Glaukos Stock Soars 77.9% Year to Date: What's Behind the Rally?

Company Overview - Glaukos Corporation is an ophthalmic medical technology and pharmaceutical company headquartered in San Clemente, CA, focused on developing and commercializing surgical devices and sustained pharmaceutical therapies for glaucoma treatment [2] - The company's flagship product, iStent, is the first FDA-approved surgical device for insertion during cataract surgery [2] Stock Performance - Glaukos' shares have surged 77.9% year-to-date, significantly outperforming the industry's 3.4% growth and the S&P 500's 24.5% rise [1] - The company's strong fundamentals and growth opportunities make it a solid wealth creator for investors [1] Revenue Growth - Glaukos reported Q3 2024 revenues of $96.7 million, a 23.9$377-$379 million from the prior estimate of$370-$376 million [5] - Revenues for 2024 and 2025 are anticipated to rise 20.3$378.7 million and $476.2 million [11] Product Pipeline - Glaukos' glaucoma franchise saw revenue growth driven by its iStent portfolio and contributions from iDose TR [4] - The company successfully executed launch plans for iDose TR, with a unique permanent J-code effective July 1, 2024, likely to increase patient access and drive sales growth [4] - Glaukos is on track to submit an NDA for its corneal cross-linking therapy, Epioxa, by the end of 2024, following successful Phase 3 trial results [6][7] - The company plans to initiate a pivotal study for its next-generation iDose therapy, iDose TREX, by year-end [7] International Expansion - Glaukos' International Glaucoma franchise delivered record sales of$83.5 million in the first nine months of 2024, representing 17% year-over-year growth [8] - The company is focused on scaling up its global infrastructure and establishing MIGS as a standard of care in multiple regions [8] Financial Estimates - The loss per share estimate for 2024 and 2025 implies a year-over-year improvement of 13.7% and 42.6%, respectively, to $1.96 and$1.13 [10] - The Zacks Consensus Estimate for the company's 2024 loss has narrowed by 10.5% in the past 30 days [11] Industry Comparison - Masimo (MASI), AngioDynamics (ANGO), and Globus Medical (GMED) are other top-ranked stocks in the medical industry [12] - Masimo has an estimated growth rate of 13.5% for 2025 and has seen its shares rise 40.7% year-to-date [13] - AngioDynamics has an estimated growth rate of 38.2% for 2025 but has seen its shares lose 14% year-to-date [13] - Globus Medical has an estimated long-term growth rate of 14.1% and has seen its shares rise 56.9% year-to-date [14]