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Glaukos (GKOS) Loses 14.3% Despite Narrower Loss in Q1

·3 min read

Shares of Glaukos Corporation GKOS have lost 14.3% on May 11, following the company's first-quarter 2021 results.

The company reported first-quarter loss per share of 21 cents, noticeably narrower than the Zacks Consensus Estimate of a loss of 30 cents. Notably, the company had posted a loss per share of 44 cents in the prior-year quarter.

Revenues in Detail

Quarterly net sales were $67.9 million, which surpassed the Zacks Consensus Estimate by 4.9%. On a year-over-year basis, revenues improved 22.8%.

Quarter Details

Gross profit in the first quarter was $51.3 million, up 125.1% year over year. Gross margin was 75.5% of net revenues, up 3430 basis points (bps) on a year-over-year basis.

Operating expenses declined 16.3% to $63.1 million on a year-over-year basis, courtesy of lower selling, general and administrative as well as research and development expenses.

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 loss in the quarter under review was $11.8 million, significantly narrower than the year-ago quarter’s loss of $52.6 million.

Financial Update

The company exited the first quarter with cash and cash equivalents of $96.6 million, remaining flat on a sequential basis.

During the first quarter, total current assets totaled $474.3 million, compared with $469.4 million in the preceding quarter.

Second Quarter 2021 Guidance

For second-quarter 2021, Glaukos projects net sales between $70 million and $72 million.

Our Take

Glaukos exited the first quarter on a strong note, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. The company also reported an improvement in revenues in the quarter under review. Glaukos witnessed an expansion in its gross margin in the quarter under review. Per management, a strong start to 2021 highlights the company’s focus on acceleration of its key strategic priorities and execution of plans. Despite the uncertainties related to the pandemic, sustained recovery trends and solid business prospects instil optimism in the stock.

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

Zacks Rank

Glaukos has a Zacks Rank #3 (Hold).

Earnings of Other MedTech Majors at a Glance

Some better-ranked stocks in the broader medical space that have already announced their quarterly results are Integer Holdings Corporation ITGR, Boston Scientific Corporation BSX and HCA Healthcare, Inc. HCA, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Integer Holdings reported first-quarter 2021 adjusted EPS of 97 cents, which surpassed the Zacks Consensus Estimate by 12.8%. First-quarter revenues of $290.5 million outpaced the Zacks Consensus Estimate by 2.6%.

Boston Scientific reported first-quarter 2020 adjusted EPS of 37 cents, which beat the Zacks Consensus Estimate by 32.1%. First-quarter revenues of $2.75 billion outpaced the consensus mark by 5.3%.

HCA Healthcare reported first-quarter 2021 adjusted EPS of $4.14, surpassing the Zacks Consensus Estimate by 23.6%. Net revenues of $14 billion exceeded the Zacks Consensus Estimate by 2.2%.

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