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RxSight(RXST) - 2024 Q1 - Quarterly Results
2024-05-06 20:10
Exhibit 99.1 RXSIGHT, INC. REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS Aliso Viejo, Calif. (NASDAQ: RXST) – May 6, 2024 – RxSight, Inc., an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery, today reported financial results for the three months ended March 31, 2024. Key Quarterly Highlights • Reported first quarter 2024 revenue of $29.5 million, an increase of 69% compared to the first quarter of 2023, reflecting: • The sale of 20 ...
RxSight(RXST) - 2023 Q4 - Earnings Call Transcript
2024-02-29 04:44
Financial Data and Key Metrics - Revenue for Q4 2023 was $28.6 million, up 78% YoY [143] - LAL revenue in Q4 2023 was $17.8 million, up 98% YoY, representing 62% of total revenue [7][144] - LDD revenue in Q4 2023 was $10 million, up 52% YoY [133] - Gross profit margin expanded to 62% in Q4 2023, compared to 46% in Q4 2022 [32] - Full-year 2023 revenue grew 82% to $89.1 million, with LDD revenue up 43% and LAL revenue up 117% [33] - Adjusted cash use from operations was $33.9 million in 2023, down from $59.5 million in 2022 [34] - Net loss in Q4 2023 was $9.2 million, or $0.26 per share, compared to a net loss of $15.6 million in Q4 2022 [8][145] Business Line Data and Key Metrics - LAL sales in Q4 2023 were 18,071 units, up 98% YoY [7] - LDD unit placements in Q4 2023 were 77 units, up 35% YoY, with an installed base of 666 units at year-end 2023, up 67% YoY [133] - LAL Plus, a new product, is expected to drive further adoption of adjustable IOL technology [142][119] Market Data and Key Metrics - Premium cataract surgery represents about 20% of the US market and 10% globally, with projections to double over the next 10 years [141] - The company targets the roughly 4,000 US cataract surgeons who perform 70-80% of all premium IOL procedures [131] - International markets, particularly Canada, are showing steady growth, though they remain a small portion of total revenue [97][158] Company Strategy and Industry Competition - The company focuses on expanding its installed base of LDDs and increasing LAL procedure volumes, leveraging the clinical and economic benefits of its technology [31][132] - The LAL platform offers superior vision quality compared to traditional monofocal IOLs, with 90% of patients achieving 20/20 vision at distance and J2 at near [64][108] - The company expects to achieve cash flow break-even with a healthy balance sheet, supported by reduced cash use in 2024 [45] Management Commentary on Operating Environment and Future Outlook - Management highlighted the growing recognition of the clinical and economic benefits of the RxSight system among surgeons [31] - The company expects full-year 2024 revenue to be in the range of $128-135 million, implying 44-52% YoY growth [136] - Gross margin is expected to expand to 65-67% in 2024, driven by higher LAL revenue mix and lower LDD manufacturing costs [147] - Operating expenses are projected to increase by 20-23% in 2024, reflecting investments in infrastructure to support LAL procedure growth [35] Other Important Information - The company will host an investor event on April 6, 2024, in conjunction with the ASCRS meeting [11] - The company has no material weaknesses or significant deficiencies in its SOX compliance, underscoring its commitment to financial integrity [34] Q&A Session Summary Question: How is the company thinking about LDD utilization in 2024? [47] - The company expects LAL revenue to grow faster than LDD revenue, consistent with the razor-blade model [14] - Utilization may vary due to seasonality, but the goal is to increase overall LAL procedure volumes [156] Question: What is the company's outlook on cash usage and cash flow break-even? [19] - The company expects to reduce cash use throughout 2024, with the heaviest cash use in Q1 due to year-end bonuses and material payments [45] - The company has adequate cash to reach cash flow break-even with a healthy balance sheet [45] Question: How is the company thinking about the growth of the sales force in 2024? [41] - The LDD sales force is expected to remain stable, while the LAL sales force will continue to grow, particularly in clinical sales roles [15] - The company will add sales personnel as needed, but not at the rapid pace seen during the initial sales force creation [15] Question: What is the company's view on the premium IOL market growth trajectory? [76] - The premium IOL market is expected to double over the next 5-10 years, driven by demographic trends and the growing importance of optometry in premium cataract surgery [77][141] Question: How is the company thinking about the split between legacy LAL and LAL Plus? [63] - The LAL Plus is expected to provide additional motivation for doctors to adopt adjustable IOL technology, particularly for patients who desire earlier near vision [64][119] Question: What is the company's view on the competitive landscape in Europe? [126] - Europe is seen as a large and wealthy market, with individual countries having unique characteristics [91] - Regulatory complexity has increased, but the underlying demand for high-quality vision remains strong [91]
RxSight(RXST) - 2023 Q4 - Annual Report
2024-02-28 21:10
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, 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 incorp ...
RxSight(RXST) - 2023 Q3 - Earnings Call Transcript
2023-11-12 09:19
RxSight, Inc. (NASDAQ:RXST) Q3 2023 Earnings Conference Call November 9, 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 Craig Bijou - Bank of America Larry Biegelsen - Wells Fargo Joseph Conway - Needham & Co Rohin Patel - JPMorgan Steven Lichtman - Oppenheimer Operator Good day, and thank you for standing by. Welcome to the RxSight Third Quarter 2023 Earnin ...
RxSight(RXST) - 2023 Q3 - Quarterly Report
2023-11-09 21:20
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, 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 o ...
RxSight(RXST) - 2023 Q2 - Earnings Call Transcript
2023-08-08 00:56
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 ...
RxSight(RXST) - 2023 Q2 - Quarterly Report
2023-08-07 20:16
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, 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 (I. ...
RxSight(RXST) - 2023 Q1 - Quarterly Report
2023-05-09 20:18
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 (I ...
RxSight(RXST) - 2022 Q4 - Annual Report
2023-03-06 21:09
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 ☐ 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 (I.R.S ...