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RxSight, Inc. (NASDAQ: RXST) is a leading commercial-stage medical technology company focused on improving patients' vision following cataract surgery. The company is renowned for its innovative Light Adjustable Lens® (LAL®) technology, which allows ophthalmologists to customize and optimize visual acuity for patients post-surgery. This proprietary technology is comprised of the RxSight Light Adjustable Lens®, the RxSight Light Delivery Device (LDD™), and accompanying accessories, making it the first and only commercially available intraocular lens (IOL) that can be adjusted after implantation. This adjustability provides unparalleled visual outcomes tailored to each patient's needs.
Headquartered in Aliso Viejo, California, RxSight operates in a single reportable segment focusing on research and development, manufacturing, and sales of its light adjustable lenses and related equipment. The company's commitment to enhancing visual quality extends beyond its products to its educational initiatives and partnerships with leading ophthalmologists. Notably, RxSight has presented its innovations and clinical findings at significant industry events like the American Academy of Ophthalmology (AAO) Annual Meeting and the annual meeting of the American Society of Cataract and Refractive Surgery (ASCRS).
Recent achievements include the launch of the LAL+™, a new addition to the Light Adjustable Lens family with a modified aspheric anterior surface designed to extend the depth of focus. The company has also introduced a reconfigured LDD™ to address global practice space constraints, without compromising functionality and outcomes.
Financially, RxSight has shown robust growth. For instance, in the third quarter of 2023, the company reported a 76% year-over-year revenue increase, with significant contributions from both LAL and LDD sales. The company has also successfully eliminated $40 million in debt, reducing annualized interest expenses significantly. As of May 2024, RxSight continues to expand its market presence, fueled by strong revenue growth and strategic public offerings aimed at supporting its commercial and international expansion efforts.
In summary, RxSight’s unique post-operative adjustability feature sets it apart in the premium IOL market, promising high-quality, personalized vision care, and demonstrating a commitment to technological innovation and patient-centric solutions.
RxSight, Inc. (NASDAQ: RXST) reported a strong third quarter in 2021, achieving revenue of $5.8 million, up 39% year-over-year and 18% sequentially. This growth was fueled by the sale of 31 Light Delivery Devices and 1,977 Light Adjustable Lenses. Gross profit increased to $1.3 million (23% of revenue), while operating expenses surged 50% to $14.5 million. The net loss for the quarter was $(12.7) million or $(0.68) per share. The company forecasts full-year 2021 revenue between $21.0 million and $21.4 million.
RxSight, Inc. announced it will report its third-quarter financial results on November 10, 2021, after market close. The management will discuss the results in a conference call scheduled for 1:30 p.m. PT / 4:30 p.m. ET. Investors can access the call via live webcast or by phone. RxSight focuses on innovative ophthalmic devices, specifically the Light Adjustable Lens system, which enhances visual acuity after cataract surgery. The product features ActivShield technology for UV protection.
RxSight, Inc. reported a strong second quarter in 2021 with revenues of $4.9 million, an 81% increase compared to the same period last year. Key drivers included the sale of 25 Light Delivery Devices and 1,825 Light Adjustable Lenses. The company received FDA approval for its updated Light Adjustable Lens with ActivShield technology, enhancing patient compliance. Operating expenses rose 57% to $13.1 million, primarily due to increased staffing. The net loss narrowed to $(13.5) million, compared to $(17.0) million in Q2 2020. Cash on hand was $61.7 million as of June 30, 2021.
RxSight, Inc. (NASDAQ: RXST) has rescheduled its second quarter 2021 financial results announcement to September 9, 2021, after market close, in respect of the Rosh Hashanah holiday. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET that same day, open to investors via a live and archived webcast. RxSight specializes in ophthalmic devices, offering the first customizable intraocular lens technology aimed at enhancing post-cataract surgery visual acuity, now featuring ActivShield™ technology for added UV protection.
RxSight, Inc. (NASDAQ: RXST) will participate in the virtual Wells Fargo Healthcare Conference on September 10, 2021, at 12:00 PM ET. Investors can access a live and archived webcast via the Investors section of the company's website. RxSight focuses on enhancing patients' vision post-cataract surgery with its Light Adjustable Lens system, the first of its kind that allows customization for improved visual acuity. The system now includes ActivShield technology for UV protection, further innovating ophthalmic treatments.
RxSight, Inc. announced it will disclose its Q2 2021 financial results after market close on September 7, 2021. The management will engage in a conference call at 1:30 p.m. PT / 4:30 p.m. ET. Interested investors can access both live and archived webcasts of the call via RxSight's investor portal. This announcement precedes the release of financial performance metrics and operational updates for their innovative Light Adjustable Lens system.
RxSight, Inc. (NASDAQ: RXST) announced the appointment of Steve Everly as Vice President of U.S. Sales on August 17, 2021. Everly will lead the expansion of the company's sales organization, focusing on increasing physician adoption of the Light Adjustable Lens system equipped with ActivShield™ technology. With extensive experience in the ophthalmic field, including roles at Johnson & Johnson Vision and Abbott Laboratories, his expertise is expected to drive momentum in RxSight's sales. The company aims to enhance patient care post-cataract surgery through its innovative technologies.
RxSight, Inc., an ophthalmic medical device company, announced the addition of three new members to its Board of Directors effective August 3, 2021, following its IPO. New board members include Robert Palmisano, Robert Warner, and Julie Andrews, who bring extensive experience in commercial operations and finance. Concurrently, four longstanding board members resigned. RxSight aims to enhance patient vision post-cataract surgery with its innovative Light Adjustable Lens technology. The company expresses optimism regarding its future growth and transformation in the cataract surgery market.
RxSight, Inc. has completed its initial public offering (IPO) of 7,350,000 shares of common stock at $16.00 per share, generating approximately $132 million in gross proceeds. The offering includes the underwriters’ option to purchase an additional 898,594 shares, bringing the total to 8,248,594 shares sold. The shares started trading on Nasdaq under the symbol RXST on July 30, 2021. RxSight specializes in ophthalmic medical devices, particularly the innovative Light Adjustable Lens system designed to enhance patients' vision post-cataract surgery.
RxSight, an ophthalmic medical device company, has priced its initial public offering at $16.00 per share, raising approximately $117.6 million from the sale of 7,350,000 shares. The offering is set to close on August 3, 2021, pending customary closing conditions. Additionally, underwriters have a 30-day option to purchase up to 1,102,500 shares. Trading on the Nasdaq will commence on July 30, 2021, under the ticker symbol RXST. This IPO marks a significant step for RxSight, as it aims to enhance the experience of patients post-cataract surgery.
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