Q3 2024 Glaukos Corp Earnings Call Transcript
Key Points
- Glaukos Corp (GKOS) reported record third-quarter consolidated net sales of $96.7 million, marking a 24% increase compared to the previous year.
- The company raised its full-year 2024 net sales guidance range to $377 million to $379 million, up from the previous range of $370 million to $376 million.
- Strong performance was driven by both US and international glaucoma franchises, with US glaucoma sales reaching $51.6 million, a 35% year-over-year growth.
- The iDose TR launch is progressing well, with positive feedback from trained surgeons and growing utilization, indicating potential to reshape glaucoma management.
- Glaukos Corp (GKOS) successfully advanced its pipeline, including positive top-line outcomes in the second Phase 3 pivotal study for Epioxa, supporting an NDA submission by the end of 2024.
- The company anticipates some transient turbulence as providers navigate potential impacts associated with new LCDs for iStent Infinite.
- International glaucoma sales growth may face headwinds due to currency fluctuations and increased competition in key markets.
- The corneal health franchise experienced only 5% year-over-year growth, with anticipated declines in the fourth quarter due to MDRP impacts.
- Reimbursement confidence for iDose TR is still developing, with some MACs not yet providing consistent payment, potentially affecting adoption rates.
- The company is not yet focusing on profitability, with cash flow break-even being the near-term goal, indicating ongoing investment needs.
Welcome to Glaukos Corporation's third-quarter 2024 financial results conference call. Copies of the company's press release and quarterly summary document, both issued after the market closed today, are available at www.glaukos.com. (Operator Instructions) This call is being recorded and an archived replay will be available online in the Investor Relations section at www.glaukos.com.
I will now turn the call over to Chris Lewis, Vice President of Investor Relations and Corporate Affairs. Please go ahead.
Thank you and good afternoon. Joining me today are Glaukos Chairman and CEO Tom Burns, President and CMO Joe Gilliam, and CFO Alex Thurman. Similar to prior quarters, the company has posted a document on its investor relations website under the financials and filings quarterly results section titled quarterly summary. This document is
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