RxSight, Inc. Announces Preliminary Unaudited Fourth Quarter and Full-Year 2024 Financial and Operational Results and 2025 Guidance

Rhea-AI Summary

RxSight (NASDAQ: RXST) reported preliminary Q4 2024 revenue of $40.2 million, up 41% year-over-year, driven by sales of 29,069 Light Adjustable Lenses (LAL™/LAL+®) and 83 Light Delivery Devices (LDD™s). The company's installed base reached 971 LDDs, a 46% increase from Q4 2023.

Full-year 2024 revenue is expected at $139.9 million, representing 57% growth, with 98,055 LALs sold and 305 LDDs installed. The company now serves approximately 15% of North American cataract surgeons, with LAL procedures representing over 10% of the region's premium IOL market.

For 2025, RxSight projects revenue between $185.0-197.0 million (32-41% growth), with gross profit margins of 71-73% and operating expenses of $165.0-170.0 million. Cash position as of December 31, 2024, was $237.2 million.

Positive

• Q4 2024 revenue grew 41% YoY to $40.2 million
• Full-year 2024 revenue increased 57% to $139.9 million
• LAL procedure volume grew 79% in 2024
• Installed base expanded 46% YoY to 971 LDDs
• Strong cash position of $237.2 million
• Projected 32-41% revenue growth for 2025
• High gross profit margin guidance of 71-73% for 2025

Negative

• Significant operating expenses projected for 2025 ($165-170 million)
• Final results subject to audit completion

Insights

Financial Analyst

The preliminary Q4 results showcase exceptional performance with revenue reaching $40.2M, marking a 41% YoY growth. The full-year revenue of $139.9M significantly outperformed initial guidance, driven by robust LAL sales growth of 79%. The healthy cash position of $237.2M provides substantial runway for expansion plans.

The market penetration metrics are particularly impressive - capturing 15% of North American cataract surgeons and 10% of the premium IOL market. The projected 2025 revenue guidance of $185-197M implies continued strong growth of 32-41%, while the anticipated gross margin of 71-73% indicates operational efficiency and pricing power.

The projected operating expenses of $165-170M for 2025 suggest significant investment in growth initiatives, including international expansion and product innovation. While this may impact near-term profitability, it positions the company for sustained long-term growth in the premium ophthalmology market.

Medical Device Analyst

The accelerating adoption of the RxSight system reflects a paradigm shift in cataract surgery outcomes. The installation of 971 LDDs represents critical mass achievement, creating a network effect that could drive faster market penetration. The 61% increase in LAL procedures indicates strong surgeon confidence and patient satisfaction.

The planned expansion into Asian and European markets presents significant growth potential, given the aging demographics and higher cataract surgery volumes in these regions. The company's focus on innovation and system improvements suggests a strategic approach to maintaining technological leadership in the premium IOL segment.

In simple terms: Think of this like a high-tech adjustable lens that's quickly becoming the preferred choice for eye surgeons. The company has installed nearly 1,000 special machines that allow doctors to fine-tune these lenses after surgery, leading to better vision outcomes for patients. They're now planning to take this technology global while continuing to make it even better.

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 patients following cataract surgery, today announced certain preliminary unaudited financial and operational results for the fourth quarter and full-year 2024 and provided full-year 2025 guidance.

Preliminary Unaudited Fourth Quarter and Full-year 2024 Results

• 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:
  • The sale of 29,069 Light Adjustable Lenses (LAL™/LAL+®); representing a 61% increase in procedure volume compared to the fourth quarter of 2023; and
  • The 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 end of the fourth quarter of 2023.
• Preliminary unaudited 2024 fiscal year revenue is expected to be approximately $139.9 million, representing growth of approximately 57% compared to the prior year, driven by:
  • The sale of 98,055 LALs; representing a 79% increase in procedure volume compared to 2023; and
  • The sale of 305 LDDs.
• Preliminary unaudited cash, cash equivalents and short-term investments as of December 31, 2024, is expected to be $237.2 million.
  

“During the fourth quarter, we achieved record highs for LDD sales and LAL procedures, meaningfully exceeding our initial full-year 2024 revenue guidance. With nearly one thousand LDDs installed, we now serve an estimated 15% of cataract surgeons in North America, while LAL procedures account for over 10% of the region’s premium IOL market. We believe this sustained growth in one of ophthalmology’s most competitive segments reflects the growing recognition of the superior visual outcomes enabled by adjustability,” said Dr. Ron Kurtz, Chief Executive Officer and President of RxSight. “In 2025, we expect adoption for the RxSight system to remain strong as we collaborate with a diverse range of customers to further expand the infrastructure for post-operative light treatments. Building on our momentum in North America, we also look forward to entering key international markets in Asia and Europe. Finally, leveraging the foundation established since our initial FDA approval, we plan to continue to innovate the RxSight system, that we believe will continue to set the standard for the premium IOL market for years to come.”

2025 Guidance

RxSight anticipates 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 the full-year 2025 gross profit margin to be in the 71% to 73% range. In addition, 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 guidance in the range of $22.0 million to $25.0 million.

The Company’s fourth quarter and full-year 2024 financial and operational results are preliminary and are subject to the completion of the Company’s 2024 audit. Audited full-year 2024 and unaudited fourth quarter 2024 financial results are expected to be announced in February 2025.

About RxSight, Inc.

RxSight, Inc. is an ophthalmic medical device company dedicated to providing high-quality customized vision to patients following cataract surgery. The RxSight® Light Adjustable Lens system, comprised of the RxSight Light Adjustable Lens® (LAL™/LAL+®, collectively the “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 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 concerning: the growing recognition of superior outcomes enabled by adjustability; the Company’s preliminary unaudited fourth quarter and fiscal 2024 financial and operational results and the anticipated timing of announcing audited full-year 2024 and unaudited fourth quarter 2024 financial results; the expectation of strong adoption for the RxSight system; the Company’s plans to enter international markets; the Company’s plans to continue innovating the RxSight system, that it believes will set the standard for the premium IOL market for the years to come; the potential of the Company’s technology and management’s plans related thereto; and the Company’s projected revenue, gross profit margin, operating expenses and non-cash expenses in 2025. 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 those risks described in the Company’s prior 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 on November 7, 2024, and any subsequent filings 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. 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.

The foregoing financial and operational 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 remain subject to 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, which could prove incorrect. Our actual, reported results of operations could differ based on completion of our year end closing procedures, final adjustments and developments that may arise prior to completion of our annual financial statements, and adjustments arising from the audit by 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

Investor Relations Contact:
Oliver Moravcevic
VP, Investor Relations
omoravcevic@rxsight.com

FAQ

What was RxSight's (RXST) revenue growth in Q4 2024?

RxSight's Q4 2024 revenue grew 41% year-over-year to $40.2 million.

How many Light Adjustable Lenses (LAL) did RXST sell in 2024?

RxSight sold 98,055 Light Adjustable Lenses in 2024, representing a 79% increase from 2023.

What is RXST's revenue guidance for 2025?

RxSight projects 2025 revenue between $185.0-197.0 million, representing 32-41% growth over 2024.

What was RxSight's (RXST) market penetration in North America by end of 2024?

RxSight served approximately 15% of North American cataract surgeons, with LAL procedures representing over 10% of the region's premium IOL market.

What is RXST's projected gross profit margin for 2025?

RxSight expects a gross profit margin between 71-73% for 2025.