Glaukos delivered the largest guidance raise of the device earnings season so far. Third quarter net sales were a record $211.0 million, up 58 percent on both a reported and constant currency basis against the third quarter of 2025, the company reported on October 28 in materials furnished to the SEC. Non-GAAP gross margin was about 88 percent, against about 84 percent a year earlier, and non-GAAP operating income was $27.3 million, against $9.3 million. On a GAAP basis the company earned net income of $2.0 million, or $0.03 per share, against a loss of $16.2 million a year earlier; non-GAAP net income was $28.5 million, or $0.47 per share.
The mix explains the raise. United States glaucoma sales were about $118.6 million, up 47 percent, and international glaucoma sales were about $33.4 million, up 13 percent reported and 15 percent in constant currency. Corneal health sales were about $59.0 million, up 154 percent, including about $53 million from Epioxa, the company’s corneal cross linking product, whose initial commercial launch advanced during the quarter. In other words, the newest product line supplied most of the quarter’s growth.
Guidance followed the print. Full year 2026 global consolidated net sales are now expected at $775 million to $785 million, up from $680 million to $700 million, an increase of roughly $90 million at the midpoint in a single revision. The company also gave preliminary 2027 guidance of $1 billion in global consolidated revenues. Cash, cash equivalents, short term investments and restricted cash stood at $339.8 million.
The question the print raises is durability. Epioxa’s first full launch quarter is doing heavy lifting, and launch quarter sales can include channel stocking that does not repeat at the same rate. Glaukos’s own 2027 figure, $1 billion against a 2026 guide midpoint of $780 million, implies the company expects the corneal line to keep compounding rather than fade, and the next two quarters will test that claim.