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Jun 30, 2024
Rxsight Q2 2024 Earnings Report
RxSight's second quarter results for 2024 reflected a strong revenue increase driven by Light Adjustable Lens (LAL) sales and Light Delivery Devices (LDD) sales.
Key Takeaways
RxSight, Inc. reported a significant increase in revenue for the second quarter of 2024, driven by strong sales of Light Adjustable Lenses (LAL) and Light Delivery Devices (LDD). The company's revenue grew by 68% compared to the same period last year, with a notable increase in gross profit. Despite increased operating expenses, the net loss was reduced compared to the previous year.
Reported second quarter revenue of $34.9 million, a 68% increase compared to Q2 2023.
Sold 24,214 Light Adjustable Lenses (LAL™/LAL+™), a 92% increase in procedure volume compared to Q2 2023.
Sold 78 Light Delivery Devices (LDD™s), a 16% increase in unit sales compared to Q2 2023, expanding the installed base to 810 LDDs.
Increased 2024 full-year revenue and operating expense guidance.
Forward Guidance
The company increased its 2024 full-year revenue and operating expense guidance.
Positive Outlook
- Revenue in the range of $139.0 million to $140.0 million, representing implied growth of 56% to 57% compared to 2023.
- Gross margin full-year 2024 guidance remained unchanged in the range of 68% to 70%.
Challenges Ahead
- Operating expenses in the range of $135.0 million to $136.0 million, representing an implied increase of 30% to 31% compared to 2023.
- Including higher non-cash stock-based compensation expense guidance in the range of $29.0 million to $30.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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