New York, Feb 19, 2026, 09:22 EST — Premarket
- GKOS held steady in premarket, coming off Wednesday’s roughly 13% surge.
- Record fourth-quarter sales came in from the eye-care company, which also stuck to its 2026 revenue outlook.
- Price targets got a bump after earnings, with analysts zeroing in on iDose TR adoption and how the Epioxa launch is shaping up.
Glaukos Corporation slipped roughly 0.1% to $120.90 ahead of Thursday’s open, giving back just a sliver after a 13.5% surge took the stock to a $121.00 close the day before. (StockAnalysis)
Glaukos wants investors to focus on product adoption rather than red ink, but it’s not clear how much optimism is baked into the shares. Its 2026 outlook lands right in the thick of the debate.
Traders are eyeing iDose TR, the long-duration glaucoma implant, to see if it can keep pushing revenue higher even as costs climb. Epioxa, the other growth lever over in corneal health, is approaching commercialization—a milestone that could start shifting estimates, though execution risk still hangs over the timeline.
Glaukos posted a 36% jump in fourth-quarter net sales to $143.1 million. For 2025, net sales increased 32% to $507.4 million. The company stuck with its 2026 sales outlook, still projecting between $600 million and $620 million. CEO Thomas Burns pointed to iDose TR and, now, Epioxa as the company’s two “transformational growth drivers.” GAAP gross margin for the latest quarter landed at roughly negative 1%, hit by a one-time non-cash impairment charge of $112.9 million related to the Photrexa-to-Epioxa transition. Glaukos wrapped up 2025 holding about $282.6 million in cash, reporting zero debt. (Glaukos Investors)
Glaukos reported an adjusted loss of 28 cents per share, missing the Zacks consensus call for a 22-cent loss. Revenue, though, landed at $143.12 million. (Nasdaq)
The company attached its earnings release and a quarterly summary document as exhibits in a recent U.S. securities filing. (SEC)
After earnings landed, analysts ratcheted up their targets. David Saxon at Needham bumped his price target to $127 from $125. Over at Wells Fargo, Larry Biegelsen upped his to $135 from $122 and maintained an Overweight stance, according to a summary of the moves. (Benzinga)
For now, Glaukos is all about iDose TR. Back in January, the company announced FDA approval for a labeling supplement—this one lets physicians re-administer iDose TR to patients with healthy corneas under a repeat-treatment protocol. The implant stays inside the eye, dispensing travoprost continuously to help reduce pressure. (Glaukos Investors)
Glaukos staked its claim on micro-invasive glaucoma surgery, known as MIGS, betting on procedures designed to reduce eye pressure while sparing more tissue than old-school glaucoma surgeries. Bigger eye-care companies are in the mix too, competing for the same business — and surgeons can be quick to switch up their tools when a fresh device drops or a change in reimbursement comes through.
Still, the risks here haven’t disappeared. Glaukos remains unprofitable, and a big jump on Wednesday doesn’t erase core issues: sluggish adoption, cautious payers, or the company’s habit of outpacing its own revenue with spending. Even this quarter, margins got clouded fast by accounting charges.
All eyes now on the Epioxa launch. The FDA gave Epioxa the green light in October for treating keratoconus without taking off the corneal epithelium—Glaukos is sticking to its timeline and says the product should hit the market in the first quarter of 2026, wrapping up March 31. BTIG’s Ryan Zimmerman flagged the rollout as a draw for “new doctors,” not just the company’s current customers. (Reuters)
