Glaukos (GKOS) Stock Forecast & Price Target

Glaukos is attractive fundamentally because iDose TR appears to have strong early adoption in high-volume SLT/DSLT practices, with survey work showing ~60% of eyes had prior SLT and ~55%-60% of volumes are performed with MIGS, while doctors expect procedure volumes to rise from 220 in 2024 to 290 in 2026. The company also has multiple growth drivers beyond iDose, as Epioxa could add meaningful upside—one estimate points to ~$106M in 2026 from ~1,400 eyes and another scenario suggests 2027 sales of ~$300M—helping offset any LCD-related pressure on iDose. With a broader pipeline that includes retina and demodex blepharitis, plus evidence that 48% of repeat respondents raised 2026 volume expectations versus 37% who lowered them, the stock has a favorable risk-reward profile and a credible path to accelerating growth in FY27.

Glaukos is facing a meaningful reimbursement overhang as proposed LCDs would require failed medical therapy and failed SLT before iDose TR, while also restricting concomitant MIGS use and physician-directed treatment choices. Survey work in the text suggests roughly 47% of iDose procedures involved prior SLT/DSLT and about 26% were done with MIGS, so finalizing the LCDs as proposed could materially reduce utilization, with physicians estimating about a -25% volume impact and roughly flattish 2027 iDose volumes year over year. Beyond iDose, the case also weakens from Photrexa’s complete 2Q26 discontinuation, slower Epioxa adoption, and ongoing risks from competition, payer pushback, and reimbursement headwinds across the core glaucoma and corneal portfolios.