RxSight, Inc., an ophthalmic medical device company dedicated to
improving the vision of patients following cataract surgery, today
reported financial results for the three and nine months ended
September 30, 2022.
Key Quarterly Highlights:
- Delivered third quarter 2022 revenue of
$12.6 million, an increase of 118% compared to the third quarter of
2021, reflecting:
- The sale of 49 Light Delivery Devices
(LDD™s), representing a 58% unit increase from the third quarter of
2021, expanding the installed base to 343 LDDs at the end of the
quarter, a 113% increase compared to the 161-unit LDD installed
base at the end of the third quarter of 2021.
- The sale of 6,595 Light Adjustable
Lenses (LAL®s), representing a 234% increase in procedure volumes
when compared to the third quarter of 2021.
- Increased full-year 2022 revenue
guidance to a range of $47.0 million to $48.0 million, which
implies a growth rate of 108% to 112% when compared to 2021.
“RxSight delivered record performance again this quarter,
reflecting the momentum that continues to build behind our unique
premium cataract system,” said Dr. Ron Kurtz, Chief Executive
Officer and President of RxSight. “Our LAL is the industry’s most
precise technology, capable of achieving superior visual outcomes
that are fully customized to each patient’s individual needs and
preferences. These potent competitive advantages form the
cornerstone of our strategy to build a durable, proprietary
platform that serves the exacting needs of both doctors and
patients, thereby creating long-term value for
shareholders.” Third Quarter
Financial Results
In the third quarter of 2022, total revenue was $12.6 million,
an increase of 118% compared to the third quarter of 2021. Revenue
growth was driven by a 55% increase in LDD revenue and a 236%
increase in LAL revenue, as compared to the third quarter of
2021.
Gross profit for the third quarter of 2022 was $5.4 million or
42.5% of revenue, an increase of $4.0 million or 299% compared to
gross profit of $1.3 million or 23.2% of revenue for the third
quarter of 2021.
Total operating expenses for the third quarter of 2022 were
$21.3 million, a 47.5% increase from $14.5 million in the third
quarter of 2021. The rise in operating expenses was primarily due
to a higher sales and marketing headcount to support the company’s
growth plans.
In the third quarter of 2022, the company reported a net loss of
$(16.8) million, or $(0.61) per basic and diluted share, compared
to net loss of $(12.7) million, or $(0.68) per share on a basic and
diluted basis in the third quarter of 2021.
The adjusted net loss in the third quarter of 2022 was $(13.9)
million, or $(0.50) per basic and diluted share, compared to an
adjusted net loss of $(12.2) million, or $(0.65) per basic and
diluted share in the third quarter of 2021.
Cash, cash equivalents and short-term investments as of
September 30, 2022, were $112.8 million and long-term debt was
$40.0 million.
Financial Outlook
Based on its third quarter 2022 performance, RxSight has revised
its 2022 full-year revenue guidance to a range of $47.0 million to
$48.0 million, compared to prior guidance of $44.0 million to $46.0
million. The revised guidance range implies an annual growth rate
versus 2021 of 108% to 112%. The company has increased its 2022
gross margin guidance range to 41% to 43% of revenue, up from the
previous range of 37% to 38% of revenue. The Company has revised
its operating expense guidance to $86.0 million to $87.0 million
from $88.0 million to $90.0 million.
Conference Call
On Monday, November 7, 2022, at 1:30 p.m. Pacific Time / 4:30
p.m. Eastern Time, the company will host a conference call to
discuss its third quarter 2022 financial results. Participants may
register for the call here and listen through a live and archived
webcast of the event available for one year at
https://investors.rxsight.com/. While not required, it is
recommended participants join ten minutes prior to the event start
time to ensure the necessary audio applications are downloaded and
installed. Instructions are provided (including a dial-in
option).
About RxSight, Inc.
RxSight, Inc. is a commercial-stage medical technology company
dedicated to improving the vision of patients following cataract
surgery. The RxSight® Light Adjustable Lens system, comprised of
the RxSight Light Adjustable Lens® (LAL), RxSight Light Delivery
Device (LDD) and accessories, is the first and only commercially
available intraocular lens (IOL) technology that enables doctors to
customize and optimize visual acuity for 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, without limitation, statements regarding: the Company’s
full-year 2022 financial outlook; anticipated sales growth for the
Company’s premium cataract system; and expectations regarding the
Company’s ability to create long-term value for shareholders. Such
statements relate to future events or our future financial
performance and involve known and unknown risks, uncertainties and
other factors that may cause our or our industry's actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed, implied or inferred by these
forward-looking statements, including, without limitation, those
risks, uncertainties and other factors described in 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 filed on or about the date hereof
with the SEC. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,” “could,”
“would,” “expects,” “plans,” “intends,” “anticipates,” “believes,”
“estimates,” “predicts,” “projects,” “potential,” or “continue” or
the negative of such terms and other same terminology. These
statements are only predictions based on our current expectations
and projections about future events. You should not place undue
reliance on these statements. We undertake no obligation to update
any of the forward-looking statements after the date of this press
release to conform those statements to reflect the occurrence of
unanticipated events, except as required by applicable law.
Company Contact:Shelley B. ThunenChief
Financial Officersthunen@rxsight.com
Investor Relations Contact:ir@rxsight.com
RxSIGHT, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONSAND
COMPREHENSIVE LOSS (UNAUDITED)(In thousands, except share
and per share amounts)
|
|
Three Months EndedSeptember 30, |
|
|
Nine Months EndedSeptember 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Sales |
|
$ |
12,615 |
|
|
$ |
5,786 |
|
|
$ |
32,917 |
|
|
$ |
14,167 |
|
Cost of sales |
|
|
7,259 |
|
|
|
4,445 |
|
|
|
19,011 |
|
|
|
12,519 |
|
Gross profit |
|
|
5,356 |
|
|
|
1,341 |
|
|
|
13,906 |
|
|
|
1,648 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
14,926 |
|
|
|
9,076 |
|
|
|
42,934 |
|
|
|
21,189 |
|
Research and development |
|
|
6,388 |
|
|
|
5,377 |
|
|
|
19,300 |
|
|
|
18,583 |
|
Total operating expenses |
|
|
21,314 |
|
|
|
14,453 |
|
|
|
62,234 |
|
|
|
39,772 |
|
Loss from operations |
|
|
(15,958 |
) |
|
|
(13,112 |
) |
|
|
(48,328 |
) |
|
|
(38,124 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of warrants |
|
|
— |
|
|
|
1,503 |
|
|
|
— |
|
|
|
2,717 |
|
Expiration of warrant |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,018 |
|
Interest expense |
|
|
(1,299 |
) |
|
|
(1,079 |
) |
|
|
(3,495 |
) |
|
|
(2,603 |
) |
Interest and other income |
|
|
439 |
|
|
|
11 |
|
|
|
681 |
|
|
|
44 |
|
Loss before income taxes |
|
|
(16,818 |
) |
|
|
(12,677 |
) |
|
|
(51,142 |
) |
|
|
(32,948 |
) |
Income tax (benefit) expense |
|
|
— |
|
|
|
(4 |
) |
|
|
4 |
|
|
|
6 |
|
Net loss |
|
$ |
(16,818 |
) |
|
$ |
(12,673 |
) |
|
$ |
(51,146 |
) |
|
$ |
(32,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on short-term investments |
|
|
55 |
|
|
|
(5 |
) |
|
|
(95 |
) |
|
|
(2 |
) |
Foreign currency translation loss |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
(23 |
) |
|
|
(6 |
) |
Total other comprehensive income (loss) |
|
|
45 |
|
|
|
(8 |
) |
|
|
(118 |
) |
|
|
(8 |
) |
Comprehensive loss |
|
$ |
(16,773 |
) |
|
$ |
(12,681 |
) |
|
$ |
(51,264 |
) |
|
$ |
(32,962 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to common stock, basic & diluted |
|
$ |
(0.61 |
) |
|
$ |
(0.68 |
) |
|
$ |
(1.86 |
) |
|
$ |
(3.66 |
) |
Weighted-average shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to common stock, basic & diluted |
|
|
27,665,842 |
|
|
|
18,732,459 |
|
|
|
27,551,333 |
|
|
|
8,998,895 |
|
RxSIGHT, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands,
except share and per share amounts)
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,912 |
|
|
$ |
24,361 |
|
Short-term investments |
|
|
103,923 |
|
|
|
134,971 |
|
Accounts receivable |
|
|
9,020 |
|
|
|
4,862 |
|
Inventories |
|
|
15,336 |
|
|
|
8,032 |
|
Prepaid and other current assets |
|
|
1,971 |
|
|
|
4,069 |
|
Total current assets |
|
|
139,162 |
|
|
|
176,295 |
|
Property
and equipment, net |
|
|
10,620 |
|
|
|
11,217 |
|
Operating leases right-of-use assets |
|
|
4,331 |
|
|
|
4,284 |
|
Restricted cash |
|
|
811 |
|
|
|
811 |
|
Other
assets |
|
|
782 |
|
|
|
114 |
|
Total assets |
|
$ |
155,706 |
|
|
$ |
192,721 |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,172 |
|
|
$ |
1,689 |
|
Accrued expenses and other current liabilities |
|
|
10,248 |
|
|
|
7,859 |
|
Lease liabilities |
|
|
1,948 |
|
|
|
1,529 |
|
Total current liabilities |
|
|
16,368 |
|
|
|
11,077 |
|
Long-term lease liabilities |
|
|
3,354 |
|
|
|
3,642 |
|
Term
loan, net |
|
|
40,025 |
|
|
|
39,760 |
|
Total liabilities |
|
|
59,747 |
|
|
|
54,479 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock, $0.001 par value, 900,000,000 shares authorized,
27,719,132 shares issued and outstanding as of September 30, 2022
and 27,366,746 shares issued and outstanding as of December 31,
2021 |
|
|
28 |
|
|
|
27 |
|
Preferred stock, $0.001 par value, 100,000,000 shares authorized,
no shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
626,491 |
|
|
|
617,511 |
|
Accumulated other comprehensive loss |
|
|
(138 |
) |
|
|
(20 |
) |
Accumulated deficit |
|
|
(530,422 |
) |
|
|
(479,276 |
) |
Total stockholders' equity |
|
|
95,959 |
|
|
|
138,242 |
|
Total liabilities and stockholders' equity |
|
$ |
155,706 |
|
|
$ |
192,721 |
|
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial
statements presented under generally accepted accounting principles
in the United States (“GAAP”), we believe certain non-GAAP
measures, including adjusted net loss, and adjusted net loss per
share, basic and diluted, provide useful information to investors
and are useful in evaluating our operating performance. For
example, we exclude stock-based compensation expense and change in
fair value of warrants because these are non-cash in nature and
excluding these items provides meaningful supplemental information
regarding our operational performance and allows investors the
ability to make more meaningful comparisons between our operating
results and those of other companies.
We believe that non-GAAP financial information, when taken
collectively, may be helpful to investors because it provides
consistency and comparability with past financial performance.
However, non-GAAP financial information is presented for
supplemental informational purposes only, has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. In addition, other companies, including companies in our
industry, may calculate similarly titled non-GAAP measures
differently or may use other measures to evaluate their
performance. A reconciliation is provided below for each non-GAAP
financial measure to the most directly comparable financial measure
stated in accordance with GAAP. Investors are encouraged to review
the related GAAP financial measures and the reconciliation of these
non-GAAP financial measures to their most directly comparable GAAP
financial measures, and not to rely on any single financial measure
to evaluate our business.
Adjusted Net Loss and Adjusted Net Loss Per
Share
Adjusted net loss is a non-GAAP financial measure that we define
as net loss adjusted for (i) stock-based compensation and (ii)
change in fair value of warrants. We believe adjusted net loss
provides investors with useful information on period-to-period
performance as evaluated by management and comparison with our past
financial performance and is useful in evaluating our operating
performance compared to that of other companies in our industry, as
this metric generally eliminates the effects of certain items that
may vary from company to company for reasons unrelated to overall
operating performance.
Reconciliations of net loss to adjusted net loss and the
presentation of adjusted net loss per share, basic and diluted, are
as follows:
RxSIGHT, INC. GAAP To
NON-GAAP RECONCILIATIONS (UNAUDITED)(In thousands, except
share and per share amounts)
|
|
Three months endedSeptember 30, |
|
|
Nine months endedSeptember 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to stockholders, basic and diluted |
|
$ |
(16,818 |
) |
|
$ |
(12,673 |
) |
|
$ |
(51,146 |
) |
|
$ |
(32,954 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
2,882 |
|
|
|
2,013 |
|
|
|
8,435 |
|
|
|
4,658 |
|
Change in fair value of warrants |
|
|
— |
|
|
|
(1,503 |
) |
|
|
— |
|
|
|
(2,717 |
) |
Adjusted
net loss available to common stockholders, basic and diluted: |
|
$ |
(13,936 |
) |
|
$ |
(12,163 |
) |
|
$ |
(42,711 |
) |
|
$ |
(31,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding, basic and diluted |
|
|
27,665,842 |
|
|
|
18,732,459 |
|
|
|
27,551,333 |
|
|
|
8,998,895 |
|
Adjusted
net loss per share, basic and diluted |
|
$ |
(0.50 |
) |
|
$ |
(0.65 |
) |
|
$ |
(1.55 |
) |
|
$ |
(3.45 |
) |
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