Ophthalmic device companies top The Street with Q4, FY2017 earnings

Ophthalmic device developers Glaukos (NYSE:GKOS) and Staar Surgical (NSDQ:STAA) this week posted fourth quarter and full fiscal year 2017 earnings that beat the streets, though only Glaukos has seen its shares rise in response.

San Clemente, Calif.-based Glaukos posted profits of $1 million, or 3¢ per share, on sales of $41.7 million for the three months ended December 31, seeing the bottom-line grow 650.7% while sales grew 25.6% compared with the same period during the prior year.

Earnings per share were ahead of the break-even consensus on Wall Street, where analysts were expecting to see sales of $40.7 million.

For the full year, Glaukos posted losses of $92,000, or 0¢ per share, on sales of $159.3 million, seeing a 102% slide on the bottom line while sales grew 39.2% compared to the previous fiscal year.

“Our fourth quarter and full year 2017 results illustrate the continuing demand for our novel iStent technologies, which offer physicians and patients a viable alternative to daily, lifelong use of topical glaucoma medications or invasive surgeries. As we move into 2018, we remain focused on strengthening our beachhead position in the combination-cataract market segment while advancing our comprehensive pipeline of next-generation surgical devices and sustained pharmaceutical therapies, which we believe will significantly expand our addressable market opportunity and facilitate our evolution into a hybrid ophthalmic medical device and pharmaceutical company,” prez & CEO Thomas Burns said in a press release.

Glaukos released guidance for the 2018 fiscal year, expecting to post sales of $160 to $165 million.

Shares in Glaukos have risen 6.7%, at $33.40 as of 3:27 p.m. EST.

Monrovia, Calif.-based Staar Surgical posted losses of $138,000, or 0¢ per share, on sales of $24.9 million for the three months ended December 29, seeing losses shrink 17.4% while sales grew 12.3% compared with the same period last year.

Losses per share were ahead of the 1¢ consensus on The Street, where analysts were looking for sales of $23.9 million.

For the full year, Staar Surgical posted losses of $2.1 million, or 5¢ per share, on sales of $90.6 million, seeing losses shrink by 82.4% on sales growth of 9.9% compared with the same period last year.

“We completed our three year, 2015 to 2017, transformational base business plan on target and finished 2017 with a solid foundation for growth for 2018 to 2020. The 2017 investments in the clinical, quality, regulatory, research and development, commercial and operations infrastructure have appreciably reinforced STAAR and contributed to our readiness for a stronger growth trajectory in 2018 and beyond. We began to realize this emerging strength in our ICL sales results in Q3 and Q4 of 2017 which combined accounted for 20% growth over the second half of 2016. We begin 2018 with several new products in development, a pivotal clinical trial about to begin in Europe to validate the EVO Visian ICL EDOF lens for the treatment of Presbyopia, recent three to five year compliance certifications from regulatory bodies representing Korea and Europe, additional and strengthened strategic cooperation partnerships around the globe and myriad new programs for our Ophthalmic surgeons including upgraded certified training, practice development and consumer outreach support. As disclosed in November, we expect to bolster our strategic imperatives for 2018 with additional investment in commercial infrastructure expansion, clinical studies, regulatory compliance and consumer outreach which will require a low double digit increase in operating expenses over 2017 actual. We remain committed to double digit top line growth fueled by anticipated mid-teens or greater ICL sales and unit growth. In 2018, we expect to continue strong positive cash flow and cash generation. We plan to improve our earnings as compared to 2017 and to achieve good progress on our sustained profitability promise which we believe is realizable, as we have indicated, later in the three year planning cycle,” prez & CEO Caren Mason said in a prepared statement.

Staar Surgical shares have fallen 7.5%, at $14.52 as of 3:26 p.m. EST.

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