On Monday, Stifel, a financial services firm, increased its stock price target for Glaukos Corporation (NYSE:GKOS) shares to $153.00, up from the previous target of $145.00. The firm maintains a Buy rating on the stock. This adjustment comes after the observation of a surge in the number of iDose-trained surgeons in November.
The firm's proprietary tracker has shown significant growth, bolstering confidence in the potential for sales to surpass the $100 million estimate set for 2025.
The analyst from Stifel noted the addition of 650 surgeons in 2025, based on the current momentum and data indicating that several Glaukos representatives are on track to train 4-5 new doctors each quarter. With this pace, the analyst suggests that reaching 800-1,000 new surgeons in the next year is a realistic target, which could lead to an additional $20 million to $35 million in iDose sales.
Moreover, the analysis of Medicare Administrative Contractor (MAC) mix in the tracker highlighted Noridian and Novitas as leading contributors, consistent with previous management comments. Other MACs also show promising trends in surgeon training numbers. The expectation is that expanded MAC reimbursement in the coming quarters will further accelerate iDose revenue growth by mid-2025.
Glaukos Corporation is expected to provide its 2025 financial guidance at the upcoming J.P. Morgan Healthcare Conference. While it is anticipated that the guidance will not offer specific insights into iDose revenue, the analyst believes that the market consensus revenue estimate of $471 million is readily attainable, with potential to reach or exceed $480 million.
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