Glaukos Corp. ( (GKOS) ) has released its Q3 earnings. Here is a breakdown of the information Glaukos Corp. presented to its investors.
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Glaukos Corporation is an ophthalmic pharmaceutical and medical technology company, focusing on innovative therapies for glaucoma, corneal disorders, and retinal diseases, renowned for pioneering Micro-Invasive Glaucoma Surgery (MIGS) as a modern treatment alternative.
In its third-quarter 2024 financial report, Glaukos Corporation announced record net sales of $96.7 million, marking a 24% increase compared to the same period in 2023, and raised its annual net sales guidance. CEO Thomas Burns attributed this success to the effective execution of strategic plans and the strong momentum in its business operations.
Key financial highlights include a 30% year-over-year increase in glaucoma-related sales, totaling $76.0 million, and a 5% increase in corneal health sales to $20.6 million. The company maintained a gross margin of approximately 77% and achieved a non-GAAP gross margin of around 82%. Despite an 18% increase in selling, general, and administrative expenses, Glaukos reduced its net loss to $21.4 million, or $0.39 per diluted share, down from $30.4 million, or $0.63 per diluted share, in the previous year. The company concluded the quarter with $267.2 million in cash and equivalents.
Glaukos aims to continue its trajectory of growth by advancing its pipeline of dropless platform technologies and expects to close 2024 with net sales ranging from $377 million to $379 million. The company’s strategic focus remains on enhancing the standard of care and improving patient outcomes in the treatment of chronic eye diseases.
