Glaukos Corp (NYSE:GKOS) share prices advanced 24.66% to $24.77 on Wednesday after the company printed an impressive Q1 earnings report.

Glaukos Corp (NYSE:GKOS) reported net sales of $23.1 million, 57% higher compared to the same quarter a year ago. Gross margins rose to 86%, allowing the company to rake in net income of $897,000 for the quarter or $0.03 per share. This constitutes a strong improvement from the previous $0.40 loss it reported last year and far better than the $0.15 loss that analysts projected.

This marks the third consecutive quarter that Glaukos has surpassed Wall Street estimates. Looking ahead, management upgraded their full-year sales guidance to a range of $100 million to $102 million, marking a significant increase from the  prior range of $90 million to $93 million.

“Glaukos is off to an exceptional start in 2016 with solid first quarter performance driven by the continuing success of our flagship micro-scale glaucoma device, the iStent Trabecular Micro-Bypass,” remarked Glaukos Corp (NYSE:GKOS) CEO Thomas Burns. He added that their efforts to secure reimbursement for iStent are paying huge dividends. In addition, the company recently signed a deal with insurance provider Humana to add 10 million new covered lives to their patient pool.

Glaukos Corp (NYSE:GKOS) is an ophthalmic medical technology company, primarily focused on creating products that treat glaucoma. It has developed the micro-invasive glaucoma surgery (MIGS) for glaucoma treatment and offers iStent, a device that involves the insertion of a micro-scale device from within the eye’s anterior chamber through a small corneal incision. The company is also engaged in developing a portfolio of micro-scale injectable therapies, including three pipeline products, namely, the iStent Inject, the iStent Supra and iDose.

The company has plans to establish its commercial presence in Canada and Australia, launching the sale of its iStent system. This system has also received approval for sale in Chile, Mexico, and Japan, with the company awaiting reimbursement arrangements in those countries as well.

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