Glaukos (GKOS) is down 4.24% today to $103.17 as traders refocus on reimbursement risk surrounding iDose TR, the company’s long-duration glaucoma drug implant. The core overhang is the possibility that Medicare policy discussions could translate into a Local Coverage Determination (LCD) proposal in the first half of 2026, which could add near-term uncertainty around utilization criteria and patient access.

iDose TR has been central to Glaukos’ growth narrative, and any coverage language that narrows eligibility, limits site-of-care, or imposes documentation requirements can change the pace of adoption. The reimbursement question has been an intermittent source of volatility for the stock, and today’s decline fits that pattern—risk-off trading tied to coverage mechanics rather than a change in the product’s FDA status.

Glaukos has highlighted strong momentum in its business and reaffirmed 2026 revenue guidance of $600 million to $620 million, while also pointing to its cash position and no-debt balance sheet. Recent milestones include FDA approval of an NDA supplement allowing re-administration of iDose TR (announced January 28, 2026) and ongoing commercialization preparations for Epioxa, with the company signaling launch activities in 1Q 2026 alongside broader investor messaging in March 2026 materials.

Near-term, investors will be watching for any concrete Medicare contractor steps that foreshadow an LCD proposal (timing, scope, and clinical criteria), as well as early indicators of Epioxa launch traction and reimbursement pathway clarity. If coverage frameworks develop constructively, sentiment could improve quickly given the stock’s sensitivity to iDose TR utilization assumptions.