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 second quarter ended June
30, 2024. Key highlights include:
- Record net sales of $95.7 million in Q2 2024 increased 19%
year-over-year on a reported basis and 20% year-over-year on a
constant currency basis.
- Glaucoma record net sales of $75.9 million in Q2 2024 increased
23% year-over-year.
- Corneal Health net sales of $19.8 million in Q2 2024 increased
7% year-over-year.
- Gross margin of approximately 76% and non-GAAP gross margin of
approximately 82% in Q2 2024.
- Raised 2024 net sales guidance to $370 million to $376 million,
compared to $357 million to $365 million previously.
“Our record second quarter results reflect successful global
execution of our key strategic plans and growing momentum in our
business,” 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.”
Second Quarter 2024 Financial Results
Net sales in the second quarter of 2024 of $95.7 million
increased 19% on a reported basis, or 20% on a constant currency
basis, compared to $80.4 million in the same period in 2023.
Gross margin for the second quarter of 2024 was approximately
76%, compared to approximately 75% in the same period in 2023.
Non-GAAP gross margin for the second quarter of 2024 was
approximately 82%, compared to approximately 82% in the same period
in 2023.
Selling, general and administrative (SG&A) expenses for the
second quarter of 2024 increased 25% to $66.2 million, compared to
$53.1 million in the same period in 2023. Non-GAAP SG&A
expenses for the second quarter of 2024 increased 25% to $65.5
million, compared to $52.4 million in the same period in 2023.
GAAP and non-GAAP research and development (R&D) expenses
for the second quarter of 2024 increased 4% to $34.4 million,
compared to $33.2 million in the same period in 2023.
Loss from operations in the second quarter of 2024 was $30.0
million, compared to operating loss of $29.1 million in the second
quarter of 2023. Non-GAAP loss from operations in the second
quarter of 2024 was $23.7 million, compared to non-GAAP operating
loss of $22.8 million in the second quarter of 2023.
Net loss in the second quarter of 2024 was $53.9 million, or
($1.06) per diluted share, compared to net loss of $32.8 million,
or ($0.68) per diluted share, in the second quarter of 2023.
Non-GAAP net loss in the second quarter of 2024 was $26.3 million,
or ($0.52) per diluted share, compared to non-GAAP net loss of
$26.6 million, or ($0.55) per diluted share, in the second quarter
of 2023.
Included in non-GAAP loss from operations, non-GAAP net loss and
non-GAAP EPS for the second quarter of 2024 and 2023 are acquired
in-process R&D (IPR&D) charges of $2.5 million and $3.0
million, respectively, which caused the non-GAAP loss per diluted
share to have an additional loss of ($0.05) and ($0.06) in each of
these respective periods.
The company ended the second quarter of 2024 with approximately
$266.4 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 $370
million to $376 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; our ability to successfully commercialize
our iDose TR therapy; the impact of general macroeconomic
conditions including foreign currency fluctuations; 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, and our compliance with the requirements of
participation in federal healthcare programs such as Medicare and
Medicaid; 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 our information systems against cyber threats and
cybersecurity incidents, and to comply with state, federal and
foreign data privacy laws and regulations; 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 Quarterly Report on Form 10-Q
for the quarter ended March 31, 2024, which was filed with the SEC
on May 3, 2024, and our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2024, which is expected to be filed with the
SEC by August 9, 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) (“Non-GAAP Purposes”). The Company uses the term
"Non-GAAP" to exclude certain expenses, gains and losses to achieve
the Non-GAAP Purposes, including 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; expenses, acceleration of amortization of debt issuance
costs and gain or loss on debt extinguishment associated with the
exchange or redemption of convertible senior notes; 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 Six
Months Ended June 30, June 30,
2024
2023
2024
2023
Net sales
$
95,690
$
80,399
$
181,312
$
154,298
Cost of sales
22,550
20,103
42,808
38,174
Gross profit
73,140
60,296
138,504
116,124
Operating expenses: Selling, general and administrative
66,188
53,137
128,163
106,787
Research and development
34,426
33,234
65,152
68,405
Acquired in-process research and development
2,500
3,000
14,229
3,000
Total operating expenses
103,114
89,371
207,544
178,192
Loss from operations
(29,974
)
(29,075
)
(69,040
)
(62,068
)
Non-operating expense: Interest income
2,828
1,894
5,911
3,542
Interest expense
(6,678
)
(3,399
)
(10,128
)
(6,807
)
Charges associated with convertible senior notes
(18,012
)
-
(18,012
)
-
Other expense, net
(1,701
)
(1,797
)
(2,729
)
(1,269
)
Total non-operating expense
(23,563
)
(3,302
)
(24,958
)
(4,534
)
Loss before taxes
(53,537
)
(32,377
)
(93,998
)
(66,602
)
Income tax provision
331
435
708
836
Net loss
$
(53,868
)
$
(32,812
)
$
(94,706
)
$
(67,438
)
Basic and diluted net loss per share
$
(1.06
)
$
(0.68
)
$
(1.89
)
$
(1.40
)
Weighted average shares used to compute basic and diluted
net loss per share
50,715
48,281
50,169
48,082
GLAUKOS CORPORATION CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands, except par values) June
30, December 31,
2024
2023
(unaudited) Assets Current assets: Cash and cash
equivalents
$
68,075
$
93,467
Short-term investments
193,589
201,964
Accounts receivable, net
51,217
39,850
Inventory
56,480
41,986
Prepaid expenses and other current assets
14,420
18,194
Total current assets
383,781
395,461
Restricted cash
4,733
5,856
Property and equipment, net
100,230
103,212
Operating lease right-of-use assets
26,430
27,146
Finance lease right-of-use asset
42,970
44,180
Intangible assets, net
275,673
282,956
Goodwill
66,134
66,134
Deposits and other assets
19,725
15,469
Total assets
$
919,676
$
940,414
Liabilities and stockholders' equity Current
liabilities: Accounts payable
$
11,560
$
13,440
Accrued liabilities
58,523
60,574
Total current liabilities
70,083
74,014
Convertible senior notes
56,692
282,773
Operating lease liability
29,912
30,427
Finance lease liability
70,009
70,538
Deferred tax liability, net
7,142
7,144
Other liabilities
20,678
13,752
Total liabilities
254,516
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; 54,852
and 49,148 shares issued and 54,824 and 49,120 shares outstanding
as of June 30, 2024 and December 31, 2023, respectively
55
49
Additional paid-in capital
1,356,819
1,059,751
Accumulated other comprehensive income
2,191
1,165
Accumulated deficit
(693,773
)
(599,067
)
Less treasury stock (28 shares as of June 30, 2024 and December 31,
2023)
(132
)
(132
)
Total stockholders' equity
665,160
461,766
Total liabilities and stockholders' equity
$
919,676
$
940,414
GLAUKOS CORPORATION GAAP to Non-GAAP Reconciliations
(in thousands, except per share amounts and percentage data)
(unaudited) Q2 2024 Q2 2023
GAAP Adjustments Non-GAAP
GAAP Adjustments Non-GAAP
Cost of sales
$
22,550
$
(5,523
)
(a)
$
17,027
$
20,103
$
(5,523
)
(a)
$
14,580
Gross Margin
76.4
%
5.8
%
82.2
%
75.0
%
6.9
%
81.9
%
Operating expenses: Selling,
general and administrative
$
66,188
$
(705
)
(b)
$
65,483
$
53,137
$
(705
)
(b)
$
52,432
Loss from operations
$
(29,974
)
$
6,228
$
(23,746
)
$
(29,075
)
$
6,228
$
(22,847
)
Non-operating expense: Interest
expense
$
(6,678
)
$
3,324
(c)
$
(3,354
)
$
(3,399
)
$
-
$
(3,399
)
Charges associated with convertible senior notes
$
(18,012
)
$
18,012
(d)
$
-
$
-
$
-
$
-
Net loss
$
(53,868
)
$
27,564
(e)
$
(26,304
)
$
(32,812
)
$
6,228
(e)
$
(26,584
)
Basic and diluted net loss per share
$
(1.06
)
$
0.54
$
(0.52
)
$
(0.68
)
$
0.13
$
(0.55
)
(a)
Cost of sales adjustment related to amortization of developed
technology intangible assets associated with the acquisition of
Avedro, Inc. (Avedro) of $5.5 million.
(b)
Avedro acquisition-related amortization expense of customer
relationship intangible assets of $0.7 million.
(c)
Acceleration of amortization of non-cash debt issuance costs
associated with the exchange of convertible senior notes.
(d)
Expenses associated with the exchange of convertible senior notes,
consisting of a non-cash inducement charge of $17.4 million and
direct transaction costs of $0.6 million.
(e)
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.
GLAUKOS CORPORATION GAAP to Non-GAAP
Reconciliations (in thousands, except per share amounts and
percentage data) (unaudited) Year-to-Date Q2
2024 Year-to-Date Q2 2023 GAAP Adjustments
Non-GAAP
GAAP Adjustments Non-GAAP Cost of sales
$
42,808
$
(11,046
)
(a)
$
31,762
$
38,174
$
(11,046
)
(a)
$
27,128
Gross Margin
76.4
%
6.1
%
82.5
%
75.3
%
7.1
%
82.4
%
Operating expenses: Selling,
general and administrative
$
128,163
$
(1,410
)
(b)
$
126,753
$
106,787
$
(1,410
)
(b)
$
105,377
Loss from operations
$
(69,040
)
$
12,456
$
(56,584
)
$
(62,068
)
$
12,456
$
(49,612
)
Non-operating expense: Interest
expense
$
(10,128
)
$
3,324
(c)
$
(6,804
)
$
(6,807
)
$
-
$
(6,807
)
Charges associated with convertible senior notes
$
(18,012
)
$
18,012
(d)
$
-
$
-
$
-
$
-
Net loss
$
(94,706
)
$
33,792
(e)
$
(60,914
)
$
(67,438
)
$
12,456
(e)
$
(54,982
)
Basic and diluted net loss per share
$
(1.89
)
$
0.68
$
(1.21
)
$
(1.40
)
$
0.26
$
(1.14
)
(a)
Cost of sales adjustment related to amortization of developed
technology intangible assets associated with the acquisition of
Avedro, Inc. (Avedro) of $11.0 million.
(b)
Avedro acquisition-related amortization expense of customer
relationship intangible assets of $1.4 million.
(c)
Acceleration of amortization of non-cash debt issuance costs
associated with the exchange of convertible senior notes.
(d)
Expenses associated with the exchange of convertible senior notes,
consisting of a non-cash inducement charge of $17.4 million and
direct transaction costs of $0.6 million.
(e)
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
2Q 2024
2Q 2023
1Q 2024
Reported Operations (1) Currency (2)
Reported Operations (1) Currency (2)
International Glaucoma
$
26,131
$
22,305
$
25,238
17.1%
21.0%
(3.9%)
3.5%
5.1%
(1.6%)
Total Net Sales
$
95,690
$
80,399
$
85,622
19.0%
20.1%
(1.1%)
11.8%
12.2%
(0.4%)
(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/20240731358069/en/
Chris Lewis Vice President, Investor Relations & Corporate
Affairs (949) 481-0510 clewis@glaukos.com
Glaukos (NYSE:GKOS)
過去 株価チャート
から 7 2024 まで 8 2024
Glaukos (NYSE:GKOS)
過去 株価チャート
から 8 2023 まで 8 2024
