Glaukos (GKOS) Stock Forecast & Price Target

Glaukos is viewed positively because iDose TR appears to have strong underlying adoption momentum, with surveyed doctors expecting average procedure volume to rise from 220 in 2024 to 290 in 2026, while utilization is already supported by high-volume SLT/DSLT physicians and meaningful combined use with MIGS. The diligence also suggests that even if the proposed LCD trims iDose sales, the hit may be manageable, with probability-weighted 2027 iDose sales around $300M and a base-case 2026 estimate of $264M versus Street’s $236M, implying the market may be underestimating resilience. Beyond iDose, Epioxa is emerging as a major growth catalyst, potentially adding material upside in 2026 and helping drive accelerating growth in FY27 and ultimately FY27/28, while the broader pipeline adds further optionality.

Glaukos is exposed to meaningful fundamental pressure because proposed MAC LCDs could force failed medical therapy and failed SLT before iDose TR, while also limiting concomitant MIGS use, which physicians estimate could reduce iDose volumes by about 25% on a CY25 weighted-average basis. That policy risk compounds existing reimbursement pushback on Epioxa pricing and physician concern that restrictive coverage rules delay care, raise administrative burden, and weaken adoption in a market already facing competition and share losses. In addition, the company has lost Photrexa, with discontinuation in 2Q26, so the bear case depends on high-single-digit revenue growth that still assumes iDose is materially impacted and Epioxa volumes miss expectations.