Glaukos
Develops implantable glaucoma therapies and corneal cross-linking treatments.
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Profile
Sells iStent micro-bypass devices, iDose TR sustained-release glaucoma implants, and iLink corneal cross-linking therapies through direct sales and distributors. Most revenue comes from glaucoma products and U.S. customers, while adoption depends on regulatory approval, reimbursement, and ophthalmologist use.
Develops and commercializes ophthalmic devices and procedural pharmaceuticals for glaucoma and corneal disease, with retinal and anterior-segment drug-delivery programs in development. The commercial portfolio combines the iStent family of micro-bypass devices, the iDose TR intracameral glaucoma implant, and iLink corneal cross-linking therapies. The corneal franchise is shifting from Photrexa to Epioxa, an epithelium-on treatment for keratoconus.
Most sales come from glaucoma products, and the United States provides most revenue. Products reach ophthalmic surgeons through a direct U.S. sales force, international subsidiaries, and distributors. Commercial execution centers on surgeon training, direct selling, and securing procedural reimbursement.
Operates as one segment. Commercial results depend on regulatory approvals, payer coverage, physician uptake, and product supply. Implanted products are concentrated at one California manufacturing campus, while corneal pharmaceuticals rely on a small group of contract manufacturers.
Company facts
Categories
Key statistics
Year to date +62.5% · Average volume (30d) 809.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | BTIG | Reiterate | Buy | $164 | $202 | |
| Jul 30, 2026 | H.C. Wainwright | Reiterate | Buy | $168 | $195 | |
| Jul 30, 2026 | Stifel Nicolaus | Target | $170 | $190 | ||
| Jul 30, 2026 | Piper Sandler | Reiterate | Overweight | $165 | $195 | |
| Jul 30, 2026 | Wells Fargo | Reiterate | Overweight | $135 | $178 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | −$0.21 | −$0.14 | +33.5% | $150.9M | $185.6M | +23.0% | +4.24% |
| Apr 29, 2026Q1 FY26 | −$0.30 | −$0.18 | +40.0% | $137.0M | $150.6M | +9.9% | +22.84% |
| Feb 17, 2026Q4 FY25 | −$0.22 | −$0.28 | −27.3% | $136.4M | $143.1M | +4.9% | +13.47% |
| Oct 29, 2025Q3 FY25 | −$0.27 | −$0.16 | +40.7% | $129.5M | $133.5M | +3.2% | +13.89% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $106.7M | $124.1M | $133.5M | $143.1M | $150.6M | $185.6M | |
| Gross profit | $82.3M | $97.2M | $104.7M | $111.4M | $117.2M | $151.6M | |
| Operating income | −$20.7M | −$22.7M | −$16.4M | −$27.0M | −$19.9M | −$17.3M | |
| Net income | −$18.1M | −$19.7M | −$16.2M | −$133.7M | −$19.8M | −$18.4M | |
| Diluted EPS | −$0.32 | −$0.34 | −$0.28 | −$2.32 | −$0.34 | −$0.31 | |
| Gross margin | 77.2% | 78.3% | 78.4% | 77.8% | 77.9% | 81.7% | |
| Operating margin | -19.4% | -18.3% | -12.3% | -18.9% | -13.2% | -9.3% |
Fiscal years (4-quarter sums)FY21 $294.0M · FY22 $282.9M · FY23 $314.7M · FY24 $383.5M · FY25 $507.4M
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $286.2M · Total debt $102.8M · Total assets $920.5M · Shareholders' equity $682.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 58.98M · Float 56.62M · 96.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.54M | 16.17% | 13F | Aug 7, 2026 |
| Janus Henderson Group PLC | 5.35M | 9.20% | 13G | May 15, 2026 |
| Jupiter Topco LLC | 4.86M | 8.24% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 3.32M | 5.63% | 13F | Aug 13, 2026 |
| Primecap Management Co/CA/ | 3.04M | 5.16% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Gilbert H. Kliman | director | −2,500 | $190.00 |
| Aug 11, 2026 | Joseph E. Gilliam | officer: PRESIDENT & COO | −60,000 | $179.74 |
| Aug 7, 2026 | Alex R. Thurman | officer: SVP & CHIEF FINANCIAL OFFICER | −20,000 | $180.13 |
| Jul 31, 2026 | Leana Wen | director | −525 | $167.63 |
| Jul 16, 2026 | Alex R. Thurman | officer: SVP & CHIEF FINANCIAL OFFICER | −10,000 | $160.00 |
Peers
- Alcon
Direct MIGS device rival through Hydrus Microstent
- AbbVie
Main drug-delivery rival to iDose TR
- Sight Sciences
Implant-free MIGS rival in interventional glaucoma
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Glaukos | $179.87 | −0.01% | $10.61B | — | 1,404.1 | 17.3 | +49.5% |
| Alcon | $72.15 | +0.21% | $35.12B | 55.4 | 18.6 | 3.3 | +7.5% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Sight Sciences | $8.55 | +0.23% | $465.2M | — | — | 5.6 | +19.6% |
| Median | 63.7 | 17.7 | 5.6 | +10.2% |