Glaukos Stock Rockets 20% as iDose and Epioxa Fuel Record Sales, Company Targets $1 Billion Revenue in 2027

Glaukos shares jumped more than 20% in early trading Thursday. The eye care company reported record third-quarter sales, sharply raised its full-year forecast and gave a preliminary 2027 revenue target of $1 billion.

The stock rose $36.67, or 20.2%, to $218.14, lifting Glaukos' market value to about $12.3 billion. The shares have more than doubled over the past 52 weeks, up about 107%.

Record quarter

Glaukos reported third-quarter net sales of $211 million, up 58% from a year earlier.

"Today, Glaukos reported record third quarter consolidated net sales of $211 million, up 58% versus the year ago quarter," Chairman and Chief Executive Tom Burns said on the earnings call.

The company posted adjusted earnings of 47 cents a share, compared with a loss of 16 cents a year earlier. Adjusted gross margin rose nearly 400 basis points to about 88%.

Two blockbuster launches

Two newer products drove the growth.

U.S. glaucoma sales rose 47% to $118.6 million. About $76 million came from iDose TR, a tiny implant that releases glaucoma medication inside the eye for months, reducing the need for daily eye drops.

Corneal health sales jumped 154% to $59 million, led by about $53 million from Epioxa, a treatment for keratoconus, a progressive eye disease that thins the cornea. It was Epioxa's first full quarter after it received a dedicated Medicare billing code on July 1.

International glaucoma sales rose 15% in constant currency to $33.4 million.

Key third-quarter figures:

Net sales: $211 million, up 58% Adjusted EPS: 47 cents vs. a 16-cent loss a year ago iDose TR sales: about $76 million Epioxa sales: about $53 million U.S. glaucoma sales: $118.6 million, up 47% Cash and investments: $339.8 million

Guidance raised sharply

Glaukos raised its 2026 net sales forecast to $775 million to $785 million, up from $680 million to $700 million. The midpoint rose by $90 million.

"We are raising our full year 2026 net sales guidance to $775 million to $785 million," Burns said.

The company now expects iDose TR revenue in the low $280 million range for the year.

$1 billion target

Glaukos also gave what Burns called "highly preliminary 2027 revenue guidance of $1 billion."

President and Chief Operating Officer Joe Gilliam said management modeled several scenarios for Medicare coverage of iDose TR, including restrictive ones. "We saw the path lead to $1 billion of revenue," he said.

Gilliam told analysts to "assume in your models a $65,000 to $70,000 net ASP" for Epioxa. He said early realized pricing was trending toward the higher end of that range.

Medicare coverage risk

The main risk for Glaukos is Medicare coverage of iDose TR.

Regional Medicare contractors proposed local coverage determinations in May that could restrict reimbursement for the implant. Glaukos said there have been no new updates, and contractors have up to a year from the draft to act.

Chief Financial Officer Alex Thurman said the company's growth should hold up, "given the fact that Epioxa and iDose continue to be the 2 most transformative revenue growth drivers."

Spending to grow

Glaukos expects full-year operating expenses of about $630 million, an increase of just over 30%, as it invests in launches and research.

The company has 14 disclosed development programs. It plans to launch a keratoconus screening device in 2027 and is targeting FDA approval for iDose TRIO by the end of 2027.

It also licensed GLK-901, a tri-specific biologic, from RevOpsis.

Analysts raise targets

Several analysts raised their price targets after the results, according to Benzinga.

The surge brings Glaukos close to doubling its annual revenue in two years. Investors will look for further evidence that its new products can maintain their momentum, particularly if Medicare coverage for iDose tightens.