Glaukos (GKOS) reported revenue of $613 million, up 42% year over year, during a presentation at the Wells Fargo 21st Annual Healthcare Conference on September 9, 2026. The company also outlined the early trajectory of its Epioxa corneal health launch and flagged ongoing reimbursement uncertainty surrounding its iDose glaucoma implant.
Shares were trading near their 52-week high of $191.62, having more than doubled over the prior year and gained 75% over six months. The company's market capitalization stood at $10.6 billion.
Epioxa, the company's epi-on keratoconus treatment, generated approximately $11 million in second-quarter revenue from roughly 180 paid eyes in its first full quarter of commercial availability. Gross-to-net deductions ran between 65% and 70%. Glaukos implemented a J-code billing pathway effective July 1, 2024, which triggered a claim reset; typical adjudication now takes about 60 days. Coverage currently spans more than 120 million commercially insured lives, with Medicaid access expanding and a site-of-care network reaching virtually all U.S. patients. The older Photrexa therapy was sunset in the third quarter, though a limited access program remains for select clinical cases.
President and COO Joseph Gilliam said the keratoconus market represents 18,000 to 20,000 diagnosed eyes annually seeking treatment, adding that "it may just be rarely diagnosed." He described the company as working to move patients through care amid the post-J-code claim cycle. Glaukos claims an 18-month first-mover advantage with Epioxa, with a competitor expected to present data in October 2024 and potentially enter the market in 2028 or 2029. A handheld keratoconus screening device is planned for launch by year-end 2024.
The iDose trabecular meshwork implant generated about $20 million in sequential second-quarter growth, led by Medicare Administrative Contractors covering the NGS, Wellpoint, and Palmetto regions. Full-year 2024 iDose guidance remained at $275 million to $280 million. However, final Local Coverage Determinations from Medicare MACs remain pending, with no clear timeline for a decision. Management characterized the proposed LCD as not clinically viable for patients.
CFO Alex Thurman pointed to the company's high gross margins—79%—and said profitability is visible on the horizon, with a path to 30% to 40% operating margins at scale. Positive EPS is expected in the fourth quarter of 2024 and beyond.
Consensus estimates call for Q4 corneal health revenue of $28 million, rising to $173 million by 2027, while iDose is projected to reach approximately $336 million in 2027, bringing total 2027 revenue to $847 million, up 23%. Wall Street price targets range from $172 to $225.
Looking further down the pipeline, Glaukos has more than 13 disclosed programs. Phase II data for the iLution demodex blepharitis treatment is expected by end of 2024, and the company uses a transdermal cream approach distinct from rival Tarsus. Pivotal PMA trial data for iStent infinite is slated for 2027, along with submission and approval for iDose TR and Phase IV iDose studies.
