RXSight, Inc. Reports Fourth Quarter and 2025 Results; Issues 2026 Guidance

Core Insights - RxSight, Inc. reported a decrease in total revenue for the fiscal year 2025, with global sales of $134.5 million, down 4% from the previous year, primarily due to a significant drop in Light Delivery Device (LDD) system sales, which decreased by 48% compared to 2024 [4][6] - The company experienced a 12% growth in Light Adjustable Lens (LAL) revenue, indicating strong adoption among physicians and patients [4][6] - Operating expenses increased by 11% to $151.2 million, driven by strategic investments in commercial and operational expansion, as well as research and development [5][6] Financial Performance - For the fourth quarter of 2025, total revenue was $32.6 million, a 19% decrease from $40.2 million in Q4 2024, largely due to lower LDD revenue [7][11] - Gross profit for the fourth quarter was $25.3 million, representing 77.5% of revenue, a decrease from 71.6% in the same quarter of the previous year [8] - The net loss for the full year 2025 was $(38.9) million, or $(0.95) per share, compared to a net loss of $(27.5) million, or $(0.71) per share in 2024 [6][11] Unit Sales and Market Position - In 2025, unit sales of LAL increased by 12% to 109,615, while LDD unit sales dropped by 47% [9][12] - The installed base of LDD expanded to 1,134, providing a foundation for future procedure growth [9] - Over 300,000 RxSight LAL procedures have been performed since the product launch, highlighting its clinical benefits [9] Strategic Developments - The company has received regulatory approvals for the RxSight system in multiple regions, including North America, Europe, Singapore, South Korea, and Australia, enhancing its international market opportunities [5][9] - RxSight's FDA post-approval study results demonstrating superior outcomes for LAL eyes compared to traditional toric IOLs have been accepted for publication, reinforcing the product's clinical value [9] 2026 Financial Guidance - The company provided guidance for 2026, projecting revenue between $120.0 million and $135.0 million, with expected gross margins of 70% to 72% [16]