Glaukos Delivers Mixed Q4 Results, Analyst Sees Growing Investor Interest During Transition

On Thursday, Glaukos Corp GKOS reported fourth-quarter sales of $105.5 million, up 28% year over year and beating the consensus of $100.49 million.

The eye-focused company reported an adjusted EPS loss of 40 cents, narrowing from a 60-cent loss but missing the consensus estimate of a 38-cent loss.

The 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 84% in the same period in 2023.

The company recorded an operating loss of $28.7 million, compared to an operating loss of $38.6 million a year ago. Adjusted loss from operations in the fourth quarter of 2024 was $18.3 million, compared to an operating loss of $32.4 million in the fourth quarter of 2023.

Glaucoma products recorded net sales of $84.1 million, up 30% year-over-year.

"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 CEO.

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Guidance: Glaukos expects 2025 revenue of $475 million-$485 million versus the consensus of $480.97 million.

William Blair says Glaukos is in the early stages of a major transformation following strong iDose results and a positive 2025 outlook. Analyst Margaret Kaczor Andrew expects the company to hit key reimbursement and commercial milestones in the coming year, driving further growth through 2025.

Glaukos is shifting from a company focused on surgical Minimally invasive glaucoma surgery (MIGS) to a broader business that combines pharmaceuticals and medical devices for eye care.

This transition, along with the recent dip in stock price, could attract more investor interest. William Blair keeps the stock rated Outperform.

Price Action: GKOS stock was down 11.8% at $138.75 at last check Friday.

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