Glaukos Corp ( GKOS ) reported on Monday third-quarter sales of $96.7 million, up 24% year-over-year, beating the consensus of $91.49 million.

The eye-focused company reported an adjusted EPS loss of $(0.28), down from a loss of $(0.50), beating the consensus of $(0.48).

The gross margin for the third quarter of 2024 was approximately 77%, compared to approximately 76% in the same period in 2023.

Non-GAAP gross margin for the third quarter of 2024 was approximately 82%, compared to approximately 83% in the same period in 2023.

Glaucoma products recorded net sales of $76.0 million, up 30% year-over-year. Corneal Health net sales reached $20.6 million, increased 5% year-over-year.

"Our record third-quarter results reflect successful global execution of our key strategic plans and continued strong momentum in our business," said Thomas Burns, chairman and CEO.

Guidance: Glaukos ( GKOS ) expects 2024 net sales of $377 million to $379 million, compared to a consensus of $373.758 million and prior guidance of $370 million-$376 million.

William Blair wrote, “We believe part of the stock move down following results — indicated down 9% in the after-hours market despite another strong quarter, though the best performance to date in our coverage up 65% — was a result of the increase of only $3 million on the high end.”

The analyst highlighted the company anticipates peak headwinds from the Medicaid Drug Rebate Program (MDRP) in the fourth quarter, along with increasing competition in its international glaucoma segment, aligning with prior management guidance.

Additionally, William Blair projects that these competitive pressures could ease with upcoming key product approvals, set to expand the company’s international pipeline in the coming quarters.

GKOS Price Action: Glaukos Corp. ( GKOS ) stock is down 1.16% at $129.83 at publication Tuesday.

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