange rates, the Company also presents certain net sales information on a constant currency basis, which represents the outcome that would have resulted had exchange rates in the current period been the same as the average exchange rates in effect in the comparable prior period. See "Additional GAAP to Non-GAAP Reconciliations" for a presentation of certain net sales information on a reported, GAAP and a constant currency basis.

------

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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**GAAP Income Statement**

**GLAUKOS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited)**

**(in thousands, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $124120 | $95690 | $230784 | $181312 |
| Cost of sales | 26896 | 22550 | 51212 | 42808 |
| Gross profit | 97224 | 73140 | 179572 | 138504 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 83375 | 66188 | 154048 | 128163 |
| &nbsp;&nbsp;Research and development | 36538 | 34426 | 68891 | 65152 |
| &nbsp;&nbsp;Acquired in-process research and development |  | 2500 |  | 14229 |
| Total operating expenses | 119913 | 103114 | 222939 | 207544 |
| Loss from operations | (22689) | (29974) | (43367) | (69040) |
| Non-operating income (expense): |  |  |  |  |
| &nbsp;&nbsp;Interest income | 2574 | 2828 | 5650 | 5911 |
| &nbsp;&nbsp;Interest expense | (1151) | (3355) | (2314) | (6805) |
| &nbsp;&nbsp;Charges associated with convertible senior notes |  | (18012) |  | (18012) |
| &nbsp;&nbsp;Other income (expense), net | 1857 | (1701) | 2802 | (2729) |
| Total non-operating income (expense) | 3280 | (20240) | 6138 | (21635) |
| Loss before taxes | (19409) | (50214) | (37229) | (90675) |
| Income tax provision | 248 | 331 | 574 | 708 |
| Net loss | $(19657) | $(50545) | $(37803) | $(91383) |
| Basic and diluted net loss per share | $(0.34) | $(1.00) | $(0.66) | $(1.82) |
| Weighted-average shares outstanding used to compute basic and diluted net loss per share | 57205 | 50715 | 56922 | 50169 |

---

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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**GAAP Balance Sheet**

**GLAUKOS CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except par values)**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $100813 | $169626 |
| &nbsp;&nbsp;Short-term investments | 173973 | 149289 |
| &nbsp;&nbsp;Accounts receivable, net | 82985 | 60744 |
| &nbsp;&nbsp;Inventory | 64621 | 57678 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 13673 | 12455 |
| Total current assets | 436065 | 449792 |
| Restricted cash | 3834 | 4733 |
| Property and equipment, net | 111816 | 97867 |
| Operating lease right-of-use asset | 31985 | 30254 |
| Finance lease right-of-use asset | 40610 | 41816 |
| Intangible assets, net | 270491 | 263445 |
| Goodwill | 66710 | 66134 |
| Deposits and other assets | 25447 | 20715 |
| Total assets | $986958 | $974756 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $13684 | $13026 |
| &nbsp;&nbsp;Accrued liabilities | 65452 | 62099 |
| Total current liabilities | 79136 | 75125 |
| Operating lease liability | 36200 | 33936 |
| Finance lease liability | 68823 | 69463 |
| Deferred tax liability, net | 6910 | 6928 |
| Other liabilities | 30777 | 22373 |
| Total liabilities | 221846 | 207825 |
| Stockholders' equity: |  |  |
| Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Common stock, $0.001 par value; 150,000 shares authorized; 57,277 and 56,472 shares issued and 57,249 and 56,544 shares outstanding at June 30, 2025 and December 31, 2024, respectively | 57 | 56 |
| Additional paid-in capital | 1545557 | 1509831 |
| Accumulated other comprehensive income  | 2872 | 2615 |
| Accumulated deficit | (783242) | (745439) |
| Less treasury stock (28 shares as of June 30, 2025 and December 31, 2024) | (132) | (132) |
| Total stockholders' equity | 765112 | 766931 |
| Total liabilities and stockholders' equity | $986958 | $974756 |

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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**Primary GAAP to Non-GAAP Reconciliations**

**GLAUKOS CORPORATION**

**GAAP to Non-GAAP Reconciliations**

**(in thousands, except per share amounts and percentage data)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **Q2 2024** |
|  | **GAAP** | Adjustments | Non-GAAP | **GAAP** | Adjustments | Non-GAAP |
| Cost of sales | $**26896** | $(5764)<br> (a)(b)  | $21132 | $**22550** | $(5523)<br> (a) | $17027 |
| Gross Margin | **78.3%**  | 4.7% | 83.0% | **76.4%**  | 5.8% | 82.2% |
| <u>Operating expenses:</u> |  |  |  |  |  |  |
| Selling, general and administrative | $**83375** | $(295)<br> (c) | $83080 | $**66188** | $(705)<br> (d) | $65483 |
| Loss from operations | $**(22689)** | $6059 | $(16630) | $**(29974)** | $6228 | $(23746) |
| <u>Non-operating (expense) income:</u> |  |  |  |  |  |  |
| Charges associated with convertible senior notes | $**—** | $— | $— | $**(18012)** | $18012<br> (e) | $— |
| Net loss | $**(19657)** | $6059<br> (f) | $(13598) | $**(50544)** | $24240<br> (f) | $(26304) |
| Basic and diluted net loss per share | $**(0.34)** | $0.10 | $(0.24) | $**(1.00)** | $0.48 | $(0.52) |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $5.5 million in Q2 2025 and Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Mobius acquisition-related amortization expense of developed intellectual property and distribution rights of $0.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Mobius acquisition-related transaction expense.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Avedro acquisition-related amortization expense of customer relationship intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses associated with the exchange of convertible senior notes, consisting of a non-cash inducement charge of $17.4 million and direct transaction costs of $0.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2025 and 2024.

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

---

**Primary GAAP to Non-GAAP Reconciliations**

**GLAUKOS CORPORATION**

**GAAP to Non-GAAP Reconciliations**

**(in thousands, except per share amounts and percentage data)**

**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year-to-Date Q2 2025** | **Year-to-Date Q2 2025** | **Year-to-Date Q2 2025** | **Year-to-Date Q2 2024** | **Year-to-Date Q2 2024** | **Year-to-Date Q2 2024** |
|  | **GAAP** | Adjustments | Non-GAAP | **GAAP** | Adjustments | Non-GAAP |
| Cost of sales | $**51212** | $(11287)<br> (a)(b)  | $39925 | $**42808** | $(11046)<br> (a)  | $31762 |
| Gross Margin | **77.8%**  | 4.9% | 82.7% | **76.4%**  | 6.1% | 82.5% |
| <u>Operating expenses:</u> |  |  |  |  |  |  |
| Selling, general and administrative | $**154048** | $(295)<br> (c) | $153753 | $**128163** | $(1410)<br> (d) | $126753 |
| Loss from operations | $**(43367)** | $11582 | $(31785) | $**(69040)** | $12456 | $(56584) |
| <u>Non-operating expense:</u> |  |  |  |  |  |  |
| Charges associated with convertible senior notes | $**—** | $— | $— | $**(18012)** | $18012<br> (e) | $— |
| Net loss | $**(37803)** | $11582<br> (f) | $(26221) | $**(91382)** | $30468<br> (f) | $(60914) |
| Basic and diluted net loss per share | $**(0.66)** | $0.20 | $(0.46) | $**(1.82)** | $0.61 | $(1.21) |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $11.0 million year-to-date Q2 2025 and year-to-date Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Mobius acquisition-related amortization expense of developed intellectual property and distribution rights of $0.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Mobius acquisition-related transaction expense.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Avedro acquisition-related amortization expense of customer relationship intangible assets of $1.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses associated with the exchange of convertible senior notes, consisting of a non-cash inducement charge of $17.4 million and direct transaction costs of $0.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the U.S., the tax effect is $0 given the Company's U.S. taxable loss positions in both 2025 and 2024.

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| | |
|:---|:---|
| ![Graphic](gkos-20250730xex99d2002.jpg) | **JULY 30, 2025** |

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**Additional GAAP to Non-GAAP Reconciliations**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** | &nbsp;&nbsp;**Reported Sales vs. Prior Periods (in thousands)** |
|  | | | | **Year-over-Year Percent Change** | **Year-over-Year Percent Change** | **Year-over-Year Percent Change** | **Quarter-over-Quarter Percent Change** | **Quarter-over-Quarter Percent Change** | **Quarter-over-Quarter Percent Change** |
|  | <br>**2Q 2025** | <br>**2Q 2024** | <br>**1Q 2025** | **Reported** | **Operations *(1)*** | **Currency *(2)*** | **Reported** | **Operations *(1)*** | **Currency *(2)*** |
| International Glaucoma | $31251 | $26131 | $29009 | 19.6% | 15.5% | 4.1% | 7.7% | 2.1% | 5.6% |
| Total Net Sales | $124120 | $95690 | $106664 | 29.7% | 28.6% | 1.1% | 16.4% | 14.8% | 1.6% |

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&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Operational growth excludes the effect of translational currency* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Calculated by converting the current period numbers using the prior period's average foreign exchange rates* 

For Non-GAAP disclosures associated with the company's past quarterly results, included with respect to the sequential comparisons included herein, please see reconciliations here.

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