On July 31, 2024, Glaukos Corp (GKOS, Financial) released its 8-K filing detailing the financial results for the second quarter ended June 30, 2024. Glaukos Corp is an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures designed to transform the treatment of glaucoma.
Quarterly Financial Performance
Glaukos Corp reported net sales of $95.7 million for Q2 2024, a 19% increase from $80.4 million in the same period in 2023. This figure surpassed the analyst estimate of $88.90 million. The gross margin for the quarter was approximately 76%, slightly up from 75% in Q2 2023. However, the company reported a net loss of $53.9 million, or ($1.06) per diluted share, missing the analyst estimate of ($0.59) per share.
Operational Highlights
Glaukos Corp's selling, general, and administrative (SG&A) expenses increased by 25% to $66.2 million, compared to $53.1 million in Q2 2023. Research and development (R&D) expenses also saw a 4% rise to $34.4 million. The company ended the quarter with $266.4 million in cash and cash equivalents, short-term investments, and restricted cash.
Income Statement Summary
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Sales | $95.7 million | $80.4 million |
| Gross Profit | $73.1 million | $60.3 million |
| SG&A Expenses | $66.2 million | $53.1 million |
| R&D Expenses | $34.4 million | $33.2 million |
| Net Loss | ($53.9 million) | ($32.8 million) |
| Net Loss per Share | ($1.06) | ($0.68) |
Balance Sheet Overview
As of June 30, 2024, Glaukos Corp reported total assets of $919.7 million, a slight decrease from $940.4 million as of December 31, 2023. The company’s total liabilities stood at $254.5 million, down from $478.6 million at the end of 2023, primarily due to a reduction in convertible senior notes.
Cash Flow and Liquidity
Glaukos Corp ended the second quarter with approximately $266.4 million in cash and cash equivalents, short-term investments, and restricted cash. This liquidity position is crucial for the company as it continues to invest in its R&D pipeline and expand its market presence.
Commentary and Future Outlook
“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.”
2024 Revenue Guidance
Glaukos Corp has provided revenue guidance for 2024, expecting net sales to be in the range of $370 million to $376 million. This outlook reflects the company's confidence in its strategic initiatives and market expansion efforts.
For more detailed insights and to access the full earnings report, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from Glaukos Corp for further details.
