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Glaukos (GKOS) Q4 Earnings and Revenues Surpass Estimates
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Glaukos Corporation (GKOS - Free Report) reported a fourth-quarter loss per share of 31 cents, noticeably narrower than the Zacks Consensus Estimate of a loss of 37 cents. The company had posted a loss per share of 2 cents in the prior-year quarter.
On a GAAP basis, net loss per share in the quarter was 47 cents, wider than the year-ago quarter’s loss of 24 cents.
For full-year 2021, the company reported a loss per share of 83 cents, narrower than the year-ago period’s loss of $1.15 per share. The figure was narrower than the consensus mark of a loss of 89 cents.
Revenues in Detail
Quarterly net sales were $73.2 million, which surpassed the Zacks Consensus Estimate by 8.9%. On a year-over-year basis, revenues remained flat.
For 2021, the company reported net sales of $294 million, up 31% from the previous year. The figure outpaced the consensus mark by 2%.
Quarter Details
Gross profit in the fourth quarter was $56.4 million, up 5.1% from the year-ago quarter. Adjusted gross margin was 84.6% of net revenues, up 120 basis points (bps) on a year-over-year basis. Operating expenses increased 14.2% to $74.2 million on a year-over-year basis.
Glaukos Corporation Price, Consensus and EPS Surprise
Operating loss in the quarter under review was $17.9 million, wider than the year-ago quarter’s loss of $11.4 million.
Financial Update
The company exited the fourth quarter with cash and cash equivalents of $100.7 million, down from 113.1 million on a sequential basis.
During the fourth quarter, total assets were $1.05 billion, compared with $1.06 billion in the preceding quarter.
2022 Guidance
For 2022, Glaukos projects net sales between $265 million and $275 million. The Zacks Consensus Estimate for the same stands at $265.5 million.
Our Take
Glaukos exited the fourth 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 fourth-quarter performance reflects the 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 better-ranked stocks in the broader medical space that have announced quarterly results are Henry Schein, Inc. (HSIC - Free Report) , Molina Healthcare, Inc. (MOH - Free Report) and Bio-Rad Laboratories, Inc. (BIO - Free Report) .
Henry Schein, carrying a Zacks Rank #1 (Strong Buy), reported fourth-quarter 2021 adjusted earnings of $1.07 per share, which beat the Zacks Consensus Estimate by 18.9%. Revenues of $3.33 billion outpaced the consensus mark by 4.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Henry Schein has an estimated long-term growth rate of 11.8%. HSIC surpassed earnings estimates in each of the trailing four quarters, the average surprise being 25.5%.
Molina Healthcare reported fourth-quarter 2021 adjusted EPS of $2.88, which surpassed the Zacks Consensus Estimate by 2.1%. Fourth-quarter revenues of $7.41 billion outpaced the Zacks Consensus Estimate by 3.9%. It currently carries a Zacks Rank #2.
Molina Healthcare has an estimated long-term growth rate of 18.8%. MOH surpassed earnings estimates in three of the trailing four quarters and missed once, the average surprise being 5%.
Bio-Rad reported fourth-quarter 2021 adjusted EPS of $3.21, which surpassed the Zacks Consensus Estimate by 11.9%. Fourth-quarter revenues of $732.8 million outpaced the Zacks Consensus Estimate by 0.5%. It currently has a Zacks Rank #2.
Bio-Rad has an earnings yield of 2.3%, which compares favorably with the industry’s negative yield. BIO surpassed earnings estimates in each of the trailing four quarters, the average surprise being 66.9%.
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Glaukos (GKOS) Q4 Earnings and Revenues Surpass Estimates
Glaukos Corporation (GKOS - Free Report) reported a fourth-quarter loss per share of 31 cents, noticeably narrower than the Zacks Consensus Estimate of a loss of 37 cents. The company had posted a loss per share of 2 cents in the prior-year quarter.
On a GAAP basis, net loss per share in the quarter was 47 cents, wider than the year-ago quarter’s loss of 24 cents.
For full-year 2021, the company reported a loss per share of 83 cents, narrower than the year-ago period’s loss of $1.15 per share. The figure was narrower than the consensus mark of a loss of 89 cents.
Revenues in Detail
Quarterly net sales were $73.2 million, which surpassed the Zacks Consensus Estimate by 8.9%. On a year-over-year basis, revenues remained flat.
For 2021, the company reported net sales of $294 million, up 31% from the previous year. The figure outpaced the consensus mark by 2%.
Quarter Details
Gross profit in the fourth quarter was $56.4 million, up 5.1% from the year-ago quarter. Adjusted gross margin was 84.6% of net revenues, up 120 basis points (bps) on a year-over-year basis.
Operating expenses increased 14.2% to $74.2 million on a year-over-year basis.
Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote
Operating loss in the quarter under review was $17.9 million, wider than the year-ago quarter’s loss of $11.4 million.
Financial Update
The company exited the fourth quarter with cash and cash equivalents of $100.7 million, down from 113.1 million on a sequential basis.
During the fourth quarter, total assets were $1.05 billion, compared with $1.06 billion in the preceding quarter.
2022 Guidance
For 2022, Glaukos projects net sales between $265 million and $275 million. The Zacks Consensus Estimate for the same stands at $265.5 million.
Our Take
Glaukos exited the fourth 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 fourth-quarter performance reflects the 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 better-ranked stocks in the broader medical space that have announced quarterly results are Henry Schein, Inc. (HSIC - Free Report) , Molina Healthcare, Inc. (MOH - Free Report) and Bio-Rad Laboratories, Inc. (BIO - Free Report) .
Henry Schein, carrying a Zacks Rank #1 (Strong Buy), reported fourth-quarter 2021 adjusted earnings of $1.07 per share, which beat the Zacks Consensus Estimate by 18.9%. Revenues of $3.33 billion outpaced the consensus mark by 4.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Henry Schein has an estimated long-term growth rate of 11.8%. HSIC surpassed earnings estimates in each of the trailing four quarters, the average surprise being 25.5%.
Molina Healthcare reported fourth-quarter 2021 adjusted EPS of $2.88, which surpassed the Zacks Consensus Estimate by 2.1%. Fourth-quarter revenues of $7.41 billion outpaced the Zacks Consensus Estimate by 3.9%. It currently carries a Zacks Rank #2.
Molina Healthcare has an estimated long-term growth rate of 18.8%. MOH surpassed earnings estimates in three of the trailing four quarters and missed once, the average surprise being 5%.
Bio-Rad reported fourth-quarter 2021 adjusted EPS of $3.21, which surpassed the Zacks Consensus Estimate by 11.9%. Fourth-quarter revenues of $732.8 million outpaced the Zacks Consensus Estimate by 0.5%. It currently has a Zacks Rank #2.
Bio-Rad has an earnings yield of 2.3%, which compares favorably with the industry’s negative yield. BIO surpassed earnings estimates in each of the trailing four quarters, the average surprise being 66.9%.