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Glaukos (GKOS) Q4 Earnings Miss Estimates, Revenues Rise Y/Y
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Glaukos Corporation (GKOS - Free Report) reported a fourth-quarter 2023 adjusted loss of 63 cents per share, 12.5% wider than the Zacks Consensus Estimate of a loss of 56 cents.The figure was also wider than the year-ago quarter’s adjusted loss of 53 cents per share.
The GAAP loss per share was 75 cents compared with the prior-year quarter’s reported loss of 66 cents.
Revenue Details
Glaukos registered revenues of $82 million in the fourth quarter, up 16% year over year on a reported basis and 15% at constant currency (cc). The figure also surpassed the Zacks Consensus Estimate by 1.5%.
Full-Years Results
GKOS recorded worldwide total revenues of $314.7 million in 2023, up 11% year over year on a reported basis and 12% at cc. Adjusted loss per share for 2023 was $2.27 compared with a loss of $2.18 in the previous year.
Quarter in Detail
The company recorded net sales of $60.6 million and $21.8 million for Glaucoma and Corneal Health, respectively, up 15% and 19% year over year.
Glaukos Corporation Price, Consensus and EPS Surprise
Gross profit increased 9.4% to $59.5 million in the reported quarter. The gross margin was flat year over year at 84%.
Selling, general and administrative expenses rose 21% to $63 million. Research and development expenses totaled $37.1 million, up 3% year over year. Total operating expenses were $102.1 million, up 16% from that recorded in the prior-year period.
The operating loss amounted to $38.6 million compared with $33.7 million in the year-ago period. The adjusted operating loss was $32.4 million, wider than the year-ago quarter’s reported loss of $27.4 million.
Financial Update
Glaukos exited fourth-quarter 2023 with cash and cash equivalents, and short-term investments of $301 million compared with $307 million at the end of the last reported quarter.
2024 Guidance
The company issued its guidance for 2024 revenues. It expects net sales in the range of $350-$360 million. The Zacks Consensus Estimate for the same is pegged at $355.6 million.
Our Take
Glaukos exited the fourth quarter of 2023 with mixed results, wherein earnings missed estimates but revenues beat the same. However, management is excited regarding the company’s continued top-line growth in the reported quarter.
GKOS has launched several products, including iPrime, iAccess and iStent, in the past few quarters, which is aiding its revenue growth. The company has been focused on delivering improved outcomes for patients suffering from chronic eye diseases. It does so by continuing to develop a pipeline of novel, dropless platform technologies, designed to meaningfully advance the standard of care.
One of the advanced pipeline candidates, iDose TR, has been successfully tested in a phase III study. Glaukos filed a new drug application with the FDA in February and a decision regarding the same is expected later this year. The company stated that the targeted population is 3 million in the United States every year.
However, GKOS’ operating loss in the reported quarter amid rising costs and expenses raised our apprehension. Its operation in a stiff, competitive market is also worrisome.
Zacks Rank and Stocks to Consider
Currently, Glaukos carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Cencora, Inc. (COR - Free Report) , Elevance Health, Inc. (ELV - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
Cencora, carrying a Zacks Rank of 2 (Buy) at present, reported first-quarter fiscal 2024 adjusted EPS of $3.28, which beat the Zacks Consensus Estimate by 14.7%. Revenues of $72.25 billion outpaced the consensus mark by 5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cencora has a long-term estimated growth rate of 8.6%. COR’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 6.7%.
Elevance Health reported fourth-quarter 2023 adjusted EPS of $5.62, which beat the Zacks Consensus Estimate by 1.3%. Revenues of $42.45 billion outpaced the consensus mark by 1.5%. ELV currently carries a Zacks Rank #2.
Elevance Health has a long-term estimated growth rate of 12%. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 3.1%.
Cardinal Health reported second-quarter fiscal 2024 adjusted EPS of $1.82, which beat the Zacks Consensus Estimate by 16.7%. Revenues of $57.45 billion surpassed the Zacks Consensus Estimate by 1.1%. The company currently carries a Zacks Rank #2.
Cardinal Health has a long-term estimated growth rate of 15.9%. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 15.6%.
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Glaukos (GKOS) Q4 Earnings Miss Estimates, Revenues Rise Y/Y
Glaukos Corporation (GKOS - Free Report) reported a fourth-quarter 2023 adjusted loss of 63 cents per share, 12.5% wider than the Zacks Consensus Estimate of a loss of 56 cents.The figure was also wider than the year-ago quarter’s adjusted loss of 53 cents per share.
The GAAP loss per share was 75 cents compared with the prior-year quarter’s reported loss of 66 cents.
Revenue Details
Glaukos registered revenues of $82 million in the fourth quarter, up 16% year over year on a reported basis and 15% at constant currency (cc). The figure also surpassed the Zacks Consensus Estimate by 1.5%.
Full-Years Results
GKOS recorded worldwide total revenues of $314.7 million in 2023, up 11% year over year on a reported basis and 12% at cc. Adjusted loss per share for 2023 was $2.27 compared with a loss of $2.18 in the previous year.
Quarter in Detail
The company recorded net sales of $60.6 million and $21.8 million for Glaucoma and Corneal Health, respectively, up 15% and 19% year over year.
Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote
Margin Trend
Gross profit increased 9.4% to $59.5 million in the reported quarter. The gross margin was flat year over year at 84%.
Selling, general and administrative expenses rose 21% to $63 million. Research and development expenses totaled $37.1 million, up 3% year over year. Total operating expenses were $102.1 million, up 16% from that recorded in the prior-year period.
The operating loss amounted to $38.6 million compared with $33.7 million in the year-ago period. The adjusted operating loss was $32.4 million, wider than the year-ago quarter’s reported loss of $27.4 million.
Financial Update
Glaukos exited fourth-quarter 2023 with cash and cash equivalents, and short-term investments of $301 million compared with $307 million at the end of the last reported quarter.
2024 Guidance
The company issued its guidance for 2024 revenues. It expects net sales in the range of $350-$360 million. The Zacks Consensus Estimate for the same is pegged at $355.6 million.
Our Take
Glaukos exited the fourth quarter of 2023 with mixed results, wherein earnings missed estimates but revenues beat the same. However, management is excited regarding the company’s continued top-line growth in the reported quarter.
GKOS has launched several products, including iPrime, iAccess and iStent, in the past few quarters, which is aiding its revenue growth. The company has been focused on delivering improved outcomes for patients suffering from chronic eye diseases. It does so by continuing to develop a pipeline of novel, dropless platform technologies, designed to meaningfully advance the standard of care.
One of the advanced pipeline candidates, iDose TR, has been successfully tested in a phase III study. Glaukos filed a new drug application with the FDA in February and a decision regarding the same is expected later this year. The company stated that the targeted population is 3 million in the United States every year.
However, GKOS’ operating loss in the reported quarter amid rising costs and expenses raised our apprehension. Its operation in a stiff, competitive market is also worrisome.
Zacks Rank and Stocks to Consider
Currently, Glaukos carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Cencora, Inc. (COR - Free Report) , Elevance Health, Inc. (ELV - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
Cencora, carrying a Zacks Rank of 2 (Buy) at present, reported first-quarter fiscal 2024 adjusted EPS of $3.28, which beat the Zacks Consensus Estimate by 14.7%. Revenues of $72.25 billion outpaced the consensus mark by 5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cencora has a long-term estimated growth rate of 8.6%. COR’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 6.7%.
Elevance Health reported fourth-quarter 2023 adjusted EPS of $5.62, which beat the Zacks Consensus Estimate by 1.3%. Revenues of $42.45 billion outpaced the consensus mark by 1.5%. ELV currently carries a Zacks Rank #2.
Elevance Health has a long-term estimated growth rate of 12%. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 3.1%.
Cardinal Health reported second-quarter fiscal 2024 adjusted EPS of $1.82, which beat the Zacks Consensus Estimate by 16.7%. Revenues of $57.45 billion surpassed the Zacks Consensus Estimate by 1.1%. The company currently carries a Zacks Rank #2.
Cardinal Health has a long-term estimated growth rate of 15.9%. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 15.6%.