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Mar 31, 2023
Rxsight Q1 2023 Earnings Report
Reported revenue growth driven by increased adoption and utilization of the Light Adjustable Lens system.
Key Takeaways
RxSight, Inc. reported a strong first quarter in 2023, marked by a 96% increase in revenue compared to the same period last year. The company saw growth in both LDD and LAL sales, increased its gross margin, and reiterated its operating expense guidance for the year.
Reported first quarter revenue of $17.5 million, a 96% increase compared to Q1 2022.
Sold 56 Light Delivery Devices (LDDs), a 40% increase in unit sales compared to Q1 2022, expanding the installed base to 456 LDDs, an 85% increase year-over-year.
Sold 10,523 Light Adjustable Lenses (LALs), a 153% increase in procedure volumes compared to Q1 2022.
Increased 2023 full-year revenue guidance and gross margin, while reiterating operating expense guidance.
Forward Guidance
The company increased its 2023 full-year revenue, increased its gross margin and reiterated operating expense guidance.
Positive Outlook
- Revenue of $79.0 million to $84.0 million, representing implied growth of 61% to 71% compared to 2022, up from prior guidance of $78.0 million to $83.0 million
- Gross margin in range of 56% to 58%, representing an implied increase of 27% to 32% compared to 2022, up from prior guidance of 52% to 54%
- Operating expenses in the range of $105 million to $108 million, representing an implied increase of 24% to 28% compared to 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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