New York, Feb 19, 2026, 09:22 EST — Premarket
- GKOS was flat before the bell, following its nearly 13% jump on Wednesday.
- The eye-care company hit record sales in the fourth quarter and left its 2026 revenue forecast unchanged.
- Analysts lifted price targets following earnings, focusing closely on iDose TR uptake and tracking how the Epioxa launch plays out.
Glaukos Corporation edged down about 0.1% to $120.90 in premarket trade on Thursday, a minor pullback after shares had jumped 13.5% to finish at $121.00 the day before. 1
Glaukos is urging investors to look past its losses and instead zero in on how its products are catching on. Still, it’s tough to say just how much bullishness is already priced into the stock. The company’s 2026 guidance sits squarely at the center of that discussion.
All eyes are on iDose TR, the long-acting glaucoma implant, with traders watching whether it keeps driving revenue as expenses tick up. Over in corneal health, Epioxa nears commercialization; hitting that milestone might nudge estimates higher, but the timeline still faces execution risk.
Glaukos reported fourth-quarter net sales of $143.1 million, up 36%. Full-year net sales for 2025 rose 32% to $507.4 million. The company remains committed to its 2026 forecast, still expecting revenue between $600 million and $620 million. CEO Thomas Burns called out iDose TR and Epioxa as Glaukos’ “transformational growth drivers.” GAAP gross margin for the quarter slipped to around negative 1%, weighed down by a $112.9 million non-cash impairment tied to the Photrexa-to-Epioxa handoff. Cash at year-end 2025 stood at $282.6 million, debt unchanged at zero. 2
Glaukos came in with an adjusted loss of 28 cents per share, wider than the 22-cent loss analysts surveyed by Zacks had expected. Revenue reached $143.12 million. 3
In a recent U.S. securities filing, the company included both its earnings release and a quarterly summary as attached exhibits. 4
Analysts swiftly raised their price targets after the earnings release. Needham’s David Saxon moved his target up to $127 from $125. Wells Fargo’s Larry Biegelsen took his up to $135 from $122, sticking with his Overweight rating, per the latest summary. 5
Right now, Glaukos is pinning its hopes on iDose TR. In January, the company got the FDA’s green light on a labeling supplement, clearing doctors to give repeat iDose TR treatments to patients with healthy corneas. The device remains implanted, delivering a steady dose of travoprost to keep eye pressure down. 6
Glaukos put its chips on micro-invasive glaucoma surgery—MIGS—leaning into techniques that lower eye pressure but leave more tissue intact compared to older glaucoma ops. Larger eye-care players want a piece of that, too. The competition is tight, and surgeons don’t hesitate to swap out their go-to devices if something new hits the market or reimbursement shifts.
Yet risks linger. Glaukos is still running at a loss, and Wednesday’s rally does little to fix the basics: slow uptake, insurer hesitation, and the company’s tendency to burn through cash faster than it brings it in. Margins this quarter also took a hit, weighed down by accounting charges.
The focus shifts to the Epioxa debut. After the FDA signed off in October, clearing Epioxa for keratoconus without removing the corneal epithelium, Glaukos hasn’t budged from its launch schedule. They still aim for a first-quarter 2026 release, ending March 31. BTIG’s Ryan Zimmerman points out this rollout could pull in “new doctors,” not just the usual Glaukos crowd. 7
