Glaukos Corp. (GKOS)
NYSE:GKOS
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Glaukos
(NYSE:GKOS)
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Rating:52Neutral
Price Target:
$121.00
▼(-3.04% Downside)
Action:Reiterated
Date:05/23/26
The score is held back primarily by weak financial performance (ongoing losses and negative free cash flow) and soft near-term technical momentum (RSI ~39 and trading below the 20-DMA). Offsetting these negatives, the latest earnings call was meaningfully positive with record growth and raised 2026 guidance alongside strong gross margins, but valuation support is limited given negative earnings and no dividend yield provided.
Positive Factors
Revenue Growth & Guidance
Sustained, accelerating top-line growth and an upward guidance revision reflect durable commercial traction for Glaukos’ procedural therapies. Strong U.S. glaucoma adoption (iDose TR) suggests scalable physician-led demand and multi-quarter revenue runway as the company converts clinical adoption into recurring procedural sale volumes.
Negative Factors
Persistent Unprofitability
Material negative margins and continued negative operating and free cash flow mean the company remains dependent on financing and must convert growth into sustainable profits. Persistent losses can erode equity over time and limit strategic optionality if cash burn persists despite revenue gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Guidance
Sustained, accelerating top-line growth and an upward guidance revision reflect durable commercial traction for Glaukos’ procedural therapies. Strong U.S. glaucoma adoption (iDose TR) suggests scalable physician-led demand and multi-quarter revenue runway as the company converts clinical adoption into recurring procedural sale volumes.
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
$7.06B
Dividend YieldN/A
Average Volume (3M)848.58K
Price to Earnings (P/E)―
Beta (1Y)1.11
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. Volume999,397
30 Day Avg. Volume848,583
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 Cap1.00
Enterprise Value/Revenue12.81
Enterprise Value/Gross Profit16.40
Enterprise Value/Ebitda-176.56
Forecast
1Y Price Target
$151.56Price Target Upside21.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.51
Revenue Forecast (FY)$630.77M
Glaukos Business Overview & Revenue Model
Company Description
Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, focuses on the development of novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. It offers iStent, iStent inject, iStent inject ...
How the Company Makes Money
Glaukos makes money primarily by selling ophthalmic products to hospitals, ambulatory surgery centers, and eye-care providers through direct sales and distribution channels. Its largest revenue stream has historically been product revenue from its...
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 | -39.99M | -44.39M | -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 | 105.87M | 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
Negative
124.79
Price Trends
121.51
Negative
118.17
Positive
105.29
Positive
Market Momentum
3.79
Positive
39.33
Neutral
43.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GKOS, the sentiment is Negative. The current price of 124.79 is below the 20-day moving average (MA) of 134.76, above the 50-day MA of 121.51, and above the 200-day MA of 105.29, indicating a neutral trend. The MACD of 3.79 indicates Positive momentum. The RSI at 39.33 is Neutral, neither overbought nor oversold. The STOCH value of 43.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $1.77B | 21.36 | 16.61% | ― | 11.19% | 7.61% | |
72 Outperform | $4.06B | 38.98 | 9.13% | ― | 12.40% | ― | |
61 Neutral | $3.03B | 45.09 | 8.23% | ― | 5.48% | 77.43% | |
58 Neutral | $3.83B | -68.84 | -20.60% | ― | 27.36% | 72.52% | |
52 Neutral | $7.06B | -78.94 | -26.46% | ― | 36.30% | -42.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $1.03B | -16.07 | -68.29% | ― | 4.54% | 49.66% |
* Healthcare Sector Average
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Glaukos Corporate Events
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...
Business Operations and StrategyProduct-Related Announcements
Glaukos Highlights Interventional Ophthalmology Strategy in Investor Update
Positive
Mar 2, 2026
Glaukos Corporation released an investor presentation in March 2026 outlining its strategy to transform glaucoma and keratoconus care through interventional, dropless therapies and to build durable new markets in ophthalmology. The company emphasi...
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.