ALISO VIEJO, Calif.—Glaukos Corporation (NYSE: GKOS), an ophthalmic medical technology and pharmaceutical company, reported net sales of $72.7 million in the second quarter of 2022 ended June 30, 2022, a 6.9 percent drop compared with the same period in 2021. Gross margin for the second quarter of 2022 was approximately 75 percent, compared to approximately 77 percent in the same period in 2021. Non-GAAP gross margin for the second quarter of 2022 was approximately 83 percent, compared to approximately 84 percent in the same period in 2021.

“I’m pleased with our second quarter performance and solid execution of our strategies despite a challenging global environment,” said Thomas Burns, Glaukos chairman and chief executive officer. “We are now in the midst of several exciting new product launches and continue to successfully invest in and advance our robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases.”
 
Selling, general and administrative (SG&A) expenses for the second quarter of 2022 increased 10 percent to $49.9 million, compared to $45.3 million in the same period in 2021. Non-GAAP SG&A expenses for the second quarter of 2022 increased 12 percent to $49.0 million, compared to $43.6 million in the same period in 2021.
 
Research and development (R&D) expenses for the second quarter of 2022 increased 31 percent to $31.7 million, compared to $24.3 million in the same period in 2021. Non-GAAP R&D expenses for the second quarter of 2022 increased 31 percent to $31.7 million, compared to $24.1 million in the same period in 2021.
 
In addition, during the second quarter of 2022, the company incurred a $10.0 million in-process R&D (IPR&D) charge associated with an upfront payment related to the execution of a licensing arrangement with iVeena Delivery Systems, Inc., compared to a $5.0 million IPR&D charge incurred in the second quarter of 2021 associated with an upfront payment related to the execution of an amended licensing arrangement with Intratus, Inc.
 
These charges were included in both GAAP and non-GAAP operating expenses, which is a change versus the company’s previous methodology where similar IPR&D transactions were excluded for non-GAAP disclosure and reporting purposes. This change is the result of the U.S. Securities and Exchange Commission’s most recent industry correspondence on this matter.
 
Loss from operations in the second quarter of 2022 was $36.8 million, compared to operating loss of $14.2 million in the second quarter of 2021. Non-GAAP loss from operations in the second quarter of 2022 was $30.4 million, compared to non-GAAP operating loss of $6.8 million in the second quarter of 2021. Included in the non-GAAP loss from operations figures are IPR&D charges of $10.0 million and $5.0 million in the second quarter of 2022 and 2021, respectively.
 
Net loss in the second quarter of 2022 was $45.5 million compared to a net loss of $17.5 million in the second quarter of 2021. Non-GAAP net loss in the second quarter of 2022 was $39.1 million compared to non-GAAP net loss of $10.1 million in the second quarter of 2021. Included in the non-GAAP net loss figures are IPR&D charges of $10.0 million and $5.0 million in the second quarter of 2022 and 2021, respectively.
 
Glaukos ended the second quarter of 2022 with approximately $400 million in cash and cash equivalents, short-term investments and restricted cash. The company expects 2022 net sales to be in the range of $275 million to $280 million.
 
In other news, Glaukos announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the iStent infinite Trabecular Micro-Bypass System indicated for use in a standalone procedure to reduce elevated intraocular pressure (IOP) in patients with primary open-angle glaucoma uncontrolled by prior medical and surgical therapy.