RxSight Inc

Latest Results (13.06.2024):

First Quarter Financial Results

In the first quarter of 2024, RxSight Inc reported a total revenue of $29.5 million, marking a significant increase of 69% compared to $17.5 million in the first quarter of 2023. This growth was primarily fueled by a 92% increase in LAL revenue and a 35% increase in LDD revenue. Gross profit for the quarter stood at $20.7 million or 70% of revenue, showing a substantial improvement from $10.4 million or 59% of revenue in the same quarter of the previous year.

Net Loss Improvement

RxSight Inc experienced a reduction in net loss in the first quarter of 2024, recording a loss of $(9.1) million, or $(0.25) per basic and diluted share, an improvement from a net loss of $(13.2) million, or $(0.42) per basic and diluted share in the first quarter of 2023. The adjusted net loss for the quarter was also lower at $(4.4) million, or $(0.12) per basic and diluted share, compared to $(9.9) million, or $(0.31) per basic and diluted share in the prior year.

2024 Financial Guidance

RxSight Inc has raised its financial outlook for 2024, now expecting full-year revenue to be between $132.0 million and $137.0 million, which would represent a growth of 48% to 54% compared to 2023. The company also anticipates a gross margin between 68% and 70%, and operating expenses ranging from $126.0 million to $130.0 million, reflecting an increase of 21% to 25% from the previous year.

Liquidity and Capital Resources

As of March 31, 2024, RxSight Inc reported having $125.4 million in cash, cash equivalents, and short-term investments, a slight decrease from $127.2 million at the end of December 2023. This positions the company well to manage its investment plans and operational expenses moving forward.

Upcoming Investor Event

RxSight Inc has scheduled a conference call for May 6, 2024, at 1:30 p.m. Pacific Time to discuss the detailed outcomes of its first quarter financial results for 2024. The call will be accessible via a live and archived webcast, available for one year, providing an opportunity for investors and analysts to engage directly with the management.