Glaukos (GKOS) Q4 2023 earnings summary

Executive summary

• Record Q4 net sales of $82.4M, up 16% reported and 15% constant currency YoY; FY 2023 sales reached $314.7M, up 11% reported and 12% constant currency.

• Management cited global execution and pipeline progress, including dropless platform technologies, and described the coming years as a potentially transformative period.

Financial highlights

• Q4 net sales were $82.4M vs. $71.2M YoY; FY sales were $314.7M vs. $282.9M.

• Q4 SG&A rose 21% to $63.0M GAAP and 22% to $62.3M non-GAAP; R&D increased 3% to $37.1M.

• FY SG&A increased 16% to $224.1M GAAP and 17% to $221.2M non-GAAP; R&D rose 13% to $138.8M.

• FY operating loss was $128.7M GAAP and $103.8M non-GAAP, vs. $82.3M and $86.7M in 2022, respectively.

Outlook and guidance

• Reaffirmed FY 2024 net sales guidance of $350M–$360M, based on latest foreign-exchange rates.