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    Glaukos Announces Fourth Quarter and Full Year 2024 Financial Results

    2/20/25 4:05:00 PM ET
    $GKOS
    Medical/Dental Instruments
    Health Care
    Get the next $GKOS alert in real time by email

    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 fourth quarter and full year ended December 31, 2024. Key highlights include:

    • Record net sales of $105.5 million in Q4 2024 increased 28% year-over-year.
    • Glaucoma record net sales of $84.1 million in Q4 2024 increased 39% year-over-year.
    • Gross margin of approximately 73% and non-GAAP gross margin of approximately 82% in Q4 2024.
    • Net sales of $383.5 million in FY 2024 increased 22% year-over-year.
    • Introduced 2025 net sales guidance of $475 million to $485 million.

    "Our record fourth quarter results cap off a successful year of global execution of our key commercial and development plans, leaving us well positioned to continue to drive the strong momentum in our business this year and beyond," 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."

    Fourth Quarter 2024 Financial Results

    Net sales in the fourth quarter of 2024 of $105.5 million increased 28%, both on a reported and constant currency basis, compared to $82.4 million in the same period in 2023.

    Gross margin for the fourth quarter of 2024 was approximately 73%, compared to approximately 77% in the same period in 2023. Non-GAAP gross margin for the fourth quarter of 2024 was approximately 82%, compared to approximately 84% in the same period in 2023.

    Selling, general and administrative (SG&A) expenses for the fourth quarter of 2024 increased 9% to $69.0 million, compared to $63.0 million in the same period in 2023. Non-GAAP SG&A expenses for the fourth quarter of 2024 increased 10% to $68.6 million, compared to $62.3 million in the same period in 2023.

    GAAP and non-GAAP research and development (R&D) expenses for the fourth quarter of 2024 decreased 1% to $36.5 million, compared to $37.1 million in the same period in 2023.

    Loss from operations in the fourth quarter of 2024 was $28.7 million, compared to operating loss of $38.6 million in the fourth quarter of 2023. Non-GAAP loss from operations in the fourth quarter of 2024 was $18.3 million, compared to non-GAAP operating loss of $32.4 million in the fourth quarter of 2023.

    Net loss in the fourth quarter of 2024 was $33.6 million, or ($0.60) per diluted share, compared to net loss of $36.8 million, or ($0.75) per diluted share, in the fourth quarter of 2023. Non-GAAP net loss in the fourth quarter of 2024 was $22.2 million, or ($0.40) per diluted share, compared to non-GAAP net loss of $30.6 million, or ($0.63) per diluted share, in the fourth quarter of 2023.

    Full Year 2024 Financial Results

    Net sales in 2024 of $383.5 million increased 22%, both on a reported and constant currency basis, compared to $314.7 million in 2023.

    Gross margin for 2024 was approximately 75%, compared to approximately 76% in 2023. Non-GAAP gross margin for 2024 was approximately 82%, compared to approximately 83% in 2023.

    SG&A expenses in 2024 increased 17% to $261.2 million, compared to $224.1 million in 2023. Non-GAAP SG&A expenses in 2024 increased 17% to $258.6 million, compared to $221.2 million in 2023.

    GAAP and non-GAAP R&D expenses in 2024 decreased 2% to $136.4 million, compared to $138.8 million in 2023.

    Loss from operations in 2024 was $122.4 million, compared to operating loss of $128.7 million in 2023. Non-GAAP loss from operations in 2024 was $93.3 million, compared to non-GAAP operating loss of $103.8 million in 2023.

    Net loss in 2024 was $146.4 million, or ($2.77) per diluted share, compared to net loss of $134.7 million, or ($2.78) per diluted share, in 2023. Non-GAAP net loss in 2024 was $98.3 million, or ($1.86) per diluted share, compared to non-GAAP net loss of $109.7 million, or ($2.27) per diluted share, in 2023.

    Included in non-GAAP loss from operations, non-GAAP net loss and non-GAAP EPS for 2024 and 2023 are acquired IPR&D charges of $14.2 million and $5.0 million, respectively, which caused the non-GAAP loss per diluted share to have an additional loss of ($0.27) and ($0.11) in each of these respective periods.

    The company ended the fourth quarter of 2024 with approximately $324 million in cash and cash equivalents, short-term investments and restricted cash, and no debt.

    2025 Revenue Guidance

    The company expects 2025 net sales to be in the range of $475 million to $485 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. In 2024, Glaukos commenced commercial launch activities for iDose® TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical designed to deliver 24/7 glaucoma drug therapy inside the eye for extended periods of time. Glaukos also markets the only FDA-approved corneal cross-linking therapy utilizing a proprietary bio-activated pharmaceutical for the treatment of keratoconus, a rare corneal disorder. Glaukos continues to successfully develop and advance a 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.

    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, our ability to successfully commercialize our iDose TR therapy; the impact of general macroeconomic conditions including foreign currency fluctuations and future health crises on our business; 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, 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 September 30, 2024, which was filed with the SEC on November 5, 2024, and our Annual Report on Form 10-K for the year ended December 31, 2024, which is expected to be filed with the SEC by March 3, 2025. 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; unusual non-recurring expenses associated with inventory write-downs; 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 Year Ended
    December 31, December 31,
     

    2024

    2023

    2024

    2023

    Net sales

    $

    105,499

     

    $

    82,365

     

    $

    383,481

     

    $

    314,711

     

    Cost of sales

     

    28,635

     

     

    18,891

     

     

    94,027

     

     

    75,575

     

    Gross profit

     

    76,864

     

     

    63,474

     

     

    289,454

     

     

    239,136

     

    Operating expenses:
    Selling, general and administrative

     

    69,003

     

     

    63,034

     

     

    261,166

     

     

    224,068

     

    Research and development

     

    36,527

     

     

    37,062

     

     

    136,425

     

     

    138,768

     

    Acquired in-process research and development

     

    -

     

     

    2,000

     

     

    14,229

     

     

    5,000

     

    Total operating expenses

     

    105,530

     

     

    102,096

     

     

    411,820

     

     

    367,836

     

    Loss from operations

     

    (28,666

    )

     

    (38,622

    )

     

    (122,366

    )

     

    (128,700

    )

    Non-operating (expense) income :
    Interest income

     

    2,494

     

     

    2,912

     

     

    11,105

     

     

    9,164

     

    Interest expense

     

    (1,572

    )

     

    (3,428

    )

     

    (10,040

    )

     

    (13,633

    )

    Charges associated with convertible senior notes

     

    -

     

     

    -

     

     

    (18,012

    )

     

    -

     

    Other (expense) income, net

     

    (5,950

    )

     

    2,420

     

     

    (6,288

    )

     

    (558

    )

    Total non-operating (expense) income

     

    (5,028

    )

     

    1,904

     

     

    (23,235

    )

     

    (5,027

    )

    Loss before taxes

     

    (33,694

    )

     

    (36,718

    )

     

    (145,601

    )

     

    (133,727

    )

    Income tax (benefit) provision

     

    (114

    )

     

    61

     

     

    771

     

     

    934

     

    Net loss

    $

    (33,580

    )

    $

    (36,779

    )

    $

    (146,372

    )

    $

    (134,661

    )

     
    Basic and diluted net loss per share

    $

    (0.60

    )

    $

    (0.75

    )

    $

    (2.77

    )

    $

    (2.78

    )

     
    Weighted-average shares outstanding used to compute basic and diluted net loss per share

     

    55,584

     

     

    48,876

     

     

    52,755

     

     

    48,433

     

    GLAUKOS CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except par values)
     
    December 31, December 31,

    2024

    2023

    (unaudited)
    Assets
    Current assets:
    Cash and cash equivalents

    $

    169,626

     

    $

    93,467

     

    Short-term investments

     

    149,289

     

     

    201,964

     

    Accounts receivable, net

     

    60,744

     

     

    39,850

     

    Inventory

     

    57,678

     

     

    41,986

     

    Prepaid expenses and other current assets

     

    12,455

     

     

    18,194

     

    Total current assets

     

    449,792

     

     

    395,461

     

    Restricted cash

     

    4,733

     

     

    5,856

     

    Property and equipment, net

     

    97,867

     

     

    103,212

     

    Operating lease right-of-use asset

     

    30,254

     

     

    27,146

     

    Finance lease right-of-use asset

     

    41,816

     

     

    44,180

     

    Intangible assets, net

     

    263,445

     

     

    282,956

     

    Goodwill

     

    66,134

     

     

    66,134

     

    Deposits and other assets

     

    20,715

     

     

    15,469

     

    Total assets

    $

    974,756

     

    $

    940,414

     

     
    Liabilities and stockholders' equity
    Current liabilities:
    Accounts payable

    $

    13,026

     

    $

    13,440

     

    Accrued liabilities

     

    62,099

     

     

    60,574

     

    Total current liabilities

     

    75,125

     

     

    74,014

     

    Convertible senior notes

     

    -

     

     

    282,773

     

    Operating lease liability

     

    33,936

     

     

    30,427

     

    Finance lease liability

     

    69,463

     

     

    70,538

     

    Deferred tax liability, net

     

    6,928

     

     

    7,144

     

    Other liabilities

     

    22,373

     

     

    13,752

     

    Total liabilities

     

    207,825

     

     

    478,648

     

     
    Stockholders' equity:
    Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued and outstanding as of December 31, 2024 and 2023

     

    -

     

     

    -

     

    Common stock, $0.001 par value; 150,000 shares authorized; 56,472 and 49,148 shares issued and 56,444 and 49,120 shares outstanding at December 31, 2024 and 2023, respectively

     

    56

     

     

    49

     

    Additional paid-in capital

     

    1,509,831

     

     

    1,059,751

     

    Accumulated other comprehensive income

     

    2,615

     

     

    1,165

     

    Accumulated deficit

     

    (745,439

    )

     

    (599,067

    )

    Less treasury stock (28 shares as of December 31, 2024 and 2023)

     

    (132

    )

     

    (132

    )

    Total stockholders' equity

     

    766,931

     

     

    461,766

     

    Total liabilities and stockholders' equity

    $

    974,756

     

    $

    940,414

     

    GLAUKOS CORPORATION
    GAAP to Non-GAAP Reconciliations
    (in thousands, except per share amounts and percentage data)
    (unaudited)
     
    Q4 2024 Q4 2023
     
    GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
     
    Cost of sales

    $

    28,635

     

    $

    (9,972

    )

    (a)(b)

    $

    18,663

     

    $

    18,891

     

    $

    (5,523

    )

    (a)

    $

    13,368

     

     
    Gross Margin

     

    72.9

    %

     

    9.4

    %

     

    82.3

    %

     

    77.1

    %

     

    6.7

    %

     

    83.8

    %

     
    Operating expenses:
    Selling, general and administrative

    $

    69,003

     

    $

    (411

    )

    (c)

    $

    68,592

     

    $

    63,034

     

    $

    (705

    )

    (c)

    $

    62,329

     

    Loss from operations

    $

    (28,666

    )

    $

    10,383

     

    $

    (18,283

    )

    $

    (38,622

    )

    $

    6,228

     

    $

    (32,394

    )

     
    Non-operating (expense) income:
    Other (expense) income, net

    $

    (5,950

    )

    $

    951

     

    (d)

    $

    (4,999

    )

    $

    2,420

     

    $

    -

     

    $

    2,420

     

     
    Net loss

    $

    (33,580

    )

    $

    11,334

     

    (e)

    $

    (22,246

    )

    $

    (36,779

    )

    $

    6,228

     

    (e)

    $

    (30,551

    )

    Basic and diluted net loss per share

    $

    (0.60

    )

    $

    0.20

     

    $

    (0.40

    )

    $

    (0.75

    )

    $

    0.12

     

    $

    (0.63

    )

    (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 in Q4 2024 and Q4 2023.

    (b)

    Inventory write-down charge associated with product line optimizations of $4.4 million.

    (c)

    Avedro acquisition-related amortization expense of customer relationship intangible assets of $0.4 million in Q4 2024 and $0.7 million in Q4 2023.

    (d)

    Remeasurement loss on derivative asset and direct transaction costs associated with the capped call unwind agreements.

    (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)
     
    Full Year 2024 Full Year 2023
     
    GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
    Cost of sales

    $

    94,027

     

    $

    (26,541

    )

    (a)(b)

    $

    67,486

     

    $

    75,575

     

    $

    (22,092

    )

    (a)

    $

    53,483

     

     
    Gross Margin

     

    75.5

    %

     

    6.9

    %

     

    82.4

    %

     

    76.0

    %

     

    7.0

    %

     

    83.0

    %

     
    Operating expenses:
    Selling, general and administrative

    $

    261,166

     

    $

    (2,526

    )

    (c)

    $

    258,640

     

    $

    224,068

     

    $

    (2,820

    )

    (c)

    $

    221,248

     

    Loss from operations

    $

    (122,366

    )

    $

    29,067

     

    $

    (93,299

    )

    $

    (128,700

    )

    $

    24,912

     

    $

    (103,788

    )

     
    Non-operating expense:
    Charges associated with convertible senior notes

    $

    (18,012

    )

    $

    18,012

     

    (d)

    $

    -

     

    $

    -

     

    $

    -

     

    $

    -

     

    Other expense, net

    $

    (6,288

    )

    $

    951

     

    (e)

    $

    (5,337

    )

    $

    (558

    )

    $

    -

     

    $

    (558

    )

     
    Net loss

    $

    (146,372

    )

    $

    48,030

     

    (f)

    $

    (98,342

    )

    $

    (134,661

    )

    $

    24,912

     

    (f)

    $

    (109,749

    )

    Basic and diluted net loss per share

    $

    (2.77

    )

    $

    0.91

     

    $

    (1.86

    )

    $

    (2.78

    )

    $

    0.51

     

    $

    (2.27

    )

    (a)

    Cost of sales adjustment related to amortization of developed technology intangible assets associated with the acquisition of Avedro, Inc. (Avedro) of $22.1 million in 2024 and 2023.

    (b)

    Inventory write-down charge associated with product line optimizations of $4.4 million.

    (c)

    Avedro acquisition-related amortization expense of customer relationship intangible assets of $2.5 million in 2024 and $2.8 million in 2023.

    (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)

    Remeasurement loss on derivative asset and direct transaction costs associated with the capped call unwind agreements.

    (f)

    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

    4Q 2024

    4Q 2023

    3Q 2024

    Reported Operations (1) Currency (2) Reported Operations (1) Currency (2)
     
    International Glaucoma

    $

    27,869

    $

    21,857

    $

    24,467

    27.5

    %

    28.7

    %

    (1.2

    %)

    13.9

    %

    16.4

    %

    (2.5

    %)

     
    Total Net Sales

    $

    105,499

    $

    82,365

    $

    96,670

    28.1

    %

    28.4

    %

    (0.3

    %)

    9.1

    %

    9.8

    %

    (0.7

    %)

    (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
    Reported Sales vs. Prior Periods (in thousands)
    Year-over-Year Percent Change

    2024

    2023

    Reported Operations (1) Currency (2)
     
    International Glaucoma

    $

    103,705

    $

    85,560

    21.2

    %

    23.0

    %

    (1.8

    %)

     
    Total Net Sales

    $

    383,481

    $

    314,711

    21.9

    %

    22.4

    %

    (0.5

    %)

    (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/20250220455154/en/

    Chris Lewis

    Vice President, Investor Relations & Corporate Affairs

    (949) 481-0510

    [email protected]

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