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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

Breaking News: Glaukos Corporation recently made headlines with Citigroup Inc. reducing its holdings in the medical instruments supplier by 61.3% in the third quarter. The firm sold 34,689 shares, leaving it with 21,912 shares valued at $1,787,000. There is no recent earnings release to comment on. Analysts at various firms have mixed views on the stock. A recommendation from an analyst at a firm is a buy. Another analyst at a different firm has a hold recommendation. A sell recommendation has been made by an analyst at another firm.

1.c. Company Highlights

2. Glaukos' Strong Q4 and Full-Year 2025 Results: A Promising Outlook for 2026

Glaukos reported record fourth-quarter consolidated net sales of $143.1 million, up 36% on a reported basis and 34% on a constant currency basis versus the year-ago quarter. For the full year 2025, consolidated record net sales of $507.4 million grew 32% versus 2024. The company's EPS came in at -$0.28, slightly below estimates of -$0.22. The U.S. glaucoma franchise delivered record fourth-quarter net sales of $86.4 million, driven by growing contributions from iDose TR, which generated sales of approximately $45 million in the fourth quarter and $136 million in 2025.

Publication Date: Feb -22

📋 Highlights
  • Record Q4 Net Sales: Glaukos reported $143.1M in Q4 sales, up 36% YoY, driven by 53% growth in U.S. glaucoma franchise to $86.4M, including $45M from iDose TR.
  • Full-Year 2025 Growth: Consolidated net sales reached $507.4M, a 32% YoY increase, with iDose TR contributing $136M in 2025 sales.
  • 2026 Guidance Confirmed: The company reaffirmed $600M–$620M net sales guidance for 2026, reflecting over 20% growth YoY at the midpoint and $100M+ incremental sales.
  • Epioxa Market Access Progress: Early payer coverage for Epioxa secured for ~50% of U.S. commercial lives, with a permanent J-code expected in July 2026.
  • Pipeline & Operational Investments: $555M–$560M in 2026 operating expenses (mid-teens YoY growth) to support iDose expansion, Epioxa launch, and iStent Infinite/PRESERFLO trials.

Segment Performance

The international glaucoma franchise delivered net sales of $32.8 million, with year-over-year growth of 18% on a reported basis and 13% on a constant currency basis. The corneal health franchise delivered net sales of $24 million, with year-over-year growth of 12%. Glaukos has made progress on its pipeline, including completing patient enrollment in a PMA pivotal trial for iStent infinite and advancing a 510(k) pivotal study for the PRESERFLO MicroShunt.

Guidance and Outlook

The company reaffirmed its full-year 2026 net sales guidance range of $600 million to $620 million, implying continued strong year-over-year growth of more than 20% at the midpoint. Glaukos expects iDose TR to remain early in its overall adoption curve, with significant value yet to be unlocked as it expands market access. The company expects U.S. glaucoma growth to be around 30% year-over-year, driven entirely by iDose TR, while international glaucoma is expected to see high single-digit growth.

Valuation and Metrics

With a P/S Ratio of 13.61 and an EV/EBITDA of -197.98, Glaukos' valuation reflects high growth expectations. The company's ROE is -25.41%, and ROIC is -9.59%, indicating significant investment in growth initiatives. Analysts estimate next year's revenue growth at 27.5%, which is slightly below this year's growth rate but still indicates a strong trajectory.

Pipeline Progress and Market Access

Glaukos has seen early positive coverage determinations from commercial and Medicaid payers for Epioxa, with several payers representing approximately 50% of commercially covered lives in the United States. The company expects to submit for a permanent J-code and anticipates it to become effective in July 2026. Glaukos is investing heavily in market development to promote standalone use of iDose and iStent Infinite, with a focus on changing practice dynamics and shifting towards standalone treatment.

3. NewsRoom

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Citigroup Inc. Sells 34,689 Shares of Glaukos Corporation $GKOS

Mar -09

Source: defenseworld.net

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Glaukos (NYSE:GKOS) Director Aimee Weisner Sells 15,000 Shares

Feb -24

Source: defenseworld.net

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Glaukos Misses Q4 Earnings Estimates, Raises 2026 Revenue Outlook

Feb -18

Source: zacks.com

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These Analysts Boost Their Forecasts On Glaukos Following Q4 Results

Feb -18

Source: benzinga.com

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Glaukos Corporation (GKOS) Q4 2025 Earnings Call Transcript

Feb -18

Source: seekingalpha.com

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Glaukos (GKOS) Reports Q4 Earnings: What Key Metrics Have to Say

Feb -18

Source: zacks.com

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Glaukos (GKOS) Reports Q4 Loss, Beats Revenue Estimates

Feb -17

Source: zacks.com

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Comparing Glaukos (NYSE:GKOS) & Inogen (NASDAQ:INGN)

Feb -12

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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A-Score: 3.2/10

Value: 6.2

Growth: 1.8

Quality: 5.5

Yield: 0.0

Momentum: 1.5

Volatility: 4.0

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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

103.15$

Current Price

103.15$

Potential

-0.00%

Expected Cash-Flows