Glaukos (GKOS) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 net sales of $96.7 million, up 24% year-over-year, driven by strong U.S. and international glaucoma franchises, iDose TR and iStent Infinite adoption, and corneal health segment growth.

• Raised full-year 2024 net sales guidance to $377–$379 million from previous $370–$376 million, reflecting robust performance and confidence in continued growth.

• Net loss narrowed to $21.4 million in Q3 2024 from $30.4 million in Q3 2023, with improved operating leverage and non-GAAP net loss at $15.2 million.

• U.S. glaucoma franchise delivered record Q3 sales of $51.6 million, up 35% year-over-year, with iDose TR sales doubling sequentially and strong iStent portfolio growth.

• Continued advancement of novel, dropless platform technologies and successful global execution of strategic plans.

Financial highlights

• Q3 2024 consolidated net sales: $96.7 million (+24% YoY); nine months ended net sales: $278.0 million (+20% YoY).

• Glaucoma net sales reached $76.0 million, up 30% year-over-year; corneal health net sales were $20.6 million, up 5%.

• Gross margin for Q3 2024 was 77% (non-GAAP: 82%); full-year 2024 gross margin guidance narrowed to 82%-83%.

• Net loss for Q3 2024: $21.4 million (EPS: -$0.39); non-GAAP net loss: $15.2 million (EPS: -$0.28).

• Cash, cash equivalents, short-term investments, and restricted cash totaled $267.2 million as of September 30, 2024.

Outlook and guidance

• Full-year 2024 net sales guidance raised to $377–$379 million, based on latest foreign currency exchange rates.

• Expect continued acceleration in U.S. glaucoma and iDose TR adoption in Q4 and 2025, with methodical expansion into commercial and Medicare Advantage coverage.

• Corneal health franchise expected to face year-over-year decline in Q4 due to MDRP headwinds, with growth resuming in 2025.

• International glaucoma growth to moderate in Q4 due to currency headwinds and increased competition.

• Epioxa NDA submission planned by end of 2024; potential for commercial launch in 2026.