Glaukos Announces First Quarter 2024 Financial Results
-
Record net sales of
$85.6 million in Q1 2024 increased 16% year-over-year. -
Glaucoma record net sales of
$67.2 million in Q1 2024 increased 20% year-over-year. -
Corneal Health net sales of$18.4 million in Q1 2024 increased 4% year-over-year. - Gross margin of approximately 76% and non-GAAP gross margin of approximately 83% in Q1 2024.
-
Raised 2024 net sales guidance to
$357 to$365 million , compared to$350 million to$360 million previously.
“Our record first quarter results reflect successful global execution of our key strategic plans,” said
First Quarter 2024 Financial Results
Net sales in the first quarter of 2024 of
Gross margin for the first quarter of 2024 was approximately 76%, compared to approximately 76% in the same period in 2023. Non-GAAP gross margin for the first quarter of 2024 was approximately 83%, compared to approximately 83% in the same period in 2023.
Selling, general and administrative (SG&A) expenses for the first quarter of 2024 increased 16% to
GAAP and non-GAAP research and development (R&D) expenses for the first quarter of 2024 decreased 13% to
Loss from operations in the first quarter of 2024 was
Net loss in the first quarter of 2024 was
Included in non-GAAP loss from operations, non-GAAP net loss and non-GAAP EPS for the first quarter of 2024 is an acquired in-process R&D (IPR&D) charge of
The company ended the first quarter of 2024 with approximately
2024 Revenue Guidance
The company expects 2024 net sales to be in the range of
Webcast & Conference Call
The company will host a conference call and simultaneous webcast today at
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
About
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; the impact of general macroeconomic conditions including foreign currency fluctuations; the reduced physician fee and ASC facility fee reimbursement rate finalized by CMS for 2022 and 2023 for procedures utilizing the Company’s iStent family of products and its impact on our
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
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.
|
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(unaudited) | |||||||||
(in thousands, except per share amounts) | |||||||||
Three Months Ended | |||||||||
|
|||||||||
2024 |
2023 |
||||||||
Net sales |
$ |
85,622 |
|
$ |
73,899 |
|
|||
Cost of sales |
|
20,258 |
|
|
18,071 |
|
|||
Gross profit |
|
65,364 |
|
|
55,828 |
|
|||
Operating expenses: | |||||||||
Selling, general and administrative |
|
61,975 |
|
|
53,650 |
|
|||
Research and development |
|
30,726 |
|
|
35,171 |
|
|||
Acquired in-process research and development |
|
11,729 |
|
|
- |
|
|||
Total operating expenses |
|
104,430 |
|
|
88,821 |
|
|||
Loss from operations |
|
(39,066 |
) |
|
(32,993 |
) |
|||
Non-operating expense: | |||||||||
Interest income |
|
3,083 |
|
|
1,648 |
|
|||
Interest expense |
|
(3,450 |
) |
|
(3,408 |
) |
|||
Other (expense) income, net |
|
(1,028 |
) |
|
528 |
|
|||
Total non-operating expense |
|
(1,395 |
) |
|
(1,232 |
) |
|||
Loss before taxes |
|
(40,461 |
) |
|
(34,225 |
) |
|||
Income tax provision |
|
377 |
|
|
401 |
|
|||
Net loss |
$ |
(40,838 |
) |
$ |
(34,626 |
) |
|||
Basic and diluted net loss per share |
$ |
(0.82 |
) |
$ |
(0.72 |
) |
|||
Weighted average shares used to compute basic and diluted net loss per share |
|
49,580 |
|
|
47,881 |
|
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except par values) | |||||||
|
|
||||||
2024 |
2023 |
||||||
(unaudited) |
|||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents |
$ |
42,495 |
|
$ |
93,467 |
|
|
Short-term investments |
|
230,365 |
|
|
201,964 |
|
|
Accounts receivable, net |
|
46,545 |
|
|
39,850 |
|
|
Inventory |
|
50,185 |
|
|
41,986 |
|
|
Prepaid expenses and other current assets |
|
19,020 |
|
|
18,194 |
|
|
Total current assets |
|
388,610 |
|
|
395,461 |
|
|
Restricted cash |
|
5,856 |
|
|
5,856 |
|
|
Property and equipment, net |
|
101,858 |
|
|
103,212 |
|
|
Operating lease right-of-use asset |
|
26,683 |
|
|
27,146 |
|
|
Finance lease right-of-use asset |
|
43,575 |
|
|
44,180 |
|
|
Intangible assets, net |
|
281,919 |
|
|
282,956 |
|
|
|
|
66,134 |
|
|
66,134 |
|
|
Deposits and other assets |
|
18,703 |
|
|
15,469 |
|
|
Total assets |
$ |
933,338 |
|
$ |
940,414 |
|
|
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable |
$ |
12,752 |
|
$ |
13,440 |
|
|
Accrued liabilities |
|
59,486 |
|
|
60,574 |
|
|
Total current liabilities |
|
72,238 |
|
|
74,014 |
|
|
Convertible senior notes |
|
283,117 |
|
|
282,773 |
|
|
Operating lease liability |
|
30,110 |
|
|
30,427 |
|
|
Finance lease liability |
|
70,289 |
|
|
70,538 |
|
|
Deferred tax liability, net |
|
7,144 |
|
|
7,144 |
|
|
Other liabilities |
|
19,710 |
|
|
13,752 |
|
|
Total liabilities |
|
482,608 |
|
|
478,648 |
|
|
Stockholders' equity: | |||||||
Preferred stock, |
|
- |
|
|
- |
|
|
Common stock, |
|
50 |
|
|
49 |
|
|
Additional paid-in capital |
|
1,089,280 |
|
|
1,059,751 |
|
|
Accumulated other comprehensive income (loss) |
|
1,437 |
|
|
1,165 |
|
|
Accumulated deficit |
|
(639,905 |
) |
|
(599,067 |
) |
|
Less treasury stock (28 shares as of |
|
(132 |
) |
|
(132 |
) |
|
Total stockholders' equity |
|
450,730 |
|
|
461,766 |
|
|
Total liabilities and stockholders' equity |
$ |
933,338 |
|
$ |
940,414 |
|
|
|||||||||||||||||||||||||
GAAP to Non-GAAP Reconciliations | |||||||||||||||||||||||||
(in thousands, except per share amounts and percentage data) | |||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
Q1 2024 | Q1 2023 | ||||||||||||||||||||||||
GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | ||||||||||||||||||||
Cost of sales |
$ |
20,258 |
|
$ |
(5,523 |
) |
(a) |
$ |
14,735 |
|
$ |
18,071 |
|
$ |
(5,523 |
) |
(a) |
$ |
12,548 |
|
|||||
Gross Margin |
|
76.3 |
% |
|
6.5 |
% |
|
82.8 |
% |
|
75.5 |
% |
|
7.5 |
% |
|
83.0 |
% |
|||||||
Operating expenses: | |||||||||||||||||||||||||
Selling, general and administrative |
$ |
61,975 |
|
$ |
(705 |
) |
(b) |
$ |
61,270 |
|
$ |
53,650 |
|
$ |
(705 |
) |
(b) |
$ |
52,945 |
|
|||||
Loss from operations |
$ |
(39,066 |
) |
$ |
6,228 |
|
$ |
(32,838 |
) |
$ |
(32,993 |
) |
$ |
6,228 |
|
$ |
(26,765 |
) |
|||||||
Net loss |
$ |
(40,838 |
) |
$ |
6,228 |
|
(c) |
$ |
(34,610 |
) |
$ |
(34,626 |
) |
$ |
6,228 |
|
(c) |
$ |
(28,398 |
) |
|||||
Basic and diluted net loss per share |
$ |
(0.82 |
) |
$ |
0.12 |
|
$ |
(0.70 |
) |
$ |
(0.72 |
) |
$ |
0.13 |
|
$ |
(0.59 |
) |
|||||||
(a) | Cost of sales adjustments related to the acquisition of |
||||||||||||||||||||||||
(b) |
|
||||||||||||||||||||||||
(c) | Includes total tax effect for non-GAAP pre-tax adjustments. For non-GAAP adjustments associated with the |
||||||||||||||||||||||||
Reported Sales vs. Prior Periods (in thousands) | ||||||||||||||||||
Year-over-Year Percent Change | Quarter-over-Quarter Percent Change | |||||||||||||||||
1Q 2024 |
1Q 2023 |
4Q 2023 |
Reported | Operations (1) | Currency (2) | Reported | Operations (1) | Currency (2) | ||||||||||
International Glaucoma |
$ |
25,238 |
$ |
21,118 |
$ |
21,857 |
19.5 |
% |
21.4 |
% |
(1.9 |
%) |
15.5 |
% |
14.5 |
% |
1.0 |
% |
Total |
$ |
85,622 |
$ |
73,899 |
$ |
82,365 |
15.9 |
% |
16.4 |
% |
(0.5 |
%) |
4.0 |
% |
3.7 |
% |
0.3 |
% |
(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/20240501994978/en/
Vice President, Investor Relations & Corporate Affairs
(949) 481-0510
clewis@glaukos.com
Source: