The magnitude of the revenue beat and the guidance raise to $775M-$785M (implying ~$228M-$230M in Q4) signal accelerating commercial traction for both iDose TR and Epioxa. The preliminary $1B FY 2027 guide suggests management sees a clear path to sustained 30%+ growth. Key watch items: Q4 execution on Epioxa J-code optimization and the five MAC proposed LCDs for iDose TR, which could create reimbursement headwinds.
Price Chart
Executive Summary
Glaukos reported Q3 2026 record net sales of $211.0M (+58% YoY), well above the $168.1M consensus, and achieved GAAP net income of $2.0M ($0.03 diluted EPS) versus a consensus loss of $-0.09. Non-GAAP diluted EPS was $0.47. The company raised its FY 2026 revenue guidance to $775M-$785M (from $680M-$700M) and introduced preliminary FY 2027 guidance of $1B, driven by accelerating adoption of iDose TR and the Epioxa launch.
Key Financial Metrics
Key Facts
- Q3 2026 net sales of $211.0M, up 58% YoY, a record
- GAAP net income of $2.0M ($0.03 diluted EPS) vs consensus loss of $-0.09
- Non-GAAP diluted EPS of $0.47 vs consensus $-0.09
- FY 2026 revenue guidance raised to $775M-$785M from $680M-$700M
- Preliminary FY 2027 revenue guidance of $1B introduced
- U.S. Glaucoma revenue $118.6M (+47% YoY), iDose TR sales ~$76M in Q3
- Corneal Health revenue $59.0M (+154% YoY), Epioxa sales ~$53M
- Non-GAAP gross margin expanded to ~88% from ~84% YoY
- Cash and investments $339.8M, up $50.5M QoQ, no debt
- Positive Phase 4 combo-cataract iDose TR data and 3-year Epioxa extension results announced
Financial Impact
Revenue beat of ~$42.9M vs consensus; EPS surprise of +$0.56 vs consensus; guidance raised by ~$90M at midpoint
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| U.S. Glaucoma | $118.6M | +47.0% |
| International Glaucoma | $33.4M | +13.0% |
| Corneal Health | $59.0M | +154.0% |
Risk Factors
- Five MACs have proposed local coverage determinations (LCDs) for iDose TR that could limit reimbursement
- CMS proposed modest reductions in physician fee reimbursement for cataract and surgical MIGS CPT codes for CY 2027
- Epioxa launch still in early stages; operational reimbursement workflows are being refined
- Tariff and geopolitical uncertainties, though company states minimal direct exposure
- Trade secrets litigation and resolution agreement with UC Regents ($14.1M expense in Q3) represent ongoing legal costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-436147 |
| Document: gkos-ex99_1.htm | 0001193125-26-436147 |
| Document: gkos-20261028.htm | 0001193125-26-436147 |
| Document: 0001193125-26-436147-index-headers.html | 0001193125-26-436147 |
| Document: 0001193125-26-436147-index.html | 0001193125-26-436147 |
| Document: 0001193125-26-436147.txt | 0001193125-26-436147 |
| 8-K Data (Synthetic) | 0001193125-26-436147 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 today | 144 | $241.18 | awaiting T+1 | awaiting T+1 | $237.60 (−1.48%) |
Oct 28, 2026 2d ago | 8-K | $242.48 $237.60 | ▼ −2.01% | ▼ −0.24% | $237.60 (−2.01%) |
Aug 13, 2026 11w ago | Insider Cluster | $184.53 $185.62 | ▲ +0.59% | ▲ +1.06% | $237.60 (+28.76%) |
Aug 11, 2026 11w ago | Insider Cluster | $186.63 $189.45 | ▲ +1.51% | ▲ +0.81% | $237.60 (+27.31%) |
Aug 3, 2026 12w ago | 8-K | $170.87 $170.53 | ▼ −0.20% | ▼ −2.00% | $237.60 (+39.05%) |
Jul 8, 2026 16w ago | Insider Cluster | $155.07 $152.72 | ▼ −1.52% | ▼ −1.95% | $237.60 (+53.22%) |
May 4, 2026 25w ago | 8-K | $135.85 $133.42 | ▼ −1.79% | ▼ −2.58% | $237.60 (+74.90%) |
May 1, 2026 26w ago | Insider Cluster | $140.22 $135.85 | ▼ −3.12% | ▼ −2.78% | $237.60 (+69.45%) |
Mar 16, 2026 32w ago | Insider Cluster | $98.94 $102.93 | ▲ +4.03% | ▲ +3.76% | $237.60 (+140.15%) |
Mar 16, 2026 32w ago | Insider Cluster | $98.94 $102.93 | ▲ +4.03% | ▲ +3.76% | $237.60 (+140.15%) |
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