Glaukos: Solid Fundamentals, Strong Multi-Segment Growth, and iDose Trajectory Support a Buy Rating Despite Near-Term Volatility

David Saxon, an analyst from Needham, reiterated the Buy rating on Glaukos. The associated price target remains the same with $125.00.

David Saxon has given his Buy rating due to a combination of factors related to Glaukos’s stronger-than-expected financial and operational performance. He points to the company’s preliminary fourth-quarter 2025 revenue coming in well ahead of market expectations across all major segments, including U.S. glaucoma, international glaucoma, and corneal health, as evidence of robust underlying demand. Saxon also highlights that the iDose launch is progressing well despite modest sequential growth, noting that seasonal dynamics and an unusually strong prior quarter make the quarter-over-quarter comparison look softer than the true trend. Management’s reaffirmed 2026 revenue outlook and continued confidence in the iDose trajectory further support his positive stance.

In addition, Saxon underscores that Glaukos’s core glaucoma franchise outside of iDose is still growing at a healthy mid-single-digit pace domestically and is seeing particularly strong momentum internationally, which reinforces the durability of the overall glaucoma business. The corneal health segment is also performing well, with no meaningful procedure deferrals so far and encouraging early signals from payors on coverage for Epioxa, which could become a more important growth driver in early 2026. He acknowledges that the market’s focus on sequential iDose trends has pressured the stock in after-hours trading, but views this reaction as disconnected from the company’s solid fundamentals and long-term growth prospects. Taken together, these elements lead Saxon to maintain his Buy rating and view any near-term share weakness as a buying opportunity.

In another report released on January 9, Goldman Sachs also maintained a Buy rating on the stock with a $138.00 price target.