Here's Why Glaukos Corp. Stock Is Stumbling Today
Shares of Glaukos Corp. (NYSE: GKOS), a medical device manufacturer with an eye on glaucoma, are slipping today. Just ahead of the company's investors day meeting, management made some adjustments to this year's total revenue expectations that aren't sitting well. In response, the stock has fallen 16.7% as of 11:38 a.m. EDT on Thursday.
The company's glaucoma-relieving iStent device is a big hit that has pushed the top line from $45.6 million in 2015 to $114.4 million last year. Such rapid growth has pushed the stock up to a nosebleed-inducing multiple of around 9.1 times trailing sales, despite today's sell-off. For comparison, Medtronic shares have been trading at about 3.8 times trailing sales.
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Source: Fool.com