Glaukos Sets $1 Billion 2027 Sales Goal: Rapid Earnings Reaction
Key Points
Glaukos raised its 2026 sales forecast to $775 million to $785 million and set a preliminary 2027 target of $1 billion, after third-quarter sales jumped 58% to $211.0 million.
Profit is thinner than the adjusted figures suggest.
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Glaukos (NYSE:GKOS) raised its 2026 sales forecast to $775 million to $785 million and set a preliminary 2027 target of $1 billion. Shares rose about 31% in midday trading. Third-quarter sales jumped 58% to about $211 million. The company's two newer launches now bring in enough to cover its heavy spending, and the 2027 target looks cautious, not stretched.
Key Numbers
- Net sales: $211.0 million, up 58% year over year
- U.S. Glaucoma sales: $118.6 million, up 47%
- Corneal Health sales: $59.0 million, up 154%
- GAAP gross margin: about 85%, up from about 78%
What It Means
The growth is concentrated where it matters. U.S. Glaucoma includes the iDose TR drug implant, and Corneal Health includes the newer Epioxa treatment. Those two segments supplied all of the gain over the second quarter, while international glaucoma sales fell about 9%. Cost of sales barely rose as revenue surged, so the drug-based mix flows straight into gross margin.
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Profit is thinner than the adjusted figures suggest. GAAP operating income was barely positive. The adjusted version excludes about $20 million of legal costs, including a resolution agreement with the University of California's regents that the release doesn't explain. Litigation costs were also excluded earlier in the year, so treating them as one-time is generous.
Guidance is the bigger story. The new 2026 range implies fourth-quarter sales of roughly $228 million to $238 million. At that pace, $1 billion in 2027 needs only modest growth from the year-end run rate, a low bar for a business growing this fast.
What to Watch Next
Track whether U.S. Glaucoma and Corneal Health keep growing from quarter to quarter, since they carry the guidance. Also watch whether legal charges keep showing up in the adjustments.
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David Kretzmann has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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