Glaukos Corp., a medical device and drug developer for glaucoma, corneal and retina health treatments, hopes that “the worst is behind us,” said Chief Executive Tom Burns.
April sales were roughly 10% of pre-pandemic levels, but by the end of the quarter in June sales were approaching 80% of normal values, Burns said this month during the company’s latest earnings call.
“We are seeing the physician office and ambulatory surgery center settings recovering at a faster clip than hospital-based procedures, as you might expect,” Burns told analysts.
“All of our glaucoma technologies are used in outpatient surgeries, 80% of which in the United States are estimated to be performed in ambulatory surgery centers.”
The San Clemente-based firm (NYSE: GKOS) reported net sales of $31.6 million for the quarter ended June 30, down 46% compared to the same period a year ago.
It recorded a quarterly loss of 61 cents per share, beating analyst expectations of 78 cents per share loss.
Still, the company received mixed reviews from analysts and saw its share price fall about 14% to $42 at press time.
Jefferies Financial Group, which began coverage on Glaukos in June, cited concerns in a report on market volatility, as well as an upcoming patent lawsuit involving a fellow OC-based device maker.
Glaukos was expected to go to trial with Irvine-based stent maker Ivantis Inc. on July 28; it has since been rescheduled for March 2021.
Eyes Modest Return
Burns said his company continues to monitor challenges that include government mandates, patient fears and decreased primary care visits to optometrists, who play a critical role in the diagnosis of glaucoma and other eye conditions.
Of note, it raised $242 million in an offering, bringing its cash and assets balance to $404 million as of June 30.
Ultimately, Burns said he expects COVID-related headwinds and tailwinds to “drive modest recovery” through 2020.
