Glaukos (GKOS) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 net sales of $95.7 million, up 19% year-over-year and 20% in constant currency, led by strong glaucoma segment growth and early iDose TR contributions.

• Gross margin reached 76% (GAAP) and 82%-84% (non-GAAP); non-GAAP metrics exclude acquisition-related amortization and other adjustments.

• Net loss widened to $53.9 million (GAAP), or ($1.06) per share, compared to $32.8 million in Q2 2023, mainly due to higher SG&A, R&D, and inducement charges from convertible note exchange.

• Raised full-year 2024 net sales guidance to $370–$376 million from $357–$365 million.

• Ended Q2 2024 with $266.4 million in cash, cash equivalents, and short-term investments.

Financial highlights

• Q2 2024 net sales: $95.7 million (+19% year-over-year); glaucoma segment sales: $75.9 million (+23% year-over-year); corneal health sales: $19.8 million (+7% year-over-year).

• Gross margin: 76% (GAAP), 82%-84% (non-GAAP); prior year: 75% (GAAP), 82% (non-GAAP).

• Operating loss: $30.0 million (GAAP); net loss: $53.9 million (GAAP), $26.3 million (non-GAAP).

• SG&A expenses increased 25% year-over-year to $66.2 million (GAAP).

• Cash, cash equivalents, and short-term investments totaled $266.4 million as of June 30, 2024.

Outlook and guidance

• Full-year 2024 net sales guidance raised to $370–$376 million, based on latest foreign currency exchange rates.

• U.S. glaucoma expected to deliver high-20s to nearly 30% year-over-year growth for 2024.

• International glaucoma business expected to deliver low- to mid-teens growth for the year.

• Cornea business expected to deliver low single-digit growth for 2024.

• Cash flow break-even targeted for 2025 as iDose ramps up.