We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Glaukos (GKOS) Q2 Earnings In Line, Glaucoma Drives Sales
Read MoreHide Full Article
Glaukos Corporation (GKOS - Free Report) reported second-quarter 2024 adjusted loss of 52 cents per share, in line with the Zacks Consensus Estimate. The figure was narrower than the year-ago quarter’s adjusted loss of 55 cents per share.
The GAAP loss per share was $1.06 compared with the prior-year quarter’s reported loss of 68 cents.
Revenue Details
Glaukos registered revenues of $95.7 million in the second quarter, up 19% year over year on a reported basis and 20% at constant currency (cc). The figure also surpassed the Zacks Consensus Estimate by 8.2%.
Quarter in Detail
The company recorded net sales of $75.9 million and $19.8 million for Glaucoma and Corneal Health, respectively, up 23% and 7% year over year.
Margin Trend
Gross profit increased 21.3% to $73.1 million. The adjusted gross margin was flat year over year at 82%.
Selling, general and administrative expenses rose 25% to $66.2 million. Research and development expenses totaled $34.4 million, up 4% 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 $30 million compared with $32.9 million in the year-ago period. The adjusted operating loss was $23.7 million, wider than the year-ago quarter’s reported loss of $22.8 million.
Financial Update
Glaukos exited the second quarter of 2024 with cash and cash equivalents and short-term investments of $266.4 million compared with $278.7 million at the end of the last reported quarter.
2024 Guidance
The company revised its guidance for 2024 revenues. It now expects net sales to be in the range of $370-$376 million compared with the previous guidance of $357-$365 million. The Zacks Consensus Estimate for the same is pegged at $362.8 million.
Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos' second-quarter 2024 earnings met the Zacks Consensus Estimate, while revenues beat the same. Management remains excited regarding the company’s continued top-line growth in the reported quarter.
During the second quarter, GKOS’ glaucoma franchise witnessed growth in revenues, driven by its iStent portfolio, coupled with growing contributions from iDose TR. The company commenced the initial phases of the controlled launch plan for iDose TR during the reported quarter. The unique permanent J-code for iDose TR became effective from Jul 1. This is likely to increase patient access, driving sales growth in the upcoming quarters. The franchise also benefited from rapid international expansion.
GKOS continues to invest in its product pipeline. It 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. The company remains on track to start a pivotal study on its next-generation iDose therapy, iDose TREX, by the end of 2024.
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 & Stocks to Consider
Cencora currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Boston Scientific Corporation (BSX - Free Report) , Hologic (HOLX - Free Report) and Universal Health Services (UHS - Free Report) .
Boston Scientific reported second-quarter 2024 adjusted EPS of 62 cents, which beat the Zacks Consensus Estimate by 6.9%. Revenues of $4.12 billion surpassed the Zacks Consensus Estimate by 2.5%. It currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Scientific has a long-term growth rate of 12.5%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
Hologic, carrying a Zacks Rank of 2 at present, has a long-term growth rate of 7.4%. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 4.50%.
Hologic reported second-quarter 2024 adjusted EPS of $1.06, which beat the Zacks Consensus Estimate by 3.9%. Revenues of $1 billion surpassed the Zacks Consensus Estimate by 1.1%.
Universal Health Services reported second-quarter 2024 adjusted EPS of $4.31, which beat the Zacks Consensus Estimate by 27.9%. Revenues of $3.9 billion surpassed the Zacks Consensus Estimate by 1.5%.
Universal Health Services has a long-term growth rate of 18%. UHS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 14.58%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Glaukos (GKOS) Q2 Earnings In Line, Glaucoma Drives Sales
Glaukos Corporation (GKOS - Free Report) reported second-quarter 2024 adjusted loss of 52 cents per share, in line with the Zacks Consensus Estimate. The figure was narrower than the year-ago quarter’s adjusted loss of 55 cents per share.
The GAAP loss per share was $1.06 compared with the prior-year quarter’s reported loss of 68 cents.
Revenue Details
Glaukos registered revenues of $95.7 million in the second quarter, up 19% year over year on a reported basis and 20% at constant currency (cc). The figure also surpassed the Zacks Consensus Estimate by 8.2%.
Quarter in Detail
The company recorded net sales of $75.9 million and $19.8 million for Glaucoma and Corneal Health, respectively, up 23% and 7% year over year.
Margin Trend
Gross profit increased 21.3% to $73.1 million. The adjusted gross margin was flat year over year at 82%.
Selling, general and administrative expenses rose 25% to $66.2 million. Research and development expenses totaled $34.4 million, up 4% 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 $30 million compared with $32.9 million in the year-ago period. The adjusted operating loss was $23.7 million, wider than the year-ago quarter’s reported loss of $22.8 million.
Financial Update
Glaukos exited the second quarter of 2024 with cash and cash equivalents and short-term investments of $266.4 million compared with $278.7 million at the end of the last reported quarter.
2024 Guidance
The company revised its guidance for 2024 revenues. It now expects net sales to be in the range of $370-$376 million compared with the previous guidance of $357-$365 million. The Zacks Consensus Estimate for the same is pegged at $362.8 million.
Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote
Our Take
Glaukos' second-quarter 2024 earnings met the Zacks Consensus Estimate, while revenues beat the same. Management remains excited regarding the company’s continued top-line growth in the reported quarter.
During the second quarter, GKOS’ glaucoma franchise witnessed growth in revenues, driven by its iStent portfolio, coupled with growing contributions from iDose TR. The company commenced the initial phases of the controlled launch plan for iDose TR during the reported quarter. The unique permanent J-code for iDose TR became effective from Jul 1. This is likely to increase patient access, driving sales growth in the upcoming quarters. The franchise also benefited from rapid international expansion.
GKOS continues to invest in its product pipeline. It 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. The company remains on track to start a pivotal study on its next-generation iDose therapy, iDose TREX, by the end of 2024.
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 & Stocks to Consider
Cencora currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Boston Scientific Corporation (BSX - Free Report) , Hologic (HOLX - Free Report) and Universal Health Services (UHS - Free Report) .
Boston Scientific reported second-quarter 2024 adjusted EPS of 62 cents, which beat the Zacks Consensus Estimate by 6.9%. Revenues of $4.12 billion surpassed the Zacks Consensus Estimate by 2.5%. It currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Scientific has a long-term growth rate of 12.5%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
Hologic, carrying a Zacks Rank of 2 at present, has a long-term growth rate of 7.4%. Its earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 4.50%.
Hologic reported second-quarter 2024 adjusted EPS of $1.06, which beat the Zacks Consensus Estimate by 3.9%. Revenues of $1 billion surpassed the Zacks Consensus Estimate by 1.1%.
Universal Health Services reported second-quarter 2024 adjusted EPS of $4.31, which beat the Zacks Consensus Estimate by 27.9%. Revenues of $3.9 billion surpassed the Zacks Consensus Estimate by 1.5%.
Universal Health Services has a long-term growth rate of 18%. UHS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 14.58%.