Glaukos (NYSE:GKOS) shares took a hit today despite fourth-quarter results that topped the consensus forecast.
Shares of GKOS dipped 7% at $46.90 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 8.1%.
The Aliso Viejo, California-based ophthalmic implant maker posted losses of $31.5 million. That amounts to losses of 66¢ per share on sales of $71.2 million for the three months ended Dec. 31, 2022.
Glaukos’ bottom line slid nearly $10 million further into the red on a sales decline of 2.7%.
Adjusted to exclude one-time items, losses per share came in at 53¢. That landed 3¢ ahead of projections on Wall Street. Glaukos topped analysts’ sales estimates by 5.36%, too.
“Our fourth-quarter performance caps off a successful year of execution and key milestone achievement despite reimbursement headwinds and a challenging macroeconomic environment,” said Thomas Burns, Glaukos chair and CEO. “We continue to successfully invest in and advance our robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.”
Glaukos set its revenue guidance for 2023 for between $290 million and $295 million