Glaukos (NYSE:GKOS) shares plummeted today despite fourth-quarter results that beat the consensus forecast.
GKOS shares dropped down -27.4% at $44.60 per share in early-morning trading today.
The San Clemente, Calif.–based ophthalmic medical technology and pharmaceutical company posted profits of $36.6 million, or 84¢ per share, on sales of $65.8 million for the three months ended Dec. 31, 2019, for a bottom-line more than 20 times larger than the same quarter last year on sales growth of 21.8%.
Adjusted to exclude one-time items, losses per share were -6¢, 8¢ ahead of Wall Street, where analysts were looking for sales of $62.2 million.
Glaukos noted that its positive profits in the quarter were a result of an income tax benefit recognized in association with its acquisition of Avedro in November 2019. The company’s adjusted net loss came in at -$2.4 million.
“Glaukos delivered another strong quarter to end a transformative 2019 that saw us significantly grow our global Glaucoma franchise, advance our market-expanding pipeline and execute on a number of business development growth initiatives, including the acquisition of Avedro,” Glaukos president & CEO Thomas Burns said in a news release. “We continue to build upon our strong foundation to become an ophthalmic leader capable of transforming the treatment of chronic eye diseases with novel therapies for the much needed benefit of physicians and their patients for years to come.”
Glaukos set its 2020 sales guidance for between $290 to $300 million after bringing in nearly $237 million in revenue in 2019.
