Ophthalmic medical technology company Glaukos Corp. (GKOS:NASDAQ), which focuses on developing new therapies for treating glaucoma, corneal disorders and retinal diseases, yesterday announced financial results for its third quarter ended September 30, 2020.
Glaukos reported that net sales increased 11% in Q3/20 to $64.8 million, compared to $58.5 million in Q3/19. The company advised the revenue totals in the quarter were composed of glaucoma net sales of $51.9 million and corneal health net sales of $12.9 million.
The firm further indicated that its GAAP gross margin in Q3/20 decreased to around 72%, compared to about 87% in Q3/19. The company added that on a non-GAAP basis, gross margin for Q3/20 was approximately 85%, compared to around 87% in Q3/19.
The company's President and CEO Thomas Burns commented, "Our solid third quarter performance reflects our teams' unwavering commitment to advance our key strategic priorities and execute our plans despite the unique challenges associated with the ongoing COVID-19 pandemic...We remain focused on the near and long-term fundamental growth prospects of our business as we advance our mission to create a strategic vision care leader with disruptive franchises in glaucoma, corneal health and retinal disease that provide sustainable solutions to important clinical needs."
Glaukos stated that it spent $20.3 million on (GAAP) research and development expenses in Q3/20, which represents an 18% increase compared to the $17.3 million it spent in Q3/19.
The company also reported a net loss of $15.7 million, or ($0.35) per diluted share in Q3/20, compared to net loss of $13.5 million, or ($0.37) per diluted share in Q3/19 and noted that as of September 30, 2020, it had $397.8 million in cash and other highly liquid current assets on its balance sheet.
Glaukos Corp. reported that it had initially announced FY/20 guidance on February 27, 2020, but that one month later, it withdrew those estimates due to the uncertainties surrounding the impact from COVID-19. The company confirmed that it is still not reporting any forward guidance as it is not in a position to clearly estimate the effect of the pandemic on future operating and financial results.
Glaukos is an ophthalmic medical technology and pharmaceutical firm headquartered in San Clemente, Calif. The company concentrates its efforts in providing novel micro-scale surgical and pharmaceutical therapies addressing chronic eye conditions including glaucoma, corneal disorders and retinal diseases.
Glaukos Corp. (GKOS:NYSE) began the day with a market capitalization of around $2.5 billion with approximately 44.7 million shares outstanding and a short interest of about 14.0%. GKOS shares opened around 4% higher today at $58.64 (+$2.14, +3.79%) over yesterday's $56.50 closing price. The company's shares have traded today between $57.50 and $63.37 per share and are presently trading at $61.55 (+$5.05, +8.94%).
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