Glaukos Corporation
- Open
- 180.80
- Day high
- 181.29
- Day low
- 178.47
- Prev close
- 179.53
- Volume
- 393K
- Mkt cap
- $10.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 15.6
- P/S
- 17.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$22.4M over the last 3 months (0 open-market buys, 13 sales)
- 🏛Institutions accumulating (13F)
Glaukos Corporation (GKOS) is a Healthcare company listed on NYSE. The stock is up 99% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 13 sales (SEC Form 4). Drillr has 2 published research articles covering GKOS.
Glaukos Corporation (GKOS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
GKOS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $-0.21 | $-0.14 | +33.5% | $186M | +23.0% |
| Apr 29, 2026 | $-0.30 | $-0.18 | +40.0% | $151M | +9.5% |
| Feb 17, 2026 | $-0.22 | $-0.28 | -27.3% | $143M | +6.5% |
| Oct 29, 2025 | $-0.27 | $-0.16 | +40.7% | $134M | +3.2% |
| Jul 30, 2025 | $-0.26 | $-0.24 | +7.7% | $124M | +1.4% |
| Apr 30, 2025 | $-0.33 | $-0.22 | +33.3% | $107M | +3.8% |
| Feb 20, 2025 | $-0.38 | $-0.40 | -5.3% | $105M | +4.5% |
| Jul 31, 2024 | $-0.52 | $-0.52 | +0.0% | $96M | +7.5% |
| May 1, 2024 | $-0.58 | $-0.70 | -20.7% | $86M | +7.4% |
| Feb 21, 2024 | $-0.56 | $-0.63 | -12.5% | $82M | +5.7% |
| Nov 1, 2023 | $-0.56 | $-0.50 | +10.7% | $78M | +3.8% |
| Aug 2, 2023 | $-0.57 | $-0.55 | +3.5% | $80M | +7.8% |
GKOS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 1, 2026 | Navratil Tomasofficer: CHIEF DEVELOPMENT OFFICER | Sell | 6,091 | $181.19 |
| Sep 1, 2026 | Navratil Tomasofficer: CHIEF DEVELOPMENT OFFICER | Sell | 7,643 | $180.25 |
| Sep 1, 2026 | Navratil Tomasofficer: CHIEF DEVELOPMENT OFFICER | Sell | 10 | $182.50 |
| Aug 20, 2026 | Kliman Gilbert Hdirector | Option | 2,500 | $25.77 |
| Aug 20, 2026 | Kliman Gilbert Hdirector | Sell | 2,500 | $190.00 |
| Aug 13, 2026 | Gilliam Joseph Eofficer: PRESIDENT & COO | Option | 10,000 | $48.46 |
| Aug 13, 2026 | Gilliam Joseph Eofficer: PRESIDENT & COO | Option | 20,000 | $55.18 |
| Aug 13, 2026 | Gilliam Joseph Eofficer: PRESIDENT & COO | Sell | 27,963 | $178.89 |
| Aug 13, 2026 | Gilliam Joseph Eofficer: PRESIDENT & COO | Sell | 32,037 | $180.49 |
| Aug 11, 2026 | Thurman Alex R.officer: SVP & CHIEF FINANCIAL OFFICER | Option | 20,000 | $33.81 |
| Aug 11, 2026 | Thurman Alex R.officer: SVP & CHIEF FINANCIAL OFFICER | Sell | 20,000 | $180.13 |
| Aug 3, 2026 | WEN LEANAdirector | Sell | 525 | $167.63 |
| Jul 21, 2026 | Thurman Alex R.officer: SVP & CHIEF FINANCIAL OFFICER | Sell | 10,000 | $160.00 |
| Jul 21, 2026 | Thurman Alex R.officer: SVP & CHIEF FINANCIAL OFFICER | Option | 10,000 | $38.68 |
| Jul 13, 2026 | Thurman Alex R.officer: SVP & CHIEF FINANCIAL OFFICER | Sell | 10,000 | $155.00 |
Source: GKOS SEC Form 4 filings, latest Sep 1, 2026. For informational purposes only — not investment advice.
See the full GKOS insider & 13F page →GKOS research & analysis
[GKOS] Glaukos Thesis 2026: iDose TR Drives MIGS Glaucoma Corneal Health Capital Return
Glaukos Corporation (NYSE: GKOS) FY2025 revenue ~$430-475M (+25-35%) with adj. operating loss ~$(15-50M) + adj. EPS ~$(0.20-0.85) reflecting continued post-2024 ~$430-475M aggregate Minimally Invasive Glaucoma Surgery (MIGS) + iDose TR + Corneal Health revenue (~$305-330M aggregate US Glaucoma + ~$65-75M aggregate International Glaucoma + ~$60-70M aggregate Corneal Health) under continued Founder + Chairman + CEO Tom Burns since 1998 (~27-year founding tenure as Glaukos CEO). One of the largest US specialty Minimally Invasive Glaucoma Surgery + iDose TR + Corneal Health ophthalmic medical device companies. Founded 1998 as Glaukos Corporation by Tom Burns + co-founders in Laguna Hills California (~27-year heritage; selected pioneer Minimally Invasive Glaucoma Surgery via iStent platform); selected post-June 2015 NYSE IPO; selected post-2015-2025 ~$1.5B+ cumulative equity raises + Convertible Notes; selected post-November 2019 ~$500M+ Avedro acquisition (Corneal Health + Photrexa + iLink crosslinking); selected post-December 2023 iDose TR FDA approval (1st FDA-approved 3-year travoprost intracameral implant for glaucoma). Headquartered in Aliso Viejo California; ~1,000-1,200 employees globally with ~15-20% Tom Burns + management + Foundation + institutional ownership concentration. One primary business: ophthalmic medical device + therapeutic ~100%. Structure: US Glaucoma ~70%+ ($305-330M), International Glaucoma ~15%+ ($65-75M), Corneal Health ~14%+ ($60-70M). Geographic mix: US ~76%+ + International ~24%. iDose TR + MIGS Glaucoma Surgery pipeline (~$305-330M US revenue): selected primary post-December 2023 iDose TR FDA approval (1st FDA-approved 3-year travoprost intracameral implant); selected ~$150-200M FY2025 iDose TR revenue contribution; selected iStent infinite + iStent inject W + iStent inject Trabecular Bypass Micro-Stents; selected ~150-200K+ annual MIGS procedures; selected ~3-4M US Open-Angle Glaucoma addressable population; selected ~$3-5B annual US Glaucoma surgical market. Corneal Health + International + Pipeline Expansion: selected continued post-November 2019 Avedro Corneal Health ~$60-70M revenue (Photrexa + iLink crosslinking for keratoconus; ~25,000+ annual iLink procedures); selected International Glaucoma ~$65-75M revenue (Japan + EU + Australia iStent + iDose TR launches); selected Epioxa Phase 3 readout 2026-2027 + iLink HTN + iDose TREX-2 Phase 2/3 pipeline. Founder + Chairman + CEO Tom Burns since 1998 (~27-year founding tenure); CFO Joseph Gilliam. Capital position: ~$0 dividend (no dividend track post-June 2015 NYSE IPO); minimal opportunistic buybacks; aggregate capital return ~$0M FY2025; net cash ~$0.30-0.45B aggregate cash + investments balance; net leverage ~moderate (~$0.30-0.45B Convertible Notes); non-investment grade unrated credit; ~53-55M diluted shares. FY2026 thesis: iDose TR US commercial expansion ($150-200M → $250-350M) + Corneal Health + International Glaucoma pipeline + Epioxa Phase 3 readout 2026-2027 + ~3-4M US Open-Angle Glaucoma addressable population + ~$3-5B US Glaucoma surgical market + ~$0.30-0.45B aggregate cash runway. Risks: Alcon (Novartis spin-off) + Bausch & Lomb + STAAR Surgical + Aerie Pharmaceuticals + iSTAR Medical + Sight Sciences + Nova Eye Medical + Topcon competitive displacement + iDose TR reimbursement coverage cycle considerations + Medicare + Centene Magellan + Express Scripts + CVS Caremark payer cycle considerations + Federal Reserve interest rate cycle considerations + post-November 2019 Avedro integration considerations + post-1998 Tom Burns founder concentration governance considerations.
Cataract Surgery Stops Growing in the US
Alcon and Bausch + Lomb reported flat US cataract volume in Q2 2026; growth now comes from premium intraocular lenses, worth $15 million a point to Alcon.
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Glaukos Corporation company profile
Overview
Glaukos Corporation (NASDAQ:GKOS) is a specialized ophthalmic medical technology and pharmaceutical company founded in 1998 and headquartered in San Clemente, California. The company went public in June 2015 and has established itself as a pioneer in minimally invasive glaucoma surgery (MIGS) and innovative ocular therapeutics. Glaukos focuses on developing and commercializing novel therapies for treating glaucoma, corneal disorders, and retinal diseases, with a particular emphasis on what it calls "interventional glaucoma" - a proactive approach to treating eye pressure and preventing vision loss before significant damage occurs.
Business
Glaukos operates in the ophthalmic medical device and pharmaceutical industry, developing treatments for serious eye conditions that can lead to blindness if left untreated. The company's business is organized around three main franchises: **U.S. Glaucoma Franchise** (approximately 55% of revenue): This segment focuses on treating glaucoma, a group of eye diseases that damage the optic nerve and can cause irreversible vision loss. Glaucoma typically occurs when fluid pressure inside the eye becomes too high, damaging the optic nerve over time. The company's flagship products are the iStent family of micro-bypass stents - tiny titanium devices that are inserted during cataract surgery to create new drainage pathways for eye fluid (aqueous humor), thereby reducing intraocular pressure. The iStent, iStent inject, and newer iStent infinite are designed to enhance the eye's natural drainage system. The company's revolutionary iDose TR represents a paradigm shift - it's an injectable implant that delivers glaucoma medication directly inside the eye for extended periods, eliminating the need for daily eye drops that many patients struggle to use consistently. **International Glaucoma Franchise** (approximately 25% of revenue): This segment markets the same MIGS technologies globally through direct sales and distributors, focusing on changing the standard of care in international markets where traditional glaucoma surgery has been more prevalent. **Corneal Health Franchise** (approximately 20% of revenue): This division addresses corneal disorders, particularly corneal ectasia conditions like keratoconus where the cornea becomes thin and cone-shaped, causing vision distortion. The primary product is Photrexa, a riboflavin ophthalmic solution used in corneal collagen cross-linking procedures to strengthen and stabilize weakened corneas. The company is also developing Epioxa, a non-invasive corneal cross-linking therapy that doesn't require epithelial removal, potentially making the procedure more comfortable for patients.
Revenue model
Glaukos generates revenue primarily through product sales of its medical devices and pharmaceutical products to healthcare providers. The company sells its iStent devices and corneal health products directly to hospitals, ambulatory surgery centers, and ophthalmologists, who then use these products in patient procedures. For iDose TR, the company receives payment when the drug-device combination is administered to patients. The business model faces several key margin influencers. **Positive factors** include the company's premium pricing for innovative technologies, the recurring nature of glaucoma treatment creating repeat customers, and the potential for expanded market penetration as interventional glaucoma gains acceptance. The shift toward earlier intervention in glaucoma treatment could significantly expand the addressable market from current surgical candidates to the broader population of glaucoma patients. **Negative factors** include reimbursement challenges, particularly with Medicare Administrative Contractors (MACs) and Local Coverage Determinations (LCDs) that can restrict combination procedures, competitive pressure from larger medical device companies, and the high costs associated with clinical trials and regulatory approvals for new products. The company's margins are also sensitive to manufacturing scale, R&D investment levels, and the success rate of its clinical pipeline, as failed programs represent sunk costs while successful launches can drive significant margin expansion.
Competitive moat
Glaukos possesses a moderate but potentially strengthening competitive moat built on several key factors. The company's **first-mover advantage** in MIGS technology has established it as the market leader, with the iStent being the first FDA-approved MIGS device. This has created strong relationships with key opinion leaders and established clinical evidence supporting the technology. The company's **intellectual property portfolio** provides some protection, though patents in medical devices can be circumvented through design innovations. The **regulatory barriers** in ophthalmology create a significant moat, as competitors must conduct lengthy and expensive clinical trials to gain FDA approval. Glaukos' experience navigating these regulatory pathways and its established clinical data provide advantages. The company's **specialized sales force** and training programs create switching costs for surgeons who invest time learning the procedures. However, the moat faces meaningful challenges. **Large medical device companies** like Johnson & Johnson, Alcon, and Abbott have entered or are entering the MIGS space with significant resources and established relationships with eye care providers. The **reimbursement environment** remains challenging, and competitors may develop alternative approaches that achieve better coverage. The company's dependence on a relatively small number of key products makes it vulnerable to competitive displacement. While iDose TR represents a potentially transformative innovation that could strengthen the moat through its unique drug-device combination approach, the company must execute successfully on commercialization and reimbursement to realize this potential.
Risks & safety
Glaukos presents a mixed margin of safety profile with both strengths and concerns: **Overall Assessment**: Moderate margin of safety supported by strong balance sheet but challenged by ongoing losses and cash burn. • **Cash and Liquidity**: Strong position with $114 million in cash and short-term investments as of Q1 2025, down from $170 million in Q4 2024, providing approximately 1-2 years of runway at current burn rates • **Debt Level**: Low debt burden with debt-to-equity ratio of 0.14, indicating minimal solvency risk from leverage • **Cash Flow**: Negative operating cash flow of -$18.5 million in Q1 2025 and negative free cash flow of -$20.5 million, though this represents improvement from historical levels • **Profitability**: Company remains unprofitable with net loss of $18.1 million in Q1 2025, though losses have narrowed from previous periods **Valuation Metrics**: • **Price-to-Book**: 7.3x, indicating premium valuation relative to book value • **Current Ratio**: Strong at 6.5x, indicating excellent short-term liquidity • **Quick Ratio**: 5.6x, confirming strong liquidity position **Other Considerations**: Revenue growth trajectory remains positive at 25% year-over-year, and the company's pipeline of innovative products provides potential upside, though execution risk remains significant.
Recent development
Over the past few years, Glaukos has undergone a significant strategic transformation centered around its **"interventional glaucoma"** philosophy - treating glaucoma proactively rather than waiting for disease progression. The most significant development has been the **launch of iDose TR**, the company's first intracameral sustained-release drug delivery system that received FDA approval and began commercial launch in 2023. This product represents a paradigm shift from traditional daily eye drops to a single injection that can provide therapeutic levels of medication for extended periods. The company has systematically expanded its **training and market access programs** for iDose TR, growing from a controlled launch to broader commercial availability. Key milestones include securing a permanent J-code (J7355) for billing, methodically working with Medicare Administrative Contractors (MACs) to establish reimbursement coverage, and training hundreds of surgeons on the injection technique. The company has also been building clinical evidence with nine peer-reviewed publications supporting the technology. In the **pipeline development** area, Glaukos has advanced several key programs. The company submitted an NDA for **Epioxa**, a non-invasive corneal cross-linking therapy that could expand treatment options for corneal disorders. The **iDose TREX program** has progressed to Phase 2b/3 clinical trials, representing a potential next-generation sustained-release platform. The company has also commenced pivotal studies for the **PRESERFLO MicroShunt** and continued development of **iStent infinite** for standalone glaucoma procedures. Strategically, the company has been **investing in infrastructure and capabilities**, including plans for a new R&D and manufacturing facility in Huntsville, Alabama. The focus has shifted toward achieving **cash flow breakeven** while maintaining investment in the clinical pipeline, reflecting a more disciplined approach to capital allocation as the company matures.
GKOS company profile · for informational purposes only — not investment advice.
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