Glaukos(GKOS) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 net revenues reached $105.5 million, a 28% increase compared to Q4 2023, while full year 2024 revenues totaled approximately $383.5 million, up 22% from 2023[6][7] - Total net sales for 2024 reached $383.5 million, a 21.9% increase compared to $314.7 million in 2023[68] - Net sales for Q4 2024 reached $105.5 million, a 28.1% increase from $82.4 million in Q4 2023[60] - International glaucoma sales for 2024 were $103.7 million, reflecting a year-over-year growth of 21.2% from $85.6 million in 2023[68] - U.S. Glaucoma net revenues for Q4 2024 were approximately $56.3 million, reflecting a 45% year-over-year growth, with full year revenues of approximately $199.6 million, a 32% increase from 2023[10][11] - International Glaucoma net revenues for Q4 2024 were approximately $27.9 million, representing a 28% increase year-over-year, while full year revenues were approximately $103.7 million, up 21% from 2023[13][14] - Corneal Health net revenues for Q4 2024 were approximately $21.4 million, a 2% decline year-over-year, with full year revenues of approximately $80.2 million, reflecting a 3% increase from 2023[16][17] Expenses and Losses - Non-GAAP SG&A expenses for 4Q 2024 were $68.6 million, reflecting a 10% increase year-over-year from $62.3 million in 4Q 2023[24] - Non-GAAP R&D expenses for 4Q 2024 were $36.5 million, a 1% decrease year-over-year from $37.1 million in 4Q 2023[24] - The company reported a net loss of $146.4 million for 2024, with a basic and diluted net loss per share of $2.77[65] - Non-GAAP net loss for 4Q 2024 was $22.2 million, compared to a net loss of $30.6 million in 4Q 2023[24] - The company reported a net loss of $33.6 million in Q4 2024, an improvement from a net loss of $36.8 million in Q4 2023[60] - Basic and diluted net loss per share for Q4 2024 was $0.60, compared to $0.75 in Q4 2023[60] - Operating expenses for 2024 totaled $261.2 million, compared to $224.1 million in 2023, indicating a significant increase in costs[65] Margins and Profitability - Fourth quarter 2024 gross margin was 82%, a decrease of 150 basis points year-over-year from 84% in 4Q 2023[24] - Gross profit for Q4 2024 was $76.9 million, compared to $63.5 million in Q4 2023, resulting in a gross margin of 72.9%[60] - Gross margin improved to 82.4% in 2024, up from 83.0% in 2023, despite a cost of sales of $67.5 million after adjustments[65] Future Outlook - The company expects full-year 2025 global consolidated net sales to be between $475 million and $485 million, considering various market dynamics and potential headwinds[19] - The company is preparing for potential FDA approval and commercial launch of Epioxa™ by the end of 2025[21] - In 2025, the company aims to advance enrollment in the PMA pivotal trial for iStent infinite and commence the US IDE trial for PRESERFLO MicroShunt[36] - The company has 14 pipeline programs entering 2025, focusing on glaucoma, corneal disorders, and retinal diseases[37] Research and Development - The company has invested over $700 million into R&D programs since 2018, with recent updates including NDA submission for Epioxa™ and advancements in multiple clinical programs[21][20] - iDose TR, a new glaucoma treatment, is expected to reshape glaucoma management, with positive clinical outcomes and feedback from trained surgeons[11] - The company is advancing commercial launch activities for iDose TR and iStent infinite, with new reimbursement codes expected to enhance patient access and coverage[18] Cash and Assets - Cash position increased by $56.4 million quarter-over-quarter, totaling $323.6 million in 4Q 2024[24] - Cash and cash equivalents increased to $169.6 million as of December 31, 2024, from $93.5 million a year earlier[61] - The company’s total assets as of December 31, 2024, were $974.8 million, compared to $940.4 million at the end of 2023[61] Compliance and Market Dynamics - The company emphasizes the importance of compliance with federal healthcare programs and maintaining adequate reimbursement coverage for its products[56] - The company anticipates potential headwinds in U.S. Glaucoma stent business due to final LCDs and competition from combo-cataract MIGS globally[19] Product Development and Marketing - The Radius XR platform is being marketed to enhance eye disease detection and patient management[49] - The company has received FDA clearance for its Radius XR wearable patient engagement and diagnostic system and the iAccess precision goniotomy[51] - The company is focused on successfully commercializing its iDose TR therapy and expanding its product offerings[56]