Financial Data and Key Metrics Changes - RxSight generated third quarter 2023 revenue of $22.2 million, up 76% compared to $12.6 million in the year-ago quarter, and up 7% compared to $20.8 million in the second quarter of 2023 [14] - GAAP net loss in the third quarter of 2023 was $12.4 million, or a loss of $0.35 per share, compared to a GAAP net loss of $16.8 million, or $0.61 per share in the same year-ago quarter [18] - Cash, cash equivalents, and short-term investments at the end of the third quarter were $131.9 million, down from $147.1 million at June 30, 2023 [19] Business Line Data and Key Metrics Changes - LAL revenue as a percentage of total revenue was 61%, up from 52% in the third quarter of 2022 and 60% in the second quarter of 2023 [15] - Sold 13,657 LALs in Q3 2023, up 107% compared to 6,595 units in the year-ago quarter [39] - Sold 66 LDDs in Q3 2023, up 35% compared to 49 units in the year-ago period [40] Market Data and Key Metrics Changes - The installed base of LDDs increased to 589 units, up 72% compared to the third quarter of 2022 [16] - The average selling price (ASP) of the reconfigured LDD increased to just over $120,000 in Q3 2023 [41] - Gross margin in Q3 2023 increased to approximately 62%, compared to 42% in the year-ago quarter [41] Company Strategy and Development Direction - The company launched a reconfigured light delivery device (LDD) and plans to expand the ongoing Phase IV LAL clinical study to generate more real-world data [12][9] - The introduction of the LAL Plus aims to widen the addressable patient base and stimulate additional procedure growth in 2024 and beyond [22] - The company focuses on continuous improvement of technology to drive adoption by patients and practices [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future potential of their technology to reshape and expand the premium cataract market [23] - The company is not dependent on government reimbursement decisions and caters to a desirable patient demographic with a strong U.S. focus and global opportunities [48] - Management expects Q4 to be seasonally the strongest quarter of the year, with a revenue guidance of $25 million to $27 million [21] Other Important Information - SG&A expenses in Q3 2023 were $19.1 million, up 28% compared to $14.9 million in the year-ago quarter [17] - R&D expenses rose 11% to $7.1 million compared to $6.4 million in the same year-ago quarter [42] - The company raised $11.7 million net of fees in July under its ATM program and used the proceeds to pay off a $20 million debt balance [19] Q&A Session Summary Question: Is Q4 tracking towards normal seasonality? - Management expects Q4 to be seasonally the strongest quarter of the year, which is reflected in the revenue guidance [51] Question: Any noteworthy international sales in Q3? - Management did not provide specific details but indicated ongoing efforts to expand internationally [64] Question: What is different about LAL Plus? - The fitting process for LAL Plus is identical to LAL, and it aims to provide improved clinical outcomes without additional training for doctors [65] Question: How is the penetration of LDDs in the U.S. marketplace? - Management believes there is still significant growth potential for LDD placements as practices develop and expand [70] Question: How is the utilization growth distributed? - Utilization growth comes from both new surgeons and increased procedures among existing customers [72]

Financial Performance - Revenue for Q3 2023 was $22.199 million, a 76.2% increase from $12.615 million in Q3 2022, driven by higher sales of LDDs and LALs [131]. - For the nine months ended September 30, 2023, total revenue was $60.497 million, up from $32.917 million in the same period of 2022, reflecting a 83.7% year-over-year growth [131]. - Sales increased by $9.6 million, or 76.0%, to $22.2 million for the three months ended September 30, 2023, compared to $12.6 million for the same period in 2022 [143]. - For the nine months ended September 30, 2023, sales increased by $27.6 million, or 83.8%, to $60.5 million compared to $32.9 million for the same period in 2022 [150]. - Gross profit rose to $13.7 million, a 156.4% increase from $5.4 million in the prior year, with a gross margin improvement to 62.0% from 42.5% [144]. - Gross profit for the nine months ended September 30, 2023, was $36.1 million, a 159.7% increase from $13.9 million in the prior year [149]. Expenses and Losses - Selling, general and administrative (SG&A) expenses increased by $4.2 million, or 28.2%, to $19.1 million for the three months ended September 30, 2023 [145]. - Research and development expenses rose by $0.7 million, or 11.2%, to $7.1 million for the three months ended September 30, 2023 [147]. - Total operating expenses for the nine months ended September 30, 2023, increased by $13.1 million, or 21.1%, to $75.3 million [149]. - The company anticipates continued net losses and negative cash flows from operations in the near future due to increased costs associated with being a public company [122]. - Net loss decreased to $12.4 million for the three months ended September 30, 2023, down 26.2% from a net loss of $16.8 million in the same period last year [149]. Cash and Investments - As of September 30, 2023, the company had cash, cash equivalents, and short-term investments totaling $131.9 million [157]. - The company incurred an accumulated deficit of $585.5 million as of September 30, 2023 [157]. - Net cash used in operating activities for the nine months ended September 30, 2023, was $33.3 million, a decrease from $45.0 million in the same period of 2022 [169]. - Net cash provided by financing activities for the nine months ended September 30, 2023, was $58.0 million, primarily from common stock issuances totaling $54.1 million [173]. - The company anticipates that its current cash and short-term investments will be sufficient to fund operations for at least the next 12 months without the need for additional capital [166]. - Net cash used in investing activities for the nine months ended September 30, 2023, was $26.7 million, consisting of net maturities of short-term investments of $23.5 million [171]. Market and Operational Challenges - The company is facing supply chain constraints and inflation, which may impact its ability to manufacture products and could adversely affect financial results [183]. - Uncertain macroeconomic conditions, including inflationary pressures and rising interest rates, are expected to continue affecting the company's financial results and liquidity [184]. - The company plans to continue investing in sales and marketing, with a focus on increasing the number of sales representatives and clinical specialists to drive product adoption [120]. - Research and development efforts are aimed at enhancing the RxSight system and expanding its indications for use, with a focus on improving clinical outcomes and customer experience [121]. Product Adoption and Market Position - As of September 30, 2023, the installed base of Light Delivery Devices (LDDs) reached 589, with over 78,000 Light Adjustable Lenses (LALs) implanted since inception [118]. - In Q3 2023, LDD sales increased by 17 units and LAL sales increased by 7,062 units compared to Q3 2022, indicating strong adoption of the RxSight technology [126]. - The gross margin for LALs is expected to improve significantly as manufacturing volume increases, while LDDs have a low gross margin due to high material costs [135]. - The company recorded contract liabilities of $1.678 million related to service agreements as of September 30, 2023, compared to $1.187 million at the end of 2022 [130]. - SG&A expenses are expected to increase in absolute dollars as the company expands its sales and marketing organization to support revenue growth [136]. - The aggregate market value of the company's common stock held by non-affiliate stockholders exceeded $700 million as of the last business day of the second quarter of 2023, transitioning it to a "large accelerated filer" status [182].

RxSight, Inc. (NASDAQ:RXST) Q2 2023 Earnings Call Transcript August 7, 2023 4:30 PM ET Company Participants Alex Huang - Director, Investor Relations Ron Kurtz - President and Chief Executive Officer Shelley Thunen - Chief Financial Officer Conference Call Participants Robbie Marcus - JPMorgan Steven Lichtman - Oppenheimer Ryan Zimmerman - BTIG Craig Bijou - Bank of America David Saxon - Needham & Co Operator Good day and thank you for standing by. Welcome to the RxSight Second Quarter 2023 Earnings Confere ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) RxSight, Inc.'s Q2 2023 unaudited financials show strong revenue growth, improved gross margins, and a strengthened balance sheet [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance sheet as of June 30, 2023, shows stronger financial position with increased assets, equity, and reduced liabilities | Balance Sheet Items (In thousands) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $8,753 | $11,834 | | Short-term investments | $138,340 | $93,968 | | Total current assets | $180,445 | $134,555 | | Total assets | $195,261 | $150,164 | | **Liabilities & Equity** | | | | Total current liabilities | $16,565 | $17,237 | | Term loan, net | $19,589 | $40,169 | | Total liabilities | $38,073 | $60,262 | | Total stockholders' equity | $157,188 | $89,902 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The company achieved strong sales growth and expanded gross margins for Q2 and H1 2023, reducing operating and net losses | Statement of Operations (In thousands) | Q2 2023 | Q2 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Sales | $20,810 | $11,360 | +83.2% | | Gross Profit | $12,015 | $4,788 | +150.9% | | Loss from operations | $(13,625) | $(15,792) | -13.7% | | Net loss | $(13,804) | $(16,732) | -17.5% | | Net loss per share (basic & diluted) | $(0.40) | $(0.61) | -34.4% | | Statement of Operations (In thousands) | H1 2023 | H1 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Sales | $38,299 | $20,301 | +88.7% | | Gross Profit | $22,380 | $8,549 | +161.8% | | Loss from operations | $(26,720) | $(32,370) | -17.5% | | Net loss | $(27,016) | $(34,328) | -21.3% | | Net loss per share (basic & diluted) | $(0.82) | $(1.25) | -34.4% | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations decreased in H1 2023, with significant financing activities offsetting investing outflows | Cash Flow Summary (In thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(25,310) | $(29,808) | | Net cash (used in) provided by investing activities | $(43,970) | $28,985 | | Net cash provided by financing activities | $66,196 | $480 | | Net decrease in cash, cash equivalents and restricted cash | $(3,081) | $(357) | - Financing activities in H1 2023 were primarily driven by **$54.1 million** from a public offering and **$30.5 million** from at-the-market offerings, offset by a net **$20.0 million** repayment of the term loan[31](index=31&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's LAL and LDD business, significant capital raises, debt refinancing, and revenue recognition policies - The company raised approximately **$53.6 million** in net proceeds from a Public Offering in February 2023[40](index=40&type=chunk) - Through its At-The-Market (ATM) offering, the company sold **1.7 million shares** for net proceeds of **$29.9 million** during the six months ended June 30, 2023[39](index=39&type=chunk) - On June 30, 2023, the company entered into a new **$20.0 million** loan agreement and used the proceeds, along with other cash, to prepay its existing May 2022 Term Loan, subsequently repaying the new loan in full on August 4, 2023[88](index=88&type=chunk)[89](index=89&type=chunk)[128](index=128&type=chunk) | Revenue by Product (In thousands) | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | LDD (including training) | $7,720 | $5,683 | $14,195 | $10,253 | | LAL | $12,411 | $5,349 | $22,806 | $9,453 | | Service, warranty, accessories | $679 | $328 | $1,298 | $595 | | **Total** | **$20,810** | **$11,360** | **$38,299** | **$20,301** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2023 performance to its 'razor and razor blade' model, driving LDD and LAL sales, improving margins, and strengthening liquidity [Business Overview and Key Metrics](index=29&type=section&id=Business%20Overview%20and%20Key%20Metrics) The company's 'razor and razor blade' model drives LDD adoption and LAL sales, with key metrics showing strong growth - The company's commercial strategy is a "razor and razor blade" business model focused on driving new customer adoption of the LDD system to generate ongoing LAL volume growth[135](index=135&type=chunk) | Key Metrics | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | LDDs Sold | 67 | 49 | | LDD Installed Base (End of Period) | 523 | 294 | | LALs Sold | 12,622 | 5,400 | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) The company achieved significant year-over-year improvements in Q2 and H1 2023, with robust sales growth, expanded gross margins, and reduced operating loss | Financial Highlights (In thousands) | Q2 2023 | Q2 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Sales | $20,810 | $11,360 | 83.2% | | Gross Profit | $12,015 | $4,788 | 150.9% | | Gross Margin | 57.7% | 42.2% | +15.5 pts | | Loss from Operations | $(13,625) | $(15,792) | (13.7)% | | Financial Highlights (In thousands) | H1 2023 | H1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Sales | $38,299 | $20,301 | 88.7% | | Gross Profit | $22,380 | $8,549 | 161.8% | | Gross Margin | 58.4% | 42.1% | +16.3 pts | | Loss from Operations | $(26,720) | $(32,370) | (17.5)% | - The increase in sales for Q2 2023 was driven by incremental sales of **7,222 LALs** and **18 LDDs** due to strong adoption of the RxSight technology[159](index=159&type=chunk) - SG&A expenses increased by **26.8%** in Q2 2023, primarily due to higher headcount, sales commissions, and marketing costs to support growth[161](index=161&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company maintained strong liquidity, bolstered by equity offerings and debt prepayment, with sufficient capital for operations - As of June 30, 2023, the company had cash, cash equivalents, and short-term investments of **$147.1 million**[173](index=173&type=chunk) - The company raised net proceeds of approximately **$53.6 million** from a public offering in February 2023 and has utilized an ATM facility, which was fully drawn down for gross proceeds of **$50.0 million** as of the report date[175](index=175&type=chunk)[177](index=177&type=chunk) - On August 4, 2023, the company prepaid its Term A Loans in full, including accrued interest and fees, using cash from the ATM facility and cash reserves[180](index=180&type=chunk) - Management does not anticipate the need to raise additional capital or incur additional debt in order to reach profit from operations[184](index=184&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, RxSight, Inc. is exempt from providing disclosures on market risk - The company is not required to provide this disclosure as it qualifies as a smaller reporting company[204](index=204&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2023, with no material changes in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[205](index=205&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[206](index=206&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to materially affect its business or financial condition - The company is not currently a party to any legal proceedings that would individually or in the aggregate have a material adverse effect on its business[209](index=209&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from limited operating history, RxSight system reliance, competition, supply chain, IP, regulations, and increased compliance costs - **Business Risks:** The company has a limited operating history, a history of net losses, and its success depends heavily on the RxSight system, facing significant competition and global economic conditions[216](index=216&type=chunk)[221](index=221&type=chunk)[233](index=233&type=chunk) - **Third-Party Reliance:** The company depends on third-party, including single and sole source suppliers, for components of the RxSight system, making it vulnerable to supply disruptions and price fluctuations[215](index=215&type=chunk)[450](index=450&type=chunk) - **Regulatory Risks:** The business is subject to extensive government regulation by the FDA and other bodies, where failure to obtain or maintain regulatory clearances, or potential product recalls, could harm commercial operations[214](index=214&type=chunk)[363](index=363&type=chunk)[389](index=389&type=chunk) - **Intellectual Property Risks:** The company's ability to compete depends on its ability to obtain, maintain, and enforce patent and other intellectual property protection for its technology and products[213](index=213&type=chunk)[297](index=297&type=chunk) - As of December 31, 2023, the company will be considered a "large accelerated filer" and will cease to be an "emerging growth company," which will result in the loss of certain reduced reporting requirements and increased compliance costs[468](index=468&type=chunk)[471](index=471&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=100&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales, no use of registered proceeds, and no issuer purchases during the period - The company reports no unregistered sales of equity securities during the period[501](index=501&type=chunk) [Item 5. Other Information](index=101&type=section&id=Item%205.%20Other%20Information) On August 4, 2023, the company fully prepaid its June 2023 loan with Oxford, primarily using cash from its ATM offering - On August 4, 2023, the Company prepaid all outstanding loans under its June 2023 LSA with Oxford, using cash primarily raised from its ATM Facility[503](index=503&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40690 RxSIGHT, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 94-3268801 (State or other jurisdiction of in ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR For the transition period from to Commission File Number 001-40690 RxSight, Inc. (Exact name of registrant as specified in its charter) | Delaware | 94-3268801 | | --- | --- | | (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40690 RxSIGHT, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 94-3268801 (State or other jurisdiction of inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40690 RxSIGHT, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 94-3268801 (State or other jurisdiction of in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) Securities registered pursuant to Section 12(b) of the Act: | | Trading | | | --- | --- | --- | | Title of each class | Symbol(s) | Name of each exchange on which registered | | Common stock, $0.001 par value per share | RXST | The Nasdaq Stock Market LLC | Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40690 RxSIGHT, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 94-3268801 (State or other jurisdiction o ...