Glaukos Poised for $1B in Sales by 2030: Piper Sandler Predicts With Stock Upgrade

Piper Sandler has upgraded Glaukos Corporation GKOS to Overweight from a Neutral rating, considered among the most exciting upcoming product launches in Midcap Medtech.

It calls the company’s 2023 guidance conservative, given that the MIGS market continues to shift the paradigm of care, and volumes have been solid lately. 

Core glaucoma business is expected to grow mid-single digits for the year. It is likely conservative as we believe the reimbursement headwinds are largely behind them.

While the name has run in recent weeks following iDose NDA submission, the analyst notes the Street is underestimating the ramp of both iStent Infinite (2H’23 into FY’24) and, more critically, iDose (1H’24 into FY’25). 

Conservatively, it sees ~$10 million of top-line upside potential in 2024 and ~$80 million in 2025. 

Additionally, iDose’s renewal cycle is perhaps underappreciated by the Street as it leads to a waterfall effect in the outer years, and we see a pathway to $1 billion in sales by 2030. 

Add on the other exciting pipeline projects, and the Piper analyst expects further upside even from these elevated levels.

Price Action: GKOS shares are up 3.47% at $67.07 on the last check Wednesday.