Analyst Ryan Zimmerman from BTIG maintained a Buy rating on Glaukos and keeping the price target at $118.00.
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Ryan Zimmerman has given his Buy rating due to a combination of factors including Glaukos’s significant growth in its Corneal Health segment and the promising potential of its upcoming product, Epioxa. Since acquiring Avedro in 2019, Glaukos has nearly doubled its annual revenue in Corneal Health, demonstrating a strong compound annual growth rate. This growth is expected to continue with the anticipated clearance of Epioxa, which offers a less invasive and quicker recovery alternative to the current Epi-Off procedure.
Additionally, survey results indicate a strong preference among physicians for the Epi-On approach, which Epioxa utilizes, suggesting a positive market reception. The Keratoconus market presents a substantial opportunity, with Glaukos estimating a $3 billion market potential. Furthermore, Zimmerman’s valuation of Glaukos includes a robust pipeline, particularly the scaling of iDose, which adds significant value to the company’s future prospects. These factors collectively support Zimmerman’s Buy rating for Glaukos.