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Glaukos (GKOS) Q1 Earnings and Revenues Miss Estimates
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Glaukos Corporation (GKOS - Free Report) reported first-quarter 2020 loss per share of 44 cents, wider than the Zacks Consensus Estimate of a loss of 35 cents. Notably, the company had delivered loss per share of 4 cents a year ago.
Revenues in Detail
Quarterly net sales totaled $55.3 million, which missed the Zacks Consensus Estimate by 0.1%. On a year-over-year basis, revenues improved 2.4%. Per management, the upside can be attributed to contribution from the Avedro buyout. However, disruptions related to COVID-19 mainly offset the upside.
Quarter Details
Gross profit in the first quarter was $22.8 million, down 51.4% year over year. Gross margin quarter was 41.2% of net revenues, down 4562 basis points on a year-over-year basis.
Operating expenses increased 54.4% to $75.4 million on a year-over-year basis, courtesy of higher selling, general and administrative, and research and development expenses.
Glaukos Corporation Price, Consensus and EPS Surprise
The company exited the first quarter with cash and cash equivalents of $53.6 million, down from $62.4 million at the end of 2019.
During the first quarter, total current assets came in at $231.4 million compared with $262.9 million at the end of 2019.
2020 Guidance
Glaukos has withdrawn its previously announced (Feb 27, 2020) annual guidance for 2020 due to the uncertainties emanating from the COVID-19 pandemic.
Our Take
Glaukos exited the first quarter on a dismal note.Nonetheless, the company witnessed another solid quarter, reflecting substantial growth at its global Glaucoma franchise, advancement in its market-expanding pipeline and execution of quite a few business development growth initiatives that includes the Avedro buyout.
However, surging operating expenses remain a concern. Glaukos also faces cut-throat competition in the Medical Devices space. The company witnessed a contraction in its gross margin in the quarter under review.
Zacks Rank and Key Picks
Glaukos currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Aphria Inc. , Biogen Inc. (BIIB - Free Report) and Eli Lilly and Company (LLY - Free Report) .
Aphria reported third-quarter fiscal 2020 adjusted EPS of 2 cents, comparing favorably with the Zacks Consensus Estimate of a loss of 4 cents. Net revenues of $64.4 million outpaced the consensus estimate by 14.6%. The company carries a Zacks Rank #2 (Buy) at present.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biogen currently carries a Zacks Rank #2. It reported first-quarter 2020 adjusted EPS of $9.14, surpassing the Zacks Consensus Estimate by 18.1%. Revenues of $3.53 billion outpaced the consensus mark by 3.2%.
Eli Lilly delivered first-quarter 2020 EPS of $1.75, outpacing the Zacks Consensus Estimate by 12.9%. Revenues of $145.3 million surpassed the consensus estimate by 6.3%. The company currently sports a Zacks Rank #1.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Glaukos (GKOS) Q1 Earnings and Revenues Miss Estimates
Glaukos Corporation (GKOS - Free Report) reported first-quarter 2020 loss per share of 44 cents, wider than the Zacks Consensus Estimate of a loss of 35 cents. Notably, the company had delivered loss per share of 4 cents a year ago.
Revenues in Detail
Quarterly net sales totaled $55.3 million, which missed the Zacks Consensus Estimate by 0.1%. On a year-over-year basis, revenues improved 2.4%. Per management, the upside can be attributed to contribution from the Avedro buyout. However, disruptions related to COVID-19 mainly offset the upside.
Quarter Details
Gross profit in the first quarter was $22.8 million, down 51.4% year over year. Gross margin quarter was 41.2% of net revenues, down 4562 basis points on a year-over-year basis.
Operating expenses increased 54.4% to $75.4 million on a year-over-year basis, courtesy of higher selling, general and administrative, and research and development expenses.
Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote
Financial Update
The company exited the first quarter with cash and cash equivalents of $53.6 million, down from $62.4 million at the end of 2019.
During the first quarter, total current assets came in at $231.4 million compared with $262.9 million at the end of 2019.
2020 Guidance
Glaukos has withdrawn its previously announced (Feb 27, 2020) annual guidance for 2020 due to the uncertainties emanating from the COVID-19 pandemic.
Our Take
Glaukos exited the first quarter on a dismal note.Nonetheless, the company witnessed another solid quarter, reflecting substantial growth at its global Glaucoma franchise, advancement in its market-expanding pipeline and execution of quite a few business development growth initiatives that includes the Avedro buyout.
However, surging operating expenses remain a concern. Glaukos also faces cut-throat competition in the Medical Devices space. The company witnessed a contraction in its gross margin in the quarter under review.
Zacks Rank and Key Picks
Glaukos currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Aphria Inc. , Biogen Inc. (BIIB - Free Report) and Eli Lilly and Company (LLY - Free Report) .
Aphria reported third-quarter fiscal 2020 adjusted EPS of 2 cents, comparing favorably with the Zacks Consensus Estimate of a loss of 4 cents. Net revenues of $64.4 million outpaced the consensus estimate by 14.6%. The company carries a Zacks Rank #2 (Buy) at present.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biogen currently carries a Zacks Rank #2. It reported first-quarter 2020 adjusted EPS of $9.14, surpassing the Zacks Consensus Estimate by 18.1%. Revenues of $3.53 billion outpaced the consensus mark by 3.2%.
Eli Lilly delivered first-quarter 2020 EPS of $1.75, outpacing the Zacks Consensus Estimate by 12.9%. Revenues of $145.3 million surpassed the consensus estimate by 6.3%. The company currently sports a Zacks Rank #1.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>