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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"New products can expand sales rapidly, but adoption must pay for commercial infrastructure, ongoing R&D and manufacturing investment. The relevant evidence is cash generation after these uses. Management adjusted earnings retain ordinary equity compensation and acquired research expense, so treating every adjustment as an SBC exclusion would misstate the economics.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Compare product uptake with receivable collections and access conditions. Improve confidence if operating leverage persists after launch spending and construction; reduce it if collection or reimbursement friction outpaces adoption."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1192448/000119312526324201/gkos-20260630.htm","title":"July 29 10-Q: historical accounts, lease and facility commitments","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1192448/000119312526323729/gkos-ex99_1.htm","title":"July 29 results and annual sales outlook","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1192448/000119312526323729/gkos-ex99_2.htm","title":"July 29 quarterly review: product mix, corneal transition and SBC scope","retrieved":"2026-09-19"}],"business":{"drivers":["iDose and Epioxa adoption, access and product mix","Commercial and clinical spending including equity compensation","Collections, inventory and manufacturing construction cash"],"description":"Glaukos sells ophthalmic therapies and devices for glaucoma and corneal disease. iDose is part of US glaucoma revenue; Epioxa is part of corneal health. Adoption depends on physician use, patient access and reimbursement. Commercial launches and clinical development consume cash before potential scale benefits, while a new manufacturing and research facility adds a multi-year investment requirement."},"earnings":{"source":"estimated from 10-Q filed 2026-07-29 plus 90 days","next_report_date":"2026-10-27"},"identity":{"cik":1192448,"sic":"3841","name":"GLAUKOS Corp","symbol":"GKOS","cluster":"Healthcare services & devices","exchange":"NYSE"},"research":{"risks":["Market-access decisions and claims processing affect adoption and collections.","Other surgical approaches compete for physician use.","Epioxa transition and product coding can disrupt corneal sales.","Clinical programs and research milestones require cash without guaranteed approvals.","Manufacturing expansion creates execution and capital-spending risk.","Stock compensation creates dilution even when added back in CFO."],"title":"Launch adoption must fund research and manufacturing","question":"Can the expanding ophthalmic franchise finance its commercial, clinical and manufacturing requirements?","economics":"H1 sales were $336.181M, GAAP operating loss $37.123M and non-GAAP operating loss $18.077M. Ordinary SBC of $48.009M remains in adjusted operating costs; Q2 included approximately $15M from a performance-award trigger. H1 CFO of $2.297M less $6.697M PP&E was negative $4.400M. Insurance purchases, award withholding and finance-lease principal reduce cash further to negative $17.339M before equity proceeds. Unrestricted cash and investments were $286.226M; $3.115M restricted cash is separate, and finance leases remain despite no conventional borrowings. Q2 iDose sales were about $74M and Epioxa $11M, inside their disclosed franchises. Annual sales guidance is $680M-$700M, with Q3 corneal transition risk. Huntsville investment is expected to exceed $80M over multiple years.","change_note":"First completed product-adoption, adjusted-to-GAAP and cash model including ordinary SBC, clinical expense and construction.","checkpoints":[{"event":"Launch conversion","watch":"Separate iDose and Epioxa growth from other products and check receivable cash conversion.","timing":"Each quarterly result","date_status":"estimated"},{"event":"Coverage changes","watch":"Distinguish proposed policies from final and implemented access changes.","timing":"As payers publish decisions","date_status":"estimated"},{"event":"Manufacturing investment","watch":"Compare actual Huntsville cash spending with the multi-year requirement.","timing":"Construction updates and cash statements","date_status":"estimated"}],"countercase":"A launch can show strong reported growth while collections, access support, clinical work and construction consume cash. Reimbursement proposals can reduce treatment economics; existing cash and stock issuance can obscure the need for recurring self-funding.","limitations":["Product and geographic forecast splits are desk assumptions; rounded Q2 product disclosures are references, not exact standalone financial statements.","FY2026 nominal revenue guidance includes current FX assumptions. No unapproved pipeline revenue or automatic commercial benefit from proposed reimbursement policies is included.","Non-GAAP operating income retains ordinary stock compensation and acquired IPR&D. The approximately $15M Q2 award trigger is not mechanically repeated every quarter.","The new Huntsville facility is expected to require more than $80M over multiple years. Forecast construction timing is a sensitivity, not a disclosed annual budget; spending extends beyond this horizon.","Historical capex uses PP&E purchases; the separate 2025 real-estate purchase is outside that feed measure. Forecast capex includes assumed construction cash. Cash after other uses is before new financing or acquisitions.","No complete EPS, clinical trial probability, reimbursement-policy forecast or equity valuation is supplied. Sources are reviewed through September 19, 2026."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":166294930.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":187524070.00000003},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":209367967.32812902},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":227573877.53057504}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":336.181,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1192448/000119312526324201/gkos-20260630.htm","source_date":"2026-07-29"},{"id":"h1_gross_profit","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 gross profit","value":268.826,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1192448/000119312526324201/gkos-20260630.htm","source_date":"2026-07-29"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 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