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what it is
Glaukos sells eye implants and therapies that try to replace older glaucoma treatments with smaller, faster procedures.
how it gets paid
Last year Glaukos made $507M in revenue.
why it's growing
Revenue grew 32.3% last year on a full-year basis. Ignore triple-digit vs. prior year lines unless they name the same fiscal window—this page anchors on ~$507M annual revenue.
what just happened
Full-year revenue was ~$507M; a typical quarter is on the order of ~$120–140M (roughly one-fourth of the year)—not $364M alongside a $507M annual total. EPS still missed at -$0.28 versus -$0.23 in the print this page references.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
8.5% return on capital — nothing to write home about
xvary composite: 27/100 — weak
-$0.15 fy2027 eps est
What they do
Glaukos sells eye implants and therapies that try to replace older glaucoma treatments with smaller, faster procedures.
Glaukos launched its first MIGS device in 2012. First mover → early lead → surgeons get used to your tools, so switching is work. The company still puts 36% of 2024 sales back into R&D, so you are not paying for a sleepy device maker.
How they make money
$507M
annual revenue · their business grew +32.3% last year
total revenue
$507M
+32.3%
The products that matter
sustained-release glaucoma therapy
iDose TR
launch-era growth driver
this is the product Wall Street is really underwriting. the company is guiding to $600M–$620M in 2026 revenue, and iDose TR is a major reason investors think that number is reachable.
guide-critical
keratoconus drug therapy
Epioxa
q1 2026 launch
FDA approval arrived in october 2025, with commercialization planned for the first quarter of 2026. that gives glaukos a second near-term growth lever instead of asking one product to do all the work.
new catalyst
micro-invasive glaucoma devices
iStent family
~$400M franchise base
these devices are still the revenue foundation. EU MDR certification in june 2025 reopened commercialization in certain european markets, which matters because you need the legacy franchise to stay solid while the drug launches ramp.
base business
Key numbers
$950M
2029 revenue
Revenue is projected to reach $950 million from $507 million today. So what: your stock price already assumes Glaukos nearly doubles sales.
-39.3%
operating margin
Operating margin → profit after running the business → so what: this is a deep GAAP loss margin, not high profitability—read the minus sign.
78.0%
gross margin
Gross margin → money left after making the product → so what: the products are lucrative, but overhead and R&D are eating it.
36%
R&D intensity
R&D as a share of sales → how much the company spends chasing future products → so what: this is a pipeline bet wearing a commercial-company costume.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- net profit margin negative — GAAP loss; do not pair with a positive net margin headline
- return on equity weak / negative in loss periods — do not read like a steady 8% earner
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
You invested $10,000 in GKOS 3 years ago → it's now worth $25,790.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
Quarterly revenue on the order of ~$130M (vs. ~$507M annual)—EPS missed at -$0.28 versus -$0.23.
Full-year revenue growth ~32% and ~78% gross margin still did not produce operating profitability—R&D and spend matter as much as the top line.
~$130M
qtr revenue (approx.)
-$0.28
eps (Q)
78.0%
gross margin (FY)
the number that mattered
The number that mattered was the 21.74% EPS miss, because high-growth medtech stories get punished when profit timing slips.
-
glaukos’ bottom-line deficit likely narrowed in the year just ended. (the maker of treatments for glaucoma and other eye diseases is scheduled to release december-term financials shortly after this issue goes to press.) sales increased 31% through the first three quarters of 2025, from the like-2024 span, and probably advanced by a similar amount for the year as a whole, to $507 million.during the first nine months of 2025, the company posted a loss of $0.62 per share, marking a notable improvement from the deficit of $1.50 in the comparable 2024 period. we expect glaukos to report a share loss of $0.85 for full-year 2025, versus a setback of $1.86 in 2024.
-
the company had a couple of favorable developments in 2025.on october 20th, glaukos announced that epioxa, a treatment for keratoconus, was approved by the u.s. fda. (keratoconus is a condition where the normally-round cornea thins and eventually bulges into a cone shape.) epioxa is the first incision-free topical drug therapy approved by the agency that doesn’t require removal of the corneal epithelium, thereby minimizing pain and accelerating recovery time.
-
the company intended to begin commercializing epioxa in the first quarter of 2026.
-
in june, the european union (eu) medical device regulation (mdr) certified the istent family of products, a line of titanium implants used during cataract surgery.the commercialization of istent products in certain eu markets started in the third quarter of 2025.
-
we have revised our top- and bottom-line estimates for 2026, while introducing forecasts for 2027.
source: company earnings report, 2026
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What could go wrong
the #1 risk is iDose TR and Epioxa ramping slower than the $600M–$620M 2026 guide implies.
med
guidance credibility
Management guided to $600M–$620M in 2026 revenue, but that midpoint still landed below some analyst expectations.
The stock already dropped about 5% on that message. If early 2026 quarters do not support the guide, valuation pressure shows up fast.
med
growth without earnings
Last quarter EPS was -$0.16, and fiscal 2027 EPS is still estimated at -$0.15.
That means investors are being asked to pay for future scale before the income statement proves the model. If spending stays high, strong gross margin will not be enough.
med
legacy franchise has to hold
Roughly $400M of revenue still comes from the U.S. glaucoma franchise. The newer products are exciting, but the base business is paying the bills.
If device momentum slips while iDose TR and Epioxa are still scaling, Glaukos gets hit from both sides at once.
med
cash is helpful, not infinite
The company has $278M in cash and a C++ financial-strength grade.
That is enough to support launches today. It is not the kind of balance sheet that lets you ignore missteps for years.
A slower-than-promised launch ramp would hit both sides of the story: the revenue guide loses credibility and the path to profitability moves further out.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
Epioxa launch receipts
Q2 2026 · first real sales data will tell you whether the october 2025 approval is becoming revenue or just a press release memory.
earnings
Q1 2026 report
May 6, 2026 · this is the first hard check on whether a $600M–$620M full-year guide looks realistic. EPS estimate: -$0.28.
street view
estimate revisions
next 30 days · the $133.06 average target matters less than the direction of revisions after launch updates and the soft guide.
insider signal
follow-through after the $11.6M buy
Jan 15, 2026 · a top executive bought $11.6M in stock. one purchase is interesting. repeated buying would matter more.
Analyst rankings
earnings predictability
40 / 100
this is a below-average predictability score. in human-speak, analysts do not have a clean read on the next few quarters because launches, reimbursement, and spending can all move the numbers.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 161 buyers vs. 157 sellers in 3q2025. total institutional holdings: 56.2M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$59
$163
$124
current price
$111
target midpoint · 11% from current · 3-5yr high: $163
Want the deeper analysis?
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