NYSE:GKOS

Stock Analysis Report

Executive Summary

Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, focuses on the development and commercialization of surgical devices and sustained pharmaceutical therapies designed to treat glaucoma.


Snowflake Analysis

Flawless balance sheet with high growth potential.


Similar Companies

Share Price & News

How has Glaukos's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: GKOS has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.5%

GKOS

1.0%

US Medical Equipment

-0.09%

US Market


1 Year Return

-7.6%

GKOS

28.3%

US Medical Equipment

23.9%

US Market

Return vs Industry: GKOS underperformed the US Medical Equipment industry which returned 28.4% over the past year.

Return vs Market: GKOS underperformed the US Market which returned 24.7% over the past year.


Shareholder returns

GKOSIndustryMarket
7 Day0.5%1.0%-0.09%
30 Day1.5%3.5%3.1%
90 Day-10.6%12.9%10.4%
1 Year-7.6%-7.6%29.3%28.3%26.6%23.9%
3 Year48.4%48.4%95.3%89.6%50.9%41.2%
5 Yearn/a130.2%105.6%78.1%58.5%

Price Volatility Vs. Market

How volatile is Glaukos's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Glaukos undervalued compared to its fair value and its price relative to the market?

46.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GKOS ($59.53) is trading below our estimate of fair value ($106.78)

Significantly Below Fair Value: GKOS is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: GKOS is unprofitable, so we can't compare its PE Ratio to the Medical Equipment industry average.

PE vs Market: GKOS is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate GKOS's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: GKOS is overvalued based on its PB Ratio (11.6x) compared to the US Medical Equipment industry average (4.1x).


Next Steps

Future Growth

How is Glaukos forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

72.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GKOS is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.7%).

Earnings vs Market: GKOS is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: GKOS's is expected to become profitable in the next 3 years.

Revenue vs Market: GKOS's revenue (21% per year) is forecast to grow faster than the US market (7.5% per year).

High Growth Revenue: GKOS's revenue (21% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GKOS's Return on Equity is forecast to be low in 3 years time (3.3%).


Next Steps

Past Performance

How has Glaukos performed over the past 5 years?

19.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GKOS is currently unprofitable.

Growing Profit Margin: GKOS is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: GKOS is unprofitable, but has reduced losses over the past 5 years at a rate of 19.8% per year.

Accelerating Growth: Unable to compare GKOS's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: GKOS is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (31%).


Return on Equity

High ROE: GKOS has a negative Return on Equity (-10.19%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Glaukos's financial position?


Financial Position Analysis

Short Term Liabilities: GKOS's short term assets ($209.3M) exceed its short term liabilities ($33.1M).

Long Term Liabilities: GKOS's short term assets ($209.3M) exceed its long term liabilities ($84.2M).


Debt to Equity History and Analysis

Debt Level: GKOS is debt free.

Reducing Debt: GKOS currently has no debt however we can't compare to 5 years ago as we have no data for that period.


Balance Sheet

Inventory Level: GKOS has a high level of physical assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if GKOS's debt is covered by short term assets.


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable GKOS has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: GKOS is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 23.9% per year.


Next Steps

Dividend

What is Glaukos's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage1.1%forecastin3Years0%

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate GKOS's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate GKOS's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if GKOS's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if GKOS's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of GKOS's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of Glaukos's salary, the management and board of directors tenure and is there insider trading?

2.9yrs

Average management tenure


CEO

Thomas Burns (58yo)

17.8yrs

Tenure

US$5,198,717

Compensation

Mr. Thomas William Burns has been the Chief Executive Officer and President at Glaukos Corporation since March 2002. He serves as Director of Avedro, Inc. since November 21, 2019. He served as Director of  ...


CEO Compensation Analysis

Compensation vs Market: Thomas's total compensation ($USD5.20M) is about average for companies of similar size in the US market ($USD4.99M).

Compensation vs Earnings: Thomas's compensation has increased whilst the company is unprofitable.


Management Age and Tenure

2.9yrs

Average Tenure

58yo

Average Age

Experienced Management: GKOS's management team is considered experienced (2.9 years average tenure).


Board Age and Tenure

5.5yrs

Average Tenure

58yo

Average Age

Experienced Board: GKOS's board of directors are considered experienced (5.5 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.1%.


Management Team

  • Robert Davis (53yo)

    Senior VP

    • Tenure: 4.6yrs
  • Jane Rady (71yo)

    Senior Vice President of Corporate Strategy & Business Development

    • Tenure: 1.8yrs
  • Mory Gharib

    Co-Founder

    • L. Katz

      Chief Medical Officer

      • Tenure: 2.9yrs
    • Chris Lewis

      Director of Investor Relations

      • Thomas Burns (58yo)

        CEO, President & Director

        • Tenure: 17.8yrs
        • Compensation: US$5.20m
      • Chris Calcaterra (59yo)

        Chief Operating Officer

        • Tenure: 2.9yrs
        • Compensation: US$1.96m
      • David Haffner

        Senior Vice President of New Technologies

        • Tenure: 2.9yrs
      • Michele Allegretto

        Senior Vice President of Human Resources

        • Tenure: 4.7yrs
      • Joe Gilliam (43yo)

        CFO & Senior VP of Corporate Development

        • Tenure: 2.7yrs
        • Compensation: US$1.95m

      Board Members

      • Bill Link (73yo)

        Chairman

        • Tenure: 18.6yrs
        • Compensation: US$264.99k
      • Richard Lindstrom (71yo)

        Member of Scientific Advisory Board

        • Aimee Weisner (50yo)

          Independent Director

          • Tenure: 5.5yrs
          • Compensation: US$224.99k
        • Mark Foley (54yo)

          Independent Director

          • Tenure: 5.5yrs
          • Compensation: US$234.99k
        • David Hoffmeister (64yo)

          Independent Director

          • Tenure: 5.5yrs
          • Compensation: US$232.48k
        • Thomas Burns (58yo)

          CEO, President & Director

          • Tenure: 17.8yrs
          • Compensation: US$5.20m
        • Ike Ahmed

          Member of Scientific Advisory Board

          • Thomas Samuelson

            Member of Scientific Advisory Board

            • Marc Stapley (49yo)

              Director

              • Tenure: 5.5yrs
              • Compensation: US$243.99k
            • Rick Lewis

              Member of Scientific Advisory Board

              Company Information

              Glaukos Corporation's company bio, employee growth, exchange listings and data sources


              Key Information

              • Name: Glaukos Corporation
              • Ticker: GKOS
              • Exchange: NYSE
              • Founded: 1998
              • Industry: Health Care Equipment
              • Sector: Healthcare
              • Market Cap: US$2.496b
              • Shares outstanding: 43.32m
              • Website: https://www.glaukos.com

              Number of Employees


              Location

              • Glaukos Corporation
              • 229 Avenida Fabricante
              • San Clemente
              • California
              • 92672
              • United States

              Listings

              TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
              GKOSNYSE (New York Stock Exchange)YesCommon StockUSUSDJun 2015
              6GJDB (Deutsche Boerse AG)YesCommon StockDEEURJun 2015

              Biography

              Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, focuses on the development and commercialization of surgical devices and sustained pharmaceutical therapies designed to treat glaucoma. It offers iStent, a micro-bypass stent for insertion in conjunction with cataract surgery for the reduction of intraocular pressure in adult patients with mild-to-moderate open-angle glaucoma; and iStent inject trabecular micro-bypass stent that allows the surgeon to inject stents into various trabecular meshwork locations through a single corneal entry for the reduction of intraocular pressure in mild-to-moderate open-angle glaucoma in combination with cataract surgery. The company’s product pipeline includes iStent Infinite trabecular micro-bypass system, which is used as a standalone procedure in patients with refractory glaucoma; iStent Supra suprachoroidal micro-bypass stent that is designed to reduce intraocular pressure by accessing the suprachoroidal space in the eye; iStent SA trabecular micro-bypass system, a two-stent product, which uses a different auto-injection inserter designed for use in a standalone procedure; and iDose, a targeted injectable drug delivery implant that is designed to be pre-loaded into a small gauge needle and injected into the eye through a self-sealing corneal needle penetration. The company markets its products through direct sales force in the United States and other 16 countries, as well as through distribution partners in Europe, the Asia Pacific, Latin America, and internationally. Glaukos Corporation was founded in 1998 and is headquartered in San Clemente, California. 


              Company Analysis and Financial Data Status

              All financial data provided by Standard & Poor's Capital IQ.
              DataLast Updated (UTC time)
              Company Analysis2020/01/24 00:38
              End of Day Share Price2020/01/23 00:00
              Earnings2019/09/30
              Annual Earnings2018/12/31


              Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.