GKOS

Glaukos is a high-growth ophthalmic medical-device company (glaucoma micro-stents and the iDose sustained-release platform) showing strong commercial momentum: FY2025 revenue grew 32.3% to $507M, accelerating from prior years (revenue has climbed from $294M in FY2021), with healthy 55.7% gross margins that confirm attractive underlying device economics. Operating cash flow improved sharply to nearly breakeven (-$14.8M, +75.9%), suggesting the model is approaching self-funding even as it scales.

The challenge is that the company remains deeply unprofitable and the loss is widening in absolute terms. FY2025 net income was -$188M (down 28.2%), operating income was -$200M (a -39.3% operating margin), and diluted EPS was -$3.28. Heavy R&D and commercial-infrastructure spend to launch new products is the cause — a deliberate growth investment, but one that has not yet produced operating leverage. Cash fell 46.5% to $90.8M, though the balance sheet remains debt-light (liabilities/equity 0.36x) with $475M of current assets, so near-term solvency is not in question.