Glaukos Corporation (GKOS) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $1.16 million, or $ 0.03 a share in the quarter, against a net loss of $2.06 million, or $0.07 a share in the last year period.
Revenue during the quarter surged 55.64 percent to $29.58 million from $19 million in the previous year period. Gross margin for the quarter expanded 433 basis points over the previous year period to 86.86 percent. Operating margin for the quarter period stood at positive 3.48 percent as compared to a negative 9.08 percent for the previous year period.
Operating income for the quarter was $1.03 million, compared with an operating loss of $1.72 million in the previous year period.
"The third quarter of 2016 marks our 13th consecutive quarter of at least 40% year-over-year net sales growth, illustrating the growing demand for our flagship iStent® Trabecular Micro-Bypass Stent," said Thomas Burns, Glaukos president and chief executive officer. "We believe these latest results are a reflection of the reliable and sustained IOP-lowering performance iStent provides to manage glaucoma using a procedure with an exceptional safety profile. Moving forward, we are focused on continuing to drive iStent adoption, to expand our market potential with next-generation glaucoma technologies and to extend our reach and penetration into key international markets."
For fiscal year 2016, Glaukos Corporation forecasts revenue to be in the range of $109 million to $111 million.
Working capital increases
Glaukos Corporation has recorded an increase in the working capital over the last year. It stood at $95.75 million as at Sep. 30, 2016, up 12.44 percent or $10.59 million from $85.16 million on Sep. 30, 2015. Current ratio was at 6.08 as on Sep. 30, 2016, up from 5.33 on Sep. 30, 2015.
Cash conversion cycle (CCC) was almost stable at 13 days for the quarter, when compared with the last year period. Days sales outstanding went down to 28 days for the quarter compared with 33 days for the same period last year.
Days inventory outstanding has decreased to 76 days for the quarter compared with 84 days for the previous year period. At the same time, days payable outstanding went down to 118 days for the quarter from 130 for the same period last year.
Debt comes down significantly
Glaukos Corporation has recorded a decline in total debt over the last one year. It stood at $3.04 million as on Sep. 30, 2016, down 74.37 percent or $8.82 million from $11.86 million on Sep. 30, 2015. Total debt was 2.35 percent of total assets as on Sep. 30, 2016, compared with 10.08 percent on Sep. 30, 2015. Debt to equity ratio was at 0.03 as on Sep. 30, 2016, down from 0.13 as on Sep. 30, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
