Glaukos Corporation Announces Second Quarter 2016 Financial Results
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Achieved 61% net sales growth to
\\$28.6 million in the second quarter of 2016, compared to\\$17.8 million in the second quarter of 2015 - Expanded gross margin to 85% in the second quarter of 2016, compared to 82% in the second quarter of 2015
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Reported net income attributable to
Glaukos Corporation of\\$2.3 million , or\\$0.06 per diluted share, in the second quarter of 2016, compared to a net loss attributable toGlaukos Corporation of\\$31.9 million , or a loss of\\$10.96 per diluted share, in the second quarter of 2015 -
Raised 2016 net sales guidance to a range of
\\$105 million to \\$107 million from prior guidance range of\\$100 million to \\$102 million
“We are extremely pleased and excited about the way ophthalmic surgeons are embracing our flagship iStent® Trabecular Micro Bypass stent to effectively manage glaucoma patients’ intraocular pressure,” said
Thomas Burns, president and chief executive officer of
Second Quarter 2016 Financial Results
Net sales rose 61% in the second quarter of 2016 to
Gross margin for the second quarter of 2016 rose to approximately 85%, compared to approximately 82% in the same period in 2015. The company’s ability to leverage its fixed manufacturing costs and intangible asset amortization relative to its higher sales contributed to the increase in gross margin in the second quarter, along with the 2016-2017 suspension of the medical device excise tax under the PATH (Protecting Americans from Tax Hikes) Act.
Operating expenses for the second quarter of 2016 were
Income from operations was
2016 Revenue Guidance
The company raised its 2016 net sales guidance to a range of
Webcast & Conference Call
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About
Forward-Looking Statements
All statements other than statements of historical facts included in
this press release that address activities, events or developments that
we expect, believe or anticipate will or may occur in the future are
forward-looking statements, including the company’s revised revenue
guidance for 2016. Although we believe that we have a reasonable basis
for forward-looking statements contained herein, we caution you that
they are based on current expectations about future events affecting us
and are subject to risks, uncertainties and factors relating to our
operations and business environment, all of which are difficult to
predict and many of which are beyond our control, that may cause our
actual results to differ materially from those expressed or implied by
forward-looking statements in this presentation. These potential risks
and uncertainties include, without limitation, uncertainties about our
ability to maintain profitability; our dependence on the success and
market acceptance of the iStent; our ability to leverage our
sales and marketing infrastructure to increase market penetration and
acceptance of our products; our dependence on a limited number of
third-party suppliers for components of our products; the occurrence of
a crippling accident or other disruption at our primary facility, which
may materially affect our manufacturing capacity and operations;
maintaining adequate coverage or reimbursement by third-party payors for
procedures using the iStent or other products in development; our
ability to properly train, and gain acceptance and trust from,
ophthalmic surgeons in the use of our products; our ability to
successfully develop and commercialize additional products; our ability
to compete effectively in the highly competitive and rapidly changing
medical device industry and against current and future competitors
(including MIGS competitors) that are large public companies or
divisions of publicly traded companies that have competitive advantages;
the timing, effect and expense of navigating different regulatory
approval processes as we develop additional products and penetrate
foreign markets; the impact of any product liability claims against us
and any related litigation; the effect of the extensive and increasing
federal and state regulation in the healthcare industry on us and our
suppliers; the lengthy and expensive clinical trial process and the
uncertainty of outcomes from any particular clinical trial; our ability
to protect, and the expense and time-consuming nature of protecting, our
intellectual property against third parties and competitors that could
develop and commercialize similar or identical products; the impact of
any claims against us of infringement or misappropriation of third party
intellectual property rights and any related litigation; and the
market’s perception of our limited operating history as a public
company. These and other known risks, uncertainties and factors are
described in detail under the caption “Risk Factors” and elsewhere in
our filings with the
GLAUKOS CORPORATION | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(unaudited) | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net sales | \\$ | 28,556 | \\$ | 17,754 | \\$ | 51,648 | \\$ | 32,420 | ||||||||
Cost of sales | 4,359 | 3,281 | 7,480 | 6,075 | ||||||||||||
Gross profit | 24,197 | 14,473 | 44,168 | 26,345 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 15,120 | 12,516 | 27,408 | 20,332 | ||||||||||||
Research and development | 6,955 | 7,339 | 14,017 | 12,579 | ||||||||||||
Total operating expenses | 22,075 | 19,855 | 41,425 | 32,911 | ||||||||||||
Income (loss) from operations | 2,122 | (5,382 | ) | 2,743 | (6,566 | ) | ||||||||||
Other income (expense), net | ||||||||||||||||
Interest and other income | 286 | - | 621 | - | ||||||||||||
Loss on deconsolidation of DOSE | - | (25,685 | ) | - | (25,685 | ) | ||||||||||
Interest and other expense, net | (76 | ) | (293 | ) | (178 | ) | (562 | ) | ||||||||
Change in fair value of stock warrant liability | - | (1,152 | ) | 43 | (1,161 | ) | ||||||||||
Total other income (expense), net | 210 | (27,130 | ) | 486 | (27,408 | ) | ||||||||||
Income (loss) before taxes | 2,332 | (32,512 | ) | 3,229 | (33,974 | ) | ||||||||||
Provision for income taxes | - | - | - | - | ||||||||||||
Net income (loss) | 2,332 | (32,512 | ) | 3,229 | (33,974 | ) | ||||||||||
Net loss attributable to noncontrolling interest | - | (584 | ) | - | (1,080 | ) | ||||||||||
Net income (loss) attributable to Glaukos Corporation | \\$ | 2,332 | \\$ | (31,928 | ) | \\$ | 3,229 | \\$ | (32,894 | ) | ||||||
Basic net income (loss) per share attributable to Glaukos Corporation stockholders | \\$ | 0.07 | \\$ | (10.96 | ) | \\$ | 0.10 | \\$ | (12.35 | ) | ||||||
Diluted net income (loss) per share attributable to Glaukos Corporation stockholders | \\$ | 0.06 | \\$ | (10.96 | ) | \\$ | 0.09 | \\$ | (12.35 | ) | ||||||
Weighted average shares used to compute basic net income (loss) per share attributable to Glaukos Corporation stockholders |
32,652 | 2,912 | 32,477 | 2,663 | ||||||||||||
Weighted average shares used to compute diluted net income (loss) per share attributable to Glaukos Corporation stockholders | 36,182 | 2,912 | 35,975 | 2,663 |
GLAUKOS CORPORATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except per share amounts) | ||||||||
June 30, | December 31, | |||||||
2016 | 2015 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | \\$ | 12,339 | \\$ | 21,572 | ||||
Short-term investments | 81,588 | 69,552 | ||||||
Accounts receivable, net | 11,617 | 7,549 | ||||||
Inventory | 5,511 | 4,097 | ||||||
Prepaid expenses and other current assets | 1,430 | 1,290 | ||||||
Restricted cash | 80 | 80 | ||||||
Total current assets | 112,565 | 104,140 | ||||||
Property and equipment, net | 2,985 | 2,154 | ||||||
Intangible assets, net | 8,392 | 10,218 | ||||||
Deposits and other assets | 156 | 149 | ||||||
Total assets | \\$ | 124,098 | \\$ | 116,661 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | \\$ | 4,614 | \\$ | 3,626 | ||||
Accrued liabilities | 8,808 | 7,793 | ||||||
Long-term debt, current portion | 5,286 | 8,931 | ||||||
Deferred rent | 21 | 12 | ||||||
Total current liabilities | 18,729 | 20,362 | ||||||
Long-term debt, less current portion | - | 765 | ||||||
Stock warrant liability | - | 105 | ||||||
Other liabilities | 231 | 238 | ||||||
Total liabilities | 18,960 | 21,470 | ||||||
Stockholders' equity: | ||||||||
Preferred stock, \\$0.001 par value; 5,000 shares authorized at June 30, 2016 and December 31, 2015; no shares issued and outstanding at June 30, 2016 and December 31, 2015 | - | - | ||||||
Common stock, \\$0.001 par value; 150,000 shares authorized at June 30, 2016 and December 31, 2015; 32,947 and 32,209 shares issued and 32,919 and 32,181 shares outstanding at June 30, 2016 and December 31, 2015, respectively | 33 | 32 | ||||||
Additional paid-in capital | 298,678 | 291,853 | ||||||
Accumulated other comprehensive (loss) income | (57 | ) | 51 | |||||
Accumulated deficit | (193,384 | ) | (196,613 | ) | ||||
105,270 | 95,323 | |||||||
Less treasury stock (28 shares as of June 30, 2016 and December 31, 2015) | (132 | ) | (132 | ) | ||||
Total stockholders' equity | 105,138 | 95,191 | ||||||
Total liabilities and stockholders’ equity | \\$ | 124,098 | \\$ | 116,661 |
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