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Glaukos
(NYSE:GKOS)
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Rating:49Neutral
Price Target:
$148.00
▲(18.60% Upside)
Action:Reiterated
Date:06/04/26
The score is held back most by ongoing losses and negative cash flow, alongside weak technical momentum. These are partially offset by a constructive earnings-call setup with raised revenue guidance, strong recent commercial execution, and high gross-margin outlook, supported by a relatively low-leverage balance sheet.
Positive Factors
Accelerating Revenue Growth
Sustained double‑digit top‑line growth and an upward guidance revision reflect durable commercial adoption of Glaukos’ MIGS devices and iDose TR. Strong procedure volume expansion supports multi‑quarter revenue visibility and creates scale for distribution and commercialization investments.
Negative Factors
Persistent Negative Cash Flow
Ongoing negative operating and free cash flows mean the business remains reliant on external liquidity to fund operations and growth. Continued cash burn can constrain strategic flexibility, increase financing risk, and pressure capital allocation if revenue improvement stalls or unexpected costs arise.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
Sustained double‑digit top‑line growth and an upward guidance revision reflect durable commercial adoption of Glaukos’ MIGS devices and iDose TR. Strong procedure volume expansion supports multi‑quarter revenue visibility and creates scale for distribution and commercialization investments.
Read all positive factors
Glaukos Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where Glaukos earns its sales across regions (U.S., EMEA, APAC), revealing which markets drive growth, where adoption of its ophthalmic implants and consumables is strongest, and how exposed the business is to currency, reimbursement, or regulatory risk. A heavy concentration in one region signals dependency, while faster growth overseas points to expansion opportunities and long-term upside.
Shows where Glaukos earns its sales across regions (U.S., EMEA, APAC), revealing which markets drive growth, where adoption of its ophthalmic implants and consumables is strongest, and how exposed the business is to currency, reimbursement, or regulatory risk. A heavy concentration in one region signals dependency, while faster growth overseas points to expansion opportunities and long-term upside.
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The Fly
The FlyGlaukos (GKOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.71B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue Growth36.30%
EPS Growth-42.48%
CountryUS
Employees995
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-3.28
Shares Outstanding58,733,910
10 Day Avg. Volume992,037
30 Day Avg. Volume1,136,868
Financial Highlights & Ratios
PEG Ratio-1.87
Price to Book (P/B)9.84
Price to Sales (P/S)12.73
P/FCF Ratio-119.57
Enterprise Value/Market Cap0.86
Enterprise Value/Revenue13.57
Enterprise Value/Gross Profit17.38
Enterprise Value/Ebitda-51.96
Forecast
1Y Price Target
$159.30Price Target Upside27.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-0.51
Revenue Forecast (FY)$630.65M
Glaukos Business Overview & Revenue Model
Company Description
Glaukos Corporation operates as an ophthalmic medical technology and pharmaceutical enterprise, primarily focused on pioneering novel therapies for glaucoma, corneal disorders, and retinal diseases. The company offers a range of micro-bypass stent...
How the Company Makes Money
Glaukos makes money primarily by selling ophthalmic products to hospitals and ambulatory surgery centers through direct sales and distribution channels. Its core revenue historically comes from its glaucoma segment, where it generates product reve...
Glaukos Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call highlighted strong commercial execution and meaningful growth: record Q1 revenue (+41% reported), raised guidance, robust U.S. glaucoma performance driven by iDose TR, encouraging early commercial and access milestones for Epioxa (including CMS J-code and >100M covered lives), improved gross margin, and a deep clinical pipeline with clear regulatory timelines. Near-term challenges include payer adoption frictions for Epioxa during the miscellaneous J-code period, expected quarter-to-quarter volatility in Corneal Health during the Photrexa-to-Epioxa transition (notably a Q2 dip), potential international competitive and currency headwinds, modestly higher operating expenses to fund launches, and residual policy/LCD risk for interventional glaucoma. Overall, the positive commercial momentum, material guidance raise, margin accretion, and pipeline progress materially outweigh the near-term operational and access headwinds.Positive Updates
Record Consolidated Net Sales and Raised Guidance
Q1 consolidated net sales of $150.6M, up 41% reported and 39% constant currency year-over-year. Raised full-year 2026 net sales guidance to $620M–$635M (from $600M–$620M).
Negative Updates
Epioxa Early Adoption Hurdles and Transition Friction
Initial adoption is gated by payer adoption and prior-authorization workflows. Early commercialization uses a miscellaneous J-code leading to slower, claim-by-claim adjudication until product-specific J-code takes effect July 1, 2026. Company expects measured adoption in the near-term and some elongated patient access cycles.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Consolidated Net Sales and Raised Guidance
Q1 consolidated net sales of $150.6M, up 41% reported and 39% constant currency year-over-year. Raised full-year 2026 net sales guidance to $620M–$635M (from $600M–$620M).
Read all positive updates
Company Guidance
Glaukos raised 2026 net sales guidance to $620.0–$635.0 million (from $600.0–$620.0M) after reporting record Q1 consolidated net sales of $150.6M (up 41% reported, 39% constant currency); franchise detail included U.S. glaucoma net sales of $93.5M (up 58% YoY) with iDose TR contributing roughly $54M, international glaucoma $35.8M (up 23% reported, 16% constant currency) with management expecting high‑single‑digit growth for the remainder of 2026 and low‑double‑digit for the full year, and Corneal Health $21.3M (up 15%) including Fetrexan and very early Epioxa sales of $17.7M and an expected high‑single‑digit full‑year growth with quarter-to-quarter volatility (a Q2 dip anticipated during the Photrexa→Epioxa transition); corporate gross margin was 84% in Q1 with guidance of ~84–86% for 2026, operating expenses expected to rise modestly (still in the “high‑teens” range year‑over‑year) as the company invests in commercialization while targeting operating‑leverage and cash‑flow breakeven, and Epioxa launch metrics include ~65% U.S. population coverage today (target ~95%), >100M commercial lives with pathways established, and a CMS product‑specific J‑code (J2789) effective July 1, 2026.Glaukos Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 551.35M | 507.44M | 383.48M | 314.71M | 282.86M | 294.01M |
| Gross Profit | 430.51M | 393.22M | 289.45M | 239.14M | 213.88M | 227.38M |
| EBITDA | -144.00M | -146.06M | -95.64M | -82.12M | -48.76M | -1.47M |
| Net Income | -189.33M | -187.69M | -146.37M | -134.66M | -99.19M | -49.59M |
Balance Sheet | ||||||
| Total Assets | 893.33M | 893.49M | 974.76M | 940.41M | 1.07B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 276.69M | 278.76M | 318.92M | 295.43M | 352.69M | 414.05M |
| Total Debt | 103.06M | 139.64M | 103.40M | 383.74M | 382.91M | 383.38M |
| Total Liabilities | 222.40M | 237.33M | 207.82M | 478.65M | 544.16M | 541.68M |
| Stockholders Equity | 670.93M | 656.15M | 766.93M | 461.77M | 530.00M | 587.15M |
Cash Flow | ||||||
| Free Cash Flow | -18.48M | -54.01M | -67.62M | -78.01M | -63.35M | -23.08M |
| Operating Cash Flow | -8.79M | -46.34M | -61.32M | -57.76M | -33.08M | 24.71M |
| Investing Cash Flow | -30.16M | -77.61M | 47.83M | 14.10M | 44.78M | -58.23M |
| Financing Cash Flow | 25.70M | 11.89M | 91.54M | 15.04M | 6.25M | 39.26M |
Glaukos Technical Analysis
Positive
124.79
Price Trends
129.28
Positive
120.83
Positive
110.10
Positive
Market Momentum
5.14
Negative
67.03
Neutral
77.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GKOS, the sentiment is Positive. The current price of 124.79 is below the 20-day moving average (MA) of 132.14, below the 50-day MA of 129.28, and above the 200-day MA of 110.10, indicating a bullish trend. The MACD of 5.14 indicates Negative momentum. The RSI at 67.03 is Neutral, neither overbought nor oversold. The STOCH value of 77.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GKOS.
Glaukos Risk Analysis
Glaukos disclosed 27 risk factors in its most recent earnings report. Glaukos reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Glaukos Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.85B | 26.92 | 16.61% | ― | 11.19% | 7.61% | |
71 Outperform | $4.59B | 42.45 | 9.13% | ― | 12.40% | ― | |
61 Neutral | $3.23B | 23.43 | 8.23% | ― | 5.48% | 77.43% | |
53 Neutral | $1.05B | -10.95 | -68.29% | ― | 4.54% | 49.66% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $8.71B | -45.23 | -26.46% | ― | 36.30% | -42.48% | |
49 Neutral | $4.16B | -147.07 | -20.60% | ― | 27.36% | 72.52% |
* Healthcare Sector Average
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Glaukos Corporate Events
Executive/Board ChangesShareholder Meetings
Glaukos Shareholders Reinforce Board, Pay and Auditor Support
Positive
Jun 3, 2026
At its annual meeting of stockholders held on May 28, 2026, Glaukos shareholders elected two Class II directors, Denice M. Torres and Aimee S. Weisner, to serve until the 2029 annual meeting, reflecting continued support for the company’s ex...
Business Operations and Strategy
Glaukos Highlights Growth Strategy in Interventional Eye Care
Positive
May 4, 2026
In May 2026, Glaukos released an investor presentation outlining its strategy to drive long-term growth by leading a shift toward interventional glaucoma and interventional keratoconus care. The company highlighted its strong topline revenue growt...
Business Operations and StrategyFinancial Disclosures
Glaukos Boosts Outlook After Strong First-Quarter 2026 Results
Positive
Apr 29, 2026
Glaukos Corporation, an ophthalmic pharmaceutical and medical technology specialist in glaucoma, corneal and retinal therapies, reported strong first-quarter 2026 performance on April 29, 2026, driven by its micro-invasive glaucoma devices and new...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.