Glaukos(GKOS) - 2021 Q4 - Annual Report

Financial Performance - Total assets increased to $1,049.7 million as of December 31, 2021, compared to $1,005.5 million in 2020, reflecting a growth of approximately 4.4%[325] - The company reported a net accumulated deficit of $365.2 million as of December 31, 2021, compared to $310.1 million in 2020, indicating an increase in losses[325] - Net sales for the year ended December 31, 2021, were $294,011,000, representing a 31% increase from $224,959,000 in 2020[326] - Gross profit for 2021 was $227,384,000, compared to $133,240,000 in 2020, indicating a significant improvement in profitability[326] - The net loss for 2021 was $49,593,000, an improvement from a net loss of $120,348,000 in 2020[328] - Total comprehensive loss income for 2021 was $50,582,000, down from $120,674,000 in 2020, indicating a positive trend in overall financial health[328] Cash and Liquidity - Cash and cash equivalents rose to $100.7 million in 2021 from $96.6 million in 2020, marking an increase of about 2.2%[325] - Cash provided by operating activities for 2021 was $24.7 million, compared to cash used of $23.0 million in 2020[345] - Glaukos Corporation's cash, cash equivalents, and restricted cash at the end of 2021 totaled $110.1 million, up from $106.2 million at the end of 2020[345] - The Company had cash, cash equivalents, restricted cash, and short-term investments totaling $423.5 million and net working capital of $422.8 million[349] Liabilities and Debt - Total liabilities increased to $462.5 million in 2021 from $338.1 million in 2020, representing a rise of approximately 37%[325] - The company’s convertible senior notes increased to $280.0 million in 2021 from $189.4 million in 2020, a rise of approximately 47.8%[325] - The fair value of Convertible Senior Notes decreased to $341.8 million in 2021 from $442.2 million in 2020, a decline of 22.7%[425] - The total interest expense related to the Convertible Notes for the year ended December 31, 2021, was $9.3 million, compared to $10.3 million for the year ended December 31, 2020[461] Inventory and Assets - Inventory levels increased significantly to $23.0 million in 2021 from $15.8 million in 2020, reflecting a growth of about 45.5%[325] - Property and equipment net value rose to $68,969,000 in 2021, up from $24,008,000 in 2020, marking an increase of 187.4%[410] - Total lease assets increased to $77.164 million in 2021 from $71.452 million in 2020, representing an 8% growth[432] Research and Development - Total operating expenses increased to $260,256,000 in 2021 from $256,793,000 in 2020, with research and development expenses rising to $100,999,000[326] - Research and development expenses included $10,000,000 for in-process research and development in 2021, highlighting ongoing investment in innovation[326] - Research and development expenses include costs for personnel, clinical trials, and related manufacturing, with no material adjustments to prior period accrued estimates for clinical trial activities through December 31, 2021[391][392] Tax and Regulatory Matters - The income tax provision for the year ended December 31, 2021, was $326 thousand, compared to a benefit of $(11,966) thousand in 2020[492] - The balance of gross unrecognized tax benefits increased to $25.816 million from $22.803 million in 2020, reflecting a net addition of $3.489 million for current year tax positions[499] - The IRS concluded its examination of the Company's 2017 federal income tax return in November 2020 with no proposed adjustments[501] Stock and Compensation - The total stock-based compensation expense for the year ended December 31, 2021, was $30.1 million, down from $43.3 million in 2020 and $39.5 million in 2019[487] - The total fair value of stock options that vested in 2021 was $10.3 million, compared to $20.3 million in 2020 and $33.9 million in 2019[483] - The weighted average estimated grant date fair value per share of stock options granted in 2021 was $43.43, compared to $12.85 in 2020 and $32.07 in 2019[482] Business Operations - The Company operates as one segment focused on the development and commercialization of ophthalmic therapies for glaucoma, corneal disorders, and retinal diseases[354] - The company completed the merger with Avedro, which contributed to the increase in common stock and paid-in capital[330] - The company has made significant investments in global sales, marketing, and research and development activities[345]