Glaukos (NYSE:GKOS) shares dropped today on third-quarter earnings that topped the consensus forecast despite sliding profits.

The San Clemente, Calif.-based ophthalmic medical technology and pharmaceutical company posted losses of -$13.5 million, or -37¢ per share, on sales of $58.5 million for the three months ended Sept. 30, for a large bottom-line slide on sales growth of 33.3%.

Adjusted to exclude one-time items, losses per share were -10¢, 7¢ ahead of Wall Street, where analysts were looking for sales of $56.96 million.

“We are very pleased with the company’s strong third quarter financial performance, along with the significant progress in advancing our transformative pipeline and expanding our future growth opportunities,” Glaukos president & CEO Thomas Burns said in prepared remarks. “Our progress demonstrates continued successful execution on our core growth strategies.  We remain focused on building upon our solid foundation to transform Glaukos into a global ophthalmic pharmaceutical and device leader capable of serving the vision care needs of physicians and their patients for years to come.”

Glaukos raised its sales guidance to between $229 million and $232 million, compared to $226 million to $231 million previously. The company also said its updated guidance does not factor in the impact of its pending acquisition of Avedro.

GKOS shares were down -7.7% at $57.64 per share in mid-afternoon trading today.