U.S. markets open in 8 hours 39 minutes
  • S&P Futures

    4,422.50
    +32.50 (+0.74%)
     
  • Dow Futures

    34,387.00
    +230.00 (+0.67%)
     
  • Nasdaq Futures

    14,550.00
    +123.50 (+0.86%)
     
  • Russell 2000 Futures

    2,004.80
    +19.40 (+0.98%)
     
  • Crude Oil

    85.83
    +0.69 (+0.81%)
     
  • Gold

    1,837.10
    +5.30 (+0.29%)
     
  • Silver

    24.19
    -0.13 (-0.53%)
     
  • EUR/USD

    1.1330
    -0.0024 (-0.22%)
     
  • 10-Yr Bond

    1.7470
    0.0000 (0.00%)
     
  • Vix

    28.85
    +3.26 (+12.74%)
     
  • GBP/USD

    1.3549
    +0.0003 (+0.02%)
     
  • USD/JPY

    113.9000
    +0.2450 (+0.22%)
     
  • BTC-USD

    35,108.12
    -191.45 (-0.54%)
     
  • CMC Crypto 200

    811.37
    +568.70 (+234.34%)
     
  • FTSE 100

    7,494.13
    -90.88 (-1.20%)
     
  • Nikkei 225

    27,627.08
    +104.82 (+0.38%)
     

Glaukos (GKOS) Gains 3.6% Despite Reporting a Loss in Q3

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • GKOS
  • TMO
  • WST
  • ANGO

Shares of Glaukos Corporation GKOS rose 3.6% on Nov 5, following the company's third-quarter 2021 results.

The company reported third-quarter loss per share of 19 cents, noticeably narrower than the Zacks Consensus Estimate of a loss of 23 cents. The company had posted a loss per share of 9 cents in the prior-year quarter.

On a GAAP basis, net income per share in the quarter was 13 cents, against the year-ago quarter’s loss of 35 cents.

Revenues in Detail

Quarterly net sales were $74.7 million, which surpassed the Zacks Consensus Estimate by 3.7%. On a year-over-year basis, revenues increased 15.2%.

Quarter Details

Gross profit in the third quarter was $59.3 million, up 26.5% from the year-ago quarter. Gross margin was 79.4% of net revenues, up 710 basis points (bps) on a year-over-year basis.

Glaukos Corporation Price, Consensus and EPS Surprise

Glaukos Corporation Price, Consensus and EPS Surprise
Glaukos Corporation Price, Consensus and EPS Surprise

Glaukos Corporation price-consensus-eps-surprise-chart | Glaukos Corporation Quote

Operating expenses decreased 18.5% to $48.3 million on a year-over-year basis.

Operating income in the quarter under review was $11 million, against the year-ago quarter’s loss of $12.4 million.

Financial Update

The company exited the third quarter with cash and cash equivalents of $113.1 million, down from 118.3 million on a sequential basis.

During the third quarter, total assets were $1.06 billion, compared with $1.04 billion in the preceding quarter.

2021 Guidance

For 2021, Glaukos continues to project net sales between $285 million and $290 million. The Zacks Consensus Estimate for the same is pegged at $287.2 million.

Our Take

Glaukos exited the third quarter on a strong note, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. It reported an improvement in revenues in the quarter under review. The company witnessed an expansion in its gross margin in the quarter under review. Per management, the third-quarter performance reflects solid execution of its key strategic objectives and continued market recovery. Despite the uncertainties related to the pandemic, sustained recovery trends and solid business prospects instill optimism in the stock.

However, the company faces cut-throat competition in the Medical Devices space. Operating loss remains a concern.

Zacks Rank

Glaukos carries a Zacks Rank #3 (Hold).

Earnings of Other MedTech Majors at a Glance

Some other top-ranked stocks in the broader medical space that have already announced their quarterly results are Thermo Fisher Scientific Inc. TMO, West Pharmaceutical Services, Inc. WST, and AngioDynamics, Inc. ANGO. While both Thermo Fisher and West Pharmaceutical carry a Zacks Rank of 2 (Buy), AngioDynamics sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Thermo Fisher reported third-quarter 2021 adjusted EPS of $5.76, which beat the Zacks Consensus Estimate by 23.3%. Third-quarter revenues of $9.33 billion outpaced the consensus mark by 12%.

West Pharmaceutical reported third-quarter 2021 adjusted EPS of $2.06, which surpassed the Zacks Consensus Estimate by 13.2%. Third-quarter revenues of $706.5 million outpaced the Zacks Consensus Estimate by 3.2%.

AngioDynamics reported first-quarter fiscal 2022 loss per share of 2 cents, narrower than the Zacks Consensus Estimate of a loss of 5 cents. Revenues of $76.9 million surpassed the Zacks Consensus Estimate by 8.4%.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

AngioDynamics, Inc. (ANGO) : Free Stock Analysis Report

Thermo Fisher Scientific Inc. (TMO) : Free Stock Analysis Report

West Pharmaceutical Services, Inc. (WST) : Free Stock Analysis Report

Glaukos Corporation (GKOS) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research