Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical
and medical technology company focused on novel therapies for the
treatment of glaucoma, corneal disorders and retinal diseases,
today announced financial results for the first quarter ended March
31, 2024. Key highlights include:
- Record net sales of $85.6 million in Q1 2024 increased 16%
year-over-year.
- Glaucoma record net sales of $67.2 million in Q1 2024 increased
20% year-over-year.
- Corneal Health net sales of $18.4 million in Q1 2024 increased
4% year-over-year.
- Gross margin of approximately 76% and non-GAAP gross margin of
approximately 83% in Q1 2024.
- Raised 2024 net sales guidance to $357 to $365 million,
compared to $350 million to $360 million previously.
“Our record first quarter results reflect successful global
execution of our key strategic plans,” said Thomas Burns, Glaukos
chairman and chief executive officer. “We continue to successfully
advance our robust pipeline of novel, dropless platform
technologies designed to meaningfully advance the standard of care
and improve outcomes for patients suffering from chronic eye
diseases.”
First Quarter 2024 Financial Results
Net sales in the first quarter of 2024 of $85.6 million
increased 16% on a reported and constant currency basis, compared
to $73.9 million in the same period in 2023.
Gross margin for the first quarter of 2024 was approximately
76%, compared to approximately 76% in the same period in 2023.
Non-GAAP gross margin for the first quarter of 2024 was
approximately 83%, compared to approximately 83% in the same period
in 2023.
Selling, general and administrative (SG&A) expenses for the
first quarter of 2024 increased 16% to $62.0 million, compared to
$53.6 million in the same period in 2023. Non-GAAP SG&A
expenses for the first quarter of 2024 increased 16% to $61.3
million, compared to $52.9 million in the same period in 2023.
GAAP and non-GAAP research and development (R&D) expenses
for the first quarter of 2024 decreased 13% to $30.7 million,
compared to $35.2 million in the same period in 2023.
Loss from operations in the first quarter of 2024 was $39.1
million, compared to operating loss of $33.0 million in the first
quarter of 2023. Non-GAAP loss from operations in the first quarter
of 2024 was $32.8 million, compared to non-GAAP operating loss of
$26.8 million in the first quarter of 2023.
Net loss in the first quarter of 2024 was $40.8 million, or
($0.82) per diluted share, compared to net loss of $34.6 million,
or ($0.72) per diluted share, in the first quarter of 2023.
Non-GAAP net loss in the first quarter of 2024 was $34.6 million,
or ($0.70) per diluted share, compared to non-GAAP net loss of
$28.4 million, or ($0.59) per diluted share, in the first quarter
of 2023.
Included in non-GAAP loss from operations, non-GAAP net loss and
non-GAAP EPS for the first quarter of 2024 is an acquired
in-process R&D (IPR&D) charge of $11.7 million, which
caused the non-GAAP loss per diluted share to have an additional
loss of ($0.24) in the first quarter of 2024.
The company ended the first quarter of 2024 with approximately
$279 million in cash and cash equivalents, short-term investments
and restricted cash.
2024 Revenue Guidance
The company expects 2024 net sales to be in the range of $357
million to $365 million based on the latest foreign currency
exchange rates.
Webcast & Conference Call
The company will host a conference call and simultaneous webcast
today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results and
provide additional information about the company’s financial
outlook. A link to the webcast is available on the company’s
website at http://investors.glaukos.com. To participate in the
conference call, please dial 888-210-2212 (U.S.) or 646-960-0390
(international) and enter Conference ID 7935742. A replay of the
webcast will be archived on the company’s website following
completion of the call.
Quarterly Summary Document
The company has posted a document on its Investor Relations
website under the “Financials & Filings – Quarterly Results”
section titled “Quarterly Summary.” This Quarterly Summary document
is designed to provide the investment community with a summarized
and easily accessible reference document that details the key facts
associated with the quarter, the state of the company’s business
objectives and strategies and any forward statements or guidance
the company may make. This document is provided alongside the
company’s earnings press release and is designed to be read by
investors before the regularly scheduled quarterly conference call.
As such, today’s conference call will be in a format primarily
consisting of a questions and answers session, during which Glaukos
will address any queries investors have regarding the company’s
results. It is the company’s goal that this format will make its
quarterly earnings process more efficient and impactful for the
investment community going forward.
About Glaukos
Glaukos (www.glaukos.com) is an ophthalmic pharmaceutical and
medical technology company focused on developing and
commercializing novel therapies for the treatment of glaucoma,
corneal disorders and retinal diseases. Glaukos first developed
Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the
traditional glaucoma treatment paradigm, launching its first MIGS
device commercially in 2012, and continues to develop a portfolio
of technologically distinct and leverageable platforms to support
ongoing pharmaceutical and medical device innovations. Products or
product candidates for each of these platforms are designed to
advance the standard of care through better treatment options
across the areas of glaucoma, corneal disorders and retinal
diseases.
Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of federal securities laws. All statements other than
statements of historical facts included in this press release that
address activities, events or developments that we expect, believe
or anticipate will or may occur in the future are forward-looking
statements. These statements are based on management’s current
expectations, assumptions, estimates and beliefs. Although we
believe that we have a reasonable basis for forward-looking
statements contained herein, we caution you that they are based on
current expectations about future events affecting us and are
subject to risks, uncertainties and factors relating to our
operations and business environment, all of which are difficult to
predict and many of which are beyond our control, that may cause
our actual results to differ materially from those expressed or
implied by forward-looking statements in this press release. These
potential risks and uncertainties that could cause actual results
to differ materially from those described in forward-looking
statements include, without limitation, uncertainties regarding the
impact of the COVID-19 pandemic or other future public health
crises on our business; the impact of general macroeconomic
conditions including foreign currency fluctuations; the reduced
physician fee and ASC facility fee reimbursement rate finalized by
CMS for 2022 and 2023 for procedures utilizing the Company’s iStent
family of products and its impact on our U.S. combo-cataract
glaucoma revenue; our ability to continue to generate sales of our
commercialized products and develop and commercialize additional
products; our dependence on a limited number of third-party
suppliers, some of which are single-source, for components of our
products; the occurrence of a crippling accident, natural disaster,
or other disruption at our primary facility, which may materially
affect our manufacturing capacity and operations; securing or
maintaining adequate coverage or reimbursement by third-party
payors for procedures using the iStent, the iStent inject W,
iAccess, iPRIME, iStent infinite, iDose TR, our corneal
cross-linking products or other products in development; our
ability to properly train, and gain acceptance and trust from
ophthalmic surgeons in the use of our products; our ability to
compete effectively in the medical device industry and against
current and future technologies (including MIGS technologies); our
compliance with federal, state and foreign laws and regulations for
the approval and sale and marketing of our products and of our
manufacturing processes; the lengthy and expensive clinical trial
process and the uncertainty of timing and outcomes from any
particular clinical trial or regulatory approval processes; the
risk of recalls or serious safety issues with our products and the
uncertainty of patient outcomes; our ability to protect, and the
expense and time-consuming nature of protecting our intellectual
property against third parties and competitors and the impact of
any claims against us for infringement or misappropriation of third
party intellectual property rights and any related litigation; and
our ability to service our indebtedness. These and other known
risks, uncertainties and factors are described in detail under the
caption “Risk Factors” and elsewhere in our filings with the
Securities and Exchange Commission (SEC), including in our Annual
Report on Form 10-K for the year ended December 31, 2023, which was
filed with the SEC on February 23, 2024, and our Quarterly Report
on Form 10-Q for the quarter ended March 31, 2024, which is
expected to be filed with the SEC by May 10, 2024. Our filings with
the SEC are available in the Investor Section of our website at
www.glaukos.com or at www.sec.gov. In addition, information about
the risks and benefits of our products is available on our website
at www.glaukos.com. All forward-looking statements included in this
press release are expressly qualified in their entirety by the
foregoing cautionary statements. You are cautioned not to place
undue reliance on the forward-looking statements in this press
release, which speak only as of the date hereof. We do not
undertake any obligation to update, amend or clarify these
forward-looking statements whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities law.
Statement Regarding Use of Non-GAAP Financial
Measures
To supplement the consolidated financial results prepared in
accordance with Generally Accepted Accounting Principles ("GAAP"),
the Company uses certain non-GAAP historical financial measures.
Management makes adjustments to the GAAP measures for items (both
charges and gains) that (a) do not reflect the core operational
activities of the Company, (b) are commonly adjusted within the
Company's industry to enhance comparability of the Company's
financial results with those of its peer group, or (c) are
inconsistent in amount or frequency between periods (albeit such
items are monitored and controlled with equal diligence relative to
core operations). The Company uses the term "Non-GAAP" to exclude
external acquisition-related costs incurred to effect a business
combination; amortization of intangible assets acquired in a
business combination, asset purchase transaction or other
contractual relationship; impairment of goodwill and intangible
assets; certain in-process R&D charges; fair value adjustments
to contingent consideration liabilities and pre-acquisition
contingencies arising from a business combination; integration and
transition costs related to business combinations; fair market
value adjustments to inventories acquired in a business combination
or asset purchase transaction; restructuring charges, duplicative
operating expenses, or asset write-offs (or reversals) associated
with exiting or significantly downsizing a business; gain or loss
from the sale of a business; gain or loss on the mark-to-market
adjustment, impairment, or sale of long-term investments;
mark-to-market adjustments on derivative instruments that hedge
income or expense exposures in a future period; significant legal
litigation costs and/or settlement expenses or proceeds legal and
other associated expenses that are both unusual and significant
related to governmental or internal inquiries; and significant
discrete income and other tax adjustments related to transactions
as well as changes in estimated acquisition-date tax effects
associated with business combinations, and the impact from
implementation of tax law changes and settlements. See “GAAP to
Non-GAAP Reconciliations” for a reconciliation of each non-GAAP
measure presented to the comparable GAAP financial measure.
In addition, in order to remove the impact of fluctuations in
foreign currency exchange rates, the Company also presents certain
net sales information on a constant currency basis, which
represents the outcome that would have resulted had exchange rates
in the current period been the same as the average exchange rates
in effect in the comparable prior period. See “Reported Sales vs.
Prior Periods” for a presentation of certain net sales information
on a reported, GAAP and a constant currency basis.
GLAUKOS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited) (in thousands, except per
share amounts) Three Months Ended March
31,
2024
2023
Net sales
$
85,622
$
73,899
Cost of sales
20,258
18,071
Gross profit
65,364
55,828
Operating expenses: Selling, general and administrative
61,975
53,650
Research and development
30,726
35,171
Acquired in-process research and development
11,729
-
Total operating expenses
104,430
88,821
Loss from operations
(39,066
)
(32,993
)
Non-operating expense: Interest income
3,083
1,648
Interest expense
(3,450
)
(3,408
)
Other (expense) income, net
(1,028
)
528
Total non-operating expense
(1,395
)
(1,232
)
Loss before taxes
(40,461
)
(34,225
)
Income tax provision
377
401
Net loss
$
(40,838
)
$
(34,626
)
Basic and diluted net loss per share
$
(0.82
)
$
(0.72
)
Weighted average shares used to compute basic and diluted
net loss per share
49,580
47,881
GLAUKOS CORPORATION CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands, except par values)
March 31,
December 31,
2024
2023
(unaudited)
Assets Current assets: Cash and cash equivalents
$
42,495
$
93,467
Short-term investments
230,365
201,964
Accounts receivable, net
46,545
39,850
Inventory
50,185
41,986
Prepaid expenses and other current assets
19,020
18,194
Total current assets
388,610
395,461
Restricted cash
5,856
5,856
Property and equipment, net
101,858
103,212
Operating lease right-of-use asset
26,683
27,146
Finance lease right-of-use asset
43,575
44,180
Intangible assets, net
281,919
282,956
Goodwill
66,134
66,134
Deposits and other assets
18,703
15,469
Total assets
$
933,338
$
940,414
Liabilities and stockholders' equity Current
liabilities: Accounts payable
$
12,752
$
13,440
Accrued liabilities
59,486
60,574
Total current liabilities
72,238
74,014
Convertible senior notes
283,117
282,773
Operating lease liability
30,110
30,427
Finance lease liability
70,289
70,538
Deferred tax liability, net
7,144
7,144
Other liabilities
19,710
13,752
Total liabilities
482,608
478,648
Stockholders' equity: Preferred stock, $0.001 par value;
5,000 shares authorized; no shares issued or outstanding
-
-
Common stock, $0.001 par value; 150,000 shares authorized; 49,875
and 49,148 shares issued and 49,847 and 49,120 shares outstanding
as of March 31, 2024 and December 31, 2023, respectively
50
49
Additional paid-in capital
1,089,280
1,059,751
Accumulated other comprehensive income (loss)
1,437
1,165
Accumulated deficit
(639,905
)
(599,067
)
Less treasury stock (28 shares as of March 31, 2024 and December
31, 2023
(132
)
(132
)
Total stockholders' equity
450,730
461,766
Total liabilities and stockholders' equity
$
933,338
$
940,414
GLAUKOS CORPORATION GAAP to Non-GAAP Reconciliations
(in thousands, except per share amounts and percentage data)
(unaudited) Q1 2024 Q1 2023
GAAP Adjustments Non-GAAP
GAAP Adjustments Non-GAAP
Cost of sales
$
20,258
$
(5,523
)
(a)
$
14,735
$
18,071
$
(5,523
)
(a)
$
12,548
Gross Margin
76.3
%
6.5
%
82.8
%
75.5
%
7.5
%
83.0
%
Operating expenses: Selling,
general and administrative
$
61,975
$
(705
)
(b)
$
61,270
$
53,650
$
(705
)
(b)
$
52,945
Loss from operations
$
(39,066
)
$
6,228
$
(32,838
)
$
(32,993
)
$
6,228
$
(26,765
)
Net loss
$
(40,838
)
$
6,228
(c)
$
(34,610
)
$
(34,626
)
$
6,228
(c)
$
(28,398
)
Basic and diluted net loss per share
$
(0.82
)
$
0.12
$
(0.70
)
$
(0.72
)
$
0.13
$
(0.59
)
(a) Cost of sales adjustments related to the acquisition of
Avedro, Inc. (Avedro) for amortization of developed technology
intangible assets of $5.5 million in Q1 2024 and Q1 2023. (b)
Avedro acquisition-related expenses for amortization expense of
customer relationship intangible assets of $0.7 million in Q1 2024
and Q1 2023. (c) Includes total tax effect for non-GAAP pre-tax
adjustments. For non-GAAP adjustments associated with the U.S., the
tax effect is $0 given the Company's U.S. taxable loss positions in
both 2024 and 2023.
Reported Sales vs. Prior Periods (in
thousands) Year-over-Year Percent Change
Quarter-over-Quarter Percent Change
1Q 2024
1Q 2023
4Q 2023
Reported Operations (1) Currency (2)
Reported Operations (1) Currency (2)
International Glaucoma
$
25,238
$
21,118
$
21,857
19.5
%
21.4
%
(1.9
%)
15.5
%
14.5
%
1.0
%
Total Net Sales
$
85,622
$
73,899
$
82,365
15.9
%
16.4
%
(0.5
%)
4.0
%
3.7
%
0.3
%
(1) Operational growth excludes the effect of translational
currency (2) Calculated by converting the current period numbers
using the prior period’s average foreign exchange rates
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501994978/en/
Chris Lewis Vice President, Investor Relations & Corporate
Affairs (949) 481-0510 clewis@glaukos.com
Grafico Azioni Glaukos (NYSE:GKOS)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Glaukos (NYSE:GKOS)
Storico
Da Feb 2024 a Feb 2025
