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Mar 31, 2024
Rxsight Q1 2024 Earnings Report
RxSight reported a strong first quarter with significant revenue growth and increased adoption of its Light Adjustable Lens technology.
Key Takeaways
RxSight, Inc. reported a strong start to 2024, with first-quarter revenue increasing by 69% to $29.5 million compared to the previous year. The growth was driven by increased sales of Light Adjustable Lenses (LAL) and Light Delivery Devices (LDD). The company's net loss decreased to $(9.1) million, and adjusted net loss also improved. RxSight increased its full-year revenue, gross margin and operating expense guidance.
First quarter revenue increased by 69% to $29.5 million compared to Q1 2023.
LAL sales increased by 92% year-over-year, driven by the sale of 20,218 lenses.
LDD sales increased by 18% year-over-year, with an installed base of 732 devices.
Net loss improved to $(9.1) million, or $(0.25) per share, compared to $(13.2) million, or $(0.42) per share in Q1 2023.
Forward Guidance
RxSight increased its 2024 full-year revenue, gross margin and operating expense guidance.
Positive Outlook
- Revenue of $132.0 million to $137.0 million, representing implied growth of 48% to 54% compared to 2023.
- Gross margin in the range of 68% to 70%, representing an implied increase of 800 basis points to 1,000 basis points compared to 2023.
- Operating expenses in the range of $126.0 million to $130.0 million, representing an implied increase of 21% to 25% compared to 2023.
- Non-cash expense guidance in the range of $22.0 million to $25.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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