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Mar 31, 2020
Glaukos Q1 2020 Earnings Report
Glaukos' financial results for Q1 2020 were announced, showing a slight increase in net sales but a significant decrease in gross margin due to COVID-19 impacts and the Avedro acquisition.
Key Takeaways
Glaukos Corporation reported a 2% increase in net sales for Q1 2020, reaching $55.3 million compared to $54.0 million in Q1 2019. However, the company experienced a significant decrease in gross margin, dropping to 41% from 87% in the same period last year. The net loss was $54.1 million, or ($1.24) per diluted share, compared to a net loss of $1.3 million, or ($0.04) per diluted share, in Q1 2019. The company withdrew its annual net sales guidance for 2020 due to uncertainties related to the COVID-19 pandemic.
Net sales increased by 2% to $55.3 million in Q1 2020, compared to $54.0 million in Q1 2019.
Glaucoma net sales were $44.1 million in Q1 2020, compared to $54.0 million in Q1 2019.
Corneal Health net sales were $11.2 million in Q1 2020.
The company withdrew its annual net sales guidance for 2020 due to COVID-19 uncertainties.
Glaukos
Glaukos
Glaukos Revenue by Segment
Revenue by Segment
Glaucoma Revenue
CapyFin.com Forward Guidance
Glaukos withdrew its previously announced annual guidance for 2020 due to the rapidly evolving environment and continued uncertainties from the impact of COVID-19.
Challenges Ahead
- Company is currently unable to reasonably estimate the specific extent, or duration, of the impact of the COVID-19 outbreak on our financial and operating results.
- Company is also unable to predict how the outbreak will continue to affect restrictions and advisories on elective procedures and therapies, the availability of physicians and/or their treatment prioritizations or the impact of the outbreak on the overall healthcare infrastructure.
- In addition to an impact on procedure volumes, we are experiencing and may experience other disruptions as a result of the COVID-19 outbreak.
- It is possible our suppliers will incur challenges supplying the materials needed for the manufacture of our product.
- Our clinical trials may be adversely affected.