RxSight, Inc. announces preliminary unaudited financial and operating results for the fourth quarter and full year 2024 and 2025 guidance Investing.com

ALISO VIEJO, Calif., Jan. 12, 2025 (GLOBE NEWSWIRE) — (NASDAQ: RXST) “ RxSight, Inc., an ophthalmic medical device company dedicated to providing high-quality customized vision to cataract surgery patients, today announced certain preliminary unaudited financial and operating results for the fourth quarter and full year 2024 and provided guidance for the full year 2025.

Preliminary unaudited results for the fourth quarter and full year 2024

• Preliminary unaudited fourth quarter 2024 revenue is expected to be approximately $40.2 million, representing growth of approximately 41% compared to the prior year period, driven by:
  • Sale of 29,069 Light Adjustable Lenses (LAL™/LAL+ ®); which represents a 61% increase in the volume of proceedings compared to the fourth quarter of 2023; and
  • Sale of 83 Light Delivery Devices (LDD™s), expanding the installed base to 971 LDDs as of December 31, 2024, representing a 46% increase compared to the installed base at the end of Q4 2023.
• Preliminary unaudited revenue in fiscal year 2024 is expected to be approximately $139.9 million, representing growth of approximately 57% compared to the prior year, driven by the following factors:
  • Sale of 98,055 LALs; which represents a 79% increase in the volume of procedures compared to 2023; and
  • Sale of 305 LDDs.
• Preliminary unaudited cash, cash equivalents and short-term investments as of December 31, 2024 are expected to be $237.2 million.

During the fourth quarter, we achieved record numbers for LDD sales and LAL procedures, significantly exceeding our initial full-year 2024 revenue guidance. With nearly a thousand LDDs installed, we now serve an estimated 15% of cataract surgeons in North America, while LAL procedures account for more than 10% of the top IOL market in the region. We believe this continued growth in one of the most competitive segments of ophthalmology reflects the growing recognition of superior visual results enabled by adaptability, said Dr. Ron Kurtz, Chief Executive Officer and President of RxSight. In 2025, we expect RxSight system adoption to remain strong as we work with a diverse range of customers to further expand the infrastructure for post-operative light treatments. Building on our momentum in North America, we are also looking forward to entering key international markets in Asia and Europe. Ultimately, using the foundation laid since our initial FDA approval, we plan to continue to innovate the RxSight system, which we believe will continue to set the standard for the premium IOL market for years to come.

Guidelines for 2025

RxSight forecasts full-year 2025 revenue in the range of $185.0 million to $197.0 million, reflecting growth of approximately 32% to 41% over 2024. The company currently estimates full-year 2025 gross profit margin to be between 71 % and 73% range. Additionally, the company expects full-year 2025 operating expenses in the range of $165.0 million to $170.0 million, including non-cash stock-based compensation expense in the range of $22.0 million to $25.0 million.

The Company’s financial and operational results for the fourth quarter and the entire year 2024 are preliminary and are subject to the completion of the Company’s audit for 2024. Full year 2024 audited financial results and fourth quarter 2024 unaudited financial results are expected to be released in February 2025.

About RxSight, Inc.

RxSight, Inc. is an ophthalmic medical device company dedicated to providing high-quality customized vision to patients after cataract surgery. The RxSight ® Light Adjustable Lens System, consisting of the RxSight Light Adjustable Lens ® (LAL™/LAL+ ® , collectively LAL), the RxSight Light Delivery Device (LDD™) and accessories, is the first and only commercially available intraocular lens (IOL) technology which can be adjusted after surgery, allowing doctors to adjust and provide high quality vision to patients after cataract surgery. Additional information about RxSight can be found at www.rxsight.com.

Forward-looking statements

This press release contains forward-looking statements, including: statements regarding: the growing recognition of superior results enabled by adaptability; the Company’s preliminary unaudited financial and operating results for the fourth quarter and fiscal year 2024 and the expected timing of the release of the audited financial results for the full year 2024 and the unaudited fourth quarter of 2024; the expectation of strong adoption of the RxSight system; the Company’s plans to enter international markets; the company’s plans to continue to innovate the RxSight system, which it believes will set the standard for the premium IOL market for years to come; the potential of the Company’s technology and management’s plans in relation thereto; and the Company’s projected revenues, gross profit margin, operating expenses and non-cash expenses in 2025. Such statements relate to future events or our future financial results and include known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievement be materially different from any future results, level of activity, performance or achievement expressed, implied or derived from these forward-looking statements, including those risks described in the foregoing the Company’s press releases and the Company’s filings with the Securities and Exchange Commission (SEC), including in Part II, Item 1A (Risk Factors) of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC November 7, 2024 and all subsequent filings with the SEC. In some cases, you may identify forward-looking statements by terminology such as may, will, should, could, expects, plans, intends, predicts, believes, estimates, predicts, projects, potentially or continues or negative terms and other the same terminology. These statements are only predictions based on our current expectations and projections of future events. You should not place undue reliance on these statements. Actual events or results may differ materially. When evaluating these statements, you should specifically consider various factors. These and other factors could cause our actual results to differ materially from any forward-looking statement. We undertake no obligation to update any forward-looking statements after the date of this press release to conform to the occurrence of unanticipated events, except as required by applicable law.

The above financial and business results are preliminary estimates. We are in the process of finalizing our financial statements for the year ended December 31, 2024, and our actual results depend on the completion of those financial statements and their audit by our independent registered public accounting firm. These preliminary estimates are based on information available to management as of the date of this press release and certain related assumptions that may prove to be incorrect. Our actual, reported results of operations could differ based on the completion of our year-end closing procedures, final adjustments and developments that may occur prior to the completion of our annual financial statements and adjustments resulting from the audit of our independent registered public accounting firm. You should carefully review our audited consolidated financial statements for the year ended December 31, 2024 when they become available.

Company contact:
Shelley B. Thunen
Chief Financial Officer
sthunen@rxsight.com

Contact for investor relations:
Oliver Moravcevic
Vice President, Investor Relations
omoravcevic@rxsight.com