Glaukos (GKOS) Q2 Earnings call transcript Jul 31, 2024
Glaukos Corporation recently released its second quarter 2024 financial results, showcasing a strong performance with record consolidated net sales of $95.7 million. This represents a 19% increase on a reported basis and a 20% increase on a constant currency basis compared to the same period last year. The company's solid performance was driven by its US interventional glaucoma franchises, with record sales of $49.8 million, reflecting a 26% year-over-year growth. This growth is particularly notable due to the strong performance of the iStent portfolio, with iStent infinite leading the way.
iStent Infinite and iDose TR: Pioneering New Frontiers in Glaucoma Management
One of the standout developments during the quarter was the successful launch of iDose TR, the first of its kind intracameral procedural pharmaceutical designed to deliver glaucoma drug therapy for up to three years. The early feedback from surgeons has been positive, indicating a potential game-changer in glaucoma management. The company's efforts to expand access to iDose TR and secure reimbursement, including the effective implementation of the J-code, are expected to further drive the growth of this innovative product.
Strategic Expansion and Future Prospects
Glaukos' international glaucoma franchise also saw robust growth, with sales of $26.1 million, a 17% increase on a reported basis and 21% increase on a constant currency basis. The company's strategic expansion into international markets, particularly in the combination cataract market, has been a significant factor in this growth. Moreover, the company's pipeline of novel platform technologies, including Epioxa, is expected to significantly expand its addressable markets and transform the company's future outlook.
Financial Health and Strategic Investments
The company's financial health remains strong, with a solid capital position, aided by the recent exchange of $230 million in principal amount of convertible senior notes. This move has helped further solidify the company's financial position and reduce future cash interest expense. With a rich pipeline of promising programs, Glaukos is well-positioned to continue investing in its future while navigating the challenges of COVID-19 and reimbursement uncertainties.
Conclusion
In conclusion, Glaukos Corporation's second quarter 2024 financial results highlight the company's strong performance and strategic initiatives aimed at driving growth in the interventional glaucoma market. The successful launch of iDose TR, coupled with the continued growth of iStent infinite, underscores the company's commitment to advancing glaucoma care and transforming the standard of care. With a robust pipeline of novel technologies and a solid financial position, Glaukos is well-positioned to capitalize on the opportunities ahead and continue its growth trajectory.