花旗点评Glaukos（GKOS.N）2026年三季度业绩：市场预期本已较高，公司表现仍超预期，营收2.11亿美元，汇率中性口径同比增长58%，较二季度49%的增速进一步加快。分部看，美国青光眼业务收入1.186亿美元（同比+47%），其中iDose贡献7600万美元（同比+90%）；海外MIGS收入3340万美元（同比+14.6%）；角膜健康业务收入5900万美元（同比+154%）。随着高毛利的iDose与Epioxa放量，毛利率由上年同期的83.9%升至85%，净利润由亏损920万美元转为盈利200万美元，EPS首次转正至0.47美元。管理层将2026年收入指引由6.8亿-7.0亿美元上调至7.75亿-7.85亿美元，并首次给出2027年10亿美元的收入目标。
3Q26 expectations were high, and Glaukos did not disappoint, delivering revenue of $211.0M (up 58% ex-fx y/y), an acceleration from 49% in 2Q26 and achieved in a seasonally weak quarter. By segment: U.S. Glaucoma delivered $118.6M (up 47% y/y), including $76M from iDose (up 90% y/y); OUS MIGS was $33.4M (up 14.6%); and Corneal Health was $59.0M (up 154% y/y). As higher-margin iDose and Epioxa momentum builds, gross margin rose to 85% from 83.9%, net income turned to $2.0M from a loss of $9.2M, and EPS was positive for the first time at $0.47. Management raised 2026 revenue guidance to $775-$785M from $680-$700M and introduced a 2027 target of $1B. Citi raises 2026E revenue to $779.4M and EPS to $0.61, and 2027E revenue to $1.035B with EPS of $0.70, and lifts the target price to $247 from $225 based on 4-5x 2027E core revenue ex-iDose and Epioxa, an iDose NPV of $88 and an Epioxa NPV of $124. We rate GKOS Buy. Additional pipeline catalysts include the Phase 3b iDose TRIO program, the co