Glaukos beats, raises 2026 sales outlook and sets $1B 2027 target

 

Glaukos beats Q3 2026 estimates with EPS $0.47, revenue $211M, raises 2026 sales outlook and sets $1B 2027 target

• Q3 revenue $211M, +58% YoY, with non-GAAP EPS $0.47, +394% YoY, and $28.5M profit.
• 2026 net sales guidance raised to $775–785M from $680–700M on broad outperformance.
• Management introduced preliminary 2027 revenue target of $1B, stress-tested against downside LCD scenarios.
• Epioxa delivered ~$53M Q3 sales; corneal health revenue +154% YoY to $59M.
• iDose TR generated ~$76M; U.S. Glaucoma revenue +47% YoY to $118.6M.
• Non-GAAP gross margin expanded ~400 bps YoY to ~88%, driven by higher Epioxa/iDose mix.
• Epioxa access strong: ~90% commercial, >80% Medicaid lives covered; ASP guided $65–70K.
• iDose faces potential Medicare LCD restrictions; management preparing clinical data, sees 2027 revenue at least flat.
• Over $50M Q3 cash generation; 2026 OpEx guided to ~$630M, ~30% YoY with leverage.
• Pipeline advancing across glaucoma, keratoconus, retina; RevOpsis deal adds tri-specific retinal biologic platform.
• Main concern: Potential restrictive Medicare LCDs for iDose TR and early-stage Epioxa reimbursement frictions.
• Strong quarter, driven by outsized Epioxa and iDose TR launches and significant margin expansion.

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