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Jun 30, 2023
Rxsight Q2 2023 Earnings Report
Reported an 83% increase in revenue compared to Q2 2022, driven by growth in LDD and LAL sales, and increased full-year guidance for revenue, gross margin, and operating expense.
Key Takeaways
RxSight, Inc. reported strong second-quarter results with significant revenue growth driven by increased sales of Light Delivery Devices (LDD) and Light Adjustable Lenses (LAL), leading to an improved full-year outlook.
Reported second quarter revenue of $20.8 million, an 83% increase compared to Q2 2022.
Sold 67 Light Delivery Devices (LDD™s), a 37% increase in unit sales compared to Q2 2022, expanding the installed base to 523 LDDs.
Sold 12,622 Light Adjustable Lenses (LAL®s), a 134% increase in procedure volumes compared to Q2 2022.
Increased full-year 2023 guidance range for revenue, gross margin, and operating expense.
Forward Guidance
RxSight increased its 2023 full-year guidance based on Q2 2023 performance.
Positive Outlook
- Revenue of $81.0 million to $86.0 million, representing implied growth of 65% to 75% compared to 2022.
- Gross margin in the range of 58% to 60%, representing an implied increase of 32% to 36% compared to 2022.
- Operating expenses in the range of $106.0 million to $109.0 million, representing an implied increase of 25% to 29% compared to 2022.
- The company expects to reduce its annual interest expense by approximately $5.6 million.
- The LAL is the first and only lens that can be customized after cataract surgery.
Challenges Ahead
- Forward-looking statements are subject to risks, uncertainties, and other factors.
- Actual events or results may differ materially from predictions.
- The company's ability to maintain cash balances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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