Shares of Glaukos Corporation (NYSE: GKOS), an ophthalmic pharmaceutical and medical technology company, plunged 7.95% in after-hours trading on November 4, 2024, following the release of the company's third-quarter financial results.

While Glaukos reported record net sales of $96.7 million, representing a 24% year-over-year increase and beating analysts' estimates, the company's profitability was hampered by higher operating expenses and charges related to debt refinancing.

Glaukos' net loss for the third quarter widened to $21.4 million, or $0.39 per diluted share, compared to a net loss of $30.4 million, or $0.63 per diluted share, in the same period last year. The company's selling, general and administrative expenses rose 18% to $64.0 million, while research and development expenses increased 4% to $34.7 million.

Furthermore, Glaukos incurred charges associated with the exchange of convertible senior notes, consisting of a non-cash inducement charge of $17.4 million and direct transaction costs of $0.6 million.

Despite the disappointing bottom-line results, Glaukos raised its full-year 2024 net sales guidance to a range of $377 million to $379 million, up from the previous range of $370 million to $376 million.