GKOS: CGS Open Meeting Signals iDose LCD Is Coming, but Key Changes Still Possible

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GKOS: CGS Open Meeting Signals iDose LCD Is Coming, but Key Changes Still Possible

Equity Research

Company Update — June 9, 2026

Med Tech - Ophthalmology

Glaukos Corp.

CGS Open Meeting Signals iDose LCD Is Coming, but Key Overweight

Changes Still Possible Price Target: $138.00

Our Call Ticker GKOS

Upside/(Downside) to Target 9.2%

CGS held an open meeting on the iDose LCD today. Based on the comments, we do not

expect the LCD to be paused or rescinded, but we think important edits remain possible, Price (06/09/2026) $126.34

particularly on step therapy, given the society and clinical support we heard. 52 Week Range $73.16 - 148.11

Market Cap (MM) $7,330

What happened? Today, CGS was the first MAC to hold an open public meeting on Enterprise Value (MM) $7,020

the proposed iDose LCD. The meeting had two parts: (1) CGS presenting its proposed Average Daily Value (MM) $116

coverage criteria, and (2) four physician/society stakeholders presenting comments. Dividend Yield 0.0%

For context, CGS covers Kentucky and Ohio and does not currently have physician fees

published for iDose. The draft sits in an open comment window from May 21 until July 4, $ (Dec) Q1 Q2 Q3 Q4 FY

so the policy is not yet final and remains subject to revision. EPS

2026E (0.18) A (0.23) E (0.13) E 0.08 E (0.42) E

Societies and physicians were unified that the LCD is premature and should be paused. 2027E 0.07 E 0.07 E 0.07 E 0.08 E 0.30 E

The joint societies (AAO, AGS, ASCRS, OOSS) said the evidence is rapidly evolving and

Source: Company Data, Wells Fargo Securities estimates, and Factset.

policy risks "outpacing clinical data," and asked CGS to rescind it and adjudicate claims NA = Not Available, NC = No Change, NE = No Estimate

case-by-case in the interim.