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Investing.com -- Glaukos Corporation (NYSE:GKOS) reported better-than-expected second quarter results on Wednesday, but shares fell 2.3% as investors appeared concerned about the company’s full-year guidance.
The ophthalmic pharmaceutical and medical technology company posted an adjusted loss of -$0.24 per share for the second quarter, beating analyst estimates of -$0.26. Revenue surged 30% YoY to $124.1 million, significantly exceeding the consensus estimate of $115.52 million. The company’s glaucoma segment delivered record sales of $103.5 million, up 36% YoY, with U.S. glaucoma sales jumping 45% to $72.3 million.
Despite the strong quarterly performance, Glaukos shares declined as the company’s updated full-year revenue guidance of $480-486 million, while raised from its previous outlook of $475-485 million, only marginally aligned with analyst expectations of $480.8 million. The midpoint of the new guidance ($483 million) sits just above the consensus estimate.
"Our record second quarter results reflect a sustained growth acceleration in our business driven by successful global execution of our key strategic plans," said Thomas Burns, Glaukos chairman and chief executive officer.
The company reported a gross margin of approximately 78% for the quarter, improving from 76% in the same period last year. On a non-GAAP basis, gross margin reached approximately 83%, up from 82% a year ago.
Glaukos ended the quarter with a strong financial position, holding approximately $278.6 million in cash, cash equivalents, short-term investments and restricted cash, with no debt.
The company continues to invest in research and development, with R&D expenses increasing 6% YoY to $36.5 million as it advances its pipeline of dropless platform technologies for eye diseases.
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