Glaukos 10-K Report Reveals Increased Net Losses

By Tamara Parker • Saturday, February 24 15:51 • Permanent Link

Glaukos Corporation has recently released its 10-K report, detailing its financial performance and business developments. The company specializes in ophthalmic medical technology and pharmaceuticals, with a focus on developing innovative therapies for glaucoma, corneal disorders, and retinal diseases. Glaukos' product portfolio includes the iStent family of products, iDose TR, and other proprietary pharmaceutical and medical device innovations. The company's key financial metrics and changes reported in the 10-K are as follows:

Net sales: Increased to $314.7 million in 2023 from $282.9 million in 2022.
Gross margin: Remained stable at 76% in both 2023 and 2022.
Operating expenses: Rose to $367.8 million in 2023 from $296.2 million in 2022.
Cash, cash equivalents, short-term investments, and restricted cash: Decreased to $301.3 million in 2023 from $359.8 million in 2022.
Net losses: Increased to $134.7 million in 2023 from $99.2 million in 2022.

The company reported significant net losses of $134.7 million in 2023, compared to $99.2 million in 2022 and $49.6 million in 2021. As of December 31, 2023, Glaukos had an accumulated deficit of $599.1 million. Noteworthy recent developments include FDA approval for the iDose TR and entering into license agreements with other companies for the development and commercialization of new products.

Glaukos also highlighted the impact of the global economic environment on its business, citing supply chain challenges, higher costs for certain components and raw materials due to inflation, and foreign currency fluctuations affecting international sales. The company also discussed the impact of changes in reimbursement rates and coverage in the U.S. healthcare system, which affected the sales volumes of certain products.

In terms of its business outlook, Glaukos acknowledged challenges in the U.S. glaucoma market, including customer ordering pattern disruptions and the emergence of new competitive products. The company also mentioned commercialization challenges in certain geographies due to unfavorable foreign exchange rates and the potential entry of competitive products into the market.

Following these announcements, the company's shares moved -2.1%, and are now trading at a price of $89.57. For more information, read the company's full 10-K submission here.

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