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1. Company Snapshot

1.a. Company Description

Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, focuses on the development of novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases.It offers iStent, iStent inject, iStent inject W micro-bypass stents that enhance aqueous humor outflow inserted in cataract surgery to treat mild-to-moderate open-angle glaucoma.The company's product pipeline includes iStent Infinite, a three stents product that is designed for use as a standalone procedure in patients with refractory glaucoma; and iDose TR, a targeted injectable implant based on its micro-scale device-platform that is designed to deliver therapeutic levels of medication.


The company markets its products through direct sales organization, as well as through distributors in the United States and internationally.Glaukos Corporation was incorporated in 1998 and is headquartered in San Clemente, California.

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1.b. Last Insights on GKOS

Glaukos Corporation's recent performance was driven by strong Q3 earnings, with a narrower loss and a 38% sales jump, fueled by the success of iDose TR and Epioxa. The company raised its 2025 outlook, citing momentum across key franchises. Institutional investors, such as Creative Planning, have increased their stakes, with a 28.8% boost in the second quarter. Additionally, Glaukos presented at the UBS Global Healthcare Conference, highlighting its growth prospects. The company's record 1H sales, driven by iDose TR adoption and expanding international glaucoma momentum, also contributed to the positive trend.

1.c. Company Highlights

2. Glaukos' Stellar Q3 Earnings: A Promising Outlook for 2026

Glaukos Corporation reported a robust third-quarter performance, with consolidated net sales reaching $133.5 million, a 38% increase on a reported basis or 37% on a constant currency basis. The U.S. Glaucoma franchise drove this growth, with net sales of $80.8 million, largely attributed to iDose TR, which generated approximately $40 million in sales. The company's EPS loss narrowed to -$0.16, beating estimates of -$0.27. The company's financial performance was characterized by strong growth in its U.S. Glaucoma franchise, driven by iDose TR.

Publication Date: Nov -02

📋 Highlights
  • Record Q3 Net Sales:: Glaukos reported $133.5 million in net sales, reflecting 38% year-over-year growth (37% constant currency).
  • U.S. Glaucoma Growth:: U.S. Glaucoma franchise sales reached $80.8 million, driven by iDose TR’s $40 million in sales.
  • 2025 Guidance Raised:: Full-year 2025 net sales guidance increased to $490–495 million, citing strong U.S. Glaucoma performance and challenges in Corneal Health.
  • Epioxa FDA Approval:: Launched for keratoconus with a wholesale cost of $78,500, with 2026 guidance pegged at $600–620 million.
  • iDose Clinical Validation:: Supported by 15 peer-reviewed studies, iDose’s sales are projected to reach $220–225 million in 2026, with clinical trials ongoing for combination therapies.

Segmental Performance

The International Glaucoma franchise delivered net sales of $29.4 million, up 20% on a reported basis and 17% on a constant currency basis. The Corneal Health franchise reported net sales of $23.3 million. The company's guidance for 2025 was raised to $490 million to $495 million, reflecting expected headwinds in the Corneal Health franchise due to the transition from Photrexa to Epioxa.

Guidance and Outlook

Glaukos introduced a preliminary 2026 revenue guidance range of $600 million to $620 million, driven by the expected growth of iDose and the launch of Epioxa. The company is confident in iDose's considerable data, including 15 peer-reviewed publications supporting its utilization. The upcoming CAC meeting aims to educate Medicare Administrative Contractors (MACs) on iDose and its significant unmet need, robust FDA and peer-reviewed data, and patient access.

Valuation and Growth Prospects

With a P/S Ratio of 10.75 and an expected revenue growth rate of 24.0% next year, Glaukos' valuation appears reasonable. However, the company's ROE and ROIC are negative, indicating significant investments in market development and education efforts. The company's efforts to educate patients, physicians, and payers about the benefits of iDose are expected to drive growth.

Clinical Trials and Regulatory Updates

Glaukos is conducting two major Level 1 Phase IV clinical studies evaluating iDose in combination with cataract surgery and iDose plus infinite versus infinite alone. The company is also awaiting a PDUFA date for iDose reapplications, set for January 28, 2026. The outcome of these trials and regulatory updates will be crucial in driving the company's growth prospects.

Epioxa Launch Plans

The company is working to establish a site of care network for Epioxa and expects a slow and methodical launch. The company is confident in executing with its pricing, citing education at the payer level around the benefits and costs associated with the therapy. Glaukos assumes a blended average price over time, not $78,000, and provides discounts for Medicaid patients.

3. NewsRoom

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Glaukos Corporation (GKOS) Presents at Citi Annual Global Healthcare Conference 2025 Transcript

Dec -03

Source: seekingalpha.com

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Ameritas Investment Partners Inc. Has $590,000 Holdings in Glaukos Corporation $GKOS

Nov -29

Source: defenseworld.net

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Here's Why You Should Retain Glaukos Stock in Your Portfolio

Nov -28

Source:

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Glaukos (GKOS) Up 20% Since Last Earnings Report: Can It Continue?

Nov -28

Source: zacks.com

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Creative Planning Has $1.90 Million Stock Holdings in Glaukos Corporation $GKOS

Nov -27

Source: defenseworld.net

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Glaukos Corporation (GKOS) Presents at UBS Global Healthcare Conference 2025 Transcript

Nov -11

Source: seekingalpha.com

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Brown Capital Sells $35 Million in Glaukos Stock After Sharp Sell-Off

Nov -06

Source: fool.com

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Glaukos Corporation $GKOS Shares Acquired by Teacher Retirement System of Texas

Nov -04

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (22.50%)

6. Segments

Development and Commercialization of Ophthalmic Therapies

Expected Growth: 25.0%

The ophthalmic therapies market is expected to experience significant growth due to the increasing prevalence of eye diseases and the demand for minimally invasive surgical procedures. Glaukos Corporation is well-positioned to capitalize on this trend, driven by its innovative product pipeline and expanding global reach. The expected growth rate is slightly above the global revenue growth hypothesis, reflecting the segment's strong potential and the company's competitive advantage.

7. Detailed Products

iStent

A tiny, L-shaped stent that is implanted in the eye to help reduce eye pressure in patients with open-angle glaucoma.

iStent inject

A smaller, second-generation version of the iStent, designed to be more efficient and effective.

iStent inject W

A newer version of the iStent inject, with a smaller size and improved design.

8. Glaukos Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Glaukos Corporation's products are highly specialized and patented, making it difficult for substitutes to enter the market. However, the company still faces some threat from alternative treatments and emerging technologies.

Bargaining Power Of Customers

Glaukos Corporation's customers are primarily ophthalmologists and medical professionals who rely on the company's products for their patients. While customers have some bargaining power, the company's strong brand and patented products limit their negotiating ability.

Bargaining Power Of Suppliers

Glaukos Corporation has a diversified supply chain and is not heavily reliant on any single supplier. This reduces the bargaining power of suppliers and gives the company more control over its supply chain.

Threat Of New Entrants

Glaukos Corporation's patented products and established brand create significant barriers to entry for new entrants. The company's strong research and development capabilities also enable it to stay ahead of potential competitors.

Intensity Of Rivalry

Glaukos Corporation operates in a competitive market, but its patented products and strong brand differentiate it from competitors. The company's focus on innovation and customer relationships also helps to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 45.47%
Debt Cost 3.95%
Equity Weight 54.53%
Equity Cost 9.37%
WACC 6.90%
Leverage 83.39%

11. Quality Control: Glaukos Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

108.51$

Current Price

108.51$

Potential

-0.00%

Expected Cash-Flows