Glaukos Corp Dossier - Source-backed chat

Glaukos Corp

GKOSNYSE

SectorHealth Care

IndustryMedical Devices

Beta (adjusted)0.84

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $163.17Price as of 1 Oct 2026

Data confidenceNot applicable

Market Cap $9.6B

Enterprise Value $9.5B

Shares Outstanding 58.7M diluted

Moat Rating None

Next Earnings Date28 Oct 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Glaukos entered the second half of 2026 with strong operating momentum: second-quarter net sales increased 50% year over year to $185.6 million, U.S. glaucoma sales increased 64% to $118.5 million, and management raised full-year sales guidance to $680-$700 million. The growth case is strengthened by commercial availability and permanent reimbursement coding for Epioxa and FDA authorization permitting repeat administration of iDose TR. However, Glaukos remained loss-making, with a $17.3 million second-quarter operating loss while SG&A and R&D spending rose materially.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets13 analysts · as of 18 Aug 2026

Low · most bearish analyst$172.00

Mean target$196.46

High · most bullish analyst$225.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$172.0018%

iDose TR or Epioxa adoption and reimbursement progress disappoint, revenue falls below the guidance floor, or gross margin reverses toward or below the prior-year level. High SG&A and R&D requirements then sustain material operating losses and weaken confidence in the expected operating-leverage inflection.

Base CaseCentral scenario

$196.4658%

Matches the consensus mean

Glaukos executes within its $680-$700 million 2026 net-sales guidance, supported by continued U.S. glaucoma growth and gradual Epioxa uptake. Elevated commercialization and research spending delay profitability, but quarterly operating losses continue to narrow.

Bull CaseUpside scenario

$225.0024%

iDose TR repeat-treatment flexibility and Epioxa's commercial launch and permanent J-code accelerate physician adoption and patient access. Revenue meets or exceeds the top of the raised 2026 guidance range while gross margin remains above 80%, allowing rapid growth to produce clearer operating leverage.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Second-quarter 2026 net sales increased 50% year over year, including 64% growth in U.S. glaucoma sales, prompting management to raise full-year guidance to $680-$700 million.
The growth platform broadened through Epioxa's commercial availability and permanent J-code, while FDA approval of repeat iDose TR administration increased treatment flexibility.

Key Investment Risks

Glaukos remained unprofitable in the latest quarter, with a $17.3 million GAAP operating loss as SG&A and R&D expenses increased 39% and 40%, respectively.
Results depend on successful commercialization, reimbursement, manufacturing continuity, regulatory execution and sustained product safety and efficacy.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.