Glaukos Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net sales reaching $383.5 million, a 22% increase from $314.7 million in 2023. The growth was primarily driven by strong sales of its glaucoma products, particularly the iDose TR and the iStent family of products, which saw a 32% increase in U.S. sales. However, the company also reported a net loss of $146.4 million, slightly higher than the $134.7 million loss in the previous year, contributing to an accumulated deficit of approximately $745.4 million.
In terms of operational developments, Glaukos has made strategic advancements, including the commercial launch of iDose TR, a long-duration intracameral implant designed to deliver glaucoma medication. The company also expanded its product offerings through the acquisition of a clinical-stage biopharma company focused on rare ophthalmic diseases, which could lead to potential milestone payments of up to $51 million and royalties on future sales. Additionally, Glaukos entered into a sales agreement with Celanese Canada for raw materials essential for the iDose TR, further solidifying its supply chain.
The company’s workforce has grown to 995 full-time employees as of December 31, 2024, reflecting its commitment to expanding its operational capabilities. Glaukos has also focused on enhancing its market presence internationally, with international sales of glaucoma products increasing by 21% year-over-year. The company continues to face challenges related to supply chain disruptions and inflation, which have impacted its cost of sales, leading to a gross margin of 75% in 2024, down from 76% in 2023.
Looking ahead, Glaukos anticipates continued growth driven by its innovative product pipeline and strategic initiatives. The company is investing in research and development to advance its technologies and expand its market share in the ophthalmic sector. However, it acknowledges potential risks, including regulatory changes, reimbursement challenges, and competition from new entrants in the market. The company remains focused on navigating these challenges while aiming to achieve sustained profitability in the future.
About GLAUKOS Corp
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