olivLaw · US equity research
Glaukos Corporation GKOS
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Glaukos is an ophthalmic pharmaceutical and medical technology company focused on glaucoma, corneal disorders and retinal disease, with dropless products such as iDose TR and Epioxa. In the second quarter of 2026 its sales grew strongly, and the company raised its annual net sales guidance to the 680-700 million USD range. The company's development still depends on adoption of its new therapies and on their reimbursement.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Glaukos Corporation (GKOS) stock was 246.70 USD (+5.86% on the day), with market capitalisation 14.6 bn USD, beta 1.28, 52-week range 81.79–246.70 USD. Latest reported quarter (Q3 2026): revenue of 211.0 m USD (+58.0% YoY), net income of 2.0 m USD, diluted EPS 0.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 80.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 128.23 – 248.87
- in the upper half of the band · %B 0.98 · band width 64.0%
- SMA 50 / 200
- 176.62 / 143.27
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 18.57 / 10.81
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +50.4% | −2.0% | +52.4 pp | — |
| 3 months | +44.3% | −2.2% | +46.5 pp | — |
| 6 months | +82.4% | +4.3% | +78.1 pp | — |
| Year to date | +118.5% | +10.6% | +107.9 pp | — |
| 1 year | +187.0% | +10.5% | +176.6 pp | −5.6% |
| 3 years | +284.2% | +73.7% | +210.5 pp | +6.7% |
| 5 years | +332.9% | +61.7% | +271.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105.5 m | 106.7 m | 124.1 m | 133.5 m | 143.1 m | 150.6 m | 185.6 m | 211.0 m |
| Cost of revenue | 28.6 m | 24.3 m | 26.9 m | 28.8 m | 31.8 m | 33.3 m | 34.0 m | 31.2 m |
| Gross profit | 76.9 m | 82.3 m | 97.2 m | 104.7 m | -1.5 m | 117.2 m | 151.6 m | 179.9 m |
| Research & development | — | — | — | 26.9 m | — | — | — | 31.0 m |
| SG&A | 69.0 m | 70.7 m | 83.4 m | 83.0 m | 94.7 m | 92.9 m | 116.1 m | 130.9 m |
| Operating income | -28.7 m | -20.7 m | -22.7 m | -16.4 m | -139.9 m | -19.9 m | -17.3 m | 828.0 k |
| Depreciation & amortisation | 8.7 m | 8.2 m | 8.6 m ≈ | 9.1 m ≈ | 12.2 m | 11.8 m | 8.9 m ≈ | 9.0 m ≈ |
| Interest expense | 1.6 m | 1.2 m | 1.2 m | 1.2 m | 1.1 m | 1.1 m | 1.5 m | 1.1 m |
| Pre-tax income | -33.7 m | -17.8 m | -19.4 m | -16.0 m | -139.8 m | -19.3 m | -17.7 m | 2.3 m |
| Income tax | -114.0 k | 326.0 k | 248.0 k | 234.0 k | -6.2 m | 484.0 k | 656.0 k | 303.0 k |
| Net income | -33.6 m | -18.1 m | -19.7 m | -16.2 m | -133.7 m | -19.8 m | -18.4 m | 2.0 m |
| Diluted EPS | -0.60 ≈ | -0.32 | -0.34 | -0.28 | -2.32 ≈ | -0.34 | -0.31 | 0.03 |
| Operating cash flow | 507.0 k | -18.5 m | 7.0 m ≈ | -10.1 m ≈ | 6.8 m | -12.5 m | 14.8 m ≈ | 38.6 m ≈ |
| Capex | 1.7 m | 1.9 m | 1.2 m ≈ | 1.6 m ≈ | 2.9 m | 4.0 m | 2.7 m ≈ | 2.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 181.3 m | 237.0 m | 225.0 m | 294.0 m | 282.9 m | 314.7 m | 383.5 m | 507.4 m |
| Revenue YoY | +13.8% | +30.7% | −5.1% | +30.7% | −3.8% | +11.3% | +21.9% | +32.3% |
| Net income | -13.0 m | 15.4 m | -120.3 m | -49.6 m | -99.2 m | -134.7 m | -146.4 m | -187.7 m |
| Net income YoY | unavailable | unavailable | −880.3% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.37 | 0.37 | -2.70 | -1.07 | -2.09 | -2.78 | -2.77 | -3.28 |
| Diluted EPS YoY | unavailable | unavailable | −829.7% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -7.1% | 6.5% | -53.5% | -16.9% | -35.1% | -42.8% | -38.2% | -37.0% |
| Free cash flow | 8.5 m | -5.1 m | -29.9 m | -23.1 m | -63.3 m | -78.0 m | -67.6 m | -22.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 90.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 656.2 m USD
- Total assets
- 893.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.69x
- ROE
- -26.4%
- ROA
- -20.1%
- FCF margin
- -4.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 225.0 m | 294.0 m | 282.9 m | 314.7 m | 383.5 m | 507.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | 91.7 m | 66.6 m | 69.0 m | 75.6 m | 94.0 m | 111.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | 133.2 m | 227.4 m | 213.9 m | 239.1 m | 289.5 m | 282.8 m | SEC (XBRL)· 23 Feb 2026verified |
| SG&A | 171.4 m | 179.3 m | 192.9 m | 224.1 m | 261.2 m | 331.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | -123.6 m | -32.9 m | -82.3 m | -128.7 m | -122.4 m | -199.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Depreciation & amortisation | 29.4 m | 29.7 m | 31.6 m | 33.7 m | 35.7 m | 38.1 m | SEC (XBRL)· 23 Feb 2026verified |
| EBITDA | -94.2 m ≈ | -3.2 m ≈ | -50.7 m ≈ | -95.0 m ≈ | -86.7 m ≈ | -161.5 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Interest expense | 14.1 m | 13.4 m | 13.7 m | 13.6 m | 10.0 m | 4.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | -132.3 m | -49.3 m | -98.4 m | -133.7 m | -145.6 m | -193.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | -12.0 m | 326.0 k | 766.0 k | 934.0 k | 771.0 k | -5.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -120.3 m | -49.6 m | -99.2 m | -134.7 m | -146.4 m | -187.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | -2.70 | -1.07 | -2.09 | -2.78 | -2.77 | -3.28 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 44.5 m | 46.4 m | 47.4 m | 48.4 m | 52.8 m | 57.2 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 96.6 m | 100.7 m | 119.5 m | 93.5 m | 169.6 m | 90.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | 36.1 m | 33.4 m | 36.1 m | 39.9 m | 60.7 m | 108.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | 15.8 m | 23.0 m | 37.8 m | 42.0 m | 57.7 m | 63.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 469.4 m | 486.1 m | 443.9 m | 395.5 m | 449.8 m | 475.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 24.0 m | 69.0 m | 94.4 m | 103.2 m | 97.9 m | 113.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | 66.1 m | 66.1 m | 66.1 m | 66.1 m | 66.1 m | 66.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | 357.7 m | 332.8 m | 307.9 m | 283.0 m | 263.4 m | 141.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 1.0 bn | 1.0 bn | 1.0 bn | 940.4 m | 974.8 m | 893.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 4.4 m | 7.3 m | 14.4 m | 13.4 m | 13.0 m | 24.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 49.7 m | 63.4 m | 72.4 m | 74.0 m | 75.1 m | 101.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 338.1 m | 462.5 m | 472.4 m | 478.6 m | 207.8 m | 237.3 m | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 667.4 m | 587.2 m | 530.0 m | 461.8 m | 766.9 m | 656.2 m | SEC (XBRL)· 23 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -23.0 m | 24.7 m | -33.1 m | -57.8 m | -61.3 m | -14.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 6.9 m | 47.8 m | 30.3 m | 20.2 m | 6.3 m | 7.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | -29.9 m ≈ | -23.1 m ≈ | -63.3 m ≈ | -78.0 m ≈ | -67.6 m ≈ | -22.5 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -205.1 m | -58.2 m | 44.8 m | 14.1 m | 47.8 m | -77.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | 262.5 m | 39.3 m | 6.3 m | 15.0 m | 91.5 m | 11.9 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 14.6 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -24.6% | 35 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 21.5% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -36.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.2% | 3 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial35/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial3/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GLAUKOS Corp (GKOS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 507.4 m USD in 2025; YoY growth 32.3%; net margin -24.6%; ROE -22.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 21.5%
- Current ratio: 4.6x
What contradicts it
- Interest coverage: -36.6x
- FCF yield: 0.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 118.2 bn | 33.1 | 16.0% | 13.8% | +11.2% | −16% / +5% |
| MMM3m Company | 91.5 bn | 26.4 | 80.8% | 14.0% | +1.5% | +3% / +114% |
| BSXBoston Scientific Corporation | 63.1 bn | 18.4 | 14.3% | 16.6% | +19.9% | −57% / −22% |
| BDXBecton, Dickinson And Company | 54.0 bn | 59.8 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 31.9 bn | 20.7 | 26.4% | 27.8% | +9.9% | −11% / +44% |
| DXCMDexcom, Inc. | 30.9 bn | 32.7 | 37.7% | 19.4% | +15.6% | +31% / −28% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.7 | 21.2% | 18.8% | +6.3% | +47% / +16% |
| SOLVSolventum Corporation | 15.2 bn | 10.9 | 34.0% | 17.3% | +0.9% | +5% / unavailable |
| GKOSGLAUKOS Corp | 14.6 bn | — | -22.8% | -24.6% | +32.3% | +187% / +284% |
| PENPenumbra, Inc | 12.7 bn | 81.2 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 34.0 | 9.8% | 9.9% | +11.8% | +5% / +27% |
| HTFLHeartflow, Inc. | 4.9 bn | — | — | -55.8% | +39.9% | +75% / unavailable |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +6% / +67% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| SSIISs Innovations International, Inc. | 454.9 m | — | -26.1% | -23.7% | +105.7% | −66% / unavailable |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
1- and 3-year price returns: for GKOS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Glaukos is an ophthalmic pharmaceutical and medical technology company focused on glaucoma, corneal disorders and retinal disease, with dropless products such as iDose TR and Epioxa. In the second quarter of 2026 its sales grew strongly, and the company raised its annual net sales guidance to the 680-700 million USD range 3. The company's development still depends on adoption of its new therapies and on their reimbursement 1.
SWOT
Strengths
- A diversified portfolio across glaucoma, cornea and retina, with recent launches and accelerated sales growth in the second quarter of 2026 13.
- High gross margins and a solid financial position, with no debt reported at the end of the second quarter of 2026 3.
- Dropless products that address a clear clinical need around patient adherence 1.
Weaknesses
- The company has significant net losses and a history of accumulated losses, so sustained profitability remains uncertain 1.
- High dependence on glaucoma, on a limited number of suppliers and on a single manufacturing site for its main products 1.
- Results can be volatile from quarter to quarter because of reimbursement changes and the timing of customer orders 1.
Opportunities
Risks
- Dependence on iDose TR and Epioxa launcheshigh
The commercial success of these products depends on physician adoption, reimbursement and production capacity; failure of any of these conditions could significantly affect sales 1.
- Asset impairmentmedium
The company recorded a significant impairment on the Photrexa developed technology intangible asset as Epioxa launched, showing the risk that older products may not recover their carrying value 1.
- Manufacturing concentrationhigh
Main manufacturing of iStent and iDose takes place at a single campus in California, and some suppliers are sole sources; a disruption could affect deliveries and margins 1.
- Net losses and capital needsmedium
The company has accumulated significant losses and rising research, sales and regulatory spending, which could require additional capital under certain conditions 12.
- Currency and international trade exposurelow
International revenue and tariffs can fluctuate significantly, which could influence reported results, especially in international glaucoma 12.
Investment thesis
What would need to be true (bull case)
- The accelerated growth in the second quarter of 2026 and the raised guidance suggest that adoption of iDose TR and Epioxa could support sustained expansion 3.
- High gross margins and the absence of debt at the reporting date give the company flexibility to invest in its pipeline and launches 3.
- MDR certification in Europe and a diversified pipeline could add new growth sources in the coming years 1.
What would break the thesis
What to watch
- Epioxa sales trajectory and completion of the Photrexa transitionQ3 2026
- Updates to annual net sales guidanceQ3 2026
- Number of MAC contractors publishing iDose TR procedure feesnext 10-K
- Results of pivotal studies for iStent infinite and iDose TREX2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Glaukos develops and commercializes ophthalmic therapies, including MIGS devices, intracameral implants for glaucoma and bio-activated therapies for corneal disorders, and its primary business activity is developing and commercializing therapies across several end markets in ophthalmology 1. Net sales were 507.4 million USD in fiscal 2025 1. The company operates in one operating and reportable segment 1.
Main platforms include the iStent devices for glaucoma, the iDose TR implant launched in 2024, the Epioxa therapy approved by the FDA in October 2025 for keratoconus without removal of the epithelium, and the Retinal XR platform for retinal disease, which is still in development 1. The company acquired Mobius Therapeutics in May 2025, whose lead product Mitosol it began selling 1.
Key customers are ambulatory surgery centers, hospitals and physician private practices; in the U.S. most products are sold through a direct sales organization, and internationally through direct subsidiaries and independent distributors 1. Glaucoma products accounted for 83% of net sales in fiscal 2025, with iLink therapies making up the rest 1.
Segments
Corneal therapies (iLink and Epioxa)
iLink therapies, including Photrexa and the newer Epioxa, made up about 17% of net sales in fiscal 2025 1. The company began a controlled launch of Epioxa in the first quarter of 2026 and is transitioning commercial efforts and manufacturing from Photrexa to Epioxa, with completion projected by the end of the third quarter of 2026 2.
Market context
Eye diseases, especially glaucoma, are a national and global health concern, and the number of people with vision impairment is rising as the population ages 1. Demand for innovative, safe and easy-to-use therapies is growing, particularly as diagnosis of sight-threatening diseases becomes more accessible 1.
The market depends on Medicare reimbursement through regional contractors and on decisions by private payers, which can change coverage without notice 1. The European launches after MDR certification for iStent infinite open an expanding international market where currency movements significantly affect results 12.
Trends
- iDose TR adoption and reimbursementtailwind
Reimbursement for iDose TR is an ongoing process, and as the procedure becomes more consistent across Medicare contractors the company anticipates higher utilization 12. If this process consolidates, it could support growth in glaucoma sales.
- Pressure on reimbursement ratesheadwind
Proposed reductions in physician payment rates for several ophthalmology procedures, including some MIGS procedures, could affect customer orders and volumes, especially if the reductions widen 12.
- Tariffs and international trademixed
Uncertainty about U.S. trade policy and tariffs has created volatility; the company considers its direct exposure limited because it sources most raw materials in the U.S., but new tariffs could affect costs and sales 12.
- Currency effectsmixed
Currency fluctuations have significantly affected international glaucoma sales, with positive effects from the euro and Australian dollar in 2026, partly offset by the Japanese yen 2. An unfavorable currency move could reduce reported growth.
Competitive position
The medical technology and pharmaceutical industries are highly competitive, and Glaukos competes with much larger companies with greater resources and name recognition, as well as smaller companies targeting specific products or geographies 1. The company says it competes mainly on clinical superiority backed by extensive data and innovative features 1.
Competition can come from new products, discoveries or therapeutic innovations that could make current products less attractive; the company must keep developing new products to stay competitive 1. Following MAC coverage decisions, some customers shifted to competing products, reducing iStent volumes in the U.S. 1.
- Alcon (ophthalmology division of a larger group)
Named in the sources as the company that acquired Ivantis, whose Hydrus product competes in the MIGS space; the ticker is not confirmed by the supplied sources.
- Santen Pharmaceutical
The company that licensed the PRESERFLO MicroShunt to Glaukos; the relationship is a license, and the sources do not confirm a U.S. ticker.
- Divisions of much larger companies
The sources mention competitors that are divisions of much larger groups with greater resources, without naming them.
- Smaller companies with targeted products
The sources mention smaller competitors specialized in certain products or geographies, without naming them.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote
- Current report04 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement16 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Glaukos Corporation · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Glaukos Corporation · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Glaukos Corporation · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.