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Glaukos (GKOS) Gains 3.6% Despite Reporting a Loss in Q3
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Shares of Glaukos Corporation (GKOS - Free Report) rose 3.6% on Nov 5, following the company's third-quarter 2021 results.
The company reported third-quarter loss per share of 19 cents, noticeably narrower than the Zacks Consensus Estimate of a loss of 23 cents. The company had posted a loss per share of 9 cents in the prior-year quarter.
On a GAAP basis, net income per share in the quarter was 13 cents, against the year-ago quarter’s loss of 35 cents.
Revenues in Detail
Quarterly net sales were $74.7 million, which surpassed the Zacks Consensus Estimate by 3.7%. On a year-over-year basis, revenues increased 15.2%.
Quarter Details
Gross profit in the third quarter was $59.3 million, up 26.5% from the year-ago quarter. Gross margin was 79.4% of net revenues, up 710 basis points (bps) on a year-over-year basis.
Glaukos Corporation Price, Consensus and EPS Surprise
Operating expenses decreased 18.5% to $48.3 million on a year-over-year basis.
Operating income in the quarter under review was $11 million, against the year-ago quarter’s loss of $12.4 million.
Financial Update
The company exited the third quarter with cash and cash equivalents of $113.1 million, down from 118.3 million on a sequential basis.
During the third quarter, total assets were $1.06 billion, compared with $1.04 billion in the preceding quarter.
2021 Guidance
For 2021, Glaukos continues to project net sales between $285 million and $290 million. The Zacks Consensus Estimate for the same is pegged at $287.2 million.
Our Take
Glaukos exited the third quarter on a strong note, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. It reported an improvement in revenues in the quarter under review. The company witnessed an expansion in its gross margin in the quarter under review. Per management, the third-quarter performance reflects 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 instill 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 other top-ranked stocks in the broader medical space that have already announced their quarterly results are Thermo Fisher Scientific Inc. (TMO - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) , and AngioDynamics, Inc. (ANGO - Free Report) . While both Thermo Fisher and West Pharmaceutical carry a Zacks Rank of 2 (Buy), AngioDynamics sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Thermo Fisher reported third-quarter 2021 adjusted EPS of $5.76, which beat the Zacks Consensus Estimate by 23.3%. Third-quarter revenues of $9.33 billion outpaced the consensus mark by 12%.
West Pharmaceutical reported third-quarter 2021 adjusted EPS of $2.06, which surpassed the Zacks Consensus Estimate by 13.2%. Third-quarter revenues of $706.5 million outpaced the Zacks Consensus Estimate by 3.2%.
AngioDynamics reported first-quarter fiscal 2022 loss per share of 2 cents, narrower than the Zacks Consensus Estimate of a loss of 5 cents. Revenues of $76.9 million surpassed the Zacks Consensus Estimate by 8.4%.
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Glaukos (GKOS) Gains 3.6% Despite Reporting a Loss in Q3
Shares of Glaukos Corporation (GKOS - Free Report) rose 3.6% on Nov 5, following the company's third-quarter 2021 results.
The company reported third-quarter loss per share of 19 cents, noticeably narrower than the Zacks Consensus Estimate of a loss of 23 cents. The company had posted a loss per share of 9 cents in the prior-year quarter.
On a GAAP basis, net income per share in the quarter was 13 cents, against the year-ago quarter’s loss of 35 cents.
Revenues in Detail
Quarterly net sales were $74.7 million, which surpassed the Zacks Consensus Estimate by 3.7%. On a year-over-year basis, revenues increased 15.2%.
Quarter Details
Gross profit in the third quarter was $59.3 million, up 26.5% from the year-ago quarter. Gross margin was 79.4% of net revenues, up 710 basis points (bps) on a year-over-year basis.
Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote
Operating expenses decreased 18.5% to $48.3 million on a year-over-year basis.
Operating income in the quarter under review was $11 million, against the year-ago quarter’s loss of $12.4 million.
Financial Update
The company exited the third quarter with cash and cash equivalents of $113.1 million, down from 118.3 million on a sequential basis.
During the third quarter, total assets were $1.06 billion, compared with $1.04 billion in the preceding quarter.
2021 Guidance
For 2021, Glaukos continues to project net sales between $285 million and $290 million. The Zacks Consensus Estimate for the same is pegged at $287.2 million.
Our Take
Glaukos exited the third quarter on a strong note, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. It reported an improvement in revenues in the quarter under review. The company witnessed an expansion in its gross margin in the quarter under review. Per management, the third-quarter performance reflects 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 instill 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 other top-ranked stocks in the broader medical space that have already announced their quarterly results are Thermo Fisher Scientific Inc. (TMO - Free Report) , West Pharmaceutical Services, Inc. (WST - Free Report) , and AngioDynamics, Inc. (ANGO - Free Report) . While both Thermo Fisher and West Pharmaceutical carry a Zacks Rank of 2 (Buy), AngioDynamics sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Thermo Fisher reported third-quarter 2021 adjusted EPS of $5.76, which beat the Zacks Consensus Estimate by 23.3%. Third-quarter revenues of $9.33 billion outpaced the consensus mark by 12%.
West Pharmaceutical reported third-quarter 2021 adjusted EPS of $2.06, which surpassed the Zacks Consensus Estimate by 13.2%. Third-quarter revenues of $706.5 million outpaced the Zacks Consensus Estimate by 3.2%.
AngioDynamics reported first-quarter fiscal 2022 loss per share of 2 cents, narrower than the Zacks Consensus Estimate of a loss of 5 cents. Revenues of $76.9 million surpassed the Zacks Consensus Estimate by 8.4%.