Workflow
Glaukos(GKOS) - 2024 Q4 - Annual Results
GKOSGlaukos(GKOS)2025-02-20 21:10

Financial Performance - Fourth quarter 2024 net revenues reached 105.5million,a28105.5 million, a 28% increase compared to Q4 2023, while full year 2024 revenues totaled approximately 383.5 million, up 22% from 2023[6][7] - Total net sales for 2024 reached 383.5million,a21.9383.5 million, a 21.9% increase compared to 314.7 million in 2023[68] - Net sales for Q4 2024 reached 105.5million,a28.1105.5 million, a 28.1% increase from 82.4 million in Q4 2023[60] - International glaucoma sales for 2024 were 103.7million,reflectingayear−over−yeargrowthof21.2103.7 million, reflecting a year-over-year growth of 21.2% from 85.6 million in 2023[68] - U.S. Glaucoma net revenues for Q4 2024 were approximately 56.3million,reflectinga4556.3 million, reflecting a 45% year-over-year growth, with full year revenues of approximately 199.6 million, a 32% increase from 2023[10][11] - International Glaucoma net revenues for Q4 2024 were approximately 27.9million,representinga2827.9 million, representing a 28% increase year-over-year, while full year revenues were approximately 103.7 million, up 21% from 2023[13][14] - Corneal Health net revenues for Q4 2024 were approximately 21.4million,a221.4 million, a 2% decline year-over-year, with full year revenues of approximately 80.2 million, reflecting a 3% increase from 2023[16][17] Expenses and Losses - Non-GAAP SG&A expenses for 4Q 2024 were 68.6million,reflectinga1068.6 million, reflecting a 10% increase year-over-year from 62.3 million in 4Q 2023[24] - Non-GAAP R&D expenses for 4Q 2024 were 36.5million,a136.5 million, a 1% decrease year-over-year from 37.1 million in 4Q 2023[24] - The company reported a net loss of 146.4millionfor2024,withabasicanddilutednetlosspershareof146.4 million for 2024, with a basic and diluted net loss per share of 2.77[65] - Non-GAAP net loss for 4Q 2024 was 22.2million,comparedtoanetlossof22.2 million, compared to a net loss of 30.6 million in 4Q 2023[24] - The company reported a net loss of 33.6millioninQ42024,animprovementfromanetlossof33.6 million in Q4 2024, an improvement from a net loss of 36.8 million in Q4 2023[60] - Basic and diluted net loss per share for Q4 2024 was 0.60,comparedto0.60, compared to 0.75 in Q4 2023[60] - Operating expenses for 2024 totaled 261.2million,comparedto261.2 million, compared to 224.1 million in 2023, indicating a significant increase in costs[65] Margins and Profitability - Fourth quarter 2024 gross margin was 82%, a decrease of 150 basis points year-over-year from 84% in 4Q 2023[24] - Gross profit for Q4 2024 was 76.9million,comparedto76.9 million, compared to 63.5 million in Q4 2023, resulting in a gross margin of 72.9%[60] - Gross margin improved to 82.4% in 2024, up from 83.0% in 2023, despite a cost of sales of 67.5millionafteradjustments[65]FutureOutlook−Thecompanyexpectsfull−year2025globalconsolidatednetsalestobebetween67.5 million after adjustments[65] Future Outlook - The company expects full-year 2025 global consolidated net sales to be between 475 million and 485million,consideringvariousmarketdynamicsandpotentialheadwinds[19]−ThecompanyispreparingforpotentialFDAapprovalandcommerciallaunchofEpioxa™bytheendof2025[21]−In2025,thecompanyaimstoadvanceenrollmentinthePMApivotaltrialforiStentinfiniteandcommencetheUSIDEtrialforPRESERFLOMicroShunt[36]−Thecompanyhas14pipelineprogramsentering2025,focusingonglaucoma,cornealdisorders,andretinaldiseases[37]ResearchandDevelopment−Thecompanyhasinvestedover485 million, considering various market dynamics and potential headwinds[19] - The company is preparing for potential FDA approval and commercial launch of Epioxa™ by the end of 2025[21] - In 2025, the company aims to advance enrollment in the PMA pivotal trial for iStent infinite and commence the US IDE trial for PRESERFLO MicroShunt[36] - The company has 14 pipeline programs entering 2025, focusing on glaucoma, corneal disorders, and retinal diseases[37] Research and Development - The company has invested over 700 million into R&D programs since 2018, with recent updates including NDA submission for Epioxa™ and advancements in multiple clinical programs[21][20] - iDose TR, a new glaucoma treatment, is expected to reshape glaucoma management, with positive clinical outcomes and feedback from trained surgeons[11] - The company is advancing commercial launch activities for iDose TR and iStent infinite, with new reimbursement codes expected to enhance patient access and coverage[18] Cash and Assets - Cash position increased by 56.4millionquarter−over−quarter,totaling56.4 million quarter-over-quarter, totaling 323.6 million in 4Q 2024[24] - Cash and cash equivalents increased to 169.6millionasofDecember31,2024,from169.6 million as of December 31, 2024, from 93.5 million a year earlier[61] - The company’s total assets as of December 31, 2024, were 974.8million,comparedto974.8 million, compared to 940.4 million at the end of 2023[61] Compliance and Market Dynamics - The company emphasizes the importance of compliance with federal healthcare programs and maintaining adequate reimbursement coverage for its products[56] - The company anticipates potential headwinds in U.S. Glaucoma stent business due to final LCDs and competition from combo-cataract MIGS globally[19] Product Development and Marketing - The Radius XR platform is being marketed to enhance eye disease detection and patient management[49] - The company has received FDA clearance for its Radius XR wearable patient engagement and diagnostic system and the iAccess precision goniotomy[51] - The company is focused on successfully commercializing its iDose TR therapy and expanding its product offerings[56]