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Glaukos
(NYSE:GKOS)
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Rating:61Neutral
Price Target:
$180.00
▲(17.20% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by improving business momentum and outlook (raised 2026 guidance and strong iDose TR adoption) alongside bullish technical trend signals. Offsetting these positives are weak underlying financial profitability and still-negative free cash flow, plus limited valuation support given negative earnings and no dividend yield provided.
Positive Factors
Sustained Revenue Growth & High Margins
Strong top-line growth coupled with consistently high gross margins indicates durable product economics and operating leverage potential. Over the next several months, this supports continued reinvestment in commercial expansion while preserving unit profitability if volume trends persist.
Negative Factors
Negative Cash Flow & Losses
Despite narrowing burn, persistent negative free cash flow and ongoing net losses mean the business is not yet self‑funding. Reliance on external capital or operating improvements remains necessary to sustain growth investments, a structural constraint until consistent positive cash generation is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth & High Margins
Strong top-line growth coupled with consistently high gross margins indicates durable product economics and operating leverage potential. Over the next several months, this supports continued reinvestment in commercial expansion while preserving unit profitability if volume trends persist.
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
$9.83B
Dividend YieldN/A
Average Volume (3M)743.16K
Price to Earnings (P/E)―
Beta (1Y)0.90
Revenue Growth41.55%
EPS Growth-96.75%
CountryUS
Employees1,094
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-3.25
Shares Outstanding58,983,936
10 Day Avg. Volume492,926
30 Day Avg. Volume743,158
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$185.83Price Target Upside21.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)-0.51
Revenue Forecast (FY)$630.02M
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:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial picture driven by record Q2 sales, raised full-year guidance, robust iDose TR adoption, promising early Epioxa traction and a deep clinical pipeline. Near-term risks are primarily transitional and execution-related: Epioxa J-code operationalization, potential LCD/reimbursement outcomes, international competitive dynamics and expected FX headwinds. Management is taking a conservative posture on Q3 cadence while continuing disciplined reinvestment and expects margin accretion and path to profitability over time.Positive Updates
Record Consolidated Net Sales and Raised Guidance
Reported Q2 net sales of $185.6M, up 50% year-over-year (49% constant currency). Company raised full-year 2026 net sales guidance to $680M–$700M, an increase of $60M–$65M from prior guidance.
Negative Updates
Epioxa J-Code Transition Volatility
Transition from Photrexa to Epioxa permanent J-code (effective July 1, 2026) may create a transient 'air pocket' and operational volatility in Q3 as providers, specialty pharmacy and payers operationalize the new code.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Consolidated Net Sales and Raised Guidance
Reported Q2 net sales of $185.6M, up 50% year-over-year (49% constant currency). Company raised full-year 2026 net sales guidance to $680M–$700M, an increase of $60M–$65M from prior guidance.
Read all positive updates
Company Guidance
Glaukos raised 2026 net sales guidance to $680–$700M (up $60–$65M from prior $620–$635M), supported by record Q2 consolidated net sales of $185.6M (up 50% reported, 49% constant currency); Q2 U.S. glaucoma sales were $118.5M (up 64%) with iDose TR ≈$74M, Q2 international glaucoma $36.6M (up 17% reported, 16% cc), and Q2 Corneal Health $30.4M (up 48%, including ≈$11M of Epioxa). Management now expects full‑year iDose sales of roughly $275–$280M, U.S. glaucoma growth of about 50% (±), international glaucoma low‑ to mid‑teens growth, and Corneal Health roughly +20% YoY (±); gross margin guidance remains 84%–86% and operating expenses are expected to be about $600M for the year.Glaukos Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
70
Positive
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 612.84M | 507.44M | 383.48M | 314.71M | 282.86M | 294.01M |
| Gross Profit | 484.88M | 393.22M | 289.45M | 239.14M | 213.88M | 227.38M |
| EBITDA | -151.63M | -146.06M | -95.64M | -82.12M | -48.76M | -1.47M |
| Net Income | -188.05M | -187.69M | -146.37M | -134.66M | -99.19M | -49.59M |
Balance Sheet | ||||||
| Total Assets | 920.52M | 893.49M | 974.76M | 940.41M | 1.07B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 286.23M | 278.76M | 318.92M | 295.43M | 352.69M | 414.05M |
| Total Debt | 102.84M | 139.64M | 103.40M | 383.74M | 382.91M | 383.38M |
| Total Liabilities | 238.03M | 237.33M | 207.82M | 478.65M | 544.16M | 541.68M |
| Stockholders Equity | 682.49M | 656.15M | 766.93M | 461.77M | 530.00M | 587.15M |
Cash Flow | ||||||
| Free Cash Flow | -12.20M | -54.01M | -67.62M | -78.01M | -63.35M | -23.08M |
| Operating Cash Flow | -950.00K | -46.34M | -61.32M | -57.76M | -33.08M | 24.71M |
| Investing Cash Flow | -14.69M | -77.61M | 47.83M | 14.10M | 44.78M | -58.23M |
| Financing Cash Flow | 24.41M | 11.89M | 91.54M | 15.04M | 6.25M | 39.26M |
Glaukos Technical Analysis
Positive
153.58
Price Trends
138.73
Positive
129.53
Positive
117.65
Positive
Market Momentum
6.80
Negative
74.18
Negative
59.98
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 153.58 is below the 20-day moving average (MA) of 156.19, above the 50-day MA of 138.73, and above the 200-day MA of 117.65, indicating a bullish trend. The MACD of 6.80 indicates Negative momentum. The RSI at 74.18 is Negative, neither overbought nor oversold. The STOCH value of 59.98 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 | $1.97B | 28.63 | 16.72% | ― | 11.19% | 7.61% | |
71 Outperform | $4.40B | 40.68 | 9.13% | ― | 12.40% | ― | |
64 Neutral | $4.12B | 29.85 | 8.23% | ― | 5.48% | 77.43% | |
61 Neutral | $9.83B | -51.30 | -27.07% | ― | 41.55% | -96.75% | |
53 Neutral | $1.34B | -13.94 | -68.29% | ― | 4.54% | 49.66% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $3.85B | -136.24 | -20.60% | ― | 27.36% | 72.52% |
* Healthcare Sector Average
GKOS
Glaukos
170.53
82.47
93.65%
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125.05
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UFPT
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334.84
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TNDM
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20.20
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LIVN
LivaNova
85.33
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100.25%
IRTC
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127.13
-33.21
-20.71%
Glaukos Corporate Events
Business Operations and StrategyProduct-Related Announcements
Glaukos highlights interventional glaucoma strategy in investor presentation
Positive
Aug 3, 2026
In August 2026, Glaukos released an investor presentation outlining its strategy as an innovation-driven ophthalmic company that combines pharmaceuticals and devices to address unmet needs in chronic eye disease. The company highlighted a broad pi...
Business Operations and StrategyFinancial Disclosures
Glaukos Reports Record Q2 Sales, Raises 2026 Guidance
Positive
Jul 29, 2026
Glaukos reported record second-quarter 2026 net sales of $185.6 million for the period ended June 30, 2026, a 50% year-over-year increase driven by strong glaucoma performance, including $155.2 million in glaucoma sales and $118.5 million from the...
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...
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.