Shares in Glaukos (NYSE:GKOS) fell today even though the ophthalmic medical device maker topped expectations on Wall Street with its third quarter results.
The San Clemente, Calif.-based company posted profits of $1.3 million on sales of $40.4 million for the 3 months ended Sept.30, for bottom-line growth of 8.3% on sales growth of 36.5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 4¢, ahead of consensus on The Street, where analysts were looking for sales of $39.1 million.
“As the pioneer of micro-invasive glaucoma surgery, Glaukos continued in the third quarter to establish this new treatment class through global adoption of our iStent trabecular micro-bypass and next-generation iStent inject trabecular micro-bypass,” president & CEO Thomas Burns said in prepared remarks.
“This initial stage of our development is providing a solid foundation for our future growth and market expansion as we advance our comprehensive pipeline of breakthrough surgical and sustained pharmaceutical systems designed to address the full range of glaucoma disease progression and severity.”
Glaukos said it expects it post $155 million to $160 million in sales for the full year.
GKOS shares were trading at $30.18 apiece today in afternoon activity, down -4.2%.