Glaukos Corp (GKOS) Reports 10% Increase in Q3 2023 Net Sales
Glaukos Corp (NYSE:GKOS) reported a 10% increase in net sales for Q3 2023, reaching $78.0 million compared to $71.3 million in the same period in 2022.
The company's gross margin remained consistent at approximately 76% for both Q3 2023 and Q3 2022.
Glaukos Corp (NYSE:GKOS) ended Q3 2023 with approximately $307 million in cash and cash equivalents, short-term investments, and restricted cash.
The company expects 2023 net sales to be in the range of $307 million to $310 million.
Glaukos Corp (NYSE:GKOS), a leading ophthalmic medical technology and pharmaceutical company, announced its financial results for the third quarter ended September 30, 2023, on November 1, 2023. Despite a net loss, the company's financial results show promise with a steady gross margin and increased sales.
Financial Performance
Glaukos Corp (NYSE:GKOS) reported net sales in the third quarter of 2023 of $78.0 million, a 10% increase on a reported basis, or 9% on a constant currency basis, compared to $71.3 million in the same period in 2022. The gross margin for the third quarter of 2023 was approximately 76%, consistent with the same period in 2022.
Operating Expenses and Net Loss
Selling, general and administrative (SG&A) expenses for the third quarter of 2023 increased 15% to $54.2 million, compared to $47.1 million in the same period in 2022. The company reported a net loss in the third quarter of 2023 of $30.4 million, or ($0.63) per diluted share, compared to a net loss of $27.6 million, or ($0.58) per diluted share, in the third quarter of 2022.
Balance Sheet and 2023 Revenue Guidance
The company ended the third quarter of 2023 with approximately $307 million in cash and cash equivalents, short-term investments, and restricted cash. For the full year 2023, Glaukos Corp (NYSE:GKOS) expects net sales to be in the range of $307 million to $310 million based on the latest foreign currency exchange rates.
CEO Commentary
Thomas Burns, Glaukos chairman and chief executive officer, commented on the results, stating
Our solid third quarter results reflect successful execution of our global commercial strategies. 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."
Financial Tables
The company's condensed consolidated statements of operations show a net loss of $30.4 million for Q3 2023, compared to a net loss of $27.6 million for Q3 2022. The condensed consolidated balance sheets reveal total assets of $948.6 million as of September 30, 2023, compared to $1,002.4 million as of December 31, 2022.
Despite the net loss, Glaukos Corp (NYSE:GKOS) shows promise with a steady gross margin and increased sales. The company's focus on advancing its pipeline of novel technologies is reflected in its financial results, and it continues to maintain a strong cash position.
Explore the complete 8-K earnings release (here) from Glaukos Corp for further details.
This article first appeared on GuruFocus.
