Q2 2024 Glaukos Corp Earnings Call Transcript
Key Points
- Glaukos Corp (GKOS) reported record second-quarter consolidated net sales of $95.7 million, up 19% on a reported basis and 20% on a constant currency basis.
- The company raised its full-year 2024 net sales guidance range to $370 to $376 million from the previous $357 to $365 million.
- Strong growth was driven by both US and international glaucoma franchises, with US glaucoma sales reaching $49.8 million, a 26% year-over-year increase.
- The iDose TR launch is progressing well, with positive feedback from early cases and the establishment of a unique permanent J-code expected to increase patient access.
- The international glaucoma franchise delivered record sales of $26.1 million, a 17% year-over-year growth on a reported basis and 21% on a constant currency basis.
- The company faces challenges with the Medicaid Drug Rebate Program (MDRP), which is expected to impact the Cornea Health franchise, particularly in the fourth quarter.
- There are uncertainties related to the FDA's decision on the re-administration of iDose, which could affect future growth.
- The third quarter is expected to be a transition period for iDose TR due to the J-code implementation, potentially dampening immediate growth.
- The company anticipates potential growth headwinds in its Stent portfolio as the sales force focuses more on the iDose TR launch.
- Currency fluctuations and competitive launches in international markets pose ongoing challenges.
Hello, and welcome to Glauko's Corporation's second-quarter 2024 financial results conference call. A copy of the company's press release and quarterly summary documents, both issued after the market close today are available at www.glaukos.com. (Operator instructions) To note this call is being recorded and an archived replay will be available online in the Investor Relations section at www.glaukos.com.
I will now turn the call over to Chris Lewis, Vice President of Investor Relations and Corporate Affairs.
Thank you and good afternoon. Joining me today are Glaukos' Chairman and CEO, Tom Burns; President and COO, Joe Gilliam; and CFO, Alex Thurman.
Similar to prior quarters, the company has posted a document on its Investor Relations website under the Financials & Filings Quarterly Results section titled Quarterly summary. This document is
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