(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 and nine months ended
September 30, 2023.
Key Quarterly Highlights
- Reported third quarter 2023 revenue of
$22.2 million, an increase of 76% compared to the third quarter of
2022, reflecting:
- The sale of 66 Light Delivery Devices
(LDD™s), representing a 35% increase in unit sales compared to the
third quarter of 2022 and expanding the installed base to 589 LDDs
at the end of the quarter, representing a 72% increase compared to
the end of the third quarter of 2022; and
- The sale of 13,657 Light Adjustable
Lenses (LAL®s), representing a 107% increase in procedure volumes
compared to the third quarter of 2022.
- The company increased its full-year
2023 guidance range for revenue and gross margin; operating expense
guidance was narrowed.
“LAL procedure volumes continued their positive advance in the
third quarter, while favorable LDD placement trends provided an
encouraging indicator of continued LAL procedure growth in future
periods,” said Ron Kurtz, Chief Executive Officer and President of
RxSight. “The post-operative adjustability of the LAL sets it apart
from any other premium lens on the market today and makes it an
increasingly popular choice for the precise, high-quality vision it
provides across a range of distances. We remain optimistic about
the future potential of our unique technology to reshape and expand
the premium cataract market, while delivering long-term value to
patients, doctors and shareholders.”
Third Quarter Financial Results
In the third quarter of 2023, total revenue was $22.2 million,
an increase of 76% compared to $12.6 million in the third quarter
of 2022. Revenue growth was driven by a 39% increase in LDD revenue
and a 107% increase in LAL revenue compared to the third quarter of
2022.
Gross profit for the third quarter of 2023 was $13.7 million, or
61.9% of revenue, an increase of $8.4 million or 156.4% compared to
gross profit of $5.4 million, or 42.5% of revenue, for the third
quarter of 2022.
Total operating expenses for the third quarter of 2023 were
$26.2 million, a 23.1% increase from $21.3 million in the third
quarter of 2022, reflecting the company’s ongoing investments to
grow its LDD installed base and support increased LAL procedure
volumes.
In the third quarter of 2023, the company reported a net loss of
$(12.4) million, or $(0.35) per basic and diluted share, compared
to a net loss of $(16.8) million, or $(0.61) per basic and diluted
share in the third quarter of 2022. Adjusted net loss in the third
quarter of 2023 was $(6.9) million, or $(0.19) per basic and
diluted share, compared to an adjusted net loss of $(13.9) million,
or $(0.50) per basic and diluted share in the third quarter of
2022.
Cash, cash equivalents and short-term investments as of
September 30, 2023 were $131.9 million compared to $147.1 million
as of June 30, 2023. In the third quarter of 2023, the company
raised approximately $11.7 million, net of fees and expenses,
through the sale of common stock under its At-the-Market facility.
The company used these proceeds and cash reserves to pay off its
remaining $20.0 million term loan balance as well as associated
accrued interest and fees. Through the elimination of $40.0 million
in debt in 2023, RxSight expects to reduce its annualized interest
expense by approximately $5.6 million.
Financial Outlook
Based on third quarter 2023 performance, the company increased
its 2023 full-year revenue and gross margin guidance as
follows:
- Revenue of $85.0 million to $87.0
million, representing implied growth of 73% to 78% compared to
2022, up from prior guidance of $81.0 million to $86.0 million
- Gross margin in the range of 60% to
61%, representing an implied increase of 36% to 39% compared to
2022, up from prior guidance of 58% to 60%
The company narrowed its 2023 operating expense guidance range
of $106.0 million to $107.0 million, representing an implied
increase of 25% to 26% compared to 2022.
Conference Call
On Thursday, November 9, 2023, at 1:30 p.m. Pacific Time, the
company will host a conference call to discuss its third quarter
2023 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 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®), 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, without limitation, with respect to: LDD and LAL sales
growth trends; the increasing popularity of the LAL; the ability of
the Company’s products to reshape and expand the premium cataract
market; the Company’s anticipated reduction in annual interest
expense through debt elimination; and the Company’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, 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, 2023, filed on or about
the date hereof, 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.
Company Contact:Shelley B. ThunenChief
Financial Officer sthunen@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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
22,199 |
|
|
$ |
12,615 |
|
|
$ |
60,497 |
|
|
$ |
32,917 |
|
Cost of sales |
|
8,468 |
|
|
|
7,259 |
|
|
|
24,386 |
|
|
|
19,011 |
|
Gross profit |
|
13,731 |
|
|
|
5,356 |
|
|
|
36,111 |
|
|
|
13,906 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
19,142 |
|
|
|
14,926 |
|
|
|
53,634 |
|
|
|
42,934 |
|
Research and development |
|
7,101 |
|
|
|
6,388 |
|
|
|
21,710 |
|
|
|
19,300 |
|
Total operating expenses |
|
26,243 |
|
|
|
21,314 |
|
|
|
75,344 |
|
|
|
62,234 |
|
Loss from operations |
|
(12,512 |
) |
|
|
(15,958 |
) |
|
|
(39,233 |
) |
|
|
(48,328 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(230 |
) |
|
|
(1,299 |
) |
|
|
(3,304 |
) |
|
|
(3,495 |
) |
Interest and other income |
|
1,746 |
|
|
|
439 |
|
|
|
4,913 |
|
|
|
681 |
|
Loss on extinguishment of term loan |
|
(1,407 |
) |
|
|
— |
|
|
|
(1,769 |
) |
|
|
— |
|
Loss before income taxes |
|
(12,403 |
) |
|
|
(16,818 |
) |
|
|
(39,393 |
) |
|
|
(51,142 |
) |
Income tax expense |
|
12 |
|
|
|
— |
|
|
|
38 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(12,415 |
) |
|
$ |
(16,818 |
) |
|
$ |
(39,431 |
) |
|
$ |
(51,146 |
) |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on short-term investments |
|
19 |
|
|
|
55 |
|
|
|
38 |
|
|
|
(95 |
) |
Foreign currency translation (loss) |
|
(6 |
) |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
(23 |
) |
Total other comprehensive income (loss) |
|
13 |
|
|
|
45 |
|
|
|
35 |
|
|
|
(118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss |
$ |
(12,402 |
) |
|
$ |
(16,773 |
) |
|
$ |
(39,396 |
) |
|
$ |
(51,264 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic & diluted |
$ |
(0.35 |
) |
|
$ |
(0.61 |
) |
|
$ |
(1.16 |
) |
|
$ |
(1.86 |
) |
Weighted-average shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Attributable to common stock, basic & diluted |
|
35,662,397 |
|
|
|
27,665,842 |
|
|
|
33,947,331 |
|
|
|
27,551,333 |
|
RxSIGHT, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(In thousands, except share and per share amounts) |
|
|
|
September 30, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
9,859 |
|
|
$ |
11,834 |
|
Short-term investments |
|
122,023 |
|
|
|
93,968 |
|
Accounts receivable |
|
15,244 |
|
|
|
10,956 |
|
Inventories |
|
18,924 |
|
|
|
14,835 |
|
Prepaid and other current assets |
|
1,897 |
|
|
|
2,962 |
|
Total current assets |
|
167,947 |
|
|
|
134,555 |
|
Property and equipment,
net |
|
10,262 |
|
|
|
10,138 |
|
Operating leases right-of-use
assets |
|
2,793 |
|
|
|
3,943 |
|
Restricted cash |
|
711 |
|
|
|
761 |
|
Other assets |
|
137 |
|
|
|
767 |
|
Total assets |
$ |
181,850 |
|
|
$ |
150,164 |
|
Liabilities and
stockholders' equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
4,105 |
|
|
$ |
2,595 |
|
Accrued expenses and other current liabilities |
|
12,861 |
|
|
|
12,672 |
|
Lease liabilities |
|
1,976 |
|
|
|
1,970 |
|
Total current liabilities |
|
18,942 |
|
|
|
17,237 |
|
Long-term lease
liabilities |
|
1,354 |
|
|
|
2,856 |
|
Term loan, net |
|
— |
|
|
|
40,169 |
|
Other long-term
liabilities |
|
75 |
|
|
|
— |
|
Total liabilities |
|
20,371 |
|
|
|
60,262 |
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock, $0.001 par value, 900,000,000 shares authorized,
35,847,685 shares issued and outstanding as of September 30, 2023
and 28,268,389 shares issued and outstanding as of December
31, 2022 |
|
36 |
|
|
|
28 |
|
Preferred stock, $0.001 par value, 100,000,000 shares authorized,
no shares issued and outstanding |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
746,966 |
|
|
|
636,001 |
|
Accumulated other comprehensive loss |
|
(60 |
) |
|
|
(95 |
) |
Accumulated deficit |
|
(585,463 |
) |
|
|
(546,032 |
) |
Total stockholders' equity |
|
161,479 |
|
|
|
89,902 |
|
Total liabilities and stockholders' equity |
$ |
181,850 |
|
|
$ |
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 and loss on
extinguishment of debt because these expenses are non-cash in
nature and we believe 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) loss
on extinguishment of term loan. 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 September 30, |
|
|
Nine months ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to stockholders, basic and diluted |
|
$ |
(12,415 |
) |
|
$ |
(16,818 |
) |
|
$ |
(39,431 |
) |
|
$ |
(51,146 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
4,071 |
|
|
|
2,882 |
|
|
|
11,321 |
|
|
|
8,435 |
|
Loss on extinguishment of term loan |
|
|
1,407 |
|
|
|
— |
|
|
|
1,769 |
|
|
|
— |
|
Adjusted net loss available to common stockholders, basic and
diluted: |
|
$ |
(6,937 |
) |
|
$ |
(13,936 |
) |
|
$ |
(26,341 |
) |
|
$ |
(42,711 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding, basic and diluted |
|
|
35,662,397 |
|
|
|
27,665,842 |
|
|
|
33,947,331 |
|
|
|
27,551,333 |
|
Adjusted net loss per share, basic and diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.78 |
) |
|
$ |
(1.55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RxSight (NASDAQ:RXST)
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