(NASDAQ: RXST) – RxSight, Inc., an ophthalmic
medical device company dedicated to providing high-quality
customized vision to patients following cataract surgery, today
reported financial results for the three months ended March 31,
2023.
Key Quarterly Highlights
- Reported first quarter 2023 revenue of
$17.5 million, an increase of 96% compared to the first quarter of
2022, reflecting:
- The sale of 56 Light Delivery Devices
(LDD™s), representing a 40% increase in unit sales compared to the
first quarter of 2022 and expanding the installed base to 456 LDDs
at the end of the quarter, representing an 85% increase compared to
end of the first quarter of 2022; and
- The sale of 10,523 Light Adjustable
Lenses (LAL®s), representing a 153% increase in procedure volumes
compared to the first quarter of 2022.
- The company increased its 2023
full-year revenue, increased its gross margin and reiterated
operating expense guidance.
“The RxSight team extended its track record of solid growth with
first quarter 2023 results that reflect increasing adoption and
utilization of our unique Light Adjustable Lens system,” said Ron
Kurtz, Chief Executive Officer and President of RxSight. “As the
only premium cataract solution that enables doctors to customize
their patients’ visual acuity after surgery, the LAL consistently
delivers superior outcomes across a wide array of patient needs and
preferences. We continue to work closely with a growing number of
practices to make this breakthrough technology broadly available to
cataract patients.”
First Quarter Financial Results
In the first quarter of 2023, total revenue was $17.5 million,
an increase of 96% compared to $8.9 million in the first quarter of
2022. Revenue growth was driven by a 42% increase in LDD revenue
and a 153% increase in LAL revenue compared to the first quarter of
2022.
Gross profit for the first quarter of 2023 was $10.4 million or
59% of revenue, an increase of $6.6 million or 176% compared to
gross profit of $3.8 million or 42% of revenue for the first
quarter of 2022.
Total operating expenses for the first quarter of 2023 were
$23.5 million, a 15% increase from $20.3 million in the first
quarter of 2022, reflecting the company’s ongoing investments to
grow its LDD installed base and support increased LAL procedure
volumes.
In the first quarter of 2023, the company reported a net loss of
$(13.2) million, or $(0.42) per basic and diluted share, compared
to net loss of $(17.6) million, or $(0.64) per basic and diluted
share in the first quarter of 2022. Adjusted net loss in the first
quarter of 2023 was $(9.9) million, or $(0.31) per basic and
diluted share, compared to an adjusted net loss of $(14.9) million,
or $(0.54) per basic and diluted share in the first quarter of
2022.
Cash, cash equivalents and short-term investments as of March
31, 2023, were $153.9 million compared to $105.8 million at
December 31, 2022. In the first quarter of 2023, the company raised
approximately $64.5 million in net proceeds which included (i)
$53.6 million in net proceeds through a public offering of 4.6
million shares of its common stock and (ii) $10.9 million in net
proceeds from selling 879,341 shares of common stock through the
company's equity offering program. Long-term debt as of March 31,
2023, was $40.3 million.
Financial OutlookThe company increased its 2023
full-year revenue, increased its gross margin and reiterated
operating expense guidance as follows:
- Revenue of $79.0 million to $84.0
million, representing implied growth of 61% to 71% compared to
2022, up from prior guidance of $78.0 million to $83.0 million
- Gross margin in range of 56% to 58%,
representing an implied increase of 27% to 32% compared to 2022, up
from prior guidance of 52% to 54%
- Operating expenses in the range of $105
million to $108 million, representing an implied increase of 24% to
28% compared to 2022.
Conference Call
On Tuesday, May 9, 2023, at 1:30 p.m. Pacific Time, the company
will host a conference call to discuss its first quarter 2023
financial results. Participants may register for the call 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 can be adjusted
after surgery enabling doctors to customize and deliver
high-quality of 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 with respect to increasing adoption and utilization of
Light Adjustable Lens system; RxSight having the only premium
cataract solution that enables doctors to customize their patients’
visual acuity after surgery; the ability of the LAL to consistently
deliver superior outcomes; working closely with a growing number
practices to make RxSight’s technology broadly available to
cataract patients; and RxSight’s projected revenue, gross margin,
and operating expenses for 2023. 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, and among other
things, our ability to maintain cash balances and successfully
commercialize or partner our product candidates currently under
development. 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. Actual events or results may differ
materially. In evaluating these statements, you should specifically
consider various factors. These and other factors may cause our
actual results to differ materially from any forward-looking
statement. 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
OPERATIONS |
|
AND COMPREHENSIVE LOSS (UNAUDITED) |
|
(In thousands, except share and per share amounts) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Sales |
|
$ |
17,489 |
|
|
$ |
8,942 |
|
Cost of sales |
|
|
7,123 |
|
|
|
5,181 |
|
Gross profit |
|
|
10,366 |
|
|
|
3,761 |
|
Operating expenses: |
|
|
|
|
|
|
Selling, general and administrative |
|
|
16,255 |
|
|
|
13,620 |
|
Research and development |
|
|
7,208 |
|
|
|
6,719 |
|
Total operating expenses |
|
|
23,463 |
|
|
|
20,339 |
|
Loss from operations |
|
|
(13,097 |
) |
|
|
(16,578 |
) |
Other income (expense), net: |
|
|
|
|
|
|
Interest expense |
|
|
(1,507 |
) |
|
|
(1,060 |
) |
Interest and other income |
|
|
1,392 |
|
|
|
46 |
|
Loss before income taxes |
|
|
(13,212 |
) |
|
|
(17,592 |
) |
Income tax expense |
|
|
— |
|
|
|
4 |
|
Net loss |
|
$ |
(13,212 |
) |
|
$ |
(17,596 |
) |
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
Unrealized gain (loss) on short-term investments |
|
|
84 |
|
|
|
(74 |
) |
Foreign currency translation gain (loss) |
|
|
2 |
|
|
|
(4 |
) |
Total other comprehensive income (loss) |
|
|
86 |
|
|
|
(78 |
) |
Comprehensive loss |
|
$ |
(13,126 |
) |
|
$ |
(17,674 |
) |
Net loss per share: |
|
|
|
|
|
|
Basic & diluted |
|
$ |
(0.42 |
) |
|
$ |
(0.64 |
) |
Weighted-average shares used in computing net loss per share: |
|
|
|
|
|
|
Attributable to common stock, basic & diluted |
|
|
31,637,097 |
|
|
|
27,425,610 |
|
RxSIGHT, INC. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
|
(In thousands, except share and per share amounts) |
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,012 |
|
|
$ |
11,834 |
|
Short-term investments |
|
|
142,927 |
|
|
|
93,968 |
|
Accounts receivable |
|
|
12,668 |
|
|
|
10,956 |
|
Inventories |
|
|
18,067 |
|
|
|
14,835 |
|
Prepaid and other current assets |
|
|
2,992 |
|
|
|
2,962 |
|
Total current assets |
|
|
187,666 |
|
|
|
134,555 |
|
Property and equipment, net |
|
|
9,804 |
|
|
|
10,138 |
|
Operating leases right-of-use
assets |
|
|
3,555 |
|
|
|
3,943 |
|
Restricted cash |
|
|
761 |
|
|
|
761 |
|
Other assets |
|
|
746 |
|
|
|
767 |
|
Total assets |
|
$ |
202,532 |
|
|
$ |
150,164 |
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,717 |
|
|
$ |
2,595 |
|
Accrued expenses and other current liabilities |
|
|
9,181 |
|
|
|
12,672 |
|
Lease liabilities |
|
|
1,978 |
|
|
|
1,970 |
|
Total current liabilities |
|
|
14,876 |
|
|
|
17,237 |
|
Long-term lease liabilities |
|
|
2,338 |
|
|
|
2,856 |
|
Term loan, net |
|
|
40,309 |
|
|
|
40,169 |
|
Total liabilities |
|
|
57,523 |
|
|
|
60,262 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock, $0.001 par value, 900,000,000 shares authorized,
33,966,697 shares issued and outstanding as of March 31, 2023 and
28,268,389 shares issued and outstanding as of December 31,
2022 |
|
|
34 |
|
|
|
28 |
|
Preferred stock, $0.001 par value, 100,000,000 shares authorized,
no shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
704,228 |
|
|
|
636,001 |
|
Accumulated other comprehensive loss |
|
|
(9 |
) |
|
|
(95 |
) |
Accumulated deficit |
|
|
(559,244 |
) |
|
|
(546,032 |
) |
Total stockholders' equity |
|
|
145,009 |
|
|
|
89,903 |
|
Total liabilities and stockholders' equity |
|
$ |
202,532 |
|
|
$ |
150,164 |
|
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 because such
expense is non-cash in nature and we believe excluding this item
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 stock-based compensation. 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 ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Common Stock |
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
Net loss available to stockholders, basic and diluted |
|
$ |
(13,212 |
) |
|
$ |
(17,596 |
) |
Add: |
|
|
|
|
|
|
Stock-based compensation |
|
|
3,295 |
|
|
|
2,649 |
|
Adjusted net loss available to
common stockholders, basic and diluted: |
|
$ |
(9,917 |
) |
|
$ |
(14,947 |
) |
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
Weighted-average shares outstanding, basic and diluted |
|
|
31,637,097 |
|
|
|
27,425,610 |
|
Adjusted net loss per share,
basic and diluted |
|
$ |
(0.31 |
) |
|
$ |
(0.54 |
) |
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