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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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