Glaukos (GKOS) Stock Forecast & Price Target

Glaukos is supported by a strong multi-product growth story in which iDose TR appears underappreciated, with survey work showing roughly 60% of iDose eyes have prior SLT and about 60% of procedures are combined with MIGS, suggesting meaningful real-world demand even under restrictive LCD assumptions. The company’s 2027 iDose sales outlook of about $300M on a probability-weighted basis, versus a potential ~$240M if proposed LCDs are finalized unchanged, still looks manageable given the implied offsets from Epioxa, whose upside is estimated at roughly 1,500 additional eyes versus Street’s ~2,100. With doctors expecting higher 2026 iDose volumes and Glaukos already commercializing iStent, iStent inject W, iStent infinite, and a proprietary keratoconus therapy, the business has multiple catalysts that can sustain growth and improve sentiment.

Glaukos is facing a material reimbursement overhang as the proposed iDose LCDs could require failed medical therapy and prior SLT, while also restricting combination use with MIGS, a setup that surgeons strongly oppose and say would delay care and increase patient burden. Survey data suggests ~47% of iDose procedures had prior SLT/DSLT and ~26% were done with MIGS, with physicians estimating about a -25% volume hit if the draft LCDs are finalized “as is,” implying roughly flattish 2027 iDose volumes y/y in the current form and around a -$30M exposure in CY27 for Medicare FFS patients. Beyond iDose, the bear case also reflects poor execution risk, intensifying competition in MIGS, reimbursement headwinds, and slower corneal adoption, while Epioxa pricing and coverage uncertainty add to the strain.