Glaukos (GKOS) Stock Forecast & Price Target

Glaukos is supported by a differentiated ophthalmology platform that combines its pioneering MIGS franchise with iDose TR, a first-of-its-kind long-duration intracameral implant, and Epioxa, both of which expand the company beyond traditional glaucoma devices into higher-value procedural pharmaceuticals and corneal therapy. The survey data points to meaningful commercial traction for iDose, with 48% of repeat respondents raising their 2026 volume expectations, average glaucoma diagnosis of 95 patients per month, and a high-volume physician base already performing 220 SLT/DSLT procedures in 2024 and expected to rise to 290 in 2026, while iDose sales estimates were lifted to roughly $300M/$385M in 2027/2028 on a probability-weighted basis and could be about $264M in 2026 in one scenario. Although reimbursement and LCD risk could create a ~25%-30% headwind to future iDose volumes and about a -$30M impact in CY27 if finalized as proposed, the company’s ability to offset that with Epioxa upside, plus the breadth of its commercialized iStent portfolio and expanding pipeline in retina and demodex blepharitis, underpins a constructive fundamental outlook.

Glaukos is facing a fundamentally fragile demand profile for iDose TR because a meaningful share of current use depends on patients who have already undergone SLT/DSLT, and the survey data imply that proposed LCD restrictions could cut future volumes by about 25% on a weighted basis, with Street numbers possibly needing to come down by roughly 10% in CY27. The risk is amplified by the fact that about 47% of surveyed iDose procedures were already being used after SLT/DSLT, about 26% were performed with MIGS, and roughly 16% of mild-to-moderate patients may be poor candidates or ineligible for SLT/DSLT, so tighter coverage rules would narrow the eligible pool, delay therapy, and reduce physician flexibility rather than expand access. Beyond reimbursement pressure, the company’s economics are also vulnerable to policy-driven adoption friction and pricing dissatisfaction, while the core offsets cited by bulls—accelerating growth in FY27, Epioxa in FY27/28, and pipeline contributions over the next 12-18 months—remain dependent on reimbursement consistency and have not yet proven enough to fully neutralize the near-term headwind.