Glaukos(US:GKOS)2025-05-01 10:02Financial Performance - Net sales for the three months ended March 31, 2025, were $106.664 million, representing a 24.6% increase from $85.622 million for the same period in 2024[108]. - The net loss for Q1 2025 was $18.1 million, a 56% improvement from a net loss of $40.8 million in Q1 2024[143]. - Net sales for Q1 2025 were $106.7 million, a 25% increase from $85.6 million in Q1 2024[143]. - U.S. glaucoma product sales increased by 41% to $59.1 million in Q1 2025, up from $42.0 million in Q1 2024[145]. - International glaucoma product sales rose by 15% to $29.0 million in Q1 2025, compared to $25.2 million in Q1 2024[146]. Gross Margin and Profitability - Gross margin improved to 77% for the three months ended March 31, 2025, compared to 76% for the same period in 2024[108]. - Gross profit for Q1 2025 was $82.3 million, with a gross margin of 77%, compared to 76% in Q1 2024[148]. Operating Expenses - Operating expenses decreased to $103.026 million for the three months ended March 31, 2025, down from $104.430 million in the same period of 2024[108]. - SG&A expenses increased by 14% to $70.7 million in Q1 2025, up from $62.0 million in Q1 2024[149]. - R&D expenses rose by 5% to $32.4 million in Q1 2025, compared to $30.7 million in Q1 2024[152]. Cash Flow and Liquidity - As of March 31, 2025, the company had cash, cash equivalents, short-term investments, and restricted cash totaling $303.429 million, down from $323.648 million as of December 31, 2024[108]. - Cash and cash equivalents totaled $114.3 million as of March 31, 2025, down from $169.6 million at December 31, 2024[159]. - Operating activities used $18.5 million in net cash for Q1 2025, compared to $33.9 million in Q1 2024[168]. - For the three months ended March 31, 2025, the company reported a net cash used in operating activities of $18.5 million, a decrease from $33.9 million in the same period of 2024, reflecting improved cash flow management[169]. - The company believes that cash from operating, financing, and investing activities will be sufficient to meet its liquidity requirements for at least the next 12 months[181]. Investments and Capital Expenditures - The company purchased a 40,000 square foot building in Aliso Viejo, California, for $16.6 million, which will provide future expansion opportunities[110]. - The company plans to develop a new 200,000 square foot R&D and manufacturing facility in Huntsville, Alabama, with construction expected to begin in 2026[165]. - Capital expenditures are expected to be higher in 2025 compared to 2024 as the company upgrades manufacturing facilities and invests in R&D equipment[175]. Challenges and Market Conditions - The annual growth rate of net sales for the international glaucoma business was negatively impacted by approximately 380 basis points for the three months ended March 31, 2025, primarily due to the Euro[113]. - The company anticipates ongoing supply chain challenges and higher costs for certain components and raw materials throughout 2025[112]. Product Utilization and Reimbursement - The establishment of reimbursement for the iDose TR procedure is expected to increase utilization as the process becomes more timely and consistent[120]. - Approximately 80% of procedures utilizing the iStent family of products in the U.S. are performed in the Ambulatory Surgery Center (ASC) setting[119].