Glaukos provided an update on the actions it is taking in response to the COVID-19 pandemic.
In order to prioritize the health and safety of employees, healthcare professionals, patients and its communities, while continuing to support its customers, Glaukos implemented a number of measures:
- Health and Safety: In a continuing effort to take steps to protect the health and safety of our workforce and their families and communities, and based on applicable orders and recommendations from federal and local government and health agencies, all employees, with the exception noted below, have been required to work from home. The Company has also implemented other measures, such as restricting travel, to protect the health and safety of our customers, their patients and our employees.
- Maintaining Operations: Consistent with applicable exceptions, Glaukos is maintaining streamlined manufacturing, assembly and other related processes at this time in order to continue providing products to our customers. Glaukos employees involved in such operation-critical processes are organized into a number of small shifts designed to minimize the time any one individual is required to be onsite. For these employees, we have implemented a number of other recommended best practices to protect the health and safety of our workforce.
“Our hearts go out to anyone affected by the virus and we are especially grateful for the healthcare providers who are selflessly caring for those who are ill. During these challenging times, our first priority is the health and safety of our employees, customers, patients, providers and the communities in which we operate,” Thomas Burns, Glaukos president and chief executive officer, said in a company news release. “While our business may be materially impacted over the short-term as procedures may be temporarily deferred in countries and regions impacted by the COVID-19 outbreak, we have acted proactively to implement several initiatives to best preserve our near-term and future growth opportunities, support our customers and reduce non-essential discretionary spending. These initiatives, paired with our strong current financial position, leave us well-positioned to ultimately provide our essential ophthalmic therapies to customers and their patients who will return for treatment as we move past the peak of this current crisis. I am confident that the longer-term fundamental prospects of our business remain strong and unchanged as we advance our mission to transform the treatment of chronic eye diseases with novel therapies that provide sustainable solutions to important clinical needs.”
As of December 31, 2019, Glaukos had approximately $183 million in cash and cash equivalents, short-term investments and restricted cash. Additionally, the company does not carry any outstanding debt obligations.
Update on First Quarter and 2020 Guidance
Due to the rapidly evolving environment and continued uncertainties from the impact of COVID-19, Glaukos is withdrawing its previously announced first quarter and annual guidance for 2020, which was issued on February 27, 2020. At this date, Glaukos cannot predict the specific extent, or duration, of the impact of the COVID-19 outbreak on its financial and operating results. Glaukos plans to provide additional information, to the extent practicable, during its first quarter earnings call in May.