GLAUKOS Corporation (GKOS) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.13 million in the quarter, against a net loss of $2.29 million in the last year period. Revenue during the quarter surged 63.60 percent to $33.17 million from $20.28 million in the previous year period. Gross margin for the quarter expanded 322 basis points over the previous year period to 85.50 percent. Operating margin for the quarter period stood at positive 1.41 percent as compared to a negative 9.89 percent for the previous year period.
Operating income for the quarter was $0.47 million, compared with an operating loss of $2 million in the previous year period.
"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," said Thomas Burns, president and chief executive officer of Glaukos. "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."
GLAUKOS Corporation projects revenue to be in the range of $160 million to $165 million for financial year 2017.
Working capital increasesGLAUKOS Corporation has recorded an increase in the working capital over the last year. It stood at $103.08 million as at Dec. 31, 2016, up 23.05 percent or $19.31 million from $83.78 million on Dec. 31, 2015. Current ratio was at 7.09 as on Dec. 31, 2016, up from 5.11 on Dec. 31, 2015. Cash conversion cycle (CCC) has increased to 57 days for the quarter from 23 days for the last year period. Days sales outstanding went up to 20 days for the quarter compared with 17 days for the same period last year.
Days inventory outstanding has increased to 65 days for the quarter compared with 52 days for the previous year period. At the same time, days payable outstanding went down to 28 days for the quarter from 46 for the same period last year.
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