Glaukos (NYSE:GKOS) shares ticked up this morning on first-quarter results that came in mixed compared to the consensus forecast.
Shares of GKOS rose 9% at $50.66 apiece as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — dipped 0.03%.
The (LOCATION)-based company posted losses of $34.6 million for the quarter. That equals 72¢ per share on sales of $73.9 million for the three months ended March 31, 2023.
Glaukos’ bottom line slid deep into the red from profits of $5.4 million this time a year ago. However, sales grew by 9.2% year over year.
Adjusted to exclude one-time items, losses per share totaled 59¢, falling just 1¢ shy of Wall Street’s predictions. Sales still topped expectations, as analysts projected $67.7 million in revenue.
“I’m pleased with our strong start to the year highlighted by a return to solid topline growth in the first quarter, reflecting the execution of our commercial strategies thus far in 2023,” said Thomas Burns, Glaukos chair and CEO. “We continue to prudently 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 projects 2023 revenues to land between $295 million and $300 million.