RxSight, Inc., an ophthalmic medical device company dedicated to improving the vision of patients following cataract surgery, reported financial results for the three and nine months ended September 30, 2022.
ALISO VIEJO, Calif., Nov. 07, 2022 (GLOBE NEWSWIRE) -- RxSight, Inc., an ophthalmic medical device company dedicated to improving the vision of patients following cataract surgery, today reported financial results for the three and nine months ended September 30, 2022.
Key Quarterly Highlights:
- Delivered third quarter 2022 revenue of $12.6 million, an increase of 118% compared to the third quarter of 2021, reflecting:
- The sale of 49 Light Delivery Devices (LDD™s), representing a 58% unit increase from the third quarter of 2021, expanding the installed base to 343 LDDs at the end of the quarter, a 113% increase compared to the 161-unit LDD installed base at the end of the third quarter of 2021.
- The sale of 6,595 Light Adjustable Lenses (LAL®s), representing a 234% increase in procedure volumes when compared to the third quarter of 2021.
- Increased full-year 2022 revenue guidance to a range of $47.0 million to $48.0 million, which implies a growth rate of 108% to 112% when compared to 2021.
“RxSight delivered record performance again this quarter, reflecting the momentum that continues to build behind our unique premium cataract system,” said Dr. Ron Kurtz, Chief Executive Officer and President of RxSight. “Our LAL is the industry’s most precise technology, capable of achieving superior visual outcomes that are fully customized to each patient’s individual needs and preferences. These potent competitive advantages form the cornerstone of our strategy to build a durable, proprietary platform that serves the exacting needs of both doctors and patients, thereby creating long-term value for shareholders.”
Third Quarter Financial Results
In the third quarter of 2022, total revenue was $12.6 million, an increase of 118% compared to the third quarter of 2021. Revenue growth was driven by a 55% increase in LDD revenue and a 236% increase in LAL revenue, as compared to the third quarter of 2021.
Gross profit for the third quarter of 2022 was $5.4 million or 42.5% of revenue, an increase of $4.0 million or 299% compared to gross profit of $1.3 million or 23.2% of revenue for the third quarter of 2021.
Total operating expenses for the third quarter of 2022 were $21.3 million, a 47.5% increase from $14.5 million in the third quarter of 2021. The rise in operating expenses was primarily due to a higher sales and marketing headcount to support the company’s growth plans.
In the third quarter of 2022, the company reported a net loss of $(16.8) million, or $(0.61) per basic and diluted share, compared to net loss of $(12.7) million, or $(0.68) per share on a basic and diluted basis in the third quarter of 2021.
The adjusted net loss in the third quarter of 2022 was $(13.9) million, or $(0.50) per basic and diluted share, compared to an adjusted net loss of $(12.2) million, or $(0.65) per basic and diluted share in the third quarter of 2021.
Cash, cash equivalents and short-term investments as of September 30, 2022, were $112.8 million and long-term debt was $40.0 million.
Financial Outlook
Based on its third quarter 2022 performance, RxSight has revised its 2022 full-year revenue guidance to a range of $47.0 million to $48.0 million, compared to prior guidance of $44.0 million to $46.0 million. The revised guidance range implies an annual growth rate versus 2021 of 108% to 112%. The company has increased its 2022 gross margin guidance range to 41% to 43% of revenue, up from the previous range of 37% to 38% of revenue. The Company has revised its operating expense guidance to $86.0 million to $87.0 million from $88.0 million to $90.0 million.
Conference Call
On Monday, November 7, 2022, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time, the company will host a conference call to discuss its third quarter 2022 financial results. Participants may register for the call here and listen through a live and archived webcast of the event available for one year at https://investors.rxsight.com/. While not required, it is recommended participants join ten minutes prior to the event start time to ensure the necessary audio applications are downloaded and installed. Instructions are provided (including a dial-in option).
About RxSight, Inc.
RxSight, Inc. is a commercial-stage medical technology company dedicated to improving the vision of patients following cataract surgery. The RxSight® Light Adjustable Lens system, comprised of the RxSight Light Adjustable Lens® (LAL), RxSight Light Delivery Device (LDD) and accessories, is the first and only commercially available intraocular lens (IOL) technology that enables doctors to customize and optimize visual acuity for patients after cataract surgery. Additional information about RxSight can be found at www.rxsight.com.
Forward-Looking Statements
This press release contains forward-looking statements, including, without limitation, statements regarding: the Company’s full-year 2022 financial outlook; anticipated sales growth for the Company’s premium cataract system; and expectations regarding the Company’s ability to create long-term value for shareholders. Such statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements, including, without limitation, those risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission (SEC), including in Part II, Item 1A (Risk Factors) of the Company’s Quarterly Report on Form 10-Q filed on or about the date hereof with the SEC. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” or “continue” or the negative of such terms and other same terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. We undertake no obligation to update any of the forward-looking statements after the date of this press release to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.
Company Contact:
Shelley B. Thunen
Chief Financial Officer
sthunen@rxsight.com
Investor Relations Contact:
ir@rxsight.com
