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Glaukos Corporation (GKOS - Free Report) reported an adjusted loss per share of 53 cents for the fourth quarter of 2022, narrower than the Zacks Consensus Estimate of a loss of 56 cents by 5.4%. The fourth-quarter loss was wider than the adjusted loss of 33 cents per share reported in the year-ago quarter.
GAAP loss per share for the quarter was 66 cents, wider than the year-ago loss of 47 cents per share.
Revenues in Detail
Glaukos registered revenues of $71.2 million in the fourth quarter, down 2.8% year over year on a reported basis but flat at constant currency (cc). The figure, however, surpassed the Zacks Consensus Estimate by 5.2%.
Quarter in Details
In the quarter under review, Glaukos recorded Glaucoma net sales of $52.9 million and Corneal Health net sales of $18.3 million.
Glaukos Corporation Price, Consensus and EPS Surprise
In the quarter under review, Glaukos’ gross profit declined 4.2% to $54 million. Gross margin contracted approximately 300 basis points (bps) to 76%.
Selling, general and administrative expenses rose 9.2% to $51.9 million. Research and development expenses were $35.8 million, up 34.2% year over year. Total operating expenses were $87.7 million, up 18.2% year over year.
Operating loss in the reported quarter totaled $33.7 million, compared with a total operating loss of $17.9 million in the year-ago period.
Full-year Result
Glaukos reported total revenues of $282.9 million for full-year 2022, down 3.8% year over year. The company reported adjusted loss per share of $2.18 for the period, wider that the year-ago loss of $1.07 per share.
Financial Update
Glaukos exited fourth-quarter 2022 with cash and cash equivalents and short-term investments of $360 million compared with $371 million at the end of the third quarter.
2023 Guidance Issued
Glaukos issued guidance for revenues in 2023. The company expects net sales between $290 million and $295 million.
Our Take
Glaukos exited the fourth quarter of 2022 with decent results, wherein revenues and earnings beat estimates.
It launched iPrime — a new disco elastic delivery device — in the latter part of the second quarter of 2022. The company had also launched the iAccess device for go anatomy procedures in the same time period. The addition of these new devices will provide unique and improved treatment solutions for surgeons, customers and patients. The company’s iAccess device received positive market feedback.
In August 2022, Glaukos announced that it had received the FDA 510(K) clearance for iStent infinite — the first FDA-cleared micro-invasive implantable device used as a standalone treatment option for glaucoma patients to reduce elevated intraocular pressure. The potential launch of the product, expected later this year, will likely accelerate Glaucoma net sales growth going forward. The company also has several other treatment options in its pipeline. These developments raise our optimism about the stock.
However, wider adjusted loss per share and lower overall revenues on a year-over-year basis are disappointing. Glaukos incurred an operating loss in the reported quarter, raising our apprehension. The company’s operation in a stiff competitive space is also worrying.
Zacks Rank and Key Picks
Currently, Glaukos carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are AmerisourceBergen , McKesson Corporation (MCK - Free Report) and Hologic, Inc. (HOLX - Free Report) .
AmerisourceBergen, carrying a Zacks Rank #2 (Buy), reported first-quarter fiscal 2022 adjusted EPS of $2.71, beating the Zacks Consensus Estimate by 3.4%. Revenues of $62.85 billion outpaced the consensus mark by 0.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AmerisourceBergen has a long-term estimated growth rate of 8.7%. ABC’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 3.47%.
McKesson, having a Zacks Rank #2, reported third-quarter fiscal 2023 adjusted EPS of $6.90, which beat the Zacks Consensus Estimate by 8.8%. Revenues of $70.49 billion outpaced the consensus mark by 0.02%.
McKesson has a long-term estimated growth rate of 10.4%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average being 3.4%.
Hologic reported first-quarter fiscal 2023 adjusted earnings of $1.07 per share, beating the Zacks Consensus Estimate by 18.9%. Revenues of $1.07 billion surpassed the Zacks Consensus Estimate by 9.5%. It currently sports a Zacks Rank #1.
Hologic has a long-term estimated growth rate of 15.2%. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 30.6%.
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Glaukos' (GKOS) Q4 Earnings Beat Estimates, Sales Decline Y/Y
Glaukos Corporation (GKOS - Free Report) reported an adjusted loss per share of 53 cents for the fourth quarter of 2022, narrower than the Zacks Consensus Estimate of a loss of 56 cents by 5.4%. The fourth-quarter loss was wider than the adjusted loss of 33 cents per share reported in the year-ago quarter.
GAAP loss per share for the quarter was 66 cents, wider than the year-ago loss of 47 cents per share.
Revenues in Detail
Glaukos registered revenues of $71.2 million in the fourth quarter, down 2.8% year over year on a reported basis but flat at constant currency (cc). The figure, however, surpassed the Zacks Consensus Estimate by 5.2%.
Quarter in Details
In the quarter under review, Glaukos recorded Glaucoma net sales of $52.9 million and Corneal Health net sales of $18.3 million.
Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote
Margin Trend
In the quarter under review, Glaukos’ gross profit declined 4.2% to $54 million. Gross margin contracted approximately 300 basis points (bps) to 76%.
Selling, general and administrative expenses rose 9.2% to $51.9 million. Research and development expenses were $35.8 million, up 34.2% year over year. Total operating expenses were $87.7 million, up 18.2% year over year.
Operating loss in the reported quarter totaled $33.7 million, compared with a total operating loss of $17.9 million in the year-ago period.
Full-year Result
Glaukos reported total revenues of $282.9 million for full-year 2022, down 3.8% year over year. The company reported adjusted loss per share of $2.18 for the period, wider that the year-ago loss of $1.07 per share.
Financial Update
Glaukos exited fourth-quarter 2022 with cash and cash equivalents and short-term investments of $360 million compared with $371 million at the end of the third quarter.
2023 Guidance Issued
Glaukos issued guidance for revenues in 2023. The company expects net sales between $290 million and $295 million.
Our Take
Glaukos exited the fourth quarter of 2022 with decent results, wherein revenues and earnings beat estimates.
It launched iPrime — a new disco elastic delivery device — in the latter part of the second quarter of 2022. The company had also launched the iAccess device for go anatomy procedures in the same time period. The addition of these new devices will provide unique and improved treatment solutions for surgeons, customers and patients. The company’s iAccess device received positive market feedback.
In August 2022, Glaukos announced that it had received the FDA 510(K) clearance for iStent infinite — the first FDA-cleared micro-invasive implantable device used as a standalone treatment option for glaucoma patients to reduce elevated intraocular pressure. The potential launch of the product, expected later this year, will likely accelerate Glaucoma net sales growth going forward. The company also has several other treatment options in its pipeline. These developments raise our optimism about the stock.
However, wider adjusted loss per share and lower overall revenues on a year-over-year basis are disappointing. Glaukos incurred an operating loss in the reported quarter, raising our apprehension. The company’s operation in a stiff competitive space is also worrying.
Zacks Rank and Key Picks
Currently, Glaukos carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are AmerisourceBergen , McKesson Corporation (MCK - Free Report) and Hologic, Inc. (HOLX - Free Report) .
AmerisourceBergen, carrying a Zacks Rank #2 (Buy), reported first-quarter fiscal 2022 adjusted EPS of $2.71, beating the Zacks Consensus Estimate by 3.4%. Revenues of $62.85 billion outpaced the consensus mark by 0.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AmerisourceBergen has a long-term estimated growth rate of 8.7%. ABC’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 3.47%.
McKesson, having a Zacks Rank #2, reported third-quarter fiscal 2023 adjusted EPS of $6.90, which beat the Zacks Consensus Estimate by 8.8%. Revenues of $70.49 billion outpaced the consensus mark by 0.02%.
McKesson has a long-term estimated growth rate of 10.4%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average being 3.4%.
Hologic reported first-quarter fiscal 2023 adjusted earnings of $1.07 per share, beating the Zacks Consensus Estimate by 18.9%. Revenues of $1.07 billion surpassed the Zacks Consensus Estimate by 9.5%. It currently sports a Zacks Rank #1.
Hologic has a long-term estimated growth rate of 15.2%. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 30.6%.