Glaukos Guided Below Consensus After Q2 Earnings; Analysts Cut Price Target - Glaukos (NYSE:GKOS)

Glaukos Corporation GKOS posted a second-quarter adjusted EPS loss of $(0.11), ahead of $(0.28) consensus, and better than $(0.61) a year ago.
Sales increased from $31.6 million to $78.1 million, where analysts were looking for sales of $71.4 million.
"We are pleased with our record second-quarter financial performance driven by sound execution on our key strategic priorities and the ongoing market recovery," president and CEO Thomas Burns said in a news release. "We remain steadfastly dedicated to transforming the treatment of chronic eye diseases for the benefit of patients worldwide."
Adjusted gross margin improved from 78.2% to 84.4%.
Adjusted operating loss narrowed from $27.6 million to $1.8 million.
Glaukos expects revenues for FY21 of $285 million to $290 million, below the Street estimate of $296.2 million.
Piper Sandler lowered the price target to $45 from $80 and kept a Neutral rating. The company reported Q2 results beating expectations, though guided the Street, analyst Matt O'Brien tells investors.
While Covid is expected to play a hand in the shortfall, the bigger reduction to guidance is coming due to the anticipated impact of the proposed reimbursement cuts that could be finalized late this year, says the analyst.
Stephens & Co also lowered the price target from $70 to $60 and maintained an Equal-Weight rating.
Price Action: GKOS shares are down 0.50% at $50.85 during the market session on the last check Friday.