On Tuesday, Stifel analysts increased their price target on Glaukos Corporation (NYSE:GKOS) shares to $175 from the previous target of $153, while reiterating a Buy rating on the stock. The adjustment follows positive feedback from a survey of 26 iDose-trained surgeons, which showed results that met or exceeded expectations in all key areas.
The firm's confidence is bolstered by strong quarterly volume expectations, leading to a projection that fourth-quarter 2024 iDose sales will reach at least the mid-teen millions range. This forecast suggests a significant outperformance compared to current market expectations.
Looking ahead to 2025, Stifel's survey results indicate robust volume predictions, with an average estimate of 42 and a median of 30 procedures per surgeon from those trained in 2024. These figures imply that the contribution from 2024-trained doctors alone could surpass the Street's $106 million sales estimate for iDose in 2025. Additionally, with a moderate contribution from surgeons trained in 2025, total sales could well exceed $150 million.
The analysis also points to a diminishing reimbursement friction, which, combined with anticipated commercial coverage expansion, is expected to create a favorable operating environment for iDose in 2025. Surgeons reportedly anticipate a significant impact from the broader insurance coverage.
Moreover, qualitative feedback on iDose has been notably positive, with a robust Net Promoter Score (NPS) of 69. Surgeons also predict a large long-term role for the product in the market. This feedback underpins Stifel's optimistic outlook on iDose for the next 5 to 10 years, reinforcing the firm's positive stance on Glaukos Corporation's prospects.
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