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Here's Why You Should Retain Glaukos Stock in Your Portfolio Now
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Key Takeaways
iDose TR is GKOS' main growth driver, delivering about $40M in Q3 2025 revenues with strong physician uptake.
FDA approval of Epioxa gives Glaukos its first incision-free corneal therapy, expanding treatment access.
GKOS faces iDose TR reimbursement risk and near-term corneal revenue pressure during the Photrexa transition.
Glaukos Corporation (GKOS - Free Report) is well-poised for growth on the back of the iDose TR launch and a robust product pipeline. However, stiff competition is a concern.
Shares of this Zacks Rank #3 (Hold) company have gained 12.5% so far this year compared with the industry’s 7.9% growth. The S&P 500 Index has increased 14.4% in the same time frame.
Glaukos, with a market capitalization of $6.67 billion, is a leading ophthalmic medical technology and pharmaceutical company. The company has a trailing four-quarter average earnings surprise of 22.19%.
Image Source: Zacks Investment Research
Positive Factors Driving Prospects
Rapid iDose TR Adoption: iDose TR is emerging as Glaukos’ most powerful growth driver, with approximately $40 million in third-quarter 2025 revenues and strong physician uptake. Management emphasized robust clinical data, including multiple Phase III trials and peer-reviewed publications, supporting its use as a long-duration pharmaceutical alternative to topical drops.
Importantly, iDose adoption is expanding beyond early adopter MAC regions, with increasing use in both standalone and combination cataract procedures. As reimbursement stabilizes and remaining Medicare regions come online, iDose TR has the potential to materially shift the glaucoma standard of care and drive durable, recurring growth.
FDA Approval of Epioxa: The FDA approval of Epioxa represents a major inflection point for Glaukos’ corneal franchise. As the first incision-free corneal cross-linking therapy for keratoconus, Epioxa addresses key barriers that limit Photrexa adoption, including invasiveness and patient reluctance.
Management highlighted substantial underdiagnosis and undertreatment in keratoconus, positioning Epioxa to expand the treated population well beyond nearly 10,000 patients annually. With strong Phase III data, a differentiated patient experience, and a focused awareness strategy, Epioxa could reset the growth trajectory of corneal health beginning in 2026.
Diversified Global Growth and Strong Financial Profile: Glaukos’ growth is increasingly diversified across U.S. glaucoma, international glaucoma, and corneal health, reducing reliance on any single product or geography. International glaucoma sales grew 20% year over year, supported by infrastructure investments and the European launch of iStent infinite.
The company also reported gross margin accretion, $278 million in cash, and no debt, providing flexibility to fund launches, clinical trials, and manufacturing expansion. This balance sheet strength supports sustained R&D investment while absorbing near-term volatility from reimbursement or launch-related headwinds.
Key Challenges
Reimbursement and Coverage Uncertainty: Despite strong clinical momentum, iDose TR faces ongoing reimbursement complexity, particularly as Medicare Administrative Contractors evaluate coverage and professional fee levels. Management acknowledged the importance of upcoming advisory and coverage determinations, noting that education remains necessary to align payers with iDose TR’s pharmaceutical classification and data depth.
Delays or restrictive coverage decisions could slow adoption outside established MAC regions. While management expressed confidence in the evidence base, reimbursement remains a gating factor that could introduce near-term variability in iDose TR utilization and revenue ramp up.
Near-Term Corneal Health Revenue Disruption: The transition from Photrexa to Epioxa is expected to create a temporary revenue headwind in the corneal franchise, particularly in fourth-quarter 2025 and early 2026. Management guided to a material year-over-year decline as patients defer treatment while awaiting Epioxa availability and payer coverage.
Additionally, Epioxa’s initial launch under a miscellaneous J-code introduces administrative friction before a permanent J-code is established in mid-2026. This transition period is likely to pressure reported growth before Epioxa’s longer-term expansion benefits are realized.
High Execution Demands Across Multiple Concurrent Launches: Glaukos is simultaneously scaling iDose TR, launching Epioxa, expanding internationally, and advancing late-stage clinical trials, creating elevated execution complexity. Management emphasized substantial investments in patient awareness, payer education, site-of-care development, and manufacturing capacity.
While these initiatives are strategically sound, they require precise coordination and disciplined capital allocation. Any misstep — whether in payer engagement, physician onboarding, or operational scaling — could delay expected revenue contributions and margin leverage. The breadth of initiatives increases both opportunity and execution risk over the next 12-24 months.
The Zacks Consensus Estimate for 2025 revenues is pegged at $492.8 million, indicating a 28.5% improvement from the previous year’s level.
The consensus mark for loss per share is pinned at 85 cents, indicating a 54.3% improvement from the year-ago reported number. The consensus estimate for loss per share has narrowed 5 cents in the past 60 days.
Phibro Animal Health, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 12.8%. PAHC’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 20.77%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Phibro Animal Health’s shares have rallied 47.1% against the industry’s 4.6% decline in the past six months.
Insulet, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 29%. PODD’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.75%.
Insulet’s shares have lost 7.7% compared with the industry’s 4.6% decline in the past six months.
Cencora, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 11.9%. COR’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 4.9%.
Cencora’s shares have gained 13.5% compared with the industry’s 6.1% growth in the past six months.
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Here's Why You Should Retain Glaukos Stock in Your Portfolio Now
Key Takeaways
Glaukos Corporation (GKOS - Free Report) is well-poised for growth on the back of the iDose TR launch and a robust product pipeline. However, stiff competition is a concern.
Shares of this Zacks Rank #3 (Hold) company have gained 12.5% so far this year compared with the industry’s 7.9% growth. The S&P 500 Index has increased 14.4% in the same time frame.
Glaukos, with a market capitalization of $6.67 billion, is a leading ophthalmic medical technology and pharmaceutical company. The company has a trailing four-quarter average earnings surprise of 22.19%.
Image Source: Zacks Investment Research
Positive Factors Driving Prospects
Rapid iDose TR Adoption: iDose TR is emerging as Glaukos’ most powerful growth driver, with approximately $40 million in third-quarter 2025 revenues and strong physician uptake. Management emphasized robust clinical data, including multiple Phase III trials and peer-reviewed publications, supporting its use as a long-duration pharmaceutical alternative to topical drops.
Importantly, iDose adoption is expanding beyond early adopter MAC regions, with increasing use in both standalone and combination cataract procedures. As reimbursement stabilizes and remaining Medicare regions come online, iDose TR has the potential to materially shift the glaucoma standard of care and drive durable, recurring growth.
FDA Approval of Epioxa: The FDA approval of Epioxa represents a major inflection point for Glaukos’ corneal franchise. As the first incision-free corneal cross-linking therapy for keratoconus, Epioxa addresses key barriers that limit Photrexa adoption, including invasiveness and patient reluctance.
Management highlighted substantial underdiagnosis and undertreatment in keratoconus, positioning Epioxa to expand the treated population well beyond nearly 10,000 patients annually. With strong Phase III data, a differentiated patient experience, and a focused awareness strategy, Epioxa could reset the growth trajectory of corneal health beginning in 2026.
Diversified Global Growth and Strong Financial Profile: Glaukos’ growth is increasingly diversified across U.S. glaucoma, international glaucoma, and corneal health, reducing reliance on any single product or geography. International glaucoma sales grew 20% year over year, supported by infrastructure investments and the European launch of iStent infinite.
The company also reported gross margin accretion, $278 million in cash, and no debt, providing flexibility to fund launches, clinical trials, and manufacturing expansion. This balance sheet strength supports sustained R&D investment while absorbing near-term volatility from reimbursement or launch-related headwinds.
Key Challenges
Reimbursement and Coverage Uncertainty: Despite strong clinical momentum, iDose TR faces ongoing reimbursement complexity, particularly as Medicare Administrative Contractors evaluate coverage and professional fee levels. Management acknowledged the importance of upcoming advisory and coverage determinations, noting that education remains necessary to align payers with iDose TR’s pharmaceutical classification and data depth.
Delays or restrictive coverage decisions could slow adoption outside established MAC regions. While management expressed confidence in the evidence base, reimbursement remains a gating factor that could introduce near-term variability in iDose TR utilization and revenue ramp up.
Near-Term Corneal Health Revenue Disruption: The transition from Photrexa to Epioxa is expected to create a temporary revenue headwind in the corneal franchise, particularly in fourth-quarter 2025 and early 2026. Management guided to a material year-over-year decline as patients defer treatment while awaiting Epioxa availability and payer coverage.
Additionally, Epioxa’s initial launch under a miscellaneous J-code introduces administrative friction before a permanent J-code is established in mid-2026. This transition period is likely to pressure reported growth before Epioxa’s longer-term expansion benefits are realized.
High Execution Demands Across Multiple Concurrent Launches: Glaukos is simultaneously scaling iDose TR, launching Epioxa, expanding internationally, and advancing late-stage clinical trials, creating elevated execution complexity. Management emphasized substantial investments in patient awareness, payer education, site-of-care development, and manufacturing capacity.
While these initiatives are strategically sound, they require precise coordination and disciplined capital allocation. Any misstep — whether in payer engagement, physician onboarding, or operational scaling — could delay expected revenue contributions and margin leverage. The breadth of initiatives increases both opportunity and execution risk over the next 12-24 months.
Glaukos Corporation Price
Glaukos Corporation price | Glaukos Corporation Quote
Estimate Trend
The Zacks Consensus Estimate for 2025 revenues is pegged at $492.8 million, indicating a 28.5% improvement from the previous year’s level.
The consensus mark for loss per share is pinned at 85 cents, indicating a 54.3% improvement from the year-ago reported number. The consensus estimate for loss per share has narrowed 5 cents in the past 60 days.
Stocks to Consider
Some better-ranked stocks in the broader medical space are Phibro Animal Health (PAHC - Free Report) , Insulet (PODD - Free Report) and Cencora, Inc. (COR - Free Report) .
Phibro Animal Health, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 12.8%. PAHC’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 20.77%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Phibro Animal Health’s shares have rallied 47.1% against the industry’s 4.6% decline in the past six months.
Insulet, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 29%. PODD’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 17.75%.
Insulet’s shares have lost 7.7% compared with the industry’s 4.6% decline in the past six months.
Cencora, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 11.9%. COR’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 4.9%.
Cencora’s shares have gained 13.5% compared with the industry’s 6.1% growth in the past six months.