Glaukos Corporation ( GKOS Quick Quote GKOS - Free Report) inched up 0.1% on Aug 6, following the company's second-quarter 2021 results. The company reported second-quarter loss per share of 11 cents, noticeably narrower than the Zacks Consensus Estimate of a loss of 24 cents. The company had posted a loss per share of 61 cents in the prior-year quarter. On a GAAP basis, net loss per share in the quarter was 38 cents, narrower than the year-ago quarter’s loss of 90 cents. Revenues in Detail
Quarterly net sales were $78.1 million, which surpassed the Zacks Consensus Estimate by 9.9%. On a year-over-year basis, revenues skyrocketed 147%.
Gross profit in the second quarter was $60.3 million, significantly up from $9.9 million in the year-ago quarter. Gross margin was 77.3% of net revenues, up 4600 basis points (bps) on a year-over-year basis.
Operating expenses increased 30.6% to $74.6 million on a year-over-year basis, courtesy of higher selling, general and administrative as well as research and development expenses.
Operating loss in the quarter under review was $14.2 million, significantly narrower than the year-ago quarter’s loss of $47.2 million. Financial Update
The company exited the second quarter with cash and cash equivalents of $118.3 million, up from 96.6 million on a sequential basis.
During the second quarter, total assets were $1.04 billion, compared with $1.02 billion in the preceding quarter. 2021 Guidance
For 2021, Glaukos projects net sales between $285 million and $290 million. The Zacks Consensus Estimate for the same is pegged at $295.6 million.
Glaukos exited the second quarter on a strong note, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. The company reported an improvement in revenues in the quarter under review. Glaukos witnessed an expansion in its gross margin in the quarter under review. Per management, the second-quarter performance reflects the company’s solid execution of its key strategic objectives and continued market recovery. Despite the uncertainties related to the pandemic, sustained recovery trends and solid business prospects instil optimism in the stock.
However, the company faces cut-throat competition in the Medical Devices space. Operating loss remains a concern. Zacks Rank
Glaukos carries a Zacks Rank #3 (Hold).
Earnings of Other MedTech Majors at a Glance
Some better-ranked stocks in the broader medical space that have already announced their quarterly results are
Encompass Health Corporation ( EHC Quick Quote EHC - Free Report) , West Pharmaceutical Services, Inc. ( WST Quick Quote WST - Free Report) and Bio-Rad Laboratories, Inc. ( BIO Quick Quote BIO - Free Report) . While both Encompass Health and West Pharmaceutical carry Zacks Rank of 2 (Buy), Bio-Rad Laboratories sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Encompass Health reported second-quarter 2021 adjusted EPS of $1.17, which beat the Zacks Consensus Estimate by 15.8%. Second-quarter revenues of $1.3 billion outpaced the consensus mark by 1.5%. West Pharmaceutical reported second-quarter 2021 adjusted EPS of $2.46, which surpassed the Zacks Consensus Estimate by 41.4%. Second-quarter revenues of $723.6 million outpaced the Zacks Consensus Estimate by 8.7%. Bio-Rad reported second-quarter 2021 adjusted EPS of $3.54, surpassing the Zacks Consensus Estimate by 86.3%. Revenues of $715.9 million surpassed the Zacks Consensus Estimate by 17.3%.