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Glaukos (GKOS) Q1 Earnings Miss Estimates, Revenues Up Y/Y
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Glaukos Corporation (GKOS - Free Report) reported first-quarter 2024 adjusted loss of 70 cents per share, which is 20.7% wider than the Zacks Consensus Estimate of a loss of 58 cents. The figure was also wider than the year-ago quarter’s adjusted loss of 59 cents per share.
The GAAP loss per share was 82 cents compared with the prior-year quarter’s reported loss of 72 cents.
Revenue Details
Glaukos registered revenues of $85.6 million in the first quarter, up 16% year over year on a reported and constant currency (cc) basis. The figure also surpassed the Zacks Consensus Estimate by 8.8%.
Quarter in Detail
The company recorded net sales of $25.2 million and $18.4 million for Glaucoma and Corneal Health, respectively, up 20% and 4% year over year.
Margin Trend
Gross profit increased 17.1% to $65.4 million in the reported quarter. The adjusted gross margin was flat year over year at 83%.
Selling, general and administrative expenses rose 16% to $62 million. Research and development expenses totaled $30.7 million, down 13% year over year. Total operating expenses were $104.4 million, up 17.6% from that recorded in the prior-year period.
The operating loss amounted to $39.1 million compared with $32.9 million in the year-ago period. The adjusted operating loss was $32.8 million, wider than the year-ago quarter’s reported loss of $26.8 million.
Financial Update
Glaukos exited the first quarter of 2024 with cash and cash equivalents and short-term investments of $278.7 million compared with $301 million at the end of the last reported quarter.
2024 Guidance
The company revised its guidance for 2024 revenues. It now expects net sales in the range of $357-$365 million compared with the previous guidance of $350-$360 million. The Zacks Consensus Estimate for the same is pegged at $356 million.
Our Take
Glaukos exited the first quarter of 2024 with mixed results, wherein earnings missed the Zacks Consensus Estimate but revenues beat the same. However, management is excited regarding the company’s continued top-line growth in the reported quarter.
During the first quarter of 2024, GKOS’s glaucoma franchise witnessed growth in revenues driven by its iStent portfolio. The company has been continuing to make enrollment progress in several clinical trials, which include a PMA pivotal trial for iStent infinite in mild to moderate glaucoma patients.
In the first quarter of 2024. GKOS commenced the initial phases of the controlled launch plan for iDose TR post its FDA approval. A unique permanent J-code, along with CPT codes for iDose TR, has been assigned by the CMS.
The company continues to invest in its product pipeline. GKOS targets NDA submission for its corneal cross-linking therapy, Epioxa, by the end of 2024, which is currently progressing toward the second Phase 3 pivotal trial completion.
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.
Glaukos Corporation Price, Consensus and EPS Surprise
Currently, Glaukos carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Align Technology, Inc. (ALGN - Free Report) , Ecolab (ECL - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Align Technology, carrying a Zacks Rank of 2 (Buy), reported first-quarter 2024 adjusted earnings per share (EPS) of $2.14, beating the Zacks Consensus Estimate by 8.1%. Revenues of $997.4 million outpaced the consensus mark by 2.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Align Technology has a long-term estimated growth rate of 6.9%. ALGN’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 5.9%.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.
Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.
Boston Scientific reported first-quarter 2024 adjusted EPS of 56 cents, beating the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.
Boston Scientific has a long-term estimated growth rate of 12.5%. BSX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 7.5%.
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Glaukos (GKOS) Q1 Earnings Miss Estimates, Revenues Up Y/Y
Glaukos Corporation (GKOS - Free Report) reported first-quarter 2024 adjusted loss of 70 cents per share, which is 20.7% wider than the Zacks Consensus Estimate of a loss of 58 cents. The figure was also wider than the year-ago quarter’s adjusted loss of 59 cents per share.
The GAAP loss per share was 82 cents compared with the prior-year quarter’s reported loss of 72 cents.
Revenue Details
Glaukos registered revenues of $85.6 million in the first quarter, up 16% year over year on a reported and constant currency (cc) basis. The figure also surpassed the Zacks Consensus Estimate by 8.8%.
Quarter in Detail
The company recorded net sales of $25.2 million and $18.4 million for Glaucoma and Corneal Health, respectively, up 20% and 4% year over year.
Margin Trend
Gross profit increased 17.1% to $65.4 million in the reported quarter. The adjusted gross margin was flat year over year at 83%.
Selling, general and administrative expenses rose 16% to $62 million. Research and development expenses totaled $30.7 million, down 13% year over year. Total operating expenses were $104.4 million, up 17.6% from that recorded in the prior-year period.
The operating loss amounted to $39.1 million compared with $32.9 million in the year-ago period. The adjusted operating loss was $32.8 million, wider than the year-ago quarter’s reported loss of $26.8 million.
Financial Update
Glaukos exited the first quarter of 2024 with cash and cash equivalents and short-term investments of $278.7 million compared with $301 million at the end of the last reported quarter.
2024 Guidance
The company revised its guidance for 2024 revenues. It now expects net sales in the range of $357-$365 million compared with the previous guidance of $350-$360 million. The Zacks Consensus Estimate for the same is pegged at $356 million.
Our Take
Glaukos exited the first quarter of 2024 with mixed results, wherein earnings missed the Zacks Consensus Estimate but revenues beat the same. However, management is excited regarding the company’s continued top-line growth in the reported quarter.
During the first quarter of 2024, GKOS’s glaucoma franchise witnessed growth in revenues driven by its iStent portfolio. The company has been continuing to make enrollment progress in several clinical trials, which include a PMA pivotal trial for iStent infinite in mild to moderate glaucoma patients.
In the first quarter of 2024. GKOS commenced the initial phases of the controlled launch plan for iDose TR post its FDA approval. A unique permanent J-code, along with CPT codes for iDose TR, has been assigned by the CMS.
The company continues to invest in its product pipeline. GKOS targets NDA submission for its corneal cross-linking therapy, Epioxa, by the end of 2024, which is currently progressing toward the second Phase 3 pivotal trial completion.
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.
Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote
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 Align Technology, Inc. (ALGN - Free Report) , Ecolab (ECL - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
Align Technology, carrying a Zacks Rank of 2 (Buy), reported first-quarter 2024 adjusted earnings per share (EPS) of $2.14, beating the Zacks Consensus Estimate by 8.1%. Revenues of $997.4 million outpaced the consensus mark by 2.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Align Technology has a long-term estimated growth rate of 6.9%. ALGN’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 5.9%.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 13.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.7%.
Ecolab’s shares have rallied 33.8% against the industry’s 9.3% decline in the past year.
Boston Scientific reported first-quarter 2024 adjusted EPS of 56 cents, beating the Zacks Consensus Estimate by 9.8%. Revenues of $3.86 billion surpassed the Zacks Consensus Estimate by 4.9%. It currently carries a Zacks Rank #2.
Boston Scientific has a long-term estimated growth rate of 12.5%. BSX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 7.5%.