Anthony Petrone, an analyst from Mizuho Securities, maintained the Hold rating on Glaukos (GKOS – Research Report). The associated price target is $85.00.
Anthony Petrone has given his Hold rating due to a combination of factors that indicate both positive and uncertain prospects for Glaukos Corporation. The company’s revenue beat expectations by $4 million and adjusted loss per share was $0.07 better than street estimates. Glaukos reaffirmed its FY2024 revenue guidance, indicating confidence in their projections. However, the recent initiation of the iDose device implants is coupled with a cautious release strategy and pending updates on its labeling and reimbursement, contributing to the Hold position. The uncertainty surrounding the timeline for the permanent J code in the second half of the year and the need for FDA approval for label updates regarding reimplantation add complexity to the immediate outlook for the stock.
Moreover, while the launch of iDose and the iStent Infinite are promising, the company’s stock price has seemingly already factored in these developments, suggesting limited near-term upside. Adjustments to the FY2024 projections to $356 million in revenue and -$2.03 adjusted EPS reflect the gradual rollout of iDose and the pending finalization of reimbursement codes. The mid to late 2024 timeframe could serve as a point of inflection for Glaukos, as reimbursement changes may significantly boost iDose adoption and iStent utilization. Yet, Petrone maintains a Neutral stance in anticipation of more definitive progress updates regarding the iDose launch and key reimbursement catalysts.
According to TipRanks, Petrone is a 3-star analyst with an average return of 2.8% and a 49.68% success rate. Petrone covers the Healthcare sector, focusing on stocks such as Lantheus, Boston Scientific, and Edwards Lifesciences.
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Glaukos (GKOS) Company Description:
Glaukos Corp. is an ophthalmic medical device company, which engages in the development and commercialization of surgical devices and sustained pharmaceutical therapies designed to treat glaucoma. Its Micro Invasive Glaucoma Surgery procedures are designed to reduce intraocular eye pressure by improving aqueous outflow through the natural physiologic pathway. The company was founded by Olav B. Bergheim, Morteza Gharib, and Richard Hill on July 14, 1998 and is headquartered in San Clemente, CA.
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