Glaukos (GKOS) AI Stock Analysis

• Market Cap: $5.38B
• Dividend Yield: N/A
• Average Volume (3M): 1.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: 26.70%
• EPS Growth: 48.19%
• Country: US
• Employees: 995
• Sector: Healthcare
• Sector Strength: 48
• Industry: Medical - Devices
• EPS (TTM): -0.24
• Shares Outstanding: 57,349,987
• 10 Day Avg. Volume: 689,093
• 30 Day Avg. Volume: 1,089,769
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.07
• Enterprise Value/Revenue: 14.19
• Enterprise Value/Gross Profit: 18.73
• Enterprise Value/Ebitda: -68.71
• 1Y Price Target: $124.75
• Price Target Upside: 31.15% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 13

• Rating: 52 Neutral
• Price Target: $92.00 ▼(-3.28% Downside)

Glaukos' overall stock score reflects a mixed financial performance with strong revenue growth but ongoing profitability challenges. Technical indicators suggest a bearish trend, and valuation remains difficult due to negative earnings. Positive earnings call highlights and strategic corporate events provide some optimism, but risks from market headwinds and reimbursement changes remain significant.

Positive Factors

Market potential

Keratoconus is a vastly under-diagnosed condition with a sizable total addressable market, providing significant opportunity for Glaukos.

Reimbursement progress

NGS now establishing a professional fee schedule, leading to a more positive outlook on the ramp-up.

Revenue growth

The company's second-quarter sales exceeded expectations by 8%, driven by strong performance in the iDose segment.

Negative Factors

Competitive pressures

A slowdown in the OUS glaucoma segment is observed, attributed to ongoing competitive trialing.

Glaucoma segment challenges

The company is experiencing continued weakness from the U.S. glaucoma segment due to ongoing challenges.

Modest guidance increase

There are some notable headwinds implied in the more modest guidance increase including a Photrexa-to-Epioxa transition in 4Q25 that is likely to cause disruption.

Glaukos Business Overview & Revenue Model

Company Description

Glaukos Corporation is a medical technology company focused on the development and commercialization of innovative surgical devices and therapies for the treatment of glaucoma and other diseases of the eye. Founded in 1998 and headquartered in San Clemente, California, Glaukos operates primarily in the ophthalmic sector, offering products such as the iStent and iStent inject, which are designed to reduce intraocular pressure in patients with glaucoma. The company is dedicated to enhancing patient outcomes through its minimally invasive surgical approaches, which aim to provide safer and more effective treatment options for eye care professionals and their patients.

How the Company Makes Money

Glaukos generates revenue primarily through the sale of its surgical devices and related products for the treatment of glaucoma. The company's key revenue streams include the direct sales of its iStent and iStent inject devices, as well as revenue from related consumables and accessories. Glaukos also benefits from strategic partnerships with ophthalmology clinics and hospitals, which help to expand its market reach and distribution capabilities. Additionally, the company may explore partnerships with other healthcare organizations for product development, clinical studies, and co-marketing agreements, contributing to its overall revenue growth. As the prevalence of glaucoma and the demand for innovative treatment options increase, Glaukos is positioned to capitalize on these trends within the ophthalmic market.

Glaukos Financial Statement Overview

Summary

Glaukos shows strong revenue growth and a solid balance sheet with low leverage, which are positive indicators for stability. However, persistent losses and negative cash flows pose significant challenges, particularly in achieving profitability and enhancing cash flow generation. Continued focus on cost management and efficiency improvements is crucial for future financial health.

Income Statement

Glaukos' income statement shows a consistent increase in revenue over the years, with a TTM revenue growth rate of 5.49%, indicating positive sales momentum. However, the company has struggled with profitability, reflected in negative EBIT and net profit margins. The TTM gross profit margin is healthy at 75.74%, but the persistent negative EBIT margin (-25.07%) and the negative net profit margin (-30.57%) highlight ongoing challenges in managing operational expenses and achieving profitability.

Balance Sheet

The balance sheet of Glaukos displays a strong equity base with an equity ratio of 79.07%, indicating a solid foundation and low reliance on debt financing. The company maintains a manageable debt-to-equity ratio of 0.14, suggesting low financial risk from leverage. However, the negative return on equity (-16.19%) reflects the company's inability to generate positive returns for shareholders due to ongoing losses.

Cash Flow

Glaukos faces challenges with cash flow generation, as evidenced by negative free cash flow in recent periods. The TTM free cash flow growth rate shows improvement at 21.29%, but both operating cash flow to net income and free cash flow to net income ratios are negative, indicating issues in converting earnings into cash flow. This highlights potential liquidity concerns if the negative trend persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	404.52M	383.48M	314.71M	282.86M	294.01M	224.96M
Gross Profit	306.44M	289.45M	239.14M	213.88M	227.38M	133.24M
EBITDA	-83.53M	-77.63M	-82.12M	-48.76M	-1.47M	-83.59M
Net Income	-123.68M	-146.37M	-134.66M	-99.19M	-49.59M	-120.35M
Balance Sheet
Total Assets	966.18M	974.76M	940.41M	1.00B	1.05B	1.01B
Cash, Cash Equivalents and Short-Term Investments	298.70M	318.92M	295.43M	352.69M	414.05M	404.37M
Total Debt	105.48M	103.40M	383.74M	382.48M	382.38M	270.81M
Total Liabilities	202.22M	207.82M	478.65M	472.38M	462.55M	338.05M
Stockholders Equity	763.96M	766.93M	461.77M	530.00M	587.15M	667.45M
Cash Flow
Free Cash Flow	-53.24M	-67.62M	-78.01M	-63.35M	-23.08M	-29.92M
Operating Cash Flow	-45.97M	-61.32M	-57.76M	-33.08M	24.71M	-22.99M
Investing Cash Flow	40.27M	47.83M	14.10M	44.78M	-58.23M	-205.06M
Financing Cash Flow	80.32M	91.54M	15.04M	6.25M	39.26M	262.54M

Glaukos Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 95.12
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 95.12 is above the 20-day moving average (MA) of 89.70, below the 50-day MA of 95.70, and below the 200-day MA of 114.93, indicating a neutral trend. The MACD of -0.33 indicates Negative momentum. The RSI at 56.47 is Neutral, neither overbought nor oversold. The STOCH value of 73.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GKOS.

Glaukos Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IRTC	66 Neutral	$5.40B	―	-91.13%	―	22.37%	31.14%
ITGR	65 Neutral	$3.80B	47.73	5.15%	―	7.21%	-23.29%
LIVN	61 Neutral	$3.09B	30.62	-17.87%	―	8.57%	-1154.64%
INSP	58 Neutral	$2.71B	53.47	8.07%	―	22.05%	785.52%
PRCT	53 Neutral	$2.25B	―	-26.40%	―	55.71%	24.37%
GKOS	52 Neutral	$5.38B	―	-12.98%	―	26.70%	48.19%
Sector *	51 Neutral	$7.83B	-0.18	-40.10%	2.29%	21.46%	-2.03%

Glaukos Corporate Events

Glaukos Highlights Innovation in Recent Investor Presentation

Glaukos Corporation’s recent investor presentation highlights its strategic focus on innovation and commercial excellence, aiming to improve standards of care in ophthalmology. The company is advancing its iDose TR therapy, a groundbreaking sustained-release drug delivery system for glaucoma, which is expected to enhance patient compliance and outcomes by reducing reliance on traditional topical medications.

Glaukos Reports Record Q2 Sales, Raises 2025 Guidance

On July 30, 2025, Glaukos Corporation announced its financial results for the second quarter ended June 30, 2025, reporting record net sales of $124.1 million, a 30% increase year-over-year. The company also raised its 2025 net sales guidance, reflecting strong growth driven by strategic execution and advancements in its pipeline of novel, dropless platform technologies aimed at improving patient outcomes in chronic eye diseases.

Glaukos Stockholders Approve Key Proposals at Annual Meeting

On May 29, 2025, Glaukos Corporation held its annual meeting of stockholders, where three key proposals were voted on. The election of three Class I directors, approval of executive compensation, and ratification of Ernst & Young LLP as the independent auditor for 2025 were all passed, reflecting strong shareholder support and setting the stage for continued corporate governance and financial oversight.