Glaukos Corporation (GKOS) has reported 2.12 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $0.88 million, or $0.02 a share in the quarter, compared with $0.90 million, or $0.03 a share for the same period last year.

Revenue during the quarter surged 55.50 percent to $35.91 million from $23.09 million in the previous year period. Gross margin for the quarter contracted 91 basis points over the previous year period to 85.57 percent. Total expenses were 99.15 percent of quarterly revenues, up from 97.31 percent for the same period last year. That has resulted in a contraction of 184 basis points in operating margin to 0.85 percent.

Operating income for the quarter was $0.30 million, compared with $0.62 million in the previous year period.

"This marks our 15th consecutive quarter of at least 40% year-over-year net sales growth, demonstrating continued strong demand for our pioneering micro-scale glaucoma products," said Thomas Burns, president and chief executive officer. "We are off to a solid start in 2017, focusing our resources and energy on driving U.S. adoption of our flagship iStent® Trabecular Micro-Bypass Stent, pursuing regulatory approval of our pipeline technologies and expanding our direct sales operations into targeted international markets."

For fiscal year 2017, GLAUKOS forecasts revenue to be in the range of $162 million to $167 million. 

Cash conversion cycle (CCC) has decreased to 27 days for the quarter from 62 days for the last year period. Days sales outstanding went down to 28 days for the quarter compared with 34 days for the same period last year.

Days inventory outstanding has decreased to 65 days for the quarter compared with 134 days for the previous year period. At the same time, days payable outstanding went down to 66 days for the quarter from 105 for the same period last year.