Glaukos shares soar on Q4, FY2016 earnings Beat

Shares in Glaukos (NYSE:GKOS) rose today after the medical device maker surpassed expectations on Wall Street with its 4th quarter and full fiscal year 2016 earnings release.

The San Clemente, Calif.-based company posted profits of $134,000 on sales of $33.2 million for the 3 months ended Dec. 31, with the bottom-line swinging from a loss of $2.3 million last year during the same quarter while sales grew 63.6%.

The company posted no earnings for the quarter, which beat Wall Street’s consensus, which expected losses of 1¢ and revenue of $29.4 million.

For the full year, Glaukos posted profits of $4.5 million, or 12¢ per share, on sales of $114.4 million, swinging from bottom-line losses of $38.3 million last year while sales grew 59.5%.

“Continued robust demand for our flagship iStent Trabecular Micro-Bypass Stent fueled our net sales to new highs in the fourth quarter and full year of 2016. An increasing number of surgeons are adopting the iStent for its well-documented ability to achieve sustained intraocular pressure reduction in a procedure with a favorable safety profile.  As we move into 2017, we remain focused on fortifying our leadership position in the burgeoning Micro-Invasive Glaucoma Surgery market by driving increased iStent utilization, expanding in targeted international markets and advancing regulatory approval of our next-generation micro-scale stents and drug-delivery implants,” prez & CEO Thomas Burns said in a press release.

Glaukos released sales guidance for the upcoming year, expecting to bring in between $160 and $165 million for the upcoming year.

Shares in Glaukos have risen in response today, closing up 4.2% at $47.70.

The post Glaukos shares soar on Q4, FY2016 earnings Beat appeared first on MassDevice.

from MassDevice http://ift.tt/2lF0VFX