By Kelly Cloonan
Shares of Glaukos retreated after the company forecast disappointing sequential revenue growth for its iDose product in the fourth quarter.
The stock declined 12% to $97 in after-hours trading on Tuesday. Shares have fallen 26% in the past year through the market close.
The pharmaceutical and medical technology company projected fourth-quarter sales of about $45 million for iDose, a medical implant that aims to treat open-angle glaucoma and ocular hypertension.
That projection would mark sequential growth of about $5 million, Needham analyst David Saxon said in a note. That would be equivalent to an almost 13% increase in sales from the third quarter. The company said on its earnings call in October iDose recorded revenue of about $40 million in the third quarter, up 29% from the $31 million in sales posted for the second quarter.
"We believe the sequential iDose growth is the primary cause for the after hours weakness," Saxon said.
In his meeting with the company, management said seasonal strength in medical procedures in the quarter made it more difficult for doctors to begin to adopt iDose, Saxon said. However, the pipeline of new iDose accounts hasn't changed, he added.
Management also noted the third quarter was particularly strong, meaning the sequential trend is somewhat distorted, Saxon said.
"At the end of the day, management remains confident in the iDose launch, and nothing that happened in 4Q25 impacts how they think about the components of their 2026 guidance," Saxon said.
The company also backed its guidance for sales between $600 million and $620 million for 2026, with the midpoint falling below the $612.3 million expected by analysts.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
January 13, 2026 19:01 ET (00:01 GMT)
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