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Glaukos (GKOS)
NYSE:GKOS
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Glaukos (GKOS) AI Stock Analysis

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GKOS

Glaukos

(NYSE:GKOS)

Rating:48Neutral
Price Target:
$85.00
▼(-3.41% Downside)
Glaukos' overall score is driven by its strong revenue growth and strategic advancements, yet hampered by persistent profitability challenges and bearish technical indicators. The positive earnings call provides some optimism, but valuation concerns due to negative profitability remain significant hurdles.
Positive Factors
Earnings
The company's second-quarter sales exceeded expectations by 8%, driven by strong performance in the iDose segment.
Product Potential
IDose is considered one of the most compelling growth drivers, with more growth opportunities expected in the future.
Negative Factors
Competitive Pressure
A slowdown in the OUS glaucoma segment is observed, attributed to ongoing competitive trialing.
Market Challenges
The company is experiencing continued weakness from the U.S. glaucoma segment due to ongoing challenges.

Glaukos (GKOS) vs. SPDR S&P 500 ETF (SPY)

Glaukos Business Overview & Revenue Model

Company DescriptionGlaukos 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 W micro-bypass stents that enhance aqueous humor outflow inserted in cataract surgery to treat mild-to-moderate open-angle glaucoma. The company's product pipeline includes iStent Infinite, a three stents product that is designed for use as a standalone procedure in patients with refractory glaucoma; and iDose TR, a targeted injectable implant based on its micro-scale device-platform that is designed to deliver therapeutic levels of medication. The company markets its products through direct sales organization, as well as through distributors in the United States and internationally. Glaukos Corporation was incorporated in 1998 and is headquartered in San Clemente, California.
How the Company Makes MoneyGlaukos makes money primarily through the sales of its medical devices and pharmaceutical products. Its key revenue stream is the sale of MIGS devices, notably the iStent, which is widely used by ophthalmologists to treat glaucoma. Additionally, the company generates revenue from its corneal health and retinal disease product lines, which include various procedures and treatments. Glaukos also engages in strategic partnerships and collaborations with other companies and research institutions, which can contribute to its revenue through joint development and commercialization efforts. The company invests heavily in research and development to innovate and expand its product offerings, which is crucial for maintaining and growing its market presence.

Glaukos Earnings Call Summary

Earnings Call Date:Jul 30, 2025
(Q2-2025)
|
% Change Since: -6.43%|
Next Earnings Date:Oct 29, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong financial performance with record net sales and significant growth in key segments, notably the U.S. glaucoma franchise and international markets. However, challenges remain with MAC LCDs affecting the MIGS market and potential impacts from proposed CMS reimbursement changes. The anticipated transition from Photrexa to Epioxa also presents potential disruptions. Overall, the positive achievements and strategic advancements outweigh the challenges faced.
Q2-2025 Updates
Positive Updates
Record Second Quarter Net Sales
Glaukos reported record second quarter consolidated net sales of $124.1 million, up 30% on a reported basis and 29% on a constant currency basis compared to the previous year.
Strong U.S. Glaucoma Franchise Growth
The U.S. glaucoma franchise delivered record second quarter net sales of $72.3 million, marking a significant year-over-year growth of 45%.
iDose TR Adoption and Utilization
iDose TR sales reached approximately $31 million in the second quarter, showcasing strong commercial momentum supported by positive clinical outcomes.
Increased Full Year 2025 Sales Guidance
The company raised its full year 2025 net sales guidance to $480 million to $486 million, up from the previous range of $475 million to $485 million.
International Glaucoma Franchise Performance
International glaucoma franchise achieved record net sales of $31.3 million, a year-over-year growth of 20% reported and 15% constant currency basis.
Corneal Health Pipeline Progress
The FDA's ongoing NDA review for Epioxa, the next-generation corneal cross-linking therapy, is progressing with a targeted PDUFA date of October 20, 2025.
Operational and Strategic Investments
The company made strategic investments with the acquisition of Mobius Therapeutics and the purchase of an additional building at its headquarters.
Negative Updates
Challenges with MAC LCDs and MIGS Market
The 5 MAC LCDs caused turbulence in the market during the second quarter, affecting the utilization of two MIGS surgical devices in the same procedures, expected to continue as a headwind throughout 2025.
Medicaid Drug Rebate Program Impact
The entry into the Medicaid Drug Rebate Program impacted Photrexa's realized revenues, affecting the Corneal Health franchise.
Proposed CMS Reimbursement Changes
CMS proposed reductions in physician fee reimbursement for several ophthalmology procedures, which could impact future revenues.
Anticipated Disruption with Corneal Health Transition
Potential transient disruption anticipated as the market transitions from Photrexa to Epioxa following its approval.
Company Guidance
During the Glaukos Corporation's Second Quarter 2025 Financial Results Conference Call, the company reported a record consolidated net sales of $124.1 million, reflecting a 30% increase on a reported basis and 29% on a constant currency basis compared to the prior year. This strong performance, driven by the growing adoption of iDose TR, prompted Glaukos to raise its full-year 2025 net sales guidance to a range of $480 million to $486 million, up from the previous guidance of $475 million to $485 million. The U.S. glaucoma franchise achieved record net sales of $72.3 million, marking a 45% year-over-year growth, with approximately $31 million generated by iDose TR. International glaucoma sales also reached a record $31.3 million, a 20% increase on a reported basis, while the Corneal Health franchise sales were $20.6 million, showing a 4% growth. The company continues to focus on expanding its interventional glaucoma initiatives, regulatory progress, and commercial launches, aiming to advance its mission of transforming vision care.

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
45
Neutral
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
55
Neutral
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
40
Negative
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue404.52M383.48M314.71M282.86M294.01M224.96M
Gross Profit306.44M289.45M239.14M213.88M227.38M133.24M
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 Assets966.18M974.76M940.41M1.00B1.05B1.01B
Cash, Cash Equivalents and Short-Term Investments298.70M318.92M295.43M352.69M414.05M404.37M
Total Debt105.48M103.40M383.74M382.48M382.38M270.81M
Total Liabilities202.22M207.82M478.65M472.38M462.55M338.05M
Stockholders Equity763.96M766.93M461.77M530.00M587.15M667.45M
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-33.08M24.71M-22.99M
Investing Cash Flow40.27M47.83M14.10M44.78M-58.23M-205.06M
Financing Cash Flow80.32M91.54M15.04M6.25M39.26M262.54M

Glaukos Technical Analysis

Technical Analysis Sentiment
Negative
Last Price88.00
Price Trends
50DMA
97.01
Negative
100DMA
95.58
Negative
200DMA
117.90
Negative
Market Momentum
MACD
-3.16
Positive
RSI
32.69
Neutral
STOCH
35.64
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 88 is below the 20-day moving average (MA) of 94.31, below the 50-day MA of 97.01, and below the 200-day MA of 117.90, indicating a bearish trend. The MACD of -3.16 indicates Positive momentum. The RSI at 32.69 is Neutral, neither overbought nor oversold. The STOCH value of 35.64 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 25 risk factors in its most recent earnings report. Glaukos reported the most risks in the "Finance & Corporate" 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

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
66
Neutral
$5.15B-91.13%22.37%31.14%
65
Neutral
$3.77B46.535.15%7.21%-23.29%
61
Neutral
$2.32B30.62-17.87%8.57%-1154.64%
58
Neutral
$2.32B44.648.07%22.05%785.52%
52
Neutral
$2.53B-26.40%55.71%24.37%
51
Neutral
$7.39B0.36-62.86%2.37%15.48%-2.68%
48
Neutral
$5.05B-12.98%26.70%48.19%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GKOS
Glaukos
88.00
-32.46
-26.95%
ITGR
Integer Holdings
105.72
-8.77
-7.66%
LIVN
LivaNova
48.52
3.52
7.82%
IRTC
Irhythm Technologies
160.99
90.13
127.19%
INSP
Inspire Medical Systems
77.05
-110.66
-58.95%
PRCT
PROCEPT BioRobotics
39.59
-22.30
-36.03%

Glaukos Corporate Events

Business Operations and StrategyFinancial Disclosures
Glaukos Reports Record Q2 Sales, Raises 2025 Guidance
Positive
Jul 30, 2025

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.

The most recent analyst rating on (GKOS) stock is a Buy with a $131.00 price target. To see the full list of analyst forecasts on Glaukos stock, see the GKOS Stock Forecast page.

Executive/Board ChangesShareholder Meetings
Glaukos Stockholders Approve Key Proposals at Annual Meeting
Positive
Jun 3, 2025

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.

The most recent analyst rating on (GKOS) stock is a Buy with a $131.00 price target. To see the full list of analyst forecasts on Glaukos stock, see the GKOS Stock Forecast page.

Product-Related AnnouncementsBusiness Operations and Strategy
Glaukos Highlights Innovation in May 2025 Presentation
Positive
May 14, 2025

Glaukos Corporation announced its May 2025 Investor Presentation, highlighting its commitment to innovation in treating chronic eye diseases. The company has invested over $700 million in R&D since 2018 and expanded its pipeline from 4 to 14 programs by 2025. The presentation emphasized the iDose TR, a groundbreaking sustained-release drug delivery system designed to improve patient compliance in glaucoma treatment. Glaukos aims to disrupt traditional treatment paradigms with its novel therapies, focusing on establishing robust growth engines and expanding market access.

The most recent analyst rating on (GKOS) stock is a Buy with a $131.00 price target. To see the full list of analyst forecasts on Glaukos stock, see the GKOS Stock Forecast page.

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.Date of analysis: Aug 01, 2025