Glaukos Corporation (NYSE: GKOS), a leading ophthalmic medical technology company, saw its stock plunge over 5% in pre-market trading on Monday, despite reporting record third-quarter sales and raising its full-year guidance. The mixed reaction from investors reflects the company's ongoing challenges in securing consistent reimbursement for its innovative products and navigating a competitive landscape.

For the third quarter, Glaukos reported consolidated net sales of $96.7 million, marking a 24% increase compared to the same period last year. This strong performance was driven by robust growth in the company's US and international glaucoma franchises, which saw sales rise by 35% and 21%, respectively. As a result, the company raised its full-year 2024 net sales guidance to a range of $377 million to $379 million, up from its previous guidance of $370 million to $376 million.

One of the key drivers behind Glaukos' growth has been the successful launch of its iDose TR product, which has received positive feedback from trained surgeons and is experiencing growing utilization. However, the company acknowledged that reimbursement confidence for iDose TR is still developing, with some Medicare Administrative Contractors (MACs) not yet providing consistent payment, potentially affecting adoption rates.