RxSight, Inc. (RXST) closed the last trading session at $50.73, gaining 6.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $64.75 indicates a 27.6% upside potential. The mean estimate comprises eight short-term price targets with a standard deviation of $7.92. While the lowest estimate of $54 indicates a 6.5% increase from the current price level, the most optimistic analyst expe ...

RxSight, Inc. (NASDAQ:RXST) Q2 2024 Earnings Conference Call August 5, 2024 4:30 PM ET Company Participants Ron Kurtz - President, Chief Executive Officer Shelley Thunen - Assistant Secretary, Chief Financial Officer Oliver Moravcevic - Vice President, Investor Relations Conference Call Participants Ryan Zimmerman - BTIG Robbie Marcus - J.P. Morgan Steven Lichtman - Oppenheimer & Co. Inc. David Saxon - Needham & Company Craig Bijou - Bank of America Larry Biegelsen - Wells Fargo Tom Stephan - Stifel Operato ...

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, 2024 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 | --- | --- | |---------------------------------------------------------------------------------------|--------------------- ...

About RxSight, Inc. RxSight, Inc. is an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery. The RxSight® Light Adjustable Lens system, comprised of the RxSight Light Adjustable Lens® (LAL™/LAL+™, collectively the "LAL"), RxSight Light Delivery Device (LDD™) and accessories, is the first and only commercially available intraocular lens (IOL) technology that can be adjusted after surgery, enabling doctors to customize and deliver high ...

A downtrend has been apparent in RxSight, Inc. (RXST) lately with too much selling pressure. The stock has declined 16.1% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround. We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversol ...

Investor Relations Contact: Oliver Moravcevic VP, Investor Relations omoravcevic@rxsight.com RxSight, Inc. is an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery. The RxSight® Light Adjustable Lens system, comprised of the RxSight Light Adjustable Lens® (LAL®/LAL+™, collectively the "LAL"), RxSight Light Delivery Device (LDD™) and accessories, is the first and only commercially available intraocular lens (IOL) technology that can ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Even though momentum is a popular stock cha ...

Financial Data and Key Metrics Changes - RxSight generated Q1 2024 revenue of $29.5 million, up 69% from $17.5 million in Q1 2023 and up 3% from $28.6 million in Q4 2023 [9] - The company reported a GAAP net loss of $9.1 million or $0.25 per share, an improvement from a loss of $13.2 million or $0.42 per share in Q1 2023 [10] - Gross margin for Q1 2024 was reported at 70%, an increase from 59% in Q1 2023 and 62% in Q4 2023 [20] Business Line Data and Key Metrics Changes - Revenue from Light Adjustable Lenses (LAL) was $19.9 million, up 92% year-over-year and 12% sequentially, representing 67% of total revenue [9] - LDD sales generated $8.7 million, up 35% year-over-year but down 13% sequentially [20] - The installed base of LDDs increased to 732 units, up 61% year-over-year and 10% sequentially [20] Market Data and Key Metrics Changes - The company anticipates 2024 revenue guidance of $132 million to $137 million, reflecting a year-over-year growth of 48% to 54% [4] - The gross margin guidance for 2024 was increased to 68% to 70%, up from previous guidance of 65% to 67% [11] Company Strategy and Development Direction - RxSight aims to establish a new standard for premium intraocular lenses (IOLs) in the U.S. with the launch of LAL Plus and ongoing educational programs for eye care professionals [14][15] - The company is committed to rapid innovation and plans to expand its international presence, particularly in Asia and Europe, following regulatory approvals [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strong adoption of LAL technology, driven by positive clinical outcomes and a focus on the premium IOL market [39] - The company noted that the competitive landscape is evolving, with a significant percentage of LAL cases coming from patients who would not have selected a premium IOL previously [42] Other Important Information - Cash and short-term investments at the end of Q1 2024 were $125.4 million, slightly down from $127.2 million at the end of Q4 2023 [21] - Operating expenses for 2024 are guided to be between $126 million and $130 million, reflecting a 21% to 25% increase over 2023 [22] Q&A Session Summary Question: What are the adoption trends and pricing discipline observed in the field? - Management noted strong adoption trends and good pricing discipline, supported by excellent clinical results and increasing references for new doctors [31] Question: How does the company view the competitive environment? - Management indicated that a significant portion of LAL cases are coming from patients who would not have chosen premium IOLs, suggesting a broader market appeal beyond just competitors [42] Question: What are the service revenue considerations as the installed base grows? - Management stated that approximately 80% of customers take a service contract after the one-year warranty expires, indicating potential growth in service revenue as the installed base increases [36] Question: How is the company planning to approach the rollout of LAL Plus? - The guidance for 2024 assumes a methodical ramp-up of LAL Plus, with expectations for continued growth in both LAL and LDD placements [58] Question: What is the outlook for international market launches? - Management confirmed that while the primary focus remains on the U.S. market, they are pursuing regulatory filings in attractive international markets [96]

Revenue and Sales Performance - Revenue for Q1 2024 was $29.5 million, a 68.8% increase from $17.5 million in Q1 2023[124] - Sales increased by $12.0 million, or 68.7%, to $29.5 million for the three months ended March 31, 2024, compared to $17.5 million for the same period in 2023[136] - LDDs sold in Q1 2024 totaled 66 units, up from 56 units in Q1 2023, representing a 17.9% increase[119] - LALs sold in Q1 2024 reached 20,218 units, a 92.4% increase compared to 10,523 units in Q1 2023[120] - The installed base of LDDs increased to 732 units by the end of Q1 2024, up from 456 units at the end of Q1 2023, marking a 60.5% growth[119] - The company has implanted over 117,000 LALs since inception through March 31, 2024, indicating strong adoption of the RxSight system[113] Financial Performance - Gross profit rose to $20.7 million, a 99.6% increase from $10.4 million in the prior year, resulting in a gross margin of 70.1%[137] - Operating expenses totaled $31.4 million, up 33.6% from $23.5 million in the same period last year, driven by increased selling, general, and administrative expenses[138] - Research and development expenses increased by $0.8 million, or 11.4%, to $8.0 million for the three months ended March 31, 2024[139] - Comprehensive loss for the period includes net loss and is reported in the consolidated financial statements[133] - The net loss for the three months ended March 31, 2024, was $9.1 million, a 31.1% improvement from a net loss of $13.2 million in the same period last year[142] Cash Flow and Liquidity - As of March 31, 2024, the company had cash and cash equivalents of $32.6 million and short-term investments of $92.7 million[142] - Net cash used in operating activities was $9.3 million for the three months ended March 31, 2024, compared to $17.8 million in the prior year[150] - Net cash provided by investing activities was $24.3 million, consisting of net maturities of short-term investments of $26.2 million[152] - As of March 31, 2024, the company holds cash and cash equivalents of $32.6 million and short-term investments of $92.7 million, focusing on liquidity and capital preservation[165] Future Outlook and Expansion - The company plans to continue expanding its sales and marketing organization to drive revenue growth and increase product awareness[114] - Future expansion may target large foreign cataract markets, including Asia and Europe, to leverage new approvals[111] - The company anticipates significant operating losses and negative cash flows from operations in the future[141] Market and Economic Conditions - Uncertain macroeconomic conditions, including inflation and rising interest rates, are expected to negatively impact financial results and liquidity through 2024 and beyond[163] - The company is exposed to market risks from adverse changes in market rates and prices, which could lead to potential losses[164] - Supply chain constraints and inflation have led to increased delivery delays and higher costs for raw materials, impacting manufacturing capabilities[162] - The company has taken measures to mitigate supply chain risks, including increasing lead times and identifying new suppliers[162] - The company does not have material exposure to changes in the fair value of cash and short-term investments due to their short-term nature, with a hypothetical 1.00% increase in interest rates not materially affecting fair value[165] - As of March 31, 2024, the company has minimal revenue and expenses in currencies other than U.S. dollars, indicating limited foreign currency exchange risk[166]

Revenue Performance - Total revenue for Q1 2024 was $29.5 million, a 69% increase from $17.5 million in Q1 2023, driven by a 92% increase in Light Adjustable Lens (LAL) revenue and a 35% increase in Light Delivery Device (LDD) revenue[3][7]. - The company increased its 2024 full-year revenue guidance to $132.0 million to $137.0 million, implying growth of 48% to 54% compared to 2023[12]. Profitability - Gross profit for Q1 2024 was $20.7 million, representing 70% of revenue, up from $10.4 million or 59% of revenue in Q1 2023, due to a favorable product mix and reduced production costs[4]. - Gross margin guidance for 2024 was raised to a range of 68% to 70%, an increase of 800 to 1,000 basis points compared to 2023[12]. Operating Expenses - Operating expenses for Q1 2024 were $31.4 million, a 34% increase from $23.5 million in Q1 2023, reflecting investments to grow the LDD installed base and support increased LAL sales[5]. - Operating expenses for 2024 are now expected to be in the range of $126.0 million to $130.0 million, reflecting an increase of 21% to 25% compared to 2023[12]. Net Loss - The net loss for Q1 2024 was $(9.1) million, or $(0.25) per share, compared to a net loss of $(13.2) million, or $(0.42) per share in Q1 2023[6]. - Adjusted net loss for Q1 2024 was $(4.4) million, or $(0.12) per share, compared to an adjusted net loss of $(9.9) million, or $(0.31) per share in Q1 2023[6][21]. Sales Volume and Installed Base - The company sold 20,218 LALs in Q1 2024, a 92% increase in procedure volume compared to Q1 2023, and expanded the installed base of LDDs to 732, a 61% increase[7]. Cash Position - Cash, cash equivalents, and short-term investments as of March 31, 2024, were $125.4 million, slightly down from $127.2 million at December 31, 2023[8].