Stock Alert: Glaukos Drops 29%

(RTTNews) - Shares of Glaukos Corporation (GKOS), an ophthalmic medical technology company, are sinking more than 29% after the company reported full-year sales outlook, lower than estimates.

For the full-year, Glaukos Corporation sees sales of $290 million to $300 million. The Street estimate stands at $304.73 million.

In the fourth-quarter earnings and revenue, however, beat view.

Net income in the fourth quarter was $36.6 million, or $0.84 per share, compared with $1.8 million, or $0.04 per share, in the year-ago quarter. The positive net income in the fourth quarter was due to an income tax benefit recognized in association with the Avedro acquisition.

Excluding items, loss for the quarter was $2.4 million, or $0.06 per share, compared with income of $3.3 million, or $0.08 per share, in the same quarter a year ago. On an average 8 analysts polled by Thomson Reuters were expecting loss of $0.14 per share.

Net sales rose 22% year-over-year in the fourth quarter to $65.8 million. The consensus estimate was at $62.22 million.

GKOS is currently trading at $43.18, close to its 52-week low of $40.