Research · Sep 3, 2026
[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.