Stifel analysts increased their price target for Glaukos Corporation (NYSE:GKOS) to $175 from $153 while maintaining a Buy rating. This reflects strong confidence in the company’s iDose technology, which has exceeded lofty expectations among trained surgeons and demonstrated substantial growth potential.
A recent survey of 26 surgeons trained in iDose usage revealed impressive results, with quarterly volume projections supporting a robust fourth-quarter 2024 sales figure in the mid-teen million-dollar range, indicating a likely beat against Street estimates. Looking ahead to 2025, the survey suggests significant upside, with average expected volumes surpassing initial forecasts. This positions iDose to achieve sales exceeding $150 million, well above the current consensus estimate of $106 million.
Key factors driving this optimism include improved reimbursement processes and growing commercial insurance coverage, which are expected to create a favorable operating environment for surgeons utilizing iDose. Additionally, the qualitative feedback from surveyed doctors highlighted a high Net Promoter Score of 69, underscoring the product’s long-term potential and reinforcing confidence in its role over the next five to ten years.
As Glaukos continues to expand its reach and capitalize on the strong performance of iDose, the analysts mentioned that the company is well-positioned to sustain its upward trajectory, solidifying its leadership in innovative ophthalmic solutions.