Glaukos (GKOS) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Document and Entity Information
Entity Registrant Name	GLAUKOS Corp
Entity Central Index Key	0001192448
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Entity File Number	001-37463
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0945406
Entity Address, Address Line One	229 Avenida Fabricante
Entity Address, City or Town	San Clemente
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92672
City Area Code	949
Local Phone Number	367-9600
Title of 12(b) Security	Common Stock
Trading Symbol	GKOS
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		44,674,910
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 266,974	$ 62,430
Short-term investments	127,966	111,553
Accounts receivable, net	26,730	38,417
Inventory, net	21,088	42,578
Prepaid expenses and other current assets	10,464	7,900
Total current assets	453,222	262,878
Restricted cash	9,326	9,326
Property and equipment, net	23,210	22,056
Operating lease right-of-use asset	14,328	15,704
Finance lease right-of-use asset	52,833	54,048
Intangible assets, net	370,149	382,605
Goodwill	66,134	66,134
Deposits and other assets	6,531	5,649
Total assets	995,733	818,400
Current liabilities:
Accounts payable	9,233	5,781
Accrued liabilities	45,598	51,919
Total current liabilities	54,831	57,700
Long-term debt	183,999
Operating lease liability	13,305	14,195
Finance lease liability	60,435	58,435
Deferred tax liability, net	15,250	9,632
Other liabilities	5,489	5,166
Total liabilities	333,309	145,128
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding
Common stock, $0.001 par value; 150,000 shares authorized; 44,578 and 43,530 shares issued and 44,550 and 43,502 shares outstanding as of June 30, 2020 and December 31, 2019, respectively	45	44
Additional paid-in capital	943,706	861,740
Accumulated other comprehensive income	2,467	1,330
Accumulated deficit	(283,662)	(189,710)
Less treasury stock (28 shares as of June 30, 2020 and December 31, 2019)	(132)	(132)
Total stockholders' equity	662,424	673,272
Total liabilities and stockholders' equity	$ 995,733	$ 818,400

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares shares in Thousands	Jun. 30, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000	150,000
Common stock, shares issued	44,578	43,530
Common stock, shares outstanding	44,550	43,502
Treasury stock, shares	28	28

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 31,558	$ 58,600	$ 86,894	$ 112,626
Cost of sales	21,668	7,870	54,197	14,981
Gross profit	9,890	50,730	32,697	97,645
Operating expenses:
Selling, general and administrative	38,116	37,656	88,662	72,581
Research and development	18,971	17,069	43,844	30,999
In-process research and development		2,245		2,245
Total operating expenses	57,087	56,970	132,506	105,825
Loss from operations	(47,197)	(6,240)	(99,809)	(8,180)
Non-operating (expense) income:
Interest income	590	800	1,286	1,588
Interest expense	(1,872)	(1,013)	(2,753)	(1,013)
Other income (expense), net	1,201	216	(510)	148
Total non-operating (expense) income	(81)	3	(1,977)	723
Loss before taxes	(47,278)	(6,237)	(101,786)	(7,457)
Income tax (benefit) provision	(7,384)	72	(7,834)	194
Net loss	$ (39,894)	$ (6,309)	$ (93,952)	$ (7,651)
Basic and diluted net loss per share (in dollar per share)	$ (0.90)	$ (0.17)	$ (2.13)	$ (0.21)
Weighted average shares used to compute basic and diluted net loss per share (in shares)	44,335	36,470	44,078	36,338

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (39,894)	$ (6,309)	$ (93,952)	$ (7,651)
Other comprehensive income:
Foreign currency translation (loss) gain	(605)	(230)	564	(166)
Unrealized gain on short-term investments	1,053	289	573	661
Other comprehensive income	448	59	1,137	495
Total comprehensive loss	$ (39,446)	$ (6,250)	$ (92,815)	$ (7,156)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Treasury Stock	Total
Balance at Dec. 31, 2018	$ 36	$ 378,352	$ 738	$ (205,134)	$ (132)	$ 173,860
Balance (in shares) at Dec. 31, 2018	36,135				(28)
Stockholders' Deficit
Common stock issued under stock plans		5,406				5,406
Common stock issued under stock plans (in shares)	226
Stock-based compensation		7,129				7,129
Other comprehensive income			436			436
Net loss				(1,342)		(1,342)
Balance at Mar. 31, 2019	$ 36	390,887	1,174	(206,476)	$ (132)	185,489
Balance (in shares) at Mar. 31, 2019	36,361				(28)
Balance at Dec. 31, 2018	$ 36	378,352	738	(205,134)	$ (132)	173,860
Balance (in shares) at Dec. 31, 2018	36,135				(28)
Stockholders' Deficit
Other comprehensive income						495
Net loss						(7,651)
Balance at Jun. 30, 2019	$ 37	399,452	1,233	(212,785)	$ (132)	187,805
Balance (in shares) at Jun. 30, 2019	36,666				(28)
Balance at Mar. 31, 2019	$ 36	390,887	1,174	(206,476)	$ (132)	185,489
Balance (in shares) at Mar. 31, 2019	36,361				(28)
Stockholders' Deficit
Common stock issued under stock plans	$ 1	318				319
Common stock issued under stock plans (in shares)	305
Stock-based compensation		8,247				8,247
Other comprehensive income			59			59
Net loss				(6,309)		(6,309)
Balance at Jun. 30, 2019	$ 37	399,452	1,233	(212,785)	$ (132)	187,805
Balance (in shares) at Jun. 30, 2019	36,666				(28)
Balance at Dec. 31, 2019	$ 44	861,740	1,330	(189,710)	$ (132)	$ 673,272
Balance (in shares) at Dec. 31, 2019	43,530				(28)	43,502
Stockholders' Deficit
Common stock issued under stock plans		4,220				$ 4,220
Common stock issued under stock plans (in shares)	589
Stock-based compensation		17,176				17,176
Other comprehensive income			689			689
Net loss				(54,058)		(54,058)
Balance at Mar. 31, 2020	$ 44	883,136	2,019	(243,768)	$ (132)	641,299
Balance (in shares) at Mar. 31, 2020	44,119				(28)
Balance at Dec. 31, 2019	$ 44	861,740	1,330	(189,710)	$ (132)	$ 673,272
Balance (in shares) at Dec. 31, 2019	43,530				(28)	43,502
Stockholders' Deficit
Other comprehensive income						$ 1,137
Net loss						(93,952)
Balance at Jun. 30, 2020	$ 45	943,706	2,467	(283,662)	$ (132)	$ 662,424
Balance (in shares) at Jun. 30, 2020	44,578				(28)	44,550
Balance at Mar. 31, 2020	$ 44	883,136	2,019	(243,768)	$ (132)	$ 641,299
Balance (in shares) at Mar. 31, 2020	44,119				(28)
Stockholders' Deficit
Common stock issued under stock plans	$ 1	1,633				1,634
Common stock issued under stock plans (in shares)	459
Stock-based compensation		13,062				13,062
Equity component of convertible senior notes, net of transaction costs of $3,267 and taxes of $12,891		81,554				81,554
Purchase of capped calls related to issuance of convertible senior notes		(35,679)				(35,679)
Other comprehensive income			448			448
Net loss				(39,894)		(39,894)
Balance at Jun. 30, 2020	$ 45	$ 943,706	$ 2,467	$ (283,662)	$ (132)	$ 662,424
Balance (in shares) at Jun. 30, 2020	44,578				(28)	44,550

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Convertible debt transaction costs	$ 3,267
Convertible debt taxes	$ 12,891

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net loss	$ (93,952)	$ (7,651)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	14,644	1,728
Amortization of lease right-of-use assets	2,577	1,396
Amortization of debt discount and issuance costs	557
Deferred income tax benefit	(8,254)
Loss on disposal of fixed assets	15	7
Stock-based compensation	28,073	15,376
Change in fair value of cash settled stock options	(3,172)
Unrealized foreign currency losses		(204)
Amortization of discount on short-term investments	33	(221)
Other liabilities	2,324	2,090
Changes in operating assets and liabilities:
Accounts receivable, net	11,556	(3,353)
Inventory, net	21,396	(752)
Prepaid expenses and other current assets	(1,606)	462
Accounts payable and accrued liabilities	1,998	(2,011)
Other assets	(211)	(57)
Net cash (used in) provided by operating activities	(24,022)	6,810
Investing activities
Purchases of short-term investments	(60,883)	(39,896)
Proceeds from sales and maturities of short-term investments	45,011	41,069
Purchases of property and equipment	(3,509)	(2,523)
Investment in company-owned life insurance	(658)	(962)
Net cash used in investing activities	(20,039)	(2,312)
Financing activities
Proceeds from convertible senior notes	287,500
Payment of convertible senior notes transaction costs	(9,614)
Purchase of capped calls related to issuance of convertible senior notes	(35,679)
Proceeds from exercise of stock options	6,590	9,171
Proceeds from share purchases under Employee Stock Purchase Plan	1,278	902
Payment of employee taxes related to vested restricted stock units	(2,013)	(4,348)
Net cash provided by financing activities	248,062	5,725
Effect of exchange rate changes on cash and cash equivalents	543	21
Net increase in cash, cash equivalents and restricted cash	204,544	10,244
Cash, cash equivalents and restricted cash at beginning of period	71,756	38,596
Cash, cash equivalents and restricted cash at end of period	276,300	48,840
Supplemental disclosures of cash flow information
Taxes paid	$ 294	$ 91

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization and Basis of Presentation
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Organization and business Glaukos Corporation (Glaukos or the Company), incorporated in Delaware on July 14, 1998, is an ophthalmic medical technology and pharmaceutical company focused on developing novel therapies for the treatment of glaucoma, corneal disorders, and retinal disease. The Company developed Micro-Invasive Glaucoma Surgery (MIGS) to serve as an alternative to the traditional glaucoma treatment paradigm and launched its first MIGS device commercially in 2012. The Company also offers commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a corneal disorder, keratoconus, that was approved by the U.S. Food and Drug Administration in 2016 and is developing a pipeline of surgical devices, sustained pharmaceutical therapies, and implantable biosensors intended to treat glaucoma progression, corneal disorders such as keratoconus, dry eye and refractive vision correction, and retinal diseases such as neovascular age-related macular degeneration and diabetic macular edema. The accompanying condensed consolidated financial statements include the accounts of Glaukos and its wholly-owned subsidiaries. All significant intercompany balances and transactions among the consolidated entities have been eliminated in consolidation. Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited interim financial statements have been prepared on a basis consistent with the audited financial statements. As permitted under those rules, certain footnotes and other financial information that are normally required by GAAP have been condensed or omitted. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial information contained herein. The condensed consolidated balance sheet as of December 31, 2019 has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements. These interim financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2019, which are contained in the Company’s Annual Report on Form 10-K filed with the United States (U.S.) Securities and Exchange Commission (SEC) on March 2, 2020. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period. Recent Developments Convertible Senior Notes In June 2020 the Company issued $287.5 million in aggregate principal amount of 2.75% Convertible Senior Notes due in 2027 (Convertible Notes) pursuant to an indenture dated June 11, 2020. The Convertible Notes are senior unsecured obligations and bear interest at a rate of 2.75% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020. The Convertible Notes will mature on June 15, 2027, unless earlier converted, redeemed or repurchased. The Convertible Notes are convertible into cash, shares of the Company’s common stock, or a combination of cash and shares, at the Company’s election. In connection with issuing the Convertible Notes, the Company received $242.2 million in proceeds, after deducting fees and offering expenses and paying the cost of certain capped call transactions. The Company may not redeem the Convertible Notes prior to June 20, 2024 and n o sinking fund is provided for the Convertible Notes. Note 9, Convertible Senior Notes ​ Acquisition of Avedro, Inc. On August 7, 2019, the Company entered into an Agreement and Plan of Merger (Merger Agreement) with Atlantic Merger Sub, Inc. (Merger Sub) and Avedro, Inc. (Avedro), pursuant to which Merger Sub would merge with and into Avedro, with Avedro continuing as the surviving corporation and a wholly owned subsidiary of the Company (the Avedro Merger). Avedro is a hybrid ophthalmic pharmaceutical and medical technology company focused on developing therapies designed to treat corneal diseases and disorders and correct refractive conditions. Under the terms of the Merger Agreement, e ach share of Avedro common stock and certain vested Avedro warrants that were issued and outstanding immediately prior to the effective time of the Avedro Merger were automatically cancelled and converted into the right to receive 0.365 of a share of common stock of Glaukos. Also common stock of Glaukos common stock of Glaukos On November 21, 2019, the Avedro Merger was consummated in a stock-for-stock transaction for total consideration of $437.8 million (Merger Consideration). ​ Immediately following the Avedro Merger closing, the Company used approximately $22.5 million for payment of debt assumed as a result of the Avedro Merger. ​ See Note 4, Fair Value Measurements , Note 6, Business Combinations , Note 7, Intangible Assets and Goodwill and Note 10, Stock-Based Compensation for additional details regarding the impact of the Avedro Merger on the Company’s condensed consolidated financial statements. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies There have been no significant changes in the Company’s significant accounting policies during the six months ended June 30, 2020, as compared with those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 2, 2020, including the Company’s adoption of the accounting pronouncements noted below in the sub-heading “ Recently Adopted Accounting Pronouncements Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. The most significant estimates in the accompanying condensed consolidated financial statements relate to revenue recognition, the fair value of the liability component of the Convertible Notes, the incremental borrowing rate related to the Company’s leased assets, stock-based compensation expense and the valuation of certain intangible assets related to the Company’s acquisition of Avedro. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, this process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements. ​ In ​ Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that equate to the amount reported in the condensed consolidated statement of cash flows as of the beginning and end of the six months ended June 30, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 ​ Cash and cash equivalents ​ $ 266,974 ​ $ 62,430 ​ Restricted cash ​ ​ 9,326 ​ ​ 9,326 ​ Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows ​ $ 276,300 ​ $ 71,756 ​ ​ Accounts Receivable The Company sells its products directly to ambulatory surgery centers, hospitals, and physician private practices, with distributors being used in certain international locations where the Company does not have a direct commercial presence and the Company is exposed to credit losses primarily through sales of its products. ​ The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and periodic evaluation of customers’ receivables balances. Management estimates the adequacy of the allowance by using relevant available information, from internal and external sources, relating to past events, current conditions and forecasts. Historical credit loss experience provides the basis for estimation of expected credit losses and are adjusted as necessary using the relevant information available. The allowance for credit losses is measured on a collective basis when similar risk characteristic exists. The Company has identified one portfolio segment based on evaluation of the following risk characteristics: geographic regions, product lines, default rates and customer specific factors. ​ Additionally, specific allowance amounts may be established to record the appropriate provision for customers that have a higher probability of non-payment. The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The allowance for credit losses represents management’s best estimate of the amount of current expected credit losses and totaled approximately $1.8 million and $1.2 million as of June 30, 2020 and December 31, 2019, respectively, and there were no bad-debt write offs charged during the six months ended June 30, 2020. ​ As of June 30, 2020, the Company evaluated the current and expected future economic and market conditions surrounding the COVID-19 pandemic as it relates to collectability of its accounts receivable and determined the estimate of expected credit losses was not materially impacted. The Company will continue to re-evaluate the estimate of credit losses related to COVID-19 in conjunction with its assessment of expected credit losses in subsequent quarters. ​ Additionally, no customer accounted for more than 10% of net accounts receivable as of June 30, 2020 or December 31, 2019. Inventory Except for inventory acquired in connection with the Avedro Merger, further described in Note 6, Business Combinations Management evaluates inventory for excess quantities and obsolescence and records an allowance to reduce the carrying value of inventory as determined necessary. As of June 30, 2020, the Company recorded inventory write-off charges and COVID-19 related excess and obsolete reserves, a portion of which included the associated fair-value step up of acquired Avedro inventory, totaling $7.4 million. ​ Convertible Debt The Company evaluates embedded conversion features within convertible debt under ASC 815, Derivatives and Hedging Debt with Conversion and Other Options ​ The carrying amount of the liability component is calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option is determined by deducting the fair value of the liability component from the par value of the convertible notes. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (i.e., debt discount) will be amortized to interest expense over the term of the convertible notes. ​ The Company may record debt issuance costs and/or debt discounts in connection with raising funds through the issuance of convertible debt. These costs may be paid in the form of cash or equity (such as warrants). These costs are allocated between debt and equity, with the portion allocated to debt amortized to interest expense. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at the applicable tax rates, along with net operating loss (NOL) and tax credit carryovers. The Company records a valuation allowance against its deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. Management has considered estimated taxable income and ongoing prudent and feasible tax planning strategies in assessing the amount of the valuation allowance. Based upon the weight of available evidence, which includes the Company’s historical operating performance and limited potential to utilize tax credit carryforwards, the Company has determined that a portion of its deferred tax assets should be offset by a valuation allowance. When the Company establishes or reduces the valuation allowance against its deferred tax assets, its provision for income taxes increases or decreases, respectively, in the period such determination is made. The Company is required to file federal and state income tax returns in the United States and various other state jurisdictions. The Company also files income tax returns in the foreign countries in which its subsidiaries operate. The preparation of these income tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid. Additionally, the Company follows an accounting standard addressing the accounting for uncertainty in income taxes that prescribes rules for recognition, measurement, and classification in the condensed consolidated financial statements of tax positions taken or expected to be taken in a tax return. Stock-Based Compensation The Company recognizes compensation expense for all stock-based awards granted to employees and nonemployees, including members of its board of directors. The fair value of stock option awards is estimated at the grant date using the Black-Scholes option pricing model, and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period using the straight-line method. The determination of the fair value-based measurement of stock options on the date of grant using an option pricing model is affected by the determination of the fair value of the underlying stock as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s stock price volatility over the expected term of the grants, and actual and projected stock option exercise behaviors. In the future, as additional empirical evidence regarding these estimates becomes available, the Company may change or refine its approach of deriving them, and these changes could impact the fair value-based measurement of stock options granted in the future. Changes in the fair value-based measurement of stock awards could materially impact the Company’s operating results. The fair value of restricted stock unit (RSU) awards made to employees and nonemployees is equal to the closing market price of the Company’s common stock on the grant date. Interest Expense ​ Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares that were outstanding for the period, without consideration for common stock equivalents. For periods when the Company realizes a net loss, no common stock equivalents are included in the calculation of weighted average number of dilutive common stock equivalents as the effect of applying the treasury stock method is considered anti-dilutive. For periods when the Company realizes net income, diluted net income per share is calculated by dividing the net income by the weighted average number of common shares plus the sum of the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury stock method. Common stock equivalents are comprised of stock options outstanding and unvested RSUs under the Company’s incentive compensation plans, and shares issuable under the Company’s Employee Stock Purchase Plan (ESPP). Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive were as follows (in common stock equivalent shares, in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ Stock options outstanding ​ 5,336 ​ 3,750 ​ 4,585 ​ 3,648 ​ Unvested restricted stock units ​ 516 ​ 380 ​ 493 ​ 363 ​ Employee stock purchase plan ​ - ​ 20 ​ - ​ 18 ​ ​ ​ 5,852 ​ 4,150 ​ 5,078 ​ 4,029 ​ ​ The Convertible Notes did not have an impact on the Company’s diluted share count as the average stock price of the Company’s common stock did not exceed $56.10 during the periods presented. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses ​ Additionally, for available-for-sale debt securities with unrealized losses, ASU 2016-13 now requires allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. Given the composition of the Company’s available-for-sale securities, adoption of ASU 2016-13 did not have a material impact on the condensed consolidated financial statements as of June 30, 2020. ​ In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ​ In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) ​ ​ In August 2018, the FASB issued ASU No. 2018-15 , Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Note 12 Commitments and Contingencies In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2020
Balance Sheet Details
Balance Sheet Details	Note 3. Balance Sheet Details Short-term Investments Short-term investments consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2020 ​ ​ Maturity ​ Amortized cost ​ Unrealized ​ Unrealized ​ Estimated ​ (in years) or cost gains losses fair value U.S. government agency bonds ​ less than 4 ​ ​ 14,500 ​ ​ 2 ​ ​ (4) ​ ​ 14,498 ​ Bank certificates of deposit ​ less than 1 ​ ​ 16,900 ​ ​ 45 ​ ​ (1) ​ ​ 16,944 ​ Commercial paper ​ less than 1 ​ 8,488 ​ 11 ​ — ​ 8,499 ​ Corporate notes ​ less than 3 ​ 67,347 ​ 597 ​ (10) ​ 67,934 ​ Asset-backed securities ​ less than 5 ​ 19,766 ​ 325 ​ — ​ 20,091 ​ Total ​ ​ ​ $ 127,001 ​ $ 980 ​ $ (15) ​ $ 127,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2019 ​ ​ Maturity ​ Amortized cost ​ Unrealized ​ Unrealized ​ Estimated ​ (in years) or cost gains losses fair value Bank certificates of deposit ​ less than 1 ​ ​ 12,999 ​ ​ 7 ​ ​ — ​ ​ 13,006 ​ Commercial paper ​ less than 1 ​ 7,475 ​ 8 ​ — ​ 7,483 ​ Corporate notes ​ less than 3 ​ 65,354 ​ 295 ​ (10) ​ 65,639 ​ Asset-backed securities ​ less than 3 ​ 25,333 ​ 99 ​ (7) ​ 25,425 ​ Total ​ ​ ​ $ 111,161 ​ $ 409 ​ $ (17) ​ $ 111,553 ​ ​ Accounts Receivable, Net Accounts receivable consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Accounts receivable ​ $ 28,501 ​ $ 39,657 ​ Allowance for credit losses ​ ​ (1,771) ​ ​ (1,240) ​ ​ ​ $ 26,730 ​ $ 38,417 ​ ​ Inventory, Net Inventory, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Finished goods ​ $ 8,328 ​ $ 32,108 ​ Work in process ​ ​ 3,471 ​ ​ 3,884 ​ Raw material ​ ​ 9,289 ​ ​ 6,586 ​ ​ ​ $ 21,088 ​ $ 42,578 ​ ​ Accrued Liabilities Accrued liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Accrued bonuses ​ $ 7,320 ​ $ 13,525 Accrued vacation benefits ​ ​ 3,369 ​ ​ 2,784 Accrued legal expenses ​ ​ 5,547 ​ ​ 3,957 Accrued Employee Stock Purchase Plan liability ​ ​ 3,084 ​ ​ - Accrued payroll taxes ​ ​ 7,765 ​ ​ 1,133 Other accrued liabilities ​ ​ 18,513 ​ ​ 30,520 ​ ​ $ 45,598 ​ $ 51,919 ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Fair Value Measurements	Note 4. Fair Value Measurements Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. The valuation of assets and liabilities is subject to fair value measurements using a three-tiered approach and fair value measurements are classified and disclosed by the Company in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2020 ​ ​ ​ ​ ​ Quoted prices ​ Significant ​ ​ ​ ​ ​ ​ ​ in active ​ other ​ Significant ​ ​ ​ ​ ​ markets for ​ observable ​ unobservable ​ ​ June 30, ​ identical assets ​ inputs ​ inputs ​ 2020 (Level 1) (Level 2) (Level 3) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (i) ​ $ 189,126 ​ $ 189,126 ​ $ - ​ $ - Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government agency bonds (ii) ​ ​ 14,498 ​ ​ - ​ ​ 14,498 ​ ​ - Bank certificates of deposit (ii) ​ ​ 16,944 ​ ​ - ​ ​ 16,944 ​ ​ - Commercial paper (ii) ​ ​ 8,499 ​ ​ - ​ ​ 8,499 ​ ​ - Corporate notes (ii) ​ ​ 67,934 ​ ​ - ​ ​ 67,934 ​ ​ - Asset-backed securities (ii) ​ ​ 20,091 ​ ​ - ​ ​ 20,091 ​ ​ - Total Assets ​ $ 317,092 ​ $ 189,126 ​ $ 127,966 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2019 ​ ​ ​ ​ ​ Quoted prices ​ Significant ​ ​ ​ ​ ​ ​ ​ in active ​ other ​ Significant ​ ​ ​ ​ ​ markets for ​ observable ​ unobservable ​ ​ December 31, ​ identical assets ​ inputs ​ inputs ​ 2019 (Level 1) (Level 2) (Level 3) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (i) ​ $ 2,530 ​ $ 2,530 ​ $ - ​ $ - Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank certificates of deposit (ii) (iii) ​ ​ 14,208 ​ ​ - ​ ​ 14,208 ​ ​ - Commercial paper (ii) ​ ​ 7,484 ​ ​ - ​ ​ 7,484 ​ ​ - Corporate notes (ii) ​ ​ 65,638 ​ ​ - ​ ​ 65,638 ​ ​ - Asset-backed securities (ii) ​ ​ 25,424 ​ ​ - ​ ​ 25,424 ​ ​ - Total Assets ​ $ 115,284 ​ $ 2,530 ​ $ 112,754 ​ $ - Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash-settled stock options ​ $ 6,685 ​ ​ - ​ ​ 6,685 ​ ​ - Total Liabilities ​ $ 6,685 ​ $ - ​ $ 6,685 ​ $ - (i) Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) As of December 31, 2019, a bank certificate of deposit totaling $1,201 (in thousands) is included in cash and cash equivalents on the condensed consolidated balance sheets, as the investment has a maturity of three months or less from the date of purchase on the condensed consolidated balance sheets. Money market funds and currency are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. U.S. government agency bonds, U.S. government bonds, bank certificates of deposit, commercial paper, corporate notes and asset-backed securities are measured at fair value using Level 2 inputs. The Company reviews trading activity and pricing for these investments as of each measurement date. When sufficient quoted pricing for identical securities is not available, the Company uses market pricing and other observable market inputs for similar securities obtained from third party data providers. These inputs represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data. This approach results in the classification of these securities as Level 2 of the fair value hierarchy. The fair value of cash-settled stock options is based on the Black-Scholes option valuation model utilizing the Company’s stock price, the cash-settled options’ remaining term, expected stock price volatility, and the risk-free interest rate as of the measurement date. The changes in the fair value are reflected in compensation expense within selling, general and administrative expense on the consolidated income statement. See Note 10 Stock-Based Compensation There were no transfers between levels within the fair value hierarchy during the periods presented. Convertible Senior Notes As of June 30, 2020 the fair value of the 2.75% convertible senior notes due 2027 was $277.9 million. The fair value was determined on the basis of the market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. See Note 9, Convertible Senior Notes

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases
Leases	Note 5. Leases The Company has operating and finance leases for facilities and certain equipment. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of ASC 842, the Company combines lease and non-lease components. The Company’s leases have remaining non-cancelable lease terms of approximately one year to thirteen years, some of which include options to extend the leases for up to ten years, and some of which include options to terminate the lease within one year. The exercise of lease renewal options is at the Company’s sole discretion. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, landlord incentives and/or inflation. The Company leases two adjacent facilities located in San Clemente, California. Each agreement contains an option to extend the lease for one additional five year period at market rates. The total leased square footage of these facilities equals approximately 98,000. On November 14, 2018, the Company entered into an office building lease pursuant to which the Company will lease one property containing three existing office buildings, comprising approximately 160,000 rentable square feet of space, located in Aliso Viejo, California (Aliso Facility) which was accounted for as a finance lease. The term of the Aliso Facility commenced on April 1, 2019 and continues for thirteen years . The agreement contains an option to extend the lease for two additional five year periods at market rates. The Company currently intends to relocate its corporate administrative headquarters, along with certain laboratory, research and development and warehouse space, to the Aliso Facility in 2021. The lease landlord agreed to provide the Company with a tenant improvement allowance in the amount of the cost of any leasehold improvements, not to exceed approximately $12.6 million, upon the Company providing the necessary documentation evidencing the costs of the allowable leasehold improvements. The Company’s San Clemente locations will continue to serve as its main manufacturing locations through 2030. The Company currently intends to maintain its manufacturing facilities at its San Clemente location for the foreseeable future. As a result of the Avedro Merger, the Company leases approximately 27,000 square feet of office and laboratory space in Waltham, Massachusetts, pursuant to a lease agreement that expires in 2023. The Company also currently occupies approximately 19,000 square feet of leased manufacturing space in Burlington, Massachusetts pursuant to a lease agreement that expires in 2023 and contains an option to extend the lease for a five-year period at market rates. ​ The Company’s remaining U.S.-based and foreign subsidiaries’ leased office space totals less than 14,000 square feet. The current portion of the Company’s operating lease liability is included in accrued liabilities on the condensed consolidated balance sheets. The following table presents the maturity of the Company’s operating and finance lease liabilities as of June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ Maturity of Lease Liabilities ​ Operating ​ Finance (in thousands) Leases (a) ​ Leases (b) Remainder of 2020 ​ $ 1,527 ​ $ — 2021 ​ ​ 3,197 ​ ​ — 2022 ​ ​ 3,123 ​ ​ — 2023 ​ ​ 2,230 ​ ​ 3,543 2024 ​ ​ 2,023 ​ ​ 5,184 2025 ​ ​ 2,052 ​ ​ 5,340 2026 ​ ​ 2,112 ​ ​ 5,500 Thereafter ​ ​ 2,112 ​ ​ 107,521 Total lease payments ​ $ 18,376 ​ $ 127,088 Less: imputed interest ​ ​ 3,041 ​ ​ 66,878 Total lease liabilities ​ $ 15,335 ​ $ 60,210 (a) Operating lease payments include $12.0 million related to options to extend lease terms that are reasonably certain of being exercised. (b) Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2020
Business Combinations
Business Combinations	Note 6. Business Combinations As a result of the Avedro Merger previously discussed in Note 1, Organization and Basis of Presentation ​ The fair value of the Merger Consideration transferred at closing was $437.8 million, and consisted of Glaukos common stock worth $406.8 million issued to replace Avedro common stock, Glaukos common stock worth $0.2 million to replace certain vested Avedro warrants, and $30.8 million of value attributable to the pre-combination services associated with Replacement Awards. See Note 10, Stock-based Compensation ​ ​ ​ ​ ​ ​ ​ Avedro shares of common stock outstanding at closing ​ ​ 17,670,003 Exchange Ratio ​ ​ 0.365 Right to receive shares of Glaukos ​ ​ 6,449,551 Glaukos closing stock price on November 21, 2019 ​ $ 63.07 ​ ​ ​ ​ Fair value of Glaukos common stock issued in the Avedro Merger, plus an immaterial amount of cash paid for fractional shares ​ $ 406,776 Fair value of Glaukos common stock issued to replace certain vested Avedro warrants ​ $ 189 Fair value of Replacement Awards attributable to pre-combination services ​ $ 30,786 Total Merger Consideration ​ $ 437,751 ​ The Company performed a valuation analysis of the fair market value of Avedro’s assets and liabilities as of closing of the Avedro Merger. The following table sets forth a preliminary allocation of the Merger Consideration to the identifiable tangible and intangible assets acquired and liabilities assumed, with the excess recorded to goodwill. This allocation of the Merger Consideration as of November 21, 2019 may be subject to revision if new facts and circumstances arise over the measurement period, which may extend up to one year from closing (in thousands): ​ ​ ​ ​ ​ ​ ​ Assets Acquired: ​ ​ ​ Cash ​ $ 49,101 Accounts receivable ​ ​ 13,113 Inventory ​ ​ 33,339 Prepaid expenses and other current assets ​ ​ 2,522 Restricted cash ​ ​ 551 Property and equipment ​ ​ 1,489 Intangible assets ​ ​ 385,200 Goodwill ​ ​ 66,134 Liabilities Assumed: ​ ​ ​ Accounts payable ​ ​ 7,056 Accrued liabilities ​ ​ 6,776 Deferred revenue ​ ​ 1,389 Debt ​ ​ 22,496 Deferred revenue, non-current ​ ​ 43 Deferred tax liability ​ ​ 75,938 Fair value of net assets acquired ​ $ 437,751 ​ Goodwill represents the excess of the Merger Consideration over the preliminary fair value of the underlying assets acquired and liabilities assumed. Goodwill is attributable to the assembled workforce of experienced personnel at Avedro and expected synergies, and is not deductible for tax purposes. Additionally, the fair market value inventory adjustment totaled approximately $29.0 million and is being amortized to cost of sales over the inventory’s expected turnover period. ​ The fair value and estimated useful lives of the Avedro intangible assets are as follows (in thousands, except where noted): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ Fair ​ Useful Life ​ Value (in years) Intangible assets subject to amortization: ​ ​ ​ ​ ​ Developed technology ​ $ 252,200 ​ 11.4 Customer relationships ​ ​ 14,100 ​ 5 Total ​ $ 266,300 ​ ​ Intangible assets not subject to amortization: ​ ​ ​ ​ ​ In-process research and development (IPR&D) ​ $ 118,900 ​ Indefinite Total intangible assets ​ $ 385,200 ​ ​ ​

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2020
Intangible Assets and Goodwill
Intangible Assets and Goodwill	Note 7. Intangible Assets and Goodwill Avedro intangible assets As part of the Avedro Merger on November 21, 2019, the Company acquired identifiable intangible assets for (1) developed technology related to Photrexa ​ The fair value of developed technology and IPR&D assets were determined using an excess earnings methodology. Significant assumptions used in the valuation include: (i) the period in which material net cash inflows are expected to commence, which was estimated to be 2021 for developed technology and 2023 for IPR&D assets, and (ii) the risk-adjusted discount rate of 11% for developed technology and 13% for IPR&D assets. ​ For the three months ended June 30, 2020, amortization expense related to the above finite-lived intangible assets was approximately $5.5 million and $0.7 million, recorded in cost of sales and selling, general and administrative expenses, respectively, in the condensed consolidated statement of operations. For the six months ended June 30, 2020, amortization expense related to the above finite-lived intangible assets was approximately $11.0 million and $1.4 million, recorded in cost of sales and selling, general and administrative expenses, respectively, in the condensed consolidated statement of operations. There was no amortization expense related to these intangible assets during the three and six months ended June 30, 2019. The Company evaluated its indefinite-lived intangible assets for impairment in connection with the COVID-19 pandemic utilizing the methodology pursuant to the adoption of ASU 2017-04 and concluded these intangible assets were not impaired as of June 30, 2020. Goodwill As a result of the Avedro Merger, $66.1 million in goodwill was recorded as of December 31, 2019. For additional details, refer to Note 6, Business Combinations ​ The following table presents the composition of our intangible assets and goodwill (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ As of June 30, 2020 ​ As of December 31, 2019 ​ ​ Useful ​ Gross ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ Life ​ Carrying ​ Accumulated ​ Net ​ Carrying ​ Accumulated ​ Net ​ (in years) Amount Amortization Amount Amount Amortization Amount Developed technology ​ 11.4 ​ $ 252,200 ​ (13,347) ​ 238,853 ​ 252,200 ​ (2,301) ​ 249,899 Customer relationships ​ 5.0 ​ ​ 14,100 ​ ​ (1,704) ​ ​ 12,396 ​ ​ 14,100 ​ ​ (294) ​ ​ 13,806 Intangible assets subject to amortization ​ ​ ​ ​ 266,300 ​ ​ (15,051) ​ ​ 251,249 ​ ​ 266,300 ​ ​ (2,595) ​ ​ 263,705 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-process research and development ​ Indefinite ​ $ 118,900 ​ ​ — ​ ​ 118,900 ​ ​ 118,900 ​ ​ — ​ ​ 118,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ Indefinite ​ $ 66,134 ​ ​ — ​ ​ 66,134 ​ ​ 66,134 ​ ​ — ​ ​ 66,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ $ 451,334 ​ $ (15,051) ​ $ 436,283 ​ $ 451,334 ​ $ (2,595) ​ $ 448,739 ​ ​ As of June 30, 2020, expected amortization expense for unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands): ​ ​ ​ ​ ​ ​ Amortization Expense Remainder of 2020 ​ $ 12,456 2021 ​ ​ 24,912 2022 ​ ​ 24,912 2023 ​ ​ 24,912 2024 ​ ​ 24,619 Thereafter ​ ​ 139,438 Total amortization ​ $ 251,249 ​ Actual amortization expense to be reported in future periods could differ from these estimates as a result of asset impairments, acquisitions, or other facts and circumstances.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2020
Revenue from Contracts with Customers
Revenue from Contracts with Customers	Note 8. Revenue from Contracts with Customers The Company’s net sales are generated primarily from sales of iStent Photrexa Revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services, and all of the Company’s net sales are considered revenue from contracts with customers. Disaggregation of Revenue ​ The Company’s revenues disaggregated by product category, for the three and six months ended June 30, 2020 and June 30, 2019 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Glaucoma $ 24,948 ​ $ 58,600 $ 69,081 ​ $ 112,626 Corneal Health ​ ​ 6,610 ​ — ​ ​ 17,813 ​ — Total $ 31,558 ​ $ 58,600 $ 86,894 ​ $ 112,626 ​ The following table presents the Company’s revenues disaggregated by geography for the three and six months ended June 30, 2020 and June 30, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 United States ​ $ 24,169 ​ $ 48,088 ​ $ 65,553 ​ $ 92,305 ​ International ​ ​ 7,389 ​ ​ 10,512 ​ ​ 21,341 ​ ​ 20,321 ​ Total net sales ​ $ 31,558 ​ $ 58,600 ​ $ 86,894 ​ $ 112,626 ​ ​ ​ Contract Balances ​ Contract Assets ​ Amounts are recorded as accounts receivable when the Company’s right to consideration becomes unconditional. Payment terms on invoiced amounts are typically 30 days for glaucoma and corneal health products, though extended payment terms on corneal health products may be offered. However, the Company does not consider any significant financing components in customer contracts given the expected time between transfer of the promised products and the payment of the associated consideration is less than one year. As of June 30, 2020 and December 31, 2019, all amounts included in accounts receivable, net on the condensed consolidated balance sheets are related to contracts with customers. ​ Sales commissions earned on U.S. sales of KXL systems are capitalized as the commissions represent costs to obtain a contract and the amortization period is deemed greater than one year. These costs are deferred in other assets on the Company’s condensed consolidated balance sheet, net of the short term portion included in prepaid assets and other current assets, and are amortized as a sales and marketing expense on a straight-line basis over the expected period of benefit. Capitalized sales commissions and the related amortization expense included in the condensed consolidated financial statements were immaterial as of June 30, 2020 and December 31, 2019. ​ Aside from the aforementioned contract assets, the Company does not have any contract assets given that the Company does not have any unbilled receivables and sales commissions on other products are expensed within selling, general and administrative expenses within the condensed consolidated statement of operations when incurred as any incremental cost of obtaining contracts with customers would have an amortization period of less than one year. ​ Contract Liabilities ​ Contract liabilities reflect consideration received from customers’ purchases allocated to the Company’s future performance obligations. ​ The Company has a performance obligation to issue a rebate to customers who may be eligible for a rebate at the conclusion of their contract term. This performance obligation is transferred over time and the Company’s method of measuring progress is the output method, whereby the progress is measured by the estimated rebate earned to date over the total rebate estimated to be earned over the contract period. The Company’s rebate allowance is included in accrued liabilities in the condensed consolidated balance sheets and estimated rebates accrued were not material during the periods presented. ​ Additionally, in the U.S. the Company has a performance obligation related to its customers’ right to a future discount on single dose pharmaceutical purchases, and, to a lesser extent, extended warranty service contracts. The amount allocated to the customers’ right to a future discount is expected to be recognized when the customer elects to utilize the discount, which is generally within one year. As of June 30, 2020 and December 31, 2019, this amount was immaterial as was the amount allocated to extended warranty service contracts. ​ During the three and six months ended June 30, 2020 and June 30, 2019, the Company did not recognize any revenue related to material changes in transaction prices regarding its contracts with customers and did not recognize any material changes in revenue related to amounts included in contract liabilities at the beginning of the period. ​ The Company’s net sales within a fiscal year may be impacted seasonally, as demand for U.S. ophthalmic procedures is typically softer in the first quarter and stronger in the fourth quarter of a given year.

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Jun. 30, 2020
Convertible Senior Notes
Convertible Senior Notes	Note 9. Convertible Senior Notes In June 2020, the Company issued $287.5 million in aggregate principal amount of 2.75% Convertible Senior Notes due 2027 (Convertible Notes) pursuant to an indenture dated June 11, 2020, between the Company and Wells Fargo Bank, National Association, as trustee (the Indenture), in a private offering to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. The Convertible Notes are senior unsecured obligations of the Company and bear interest at a rate of 2.75% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020. The Convertible Notes will mature on June 15, 2027, unless earlier converted, redeemed or repurchased in accordance with their terms. In connection with issuing the Convertible Notes, the Company received $242.2 million in proceeds, after deducting fees and offering expenses and paying the cost of the capped call transactions described below. ​ The Convertible Notes may be converted at the option of the holders at any time prior to the close of business on the business day immediately preceding March 15, 2027, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period immediately after any ten consecutive trading day period (the Measurement Period) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of (i) the last reported sale price of the Company’s common stock and (ii) the conversion rate in effect on each such trading day; (3) with respect to any Convertible Notes the Company calls for redemption, at any time prior to the close of business on the business day immediately preceding the redemption date, even if the Convertible Notes are not otherwise convertible at such time; or (4) upon the occurrence of specified corporate events. On or after March 15, 2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture. The Company’s current intent is to settle the principal amount of the Convertible Notes in cash upon conversion, with any remaining conversion value being delivered in shares of our common stock. ​ The conversion rate for the Convertible Notes will initially be 17.8269 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $56.10 per share of the Company’s common stock). The conversion rate is subject to adjustment in some events in accordance with the terms of the Indenture but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such a corporate event or notice of redemption, as the case may be. ​ The Company may not redeem the Convertible Notes prior to June 20, 2024. The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after June 20, 2024 but before the 45th scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) the trading day immediately preceding the date the Company sends such notice, at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Convertible Notes. ​ If the Company undergoes a fundamental change (as defined in the Indenture), holders may require the Company to repurchase for cash all or any portion of their Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. ​ In accounting for the issuance of the Convertible Notes, the Company separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was $189.8 million, which was calculated by using a discount rate of 9.5% , which was estimated to be the Company’s borrowing rate on the issuance date for a similar debt instrument without the conversion feature. The carrying amount of the equity component was $97.7 million, which represents the conversion option, and was determined by deducting the fair value of the liability component from the par value of the Convertible Notes. The equity component of the Convertible Notes is included in additional paid-in capital in the condensed consolidated balance sheets and will not be subsequently remeasured as long as it continues to meet the conditions for equity classification. The difference between the principal amount of the Convertible Notes and the liability component (the debt discount) is amortized to interest expense in the condensed consolidated statements of operations using the effective interest method over the term of the Convertible Notes. ​ Total transaction costs for the issuance of the Convertible Notes were $9.6 million, consisting of the initial purchasers’ discount, commissions, and other issuance costs. The Company allocated the total transaction costs proportionally to the liability and equity components. The transaction costs attributed to the liability component were $6.3 million, which were recorded as debt issuance costs (presented as contra debt in the Company’s condensed consolidated balance sheets) and are amortized to interest expense in the condensed consolidated statements of operations over the term of the Convertible Notes. The transaction costs attributed to the equity component were $3.3 million, which were included in additional paid-in capital. Interest expense relating to the Convertible Notes in the condensed consolidated statements of operations for the three and six months ended June 30, 2020 are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ 2020 Contractual interest expense ​ $ 417 Amortization of debt discount (i) ​ ​ 523 Amortization of debt issuance costs (ii) ​ ​ 34 Total interest expense ​ $ 974 ​ (i) The effective interest rate on the liability component of the 2027 Notes was 9.5% for the three and six months ended June 30, 2020. As of June 30, 2020, the unamortized debt discount was $97.2 million and will be amortized over 6.9 years. (ii) As of June 30, 2020, the unamortized debt issuance cost for the Convertible Notes was $6.3 million. ​ As of June 30, 2020, the convertible senior notes on the condensed consolidated balance sheets represented the carrying amount of the liability component of the Convertible Notes, net of unamortized debt discounts and debt issuance costs, which are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ 2020 Convertible Notes ​ $ 287,500 Less: Unamortized debt discount and debt issuance costs ​ ​ (103,501) Carrying amount of Convertible Notes ​ $ 183,999 ​ Capped Call Transactions ​ In connection with the offering of the Convertible Notes, in June 2020 the Company entered into privately negotiated capped call transactions with certain financial institution (the Option Counterparties) and used an aggregate $35.7 million of the net pr oceeds from the Convertible Notes to pay the cost of the capped call transactions. The capped call transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Convertible Notes or at the Company’s election (subject to certain conditions) offset any cash payments the Company is required to make in excess of the aggregate principal amount of converted Convertible Notes, as the case may be, with such reduction or offset subject to a cap based on the cap price. The cap price of the capped call transactions will initially be $86.30 per share, which represents a premium of 100% over the last reported sale price of the Company’s common stock on June 8, 2020, and is subject to certain adjustments under the terms of the capped call transactions. The capped calls have an initial strike price of approximately $56.10 per share, subject to certain adjustments, which corresponds to the conversion option strike price in the Convertible Notes. The capped call transactions cover, subject to customary adjustments, the number of shares of common stock initially underlying the Convertible Notes (or approximately 5.1 million shares of the Company’s common stock). ​ The capped call transactions are separate transactions that the Company entered into with the Option Counterparties, are not part of the terms of the Convertible Notes and will not change the holders’ rights under the Convertible Notes. As the capped call transactions meet certain accounting criteria, the cost of the capped call transactions of $35.7 million was recorded as a reduction in additional paid-in capital in the condensed consolidated balance sheets and will not be remeasured to fair value as long as the accounting criteria continue to be met. As of June 30, 2020, the Company had not purchased any shares under the capped call transactions.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation.
Stock-Based Compensation	Note 10. Stock-Based Compensation The Company has four stock-based compensation plans (collectively, the Stock Plans)—the 2001 Stock Option Plan (the 2001 Stock Plan), the 2011 Stock Plan (the 2011 Stock Plan), the 2015 Omnibus Incentive Compensation Plan (the 2015 Stock Plan) and the ESPP. The 2015 Stock Plan permits grants of RSU awards. The purpose of these Stock Plans is to provide incentives to employees, directors and nonemployee consultants. The Company no longer grants any awards under the 2001 Stock Plan and the 2011 Stock Plan. The maximum term of any stock options granted under the Stock Plans is 10 years. For employees and nonemployees, stock options generally vest 25% on the first anniversary of the original vesting date, with the balance vesting monthly or annually over the remaining three years. Stock options are granted at exercise prices at least equal to the fair value of the underlying stock at the date of the grant. For employees and nonemployees, generally, RSU awards vest 25% on each of the first, second third fourth The Compensation Committee has approved the grant of performance-based equity awards (PBEAs) to the Company’s named executive officers and certain other employees pursuant to the 2015 Stock Plan. These PBEAs will only vest upon the Compensation Committee’s determination that a pre-defined Company operational goals were satisfied. The ESPP permits eligible employees to purchase shares of the Company’s common stock, using contributions via payroll deductions of up to 15% of their earnings, at a price per share equal to 85% of the lower of the stock’s fair market value on the offering date or purchase date. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. On November 21, 2019, in connection with the Avedro Merger, the Company granted the following Replacement Awards to employees of Avedro: (i) approximately 0.2 million cash-settled stock options to certain executives, which became fully vested on December 31, 2019, (ii) approximately 0.1 million stock options and approximately 5,500 restricted stock units to members of Avedro’s board of directors, which were granted with no post-combination vesting requirements, and (iii) approximately 0.7 million stock options and approximately 0.1 million restricted stock units, which are subject to time-based vesting requirements. Approximately $30.8 million of the fair value of the Replacement Awards was attributable to pre-combination service and was included in the purchase price of Avedro (see Note 6 Business Combinations ​ During the second quarter of 2020, the cash-settled options granted to certain former Avedro executives were modified to be equity-settled and to extend the expiration date of certain tranches to December 31, 2020. A liability of $2.2 million All share-based compensation arrangements The following table summarizes the allocation of stock-based compensation related to stock options and RSUs and includes Replacement Awards, as well as cash-settled stock options in the accompanying condensed consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Cost of sales ​ $ 511 ​ $ 270 ​ $ 972 ​ $ 493 ​ Selling, general and administrative ​ ​ 8,389 ​ ​ 6,340 ​ ​ 18,646 ​ ​ 11,837 ​ Research and development ​ ​ 1,997 ​ ​ 1,637 ​ ​ 5,284 ​ ​ 3,046 ​ Total ​ $ 10,897 ​ $ 8,247 ​ $ 24,902 ​ $ 15,376 ​ ​ ​ At June 30, 2020, the total unamortized stock-based compensation expense was approximately $62.9 million of which $27.5 million was attributable to stock options and is to be recognized over the stock options’ remaining vesting terms of approximately 4.0 years (2.1 years on a weighted average basis). The remaining $35.4 million was attributable to RSUs and is to be recognized over the restricted stock units’ vesting terms of approximately 4.0 years (3.0 years on a weighted-average basis). The total stock-based compensation cost capitalized in inventory was not material for the three and six month periods ended June 30, 2020 and June 30, 2019.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Taxes
Income Taxes	Note 11. Income Taxes The provision for income taxes is determined using an estimated annual effective tax rate. For the three and six months ended June 30, 2020, the Company’s estimated effective tax rate of 15.6% and 7.7%, respectively, was lower than the U.S. federal statutory rate primarily due to the generation of U.S. NOL carryforwards, which were partially offset by a valuation allowance, as well as state and foreign income taxes. The effective tax rate may be subject to fluctuations during the year as new information is obtained which may affect the assumptions used to estimate the effective tax rate, including factors such as expected utilization of NOL carryforwards, changes in or the interpretation of tax laws in jurisdictions where the Company conducts business, the Company’s expansion into new states or foreign countries, and the amount of valuation allowances against deferred tax assets. ​ Intraperiod tax allocation rules require the Company to allocate the provision for income taxes between continuing operations and other categories of earnings. As a result, for the three and six months ended June 30, 2020, the Company recorded a benefit for income taxes of $7.4 million and $7.8 million, respectively. For the three and six months ended June 30, 2019, the Company recorded a provision for income taxes of $72,000 and $0.2 million, respectively, which was primarily comprised of state and foreign income taxes. ​ The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of its assets and liabilities, along with NOL and tax credit carryforwards. The Company records a valuation allowance against its deferred tax assets to reduce the net carrying value to an amount it believes is more likely than not to be realized. When the Company establishes or reduces the valuation allowance against its deferred tax assets, the provision for income taxes will increase or decrease, respectively, in the period such determination is made. For the three and six months ended June 30, 2020, the Company has recorded a valuation allowance against its deferred tax asset which are more likely than not to be realized. ​ Additionally, the Company follows an accounting standard addressing the accounting for uncertainty in income taxes that prescribes rules for recognition, measurement and classification in the financial statements of tax positions taken or expected to be taken in a tax return. As of June 30, 2020 and June 30, 2019, the Company had gross unrecognized tax benefits of $18.7 million and $13.6 million, respectively. ​ On March 27, 2020, the United States enacted the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The CARES Act is an emergency economic stimulus package that includes spending and tax relief measures to strengthen the United States economy and fund a nationwide effort to curtail the effects of COVID-19. Some of the more significant provisions which are expected to impact the Company’s condensed consolidated financial statements include increasing the NOL carryback period for certain losses to credits. For the three and six months ended June 30, 2020, the Company has recorded a U.S. federal benefit for income taxes of $0.4 million for the estimated impact of the CARES Act on its tax provision. While the Company does not expect future material impacts from the CARES Act, due to the recent enactment date, the Company will continue to analyze its impact in subsequent quarters. ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 12. Commitments and Contingencies Patent Litigation On April 14, 2018, the Company filed a patent infringement lawsuit against Ivantis, Inc. (Ivantis) in the U.S. District Court for the Central District of California, Southern Division (the Court), alleging that Ivantis’ Hydrus © Microstent device infringes the Company’s U.S. Patent Nos. 6,626,858 and 9,827,143. In August 2018, Ivantis filed counterclaims alleging that the Company’s iStent inject infringes three patents which Ivantis acquired after the start of the litigation (Acquired Patents). On March 18, 2019, the Court granted the Company’s early motion for summary judgment, finding that the Company does not infringe the Acquired Patents. Fact discovery on the Company’s claims against Ivantis closed in September 2019, and trial is scheduled to begin on or around March 9, 2021. Additionally, Ivantis filed five Inter Partes Review (IPR) petitions with the Patent Trial and Appeal Board (PTAB) on the patents the Company has asserted in the litigation. The PTAB denied institution of all five petitions. ​ Secured Letters of Credit The Company had a bank issue a letter of credit in the amount of $8.8 million that is related to its Aliso Facility. The letter of credit is secured with an amount of cash held in a restricted account of approximately $8.8 million as of June 30, 2020 and December 31, 2019. Beginning as of the first day of the thirty-seventh month of the lease term, and on each twelve month anniversary thereafter, the letter of credit will be reduced by 20% until the letter of credit amount has been reduced to $2.0 million. As a result of the Avedro Merger, the Company has two other irrevocable standby letters of credit secured with $0.4 million of cash in a restricted account related to its office lease agreements. Lastly, the Company maintains $0.2 million in restricted cash which is held to collateralize a credit card program. Corporate Restructuring Costs Following the Avedro Merger, the Company initiated a restructuring plan that includes an estimated headcount reduction of 40 employees and a reallocation of responsibilities primarily within the selling, general and administrative functions. The Company measured and accrued the liabilities associated with employee separation costs at fair value as of the date the plan was announced and terminations were communicated to employees, which primarily includes severance pay and other separation costs such as benefit continuation. As of June 30, 2020 the Company has accrued $0.8 million of restructuring plan costs, has paid approximately $4.1 million in separation costs since the inception of the plan, and expects to incur a total of approximately $5.3 million in restructuring charges upon completion of the plan, which is expected to be completed in 2021. The recognition of restructuring charges requires that the Company make certain judgments and estimates regarding the nature, timing and amount of costs associated with the planned reductions of workforce. At the end of each reporting period, the Company will evaluate the remaining accrued balance to ensure appropriateness with the Company’s restructuring plans. A reconciliation of the beginning and ending balance of the restructuring reserve, included in accrued liabilities on the condensed consolidated balance sheet, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ June 30, 2020 ​ ​ ​ ​ Balance at beginning of period ​ $ 4,096 Total restructuring accrual charges ​ ​ 796 Employee separation payments ​ ​ (4,085) Balance at end of period ​ $ 807 ​ Regents of the University of California On December 30, 2014, the Company executed an agreement (the UC Agreement) with the Regents of the University of California (the University) to correct inventorship in connection with a group of the Company’s U.S. patents (the Patent Rights) and to obtain from the University a covenant that it did not and would not claim any right or title to the Patent Rights and will not challenge or assist any others in challenging the Patent Rights. In connection with the UC Agreement, Glaukos agreed to pay to the University a low single-digit percentage of worldwide net sales of certain current and future products, including the Company’s iStent GMP Visions Solutions, Inc. ​ In November 2013, the Company entered into an amended agreement (the Buyout Agreement) with GMP Vision Solutions, Inc. (GMP) pursuant to which the Company agreed to buyout any remaining royalty obligations related to the transfer and assignment of certain intellectual property from GMP to the Company. Pursuant to the Buyout Agreement, in the event of a Company sale as defined therein, the Company would be required to pay GMP a percentage of the sale consideration above a certain threshold, with such payment not to exceed $2.0 million. ​ Executive Deferred Compensation Plan Pursuant to the Company’s Deferred Compensation Plan, eligible senior level employees are permitted to make elective deferrals of compensation to which he or she will become entitled in the future. The Company has also established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The investments of the rabbi trust consist of COLIs. The fair value of the Deferred Compensation Plan liability, included in other liabilities on the condensed consolidated balance sheets, was approximately $4.1 million and $3.7 million as of June 30, 2020 and December 31, 2019, respectively, and the cash surrender value of the COLIs, included in deposits and other assets on the condensed consolidated balance sheets, which reflects the underlying assets at fair value, was approximately $4.2 million and $3.5 million as of June 30, 2020 and December 31, 2019, respectively. Global enterprise systems implementation In the first quarter of 2019, the Company began implementing new enterprise systems and other technology optimizations and facilities infrastructure globally. The Company’s new enterprise system went live in May 2020; therefore, software services costs along with any associated implementation costs after May 1, 2020 are being capitalized in accordance with the Company’s policy. As of June 30, 2020, the Company has firm purchase commitments related to software costs and these systems implementations of approximately

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2020
Business Segment Information
Business Segment Information	Note 13. Business Segment Information The Company has one business activity: the development and commercialization of therapies designed to treat glaucoma, corneal disorders and retinal diseases, and operates as one operating segment. The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s revenues disaggregated by revenue and product category are included in Note 8, Revenue from Contracts with Customers Company’s chief operating decision-maker, its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. ​

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2020
Subsequent Event
Subsequent Event	l Note 14. Subsequent Event In July 2020, the Company extended the term of each of the leases for its two San Clemente, California headquarters facilities by five years and five months . Each of these leases now expires on May 31, 2030, and each contains an option to extend the lease for one additional five year period at market rates. In conjunction with these extensions, each of the lease landlords agreed to provide the Company with a tenant improvement allowance in the amount of the cost of certain leasehold improvements, upon the Company providing the necessary documentation evidencing the costs of the allowable leasehold improvements, and rent abatement totaling approximately $0.8 million in the aggregate. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited interim financial statements have been prepared on a basis consistent with the audited financial statements. As permitted under those rules, certain footnotes and other financial information that are normally required by GAAP have been condensed or omitted. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial information contained herein. The condensed consolidated balance sheet as of December 31, 2019 has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements. These interim financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2019, which are contained in the Company’s Annual Report on Form 10-K filed with the United States (U.S.) Securities and Exchange Commission (SEC) on March 2, 2020. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates and assumptions. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. The most significant estimates in the accompanying condensed consolidated financial statements relate to revenue recognition, the fair value of the liability component of the Convertible Notes, the incremental borrowing rate related to the Company’s leased assets, stock-based compensation expense and the valuation of certain intangible assets related to the Company’s acquisition of Avedro. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, this process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements. ​ In ​
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that equate to the amount reported in the condensed consolidated statement of cash flows as of the beginning and end of the six months ended June 30, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 ​ Cash and cash equivalents ​ $ 266,974 ​ $ 62,430 ​ Restricted cash ​ ​ 9,326 ​ ​ 9,326 ​ Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows ​ $ 276,300 ​ $ 71,756 ​
Accounts Receivable	Accounts Receivable The Company sells its products directly to ambulatory surgery centers, hospitals, and physician private practices, with distributors being used in certain international locations where the Company does not have a direct commercial presence and the Company is exposed to credit losses primarily through sales of its products. ​ The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and periodic evaluation of customers’ receivables balances. Management estimates the adequacy of the allowance by using relevant available information, from internal and external sources, relating to past events, current conditions and forecasts. Historical credit loss experience provides the basis for estimation of expected credit losses and are adjusted as necessary using the relevant information available. The allowance for credit losses is measured on a collective basis when similar risk characteristic exists. The Company has identified one portfolio segment based on evaluation of the following risk characteristics: geographic regions, product lines, default rates and customer specific factors. ​ Additionally, specific allowance amounts may be established to record the appropriate provision for customers that have a higher probability of non-payment. The Company charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The allowance for credit losses represents management’s best estimate of the amount of current expected credit losses and totaled approximately $1.8 million and $1.2 million as of June 30, 2020 and December 31, 2019, respectively, and there were no bad-debt write offs charged during the six months ended June 30, 2020. ​ As of June 30, 2020, the Company evaluated the current and expected future economic and market conditions surrounding the COVID-19 pandemic as it relates to collectability of its accounts receivable and determined the estimate of expected credit losses was not materially impacted. The Company will continue to re-evaluate the estimate of credit losses related to COVID-19 in conjunction with its assessment of expected credit losses in subsequent quarters. ​ Additionally, no customer accounted for more than 10% of net accounts receivable as of June 30, 2020 or December 31, 2019.
Inventory	Inventory Except for inventory acquired in connection with the Avedro Merger, further described in Note 6, Business Combinations Management evaluates inventory for excess quantities and obsolescence and records an allowance to reduce the carrying value of inventory as determined necessary. As of June 30, 2020, the Company recorded inventory write-off charges and COVID-19 related excess and obsolete reserves, a portion of which included the associated fair-value step up of acquired Avedro inventory, totaling $7.4 million.
Convertible Debt	Convertible Debt The Company evaluates embedded conversion features within convertible debt under ASC 815, Derivatives and Hedging Debt with Conversion and Other Options ​ The carrying amount of the liability component is calculated by measuring the fair value of a similar debt instrument that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option is determined by deducting the fair value of the liability component from the par value of the convertible notes. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount (i.e., debt discount) will be amortized to interest expense over the term of the convertible notes. ​ The Company may record debt issuance costs and/or debt discounts in connection with raising funds through the issuance of convertible debt. These costs may be paid in the form of cash or equity (such as warrants). These costs are allocated between debt and equity, with the portion allocated to debt amortized to interest expense. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Income Taxes	Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at the applicable tax rates, along with net operating loss (NOL) and tax credit carryovers. The Company records a valuation allowance against its deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. Management has considered estimated taxable income and ongoing prudent and feasible tax planning strategies in assessing the amount of the valuation allowance. Based upon the weight of available evidence, which includes the Company’s historical operating performance and limited potential to utilize tax credit carryforwards, the Company has determined that a portion of its deferred tax assets should be offset by a valuation allowance. When the Company establishes or reduces the valuation allowance against its deferred tax assets, its provision for income taxes increases or decreases, respectively, in the period such determination is made. The Company is required to file federal and state income tax returns in the United States and various other state jurisdictions. The Company also files income tax returns in the foreign countries in which its subsidiaries operate. The preparation of these income tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid. Additionally, the Company follows an accounting standard addressing the accounting for uncertainty in income taxes that prescribes rules for recognition, measurement, and classification in the condensed consolidated financial statements of tax positions taken or expected to be taken in a tax return.
Stock Based Compensation	Stock-Based Compensation The Company recognizes compensation expense for all stock-based awards granted to employees and nonemployees, including members of its board of directors. The fair value of stock option awards is estimated at the grant date using the Black-Scholes option pricing model, and the portion that is ultimately expected to vest is recognized as compensation cost over the requisite service period using the straight-line method. The determination of the fair value-based measurement of stock options on the date of grant using an option pricing model is affected by the determination of the fair value of the underlying stock as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s stock price volatility over the expected term of the grants, and actual and projected stock option exercise behaviors. In the future, as additional empirical evidence regarding these estimates becomes available, the Company may change or refine its approach of deriving them, and these changes could impact the fair value-based measurement of stock options granted in the future. Changes in the fair value-based measurement of stock awards could materially impact the Company’s operating results. The fair value of restricted stock unit (RSU) awards made to employees and nonemployees is equal to the closing market price of the Company’s common stock on the grant date.
Interest Expense	Interest Expense ​
Net Loss per Share	Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares that were outstanding for the period, without consideration for common stock equivalents. For periods when the Company realizes a net loss, no common stock equivalents are included in the calculation of weighted average number of dilutive common stock equivalents as the effect of applying the treasury stock method is considered anti-dilutive. For periods when the Company realizes net income, diluted net income per share is calculated by dividing the net income by the weighted average number of common shares plus the sum of the weighted average number of dilutive common stock equivalents outstanding for the period determined using the treasury stock method. Common stock equivalents are comprised of stock options outstanding and unvested RSUs under the Company’s incentive compensation plans, and shares issuable under the Company’s Employee Stock Purchase Plan (ESPP). Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive were as follows (in common stock equivalent shares, in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ Stock options outstanding ​ 5,336 ​ 3,750 ​ 4,585 ​ 3,648 ​ Unvested restricted stock units ​ 516 ​ 380 ​ 493 ​ 363 ​ Employee stock purchase plan ​ - ​ 20 ​ - ​ 18 ​ ​ ​ 5,852 ​ 4,150 ​ 5,078 ​ 4,029 ​ ​ The Convertible Notes did not have an impact on the Company’s diluted share count as the average stock price of the Company’s common stock did not exceed $56.10 during the periods presented.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses ​ Additionally, for available-for-sale debt securities with unrealized losses, ASU 2016-13 now requires allowances to be recorded instead of reducing the amortized cost of the investment. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. Given the composition of the Company’s available-for-sale securities, adoption of ASU 2016-13 did not have a material impact on the condensed consolidated financial statements as of June 30, 2020. ​ In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ​ In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) ​ ​ In August 2018, the FASB issued ASU No. 2018-15 , Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Note 12 Commitments and Contingencies In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Schedule of cash and cash equivalents and restricted cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that equate to the amount reported in the condensed consolidated statement of cash flows as of the beginning and end of the six months ended June 30, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2020 ​ 2019 ​ Cash and cash equivalents ​ $ 266,974 ​ $ 62,430 ​ Restricted cash ​ ​ 9,326 ​ ​ 9,326 ​ Cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows ​ $ 276,300 ​ $ 71,756 ​
Schedule of potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders	Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive were as follows (in common stock equivalent shares, in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ Stock options outstanding ​ 5,336 ​ 3,750 ​ 4,585 ​ 3,648 ​ Unvested restricted stock units ​ 516 ​ 380 ​ 493 ​ 363 ​ Employee stock purchase plan ​ - ​ 20 ​ - ​ 18 ​ ​ ​ 5,852 ​ 4,150 ​ 5,078 ​ 4,029 ​

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2020
Balance Sheet Details
Schedule of short-term investments	Short-term investments consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2020 ​ ​ Maturity ​ Amortized cost ​ Unrealized ​ Unrealized ​ Estimated ​ (in years) or cost gains losses fair value U.S. government agency bonds ​ less than 4 ​ ​ 14,500 ​ ​ 2 ​ ​ (4) ​ ​ 14,498 ​ Bank certificates of deposit ​ less than 1 ​ ​ 16,900 ​ ​ 45 ​ ​ (1) ​ ​ 16,944 ​ Commercial paper ​ less than 1 ​ 8,488 ​ 11 ​ — ​ 8,499 ​ Corporate notes ​ less than 3 ​ 67,347 ​ 597 ​ (10) ​ 67,934 ​ Asset-backed securities ​ less than 5 ​ 19,766 ​ 325 ​ — ​ 20,091 ​ Total ​ ​ ​ $ 127,001 ​ $ 980 ​ $ (15) ​ $ 127,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2019 ​ ​ Maturity ​ Amortized cost ​ Unrealized ​ Unrealized ​ Estimated ​ (in years) or cost gains losses fair value Bank certificates of deposit ​ less than 1 ​ ​ 12,999 ​ ​ 7 ​ ​ — ​ ​ 13,006 ​ Commercial paper ​ less than 1 ​ 7,475 ​ 8 ​ — ​ 7,483 ​ Corporate notes ​ less than 3 ​ 65,354 ​ 295 ​ (10) ​ 65,639 ​ Asset-backed securities ​ less than 3 ​ 25,333 ​ 99 ​ (7) ​ 25,425 ​ Total ​ ​ ​ $ 111,161 ​ $ 409 ​ $ (17) ​ $ 111,553 ​
Schedule of accounts receivable, net	Accounts receivable consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Accounts receivable ​ $ 28,501 ​ $ 39,657 ​ Allowance for credit losses ​ ​ (1,771) ​ ​ (1,240) ​ ​ ​ $ 26,730 ​ $ 38,417 ​
Schedule of inventory	Inventory, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2020 2019 Finished goods ​ $ 8,328 ​ $ 32,108 ​ Work in process ​ ​ 3,471 ​ ​ 3,884 ​ Raw material ​ ​ 9,289 ​ ​ 6,586 ​ ​ ​ $ 21,088 ​ $ 42,578 ​
Schedule of accrued liabilities	Accrued liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Accrued bonuses ​ $ 7,320 ​ $ 13,525 Accrued vacation benefits ​ ​ 3,369 ​ ​ 2,784 Accrued legal expenses ​ ​ 5,547 ​ ​ 3,957 Accrued Employee Stock Purchase Plan liability ​ ​ 3,084 ​ ​ - Accrued payroll taxes ​ ​ 7,765 ​ ​ 1,133 Other accrued liabilities ​ ​ 18,513 ​ ​ 30,520 ​ ​ $ 45,598 ​ $ 51,919

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements
Schedule of the Company's financial assets and financial liabilities measured at fair value on a recurring basis	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2020 ​ ​ ​ ​ ​ Quoted prices ​ Significant ​ ​ ​ ​ ​ ​ ​ in active ​ other ​ Significant ​ ​ ​ ​ ​ markets for ​ observable ​ unobservable ​ ​ June 30, ​ identical assets ​ inputs ​ inputs ​ 2020 (Level 1) (Level 2) (Level 3) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (i) ​ $ 189,126 ​ $ 189,126 ​ $ - ​ $ - Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government agency bonds (ii) ​ ​ 14,498 ​ ​ - ​ ​ 14,498 ​ ​ - Bank certificates of deposit (ii) ​ ​ 16,944 ​ ​ - ​ ​ 16,944 ​ ​ - Commercial paper (ii) ​ ​ 8,499 ​ ​ - ​ ​ 8,499 ​ ​ - Corporate notes (ii) ​ ​ 67,934 ​ ​ - ​ ​ 67,934 ​ ​ - Asset-backed securities (ii) ​ ​ 20,091 ​ ​ - ​ ​ 20,091 ​ ​ - Total Assets ​ $ 317,092 ​ $ 189,126 ​ $ 127,966 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2019 ​ ​ ​ ​ ​ Quoted prices ​ Significant ​ ​ ​ ​ ​ ​ ​ in active ​ other ​ Significant ​ ​ ​ ​ ​ markets for ​ observable ​ unobservable ​ ​ December 31, ​ identical assets ​ inputs ​ inputs ​ 2019 (Level 1) (Level 2) (Level 3) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (i) ​ $ 2,530 ​ $ 2,530 ​ $ - ​ $ - Available for sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank certificates of deposit (ii) (iii) ​ ​ 14,208 ​ ​ - ​ ​ 14,208 ​ ​ - Commercial paper (ii) ​ ​ 7,484 ​ ​ - ​ ​ 7,484 ​ ​ - Corporate notes (ii) ​ ​ 65,638 ​ ​ - ​ ​ 65,638 ​ ​ - Asset-backed securities (ii) ​ ​ 25,424 ​ ​ - ​ ​ 25,424 ​ ​ - Total Assets ​ $ 115,284 ​ $ 2,530 ​ $ 112,754 ​ $ - Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash-settled stock options ​ $ 6,685 ​ ​ - ​ ​ 6,685 ​ ​ - Total Liabilities ​ $ 6,685 ​ $ - ​ $ 6,685 ​ $ - (i) Included in cash and cash equivalents with a maturity of three months or less from date of purchase on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) As of December 31, 2019, a bank certificate of deposit totaling $1,201 (in thousands) is included in cash and cash equivalents on the condensed consolidated balance sheets, as the investment has a maturity of three months or less from the date of purchase on the condensed consolidated balance sheets.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases
Schedule of maturity of lease liability	​ ​ ​ ​ ​ ​ ​ Maturity of Lease Liabilities ​ Operating ​ Finance (in thousands) Leases (a) ​ Leases (b) Remainder of 2020 ​ $ 1,527 ​ $ — 2021 ​ ​ 3,197 ​ ​ — 2022 ​ ​ 3,123 ​ ​ — 2023 ​ ​ 2,230 ​ ​ 3,543 2024 ​ ​ 2,023 ​ ​ 5,184 2025 ​ ​ 2,052 ​ ​ 5,340 2026 ​ ​ 2,112 ​ ​ 5,500 Thereafter ​ ​ 2,112 ​ ​ 107,521 Total lease payments ​ $ 18,376 ​ $ 127,088 Less: imputed interest ​ ​ 3,041 ​ ​ 66,878 Total lease liabilities ​ $ 15,335 ​ $ 60,210 (a) Operating lease payments include $12.0 million related to options to extend lease terms that are reasonably certain of being exercised. (b) Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations
Schedule of Merger Consideration	​ ​ ​ ​ ​ ​ ​ Avedro shares of common stock outstanding at closing ​ ​ 17,670,003 Exchange Ratio ​ ​ 0.365 Right to receive shares of Glaukos ​ ​ 6,449,551 Glaukos closing stock price on November 21, 2019 ​ $ 63.07 ​ ​ ​ ​ Fair value of Glaukos common stock issued in the Avedro Merger, plus an immaterial amount of cash paid for fractional shares ​ $ 406,776 Fair value of Glaukos common stock issued to replace certain vested Avedro warrants ​ $ 189 Fair value of Replacement Awards attributable to pre-combination services ​ $ 30,786 Total Merger Consideration ​ $ 437,751
Schedule of business combination assets and liabilities	​ ​ ​ ​ ​ ​ ​ Assets Acquired: ​ ​ ​ Cash ​ $ 49,101 Accounts receivable ​ ​ 13,113 Inventory ​ ​ 33,339 Prepaid expenses and other current assets ​ ​ 2,522 Restricted cash ​ ​ 551 Property and equipment ​ ​ 1,489 Intangible assets ​ ​ 385,200 Goodwill ​ ​ 66,134 Liabilities Assumed: ​ ​ ​ Accounts payable ​ ​ 7,056 Accrued liabilities ​ ​ 6,776 Deferred revenue ​ ​ 1,389 Debt ​ ​ 22,496 Deferred revenue, non-current ​ ​ 43 Deferred tax liability ​ ​ 75,938 Fair value of net assets acquired ​ $ 437,751
Schedule of business combination intangible assets	The fair value and estimated useful lives of the Avedro intangible assets are as follows (in thousands, except where noted): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ Fair ​ Useful Life ​ Value (in years) Intangible assets subject to amortization: ​ ​ ​ ​ ​ Developed technology ​ $ 252,200 ​ 11.4 Customer relationships ​ ​ 14,100 ​ 5 Total ​ $ 266,300 ​ ​ Intangible assets not subject to amortization: ​ ​ ​ ​ ​ In-process research and development (IPR&D) ​ $ 118,900 ​ Indefinite Total intangible assets ​ $ 385,200 ​ ​

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2020
Intangible Assets and Goodwill
Schedule reflecting the composition of intangible assets and goodwill	The following table presents the composition of our intangible assets and goodwill (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ As of June 30, 2020 ​ As of December 31, 2019 ​ ​ Useful ​ Gross ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ Life ​ Carrying ​ Accumulated ​ Net ​ Carrying ​ Accumulated ​ Net ​ (in years) Amount Amortization Amount Amount Amortization Amount Developed technology ​ 11.4 ​ $ 252,200 ​ (13,347) ​ 238,853 ​ 252,200 ​ (2,301) ​ 249,899 Customer relationships ​ 5.0 ​ ​ 14,100 ​ ​ (1,704) ​ ​ 12,396 ​ ​ 14,100 ​ ​ (294) ​ ​ 13,806 Intangible assets subject to amortization ​ ​ ​ ​ 266,300 ​ ​ (15,051) ​ ​ 251,249 ​ ​ 266,300 ​ ​ (2,595) ​ ​ 263,705 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-process research and development ​ Indefinite ​ $ 118,900 ​ ​ — ​ ​ 118,900 ​ ​ 118,900 ​ ​ — ​ ​ 118,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ Indefinite ​ $ 66,134 ​ ​ — ​ ​ 66,134 ​ ​ 66,134 ​ ​ — ​ ​ 66,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ $ 451,334 ​ $ (15,051) ​ $ 436,283 ​ $ 451,334 ​ $ (2,595) ​ $ 448,739
Schedule of expected amortization of finite-lived intangible assets	As of June 30, 2020, expected amortization expense for unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands): ​ ​ ​ ​ ​ ​ Amortization Expense Remainder of 2020 ​ $ 12,456 2021 ​ ​ 24,912 2022 ​ ​ 24,912 2023 ​ ​ 24,912 2024 ​ ​ 24,619 Thereafter ​ ​ 139,438 Total amortization ​ $ 251,249

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contracts with Customers
Schedule of disaggregation of revenue	The Company’s revenues disaggregated by product category, for the three and six months ended June 30, 2020 and June 30, 2019 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Glaucoma $ 24,948 ​ $ 58,600 $ 69,081 ​ $ 112,626 Corneal Health ​ ​ 6,610 ​ — ​ ​ 17,813 ​ — Total $ 31,558 ​ $ 58,600 $ 86,894 ​ $ 112,626 ​ The following table presents the Company’s revenues disaggregated by geography for the three and six months ended June 30, 2020 and June 30, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 United States ​ $ 24,169 ​ $ 48,088 ​ $ 65,553 ​ $ 92,305 ​ International ​ ​ 7,389 ​ ​ 10,512 ​ ​ 21,341 ​ ​ 20,321 ​ Total net sales ​ $ 31,558 ​ $ 58,600 ​ $ 86,894 ​ $ 112,626 ​

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	6 Months Ended
	Jun. 30, 2020
Convertible Senior Notes
Schedule of interest expense relating to the Convertible Notes	Interest expense relating to the Convertible Notes in the condensed consolidated statements of operations for the three and six months ended June 30, 2020 are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ 2020 Contractual interest expense ​ $ 417 Amortization of debt discount (i) ​ ​ 523 Amortization of debt issuance costs (ii) ​ ​ 34 Total interest expense ​ $ 974 ​ (i) The effective interest rate on the liability component of the 2027 Notes was 9.5% for the three and six months ended June 30, 2020. As of June 30, 2020, the unamortized debt discount was $97.2 million and will be amortized over 6.9 years. (ii) As of June 30, 2020, the unamortized debt issuance cost for the Convertible Notes was $6.3 million.
Schedule of convertible senior notes	As of June 30, 2020, the convertible senior notes on the condensed consolidated balance sheets represented the carrying amount of the liability component of the Convertible Notes, net of unamortized debt discounts and debt issuance costs, which are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ 2020 Convertible Notes ​ $ 287,500 Less: Unamortized debt discount and debt issuance costs ​ ​ (103,501) Carrying amount of Convertible Notes ​ $ 183,999

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Stock-Based Compensation.
Schedule summarizing the allocation of stock-based compensation	The following table summarizes the allocation of stock-based compensation related to stock options and RSUs and includes Replacement Awards, as well as cash-settled stock options in the accompanying condensed consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Cost of sales ​ $ 511 ​ $ 270 ​ $ 972 ​ $ 493 ​ Selling, general and administrative ​ ​ 8,389 ​ ​ 6,340 ​ ​ 18,646 ​ ​ 11,837 ​ Research and development ​ ​ 1,997 ​ ​ 1,637 ​ ​ 5,284 ​ ​ 3,046 ​ Total ​ $ 10,897 ​ $ 8,247 ​ $ 24,902 ​ $ 15,376 ​ ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Schedule of restructuring reserve	A reconciliation of the beginning and ending balance of the restructuring reserve, included in accrued liabilities on the condensed consolidated balance sheet, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ June 30, 2020 ​ ​ ​ ​ Balance at beginning of period ​ $ 4,096 Total restructuring accrual charges ​ ​ 796 Employee separation payments ​ ​ (4,085) Balance at end of period ​ $ 807

Organization and Basis of Pre_2

Organization and Basis of Presentation - (Details) - USD ($) $ in Thousands	Jun. 11, 2020	Nov. 21, 2019	Jun. 30, 2020
Avedro
Organization and basis of presentation information
Number of shares received in connection with Merger for each share of company owned stock		0.365
Exchange Ratio (as a percent)		36.50%
Total Merger Consideration		$ 437,751
Fair value of Glaukos common stock issued in the Avedro Merger, plus an immaterial amount of cash paid for fractional shares		406,776
Fair value of Replacement Awards attributable to pre-combination services		30,786
Fair value of Glaukos common stock issued to replace certain vested Avedro warrants		189
Payment of debt assumed in the Avedro Merger		$ 22,500
2.75% Convertible Senior Notes due 2027
Organization and basis of presentation information
Aggregate principle amount	$ 287,500		$ 287,500
Interest rate (as a percent)	2.75%		2.75%
Net proceeds from the debt	$ 242,200

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary (Details) - USD ($)	Jan. 01, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Restricted cash
Cash and cash equivalents		$ 266,974,000	$ 62,430,000
Restricted cash		9,326,000	9,326,000
cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows		276,300,000	71,756,000	$ 48,840,000	$ 38,596,000
Accounts Receivable
Allowance for doubtful accounts receivable		1,771,000	1,240,000
Bad debts write-offs		0
Inventory
Inventory write-down		7,400,000
Retained earnings		$ (283,662,000)	$ (189,710,000)
Adjustment | ASU 2016-13
Inventory
Retained earnings	$ 0
Adjustment | ASU 2018-15
Inventory
Costs capitalized relating to global enterprise systems	$ 1,600,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Antidilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Anti-dilutive securities
Anti-dilutive securities excluded from computation of earnings per share	5,852	4,150	5,078	4,029
Maximum
Anti-dilutive securities
Average stock price	$ 56.10	$ 56.10	$ 56.10	$ 56.10
Stock options
Anti-dilutive securities
Anti-dilutive securities excluded from computation of earnings per share	5,336	3,750	4,585	3,648
RSU
Anti-dilutive securities
Anti-dilutive securities excluded from computation of earnings per share	516	380	493	363
ESPP
Anti-dilutive securities
Anti-dilutive securities excluded from computation of earnings per share		20		18

Balance Sheet Details - Short-T

Balance Sheet Details - Short-Term Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Short-term investments
Amortized cost	$ 127,001	$ 111,161
Unrealized gains	980	409
Unrealized losses	(15)	(17)
Estimated fair value	127,966	111,553
U.S. Government agency bonds
Short-term investments
Amortized cost	14,500
Unrealized gains	2
Unrealized losses	(4)
Estimated fair value	$ 14,498
U.S. Government agency bonds | Maximum
Short-term investments
Maturity	4 years
Bank certificates of deposit
Short-term investments
Amortized cost	$ 16,900	12,999
Unrealized gains	45	7
Unrealized losses	(1)
Estimated fair value	$ 16,944	$ 13,006
Bank certificates of deposit | Maximum
Short-term investments
Maturity	1 year	1 year
Commercial paper
Short-term investments
Amortized cost	$ 8,488	$ 7,475
Unrealized gains	11	8
Estimated fair value	$ 8,499	$ 7,483
Commercial paper | Maximum
Short-term investments
Maturity	1 year	1 year
Corporate notes
Short-term investments
Amortized cost	$ 67,347	$ 65,354
Unrealized gains	597	295
Unrealized losses	(10)	(10)
Estimated fair value	$ 67,934	$ 65,639
Corporate notes | Maximum
Short-term investments
Maturity	3 years	3 years
Asset-backed securities
Short-term investments
Amortized cost	$ 19,766	$ 25,333
Unrealized gains	325	99
Unrealized losses		(7)
Estimated fair value	$ 20,091	$ 25,425
Asset-backed securities | Maximum
Short-term investments
Maturity	5 years	3 years

Balance Sheet Details - Other (

Balance Sheet Details - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts Receivable, Net
Accounts receivable	$ 28,501	$ 39,657
Allowance for credit losses	(1,771)	(1,240)
Accounts receivable, net	26,730	38,417
Inventory
Finished goods	8,328	32,108
Work in process	3,471	3,884
Raw materials	9,289	6,586
Total inventory	21,088	42,578
Accrued Liabilities
Accrued bonuses	7,320	13,525
Accrued vacation benefits	3,369	2,784
Accrued legal expenses	5,547	3,957
Accrued Employee Stock Purchase Plan liability	3,084
Accrued payroll taxes	7,765	1,133
Other accrued liabilities	18,513	30,520
Total accrued liabilities	$ 45,598	$ 51,919

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Total assets	$ 317,092	$ 115,284
Liabilities
Cash-settled stock options		6,685
Total liabilities		6,685
Fair Value, Inputs, Level 1
Assets
Total assets	189,126	2,530
Fair Value, Inputs, Level 2
Assets
Total assets	127,966	112,754
Liabilities
Cash-settled stock options		6,685
Total liabilities		6,685
Money market funds
Assets
Total assets	189,126	2,530
Money market funds | Fair Value, Inputs, Level 1
Assets
Total assets	189,126	2,530
U.S. Government agency bonds
Assets
Total assets	14,498
U.S. Government agency bonds | Fair Value, Inputs, Level 2
Assets
Total assets	14,498
Bank certificates of deposit
Assets
Cash equivalents		1,201
Total assets	16,944	14,208
Bank certificates of deposit | Fair Value, Inputs, Level 2
Assets
Total assets	16,944	14,208
Commercial paper.
Assets
Total assets	8,499	7,484
Commercial paper. | Fair Value, Inputs, Level 2
Assets
Total assets	8,499	7,484
Corporate notes
Assets
Total assets	67,934	65,638
Corporate notes | Fair Value, Inputs, Level 2
Assets
Total assets	67,934	65,638
Asset-backed securities
Assets
Total assets	20,091	25,424
Asset-backed securities | Fair Value, Inputs, Level 2
Assets
Total assets	$ 20,091	$ 25,424

Fair Value Measurements - Trans

Fair Value Measurements - Transfers (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 11, 2020	Jun. 30, 2019
Fair Value Measurements, Valuation
Amount of transfers of assets and liabilities measured on a recurring basis between Levels 1, 2 and 3 of the fair value hierarchy	$ 0		$ 0
2.75% Convertible Senior Notes due 2027
Fair Value Measurements, Valuation
Interest rate (as a percent)	2.75%	2.75%
Fair value of convertible senior notes	$ 277,900

Leases - Terms (Details)

Leases - Terms (Details)	6 Months Ended
	Jun. 30, 2020
Leases
Operating Lease Existence of Option to Extend	true
Optional lease extension term	10 years
Operating Lease Existence of Option to Terminate	true
Operating lease period for lease termination	1 year
Minimum
Leases
Operating lease remaining lease term	1 year
Maximum
Leases
Operating lease remaining lease term	13 years

Leases - Leases Details (Detail

Leases - Leases Details (Details) $ in Millions	Nov. 14, 2020USD ($)ft²item	Jul. 31, 2020item	Jun. 30, 2020ft²item
Operating Leases
Optional lease extension term			10 years
Domestic Office Leases
Operating Leases
The number of adjacent facilities rented | item			2
Extended lease term		5 years
Number of lease renewal periods | item		1
Area of leased space | ft²			98,000
Foreign Subsidiaries Office Leases | Maximum
Operating Leases
Area of leased space | ft²			14,000
Aliso Facility
Operating Leases
Number of properties leased | item	1
Number of buildings leased | item	3
Number of lease renewal periods | item	2
Optional lease extension term	5 years
Area of leased space | ft²	160,000
Tenant improvement allowance and abatement | $	$ 12.6
Term of lease	13 years
Waltham Massachusetts Facility
Operating Leases
Area of leased space | ft²			27,000
Burlington Massachusetts Facility
Operating Leases
Area of leased space | ft²			19,000

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Leases
Existence of option to extend	true
Operating Leases
Remainder of 2020	$ 1,527
2021	3,197
2022	3,123
2023	2,230
2024	2,023
2025	2,052
2026	2,112
Thereafter	2,112
Total Operating lease payments	18,376
Less: imputed interest	3,041
Total Operating lease liabilities	15,335
Amount of operating leases with option to extend commitment	12,000
Finance Leases
2023	3,543
2024	5,184
2025	5,340
2026	5,500
Thereafter	107,521
Total Finance lease payments	127,088
Less: imputed interest	66,878
Total Finance lease liabilities	60,210
Amount of financing leases with option to extend commitment	$ 75,800

Business Combinations - Other (

Business Combinations - Other (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 21, 2019	Jun. 30, 2020	Dec. 31, 2019
Business Combinations
Common stock, shares outstanding		44,550,000	43,502,000
Avedro
Business Combinations
Exchange Ratio (as a percent)	36.50%
Right to receive shares of Glaukos	6,449,551
Share Price	$ 63.07
Fair value of Glaukos common stock issued in the Avedro Merger, plus an immaterial amount of cash paid for fractional shares	$ 406,776
Fair value of Glaukos common stock issued to replace certain vested Avedro warrants	189
Fair value of Replacement Awards attributable to pre-combination services	30,786
Total Merger Consideration	$ 437,751
Avedro | Avedro
Business Combinations
Common stock, shares outstanding	17,670,003

Business Combinations - Assets

Business Combinations - Assets and Liabilities Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Nov. 21, 2019
Assets Acquired
Goodwill	$ 66,134	$ 66,134
Avedro
Assets Acquired
Cash			$ 49,101
Accounts receivable			13,113
Inventory			33,339
Prepaid expenses and other current assets			2,522
Restricted cash			551
Property and equipment			1,489
Intangible assets			385,200
Goodwill	$ 66,134	$ 66,134	66,134
Liabilities Assumed
Accounts payable			7,056
Accrued liabilities			6,776
Deferred revenue			1,389
Debt			22,496
Deferred revenue, non-current			43
Deferred tax liability			75,938
Fair value of net assts acquired			437,751
Step-up fair value of inventory			$ 29,000

Business Combinations - Intangi

Business Combinations - Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 21, 2019	Jun. 30, 2020
Developed Technology
Business Combinations
Useful life/amortization period	11 years 4 months 24 days	11 years 4 months 24 days
Customer Relationships
Business Combinations
Useful life/amortization period	5 years	5 years
Avedro
Business Combinations
Intangible assets subject to amortization	$ 266,300
Total intangible assets	385,200
Avedro | In-Process Research and Development (IPR&D)
Business Combinations
Intangible assets not subject to amortization	118,900
Avedro | Developed Technology
Business Combinations
Intangible assets subject to amortization	252,200
Useful life/amortization period		11 years
Avedro | Customer Relationships
Business Combinations
Intangible assets subject to amortization	$ 14,100
Useful life/amortization period		5 years

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Other (Details) - USD ($) $ in Thousands	Nov. 21, 2019	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Intangible Assets and Goodwill
Finite Lived - Gross Amount		$ 266,300	$ 266,300		$ 266,300
Finite Lived - Accumulated Amortization		(15,051)	(15,051)		(2,595)
Finite Lived - Net Amount		251,249	251,249		263,705
Goodwill		66,134	66,134		66,134
Intangible Assets, Gross		451,334	451,334		451,334
Intangible Assets, Net		436,283	436,283		448,739
In-Process Research and Development (IPR&D)
Intangible Assets and Goodwill
Indefinite Lived assets		118,900	$ 118,900		118,900
Developed Technology
Intangible Assets and Goodwill
Useful life/amortization period	11 years 4 months 24 days		11 years 4 months 24 days
Finite Lived - Gross Amount		252,200	$ 252,200		252,200
Finite Lived - Accumulated Amortization		(13,347)	(13,347)		(2,301)
Finite Lived - Net Amount		238,853	$ 238,853		249,899
Customer Relationships
Intangible Assets and Goodwill
Useful life/amortization period	5 years		5 years
Finite Lived - Gross Amount		14,100	$ 14,100		14,100
Finite Lived - Accumulated Amortization		(1,704)	(1,704)		(294)
Finite Lived - Net Amount		12,396	12,396		13,806
Avedro
Intangible Assets and Goodwill
Amortization expense				$ 0
Goodwill	$ 66,134	66,134	$ 66,134		$ 66,134
Avedro | In-Process Research and Development (IPR&D)
Intangible Assets and Goodwill
Discount Rate (as a percent)	11.00%
Avedro | Developed Technology
Intangible Assets and Goodwill
Discount Rate (as a percent)	13.00%
Useful life/amortization period			11 years
Avedro | Customer Relationships
Intangible Assets and Goodwill
Useful life/amortization period			5 years
Avedro | Cost of sales
Intangible Assets and Goodwill
Amortization expense		5,500	$ 11,000
Avedro | Selling, general and administrative
Intangible Assets and Goodwill
Amortization expense		$ 700	$ 1,400

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Estimated amortization expense
Remainder of 2020	$ 12,456
2021	24,912
2022	24,912
2023	24,912
2024	24,619
Thereafter	139,438
Finite Lived - Net Amount	$ 251,249	$ 263,705

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total net sales	$ 31,558	$ 58,600	$ 86,894	$ 112,626
United States
Revenues
Total net sales	24,169	48,088	65,553	92,305
International
Revenues
Total net sales	7,389	10,512	21,341	20,321
Glaucoma
Revenues
Total net sales	24,948	$ 58,600	69,081	$ 112,626
Corneal Health
Revenues
Total net sales	$ 6,610		$ 17,813

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Other (Details)	6 Months Ended
	Jun. 30, 2020
Revenue from Contracts with Customers
Typical payment terms on invoiced amounts	30 days
Practical expedient financing component	true
Practical expedient cost of obtaining contract	true

Convertible Senior Notes - Gene

Convertible Senior Notes - General (Details) - 2.75% Convertible Senior Notes due 2027	Jun. 11, 2020USD ($)D$ / shares	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Aggregate principle amount	$ 287,500,000	$ 287,500,000
Interest rate (as a percent)	2.75%	2.75%
Net proceeds from the debt	$ 242,200,000
Threshold trading days | D	20
Threshold consecutive trading days | D	30
Premium percentage on conversion price	130.00%
Number of business days | D	5
Measurement period	10 days
Product of sale price and conversion rate (as a percent)	98.00%
Denomination for conversion of debt	$ 1,000
Conversion ratio	17.8269
Initial conversion price | $ / shares	$ 56.10
Redemption price percentage on principal amount to be redeemed	100.00%
Principal amount of the convertible notes to be repurchased (as a percent)	100.00%
Carrying amount of liability component		$ 189,800,000
Discount rate (as a percent)		9.50%
Carrying amount of the equity component representing the conversion option		$ 97,700,000
Transaction cost on convertible notes		9,600,000
Debt issuance costs		6,300,000
Transaction cost on convertible notes attributable to equity component		$ 3,300,000

Convertible Senior Notes - Inte

Convertible Senior Notes - Interest expense (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Amortization of Financing Costs and Discounts, Total	$ 557
2.75% Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Contractual interest expense	417
Amortization of debt discount	523
Amortization of debt issuance costs	34
Amortization of Financing Costs and Discounts, Total	$ 974
Interest rate at period end	9.50%
Unamortized debt discount	$ 97,200
Unamortized debt discount amortization period	6 years 10 months 24 days
Debt issuance costs	$ 6,300

Convertible Senior Notes - Carr

Convertible Senior Notes - Carrying Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 11, 2020
Debt Instrument [Line Items]
Carrying amount of Convertible Notes	$ 183,999
2.75% Convertible Senior Notes due 2027
Debt Instrument [Line Items]
Aggregate principle amount	287,500	$ 287,500
Less: Unamortized debt discount and debt issuance costs	(103,501)
Carrying amount of Convertible Notes	$ 183,999

Convertible Senior Notes - Capp

Convertible Senior Notes - Capped Call Transactions (Details) $ / shares in Units, $ in Thousands, shares in Millions	Jun. 08, 2020$ / instrument	Jun. 30, 2020USD ($)$ / sharesshares
Debt Instrument [Line Items]
Payment for capped call options		$ 35,679
Capped Call Transactions
Debt Instrument [Line Items]
Payment for capped call options		$ 35,700
Initial strike price (in dollars per share) | $ / shares		$ 56.10
Number of shares of common stock initially underlying the Convertible Notes | shares		5.1
Reduction in additional paid-in capital		$ (35,700)
Capped Call Transactions | Common Stock
Debt Instrument [Line Items]
Cap price (in dollars per share) | $ / instrument	86.30
Percentage of premium on share price	100.00%

Stock-Based Compensation - Plan

Stock-Based Compensation - Plan Information (Details) $ in Thousands	Nov. 21, 2019USD ($)shares	Jun. 30, 2020USD ($)item
Stock-based compensation
Number of stock plans | item		4
Expiration period		10 years
Vesting percentage on first anniversary of grant date		25.00%
Remaining vesting period		3 years
Employee Stock Purchase Plan 2015
Stock-based compensation
Maximum employee contributions as a percentage of earnings under the ESPP		15.00%
Purchase price per share expressed as a percentage of the lower of the stock's fair market value on the offering date or purchase date under the ESPP		85.00%
First anniversary | RSU
Stock-based compensation
Vesting (as a percent)		25.00%
Second anniversary | RSU
Stock-based compensation
Vesting (as a percent)		25.00%
Third anniversary | RSU
Stock-based compensation
Vesting (as a percent)		25.00%
Fourth anniversary | RSU
Stock-based compensation
Vesting (as a percent)		25.00%
Avedro
Stock-based compensation
Fair value of Replacement Awards attributable to pre-combination services | $	$ 30,786
Fair value of Replacement Awards attributable to post-combination services | $		$ 26,000
Accrued liability for cash-settled options transfered to APIC | $		(2,200)
Avedro | RSU
Stock-based compensation
Shares issued in connection with Acquisition	5,500
Avedro | Cash-Settled Stock Option
Stock-based compensation
Shares issued in connection with Acquisition	200,000
Additional Paid in Capital | $		$ 2,200
Avedro | Stock options
Stock-based compensation
Shares issued in connection with Acquisition	100,000
Avedro | Time Vesting | RSU
Stock-based compensation
Shares issued in connection with Acquisition	100,000
Avedro | Time Vesting | Stock options
Stock-based compensation
Shares issued in connection with Acquisition	700,000

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Assumptions (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Stock-based compensation
Unamortized stock-based compensation expense not yet recognized	$ 62.9
RSU
Stock-based compensation
Unamortized stock-based compensation expense not yet recognized	$ 35.4
Options remaining vesting period	4 years
Weighted average period of recognition	3 years
Stock options
Stock-based compensation
Unamortized stock-based compensation expense not yet recognized	$ 27.5
Options remaining vesting period	4 years
Weighted average period of recognition	2 years 1 month 6 days

Stock-Based Compensation - Allo

Stock-Based Compensation - Allocation of Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Allocation of stock-based compensation
Stock-based compensation expense	$ 10,897	$ 8,247	$ 24,902	$ 15,376
Cost of sales
Allocation of stock-based compensation
Stock-based compensation expense	511	270	972	493
Selling, general and administrative
Allocation of stock-based compensation
Stock-based compensation expense	8,389	6,340	18,646	11,837
Research and development
Allocation of stock-based compensation
Stock-based compensation expense	$ 1,997	$ 1,637	$ 5,284	$ 3,046

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Mar. 27, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Effective tax rate (as a percent)		15.60%		7.70%
Provision for income taxes		$ (7,384)	$ 72	$ (7,834)	$ 194
Unrecognized tax benefits		18,700	$ 13,600	$ 18,700	$ 13,600
CARES net operating losses carryback period	5 years
Provision for income taxes from CARES		$ (400)

Commitments and Contingencies -

Commitments and Contingencies - Other (Details)	Mar. 18, 2019item	Aug. 31, 2018item	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Other commitments
Letter of Credit outstanding			$ 8,800,000		$ 8,800,000
Restricted cash pledged for letter of credit			$ 8,800,000	$ 8,800,000	$ 8,800,000	$ 8,800,000
Number of Months from start of lease for adjustments to Letter of Credit | item			37		37
Frequency of adjustment to Letter of Credit					12 months
Adjustment rate of Letter of Credit (as a percent)					20.00%
Amount of Letter of Credit outstanding after adjustments			$ 2,000,000		$ 2,000,000
Number of other irrevocable letters of credit outstanding | item			2		2
Restricted cash pledged for office lease agreement			$ 400,000		$ 400,000
Restricted cash pledged for credit card program			200,000		200,000
Purchase commitment obligation			5,400,000		5,400,000
Deferred compensation plan liability			4,100,000		4,100,000		$ 3,700,000
Deferred compensation plan assets			4,200,000		4,200,000		$ 3,500,000
Agreement with the Regents
Other commitments
Minimum required annual payment of the commitment obligation, based on net sales of current and future products			500,000		500,000
Maximum | Buyout Agreement with GMP Vision Solutions, Inc.
Other commitments
Buyout amount upon sale of Company.			2,000,000		2,000,000
Cost of sales | Agreement with the Regents
Other commitments
Commitment obligation payments			600,000	$ 1,500,000	$ 1,700,000	$ 2,800,000
Patent Litigation | Pending Litigation
Other commitments
Number of patent infringements | item		3
Number of new new petitions filed | item	5
Number of claims on summary judgement granted | item					1
Securities Litigation | Pending Litigation
Other commitments
Accrual for loss contingency			$ 0		$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Restructuring (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)item
Restructuring and Related Cost, Expected Cost
Headcount reduction related to corporate restructuring | item	40
Total restructuring costs expected to be incurred	$ 5,300
Restructuring Reserve
Balance at beginning of period	4,096
Total restructuring accrual charges	796
Employee separation payments	(4,085)
Balance at end of period	$ 807

Business Segment Information (D

Business Segment Information (Details)	6 Months Ended
	Jun. 30, 2020itemsegment
Business Segment Information
Number Of Business Activities | item	1
Number of Operating Segments | segment	1

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	1 Months Ended
	Jul. 31, 2020USD ($)item	Jun. 30, 2020
Subsequent Events
Optional lease extension term		10 years
Domestic Office Leases
Subsequent Events
Extended lease term	5 years
Number of lease renewal periods	1
Domestic Office Leases | Subsequent Events
Subsequent Events
Number of properties leased	2
Extended lease term	5 years 5 months
Number of lease renewal periods	1
Optional lease extension term	5 years
Tenant improvement allowance and abatement | $	$ 0.8