SAN CLEMENTE, Calif.--(BUSINESS WIRE)--Glaukos Corporation (NYSE: GKOS), an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures designed to transform the treatment of glaucoma, today announced financial results for the first quarter ended March 31, 2017. Key highlights include:
“This marks our 15th consecutive quarter of at least 40% year-over-year net sales growth, demonstrating continued strong demand for our pioneering micro-scale glaucoma products”
- Achieved 55% net sales growth to $35.9 million in the first quarter of 2017, compared to $23.1 million in the first quarter of 2016.
- Reported net income of $0.9 million, or $0.02 per diluted share, in the first quarter of 2017, compared to $0.9 million, or $0.03 per diluted share, in the first quarter of 2016.
- Raised 2017 net sales guidance to a range of $162 million to $167 million.
“This marks our 15th consecutive quarter of at least 40% year-over-year net sales growth, demonstrating continued strong demand for our pioneering micro-scale glaucoma products,” said Thomas Burns, president and chief executive officer. “We are off to a solid start in 2017, focusing our resources and energy on driving U.S. adoption of our flagship iStent® Trabecular Micro-Bypass Stent, pursuing regulatory approval of our pipeline technologies and expanding our direct sales operations into targeted international markets.”
First Quarter 2017 Financial Results
Net sales rose 55% in the first quarter of 2017 to $35.9 million, compared to $23.1 million in the same period in 2016. The growth reflected primarily strong unit volume increases and expansion of the company’s direct sales operations into new international markets.
Gross margin for the first quarter of 2017 was approximately 86%, unchanged from the same period in 2016.
Operating expenses for the first quarter of 2017 were $30.4 million, up 57% compared to $19.4 million in the same period of 2016. The increase reflected primarily the company’s ongoing investment in, and expansion of, its global infrastructure by adding international sales operations and increasing domestic sales, marketing and administrative personnel and expenses.
Income from operations was $0.3 million in the first quarter of 2017, compared to $0.6 million in the first quarter of 2016. Net income in the first quarter of 2017 was $0.9 million, or $0.02 per diluted share, compared to $0.9 million, or $0.03 per diluted share, in the first quarter of 2016.
2017 Revenue Guidance
The company raised its 2017 net sales guidance to a range of $162 million to $167 million versus prior guidance of $160 million to $165 million. The revised guidance implies growth in 2017 net sales of approximately 42% to 46%, compared to 2016 net sales.
Webcast & Conference Call
The company will host a conference call and simultaneous webcast today at 1:30 p.m. PDT (4:30 p.m. EDT) to discuss the results. A link to the webcast is available on the company’s website at http://investors.glaukos.com. To participate in the conference call, please dial 877-201-0168 (U.S.) or 647-788-4901 (international) and enter Conference ID 4368346. A replay of the webcast will be archived on the company’s website following completion of the call.
