RxSight, Inc. reports Q4 and full year 2023 financial results

RxSight, Inc. reported financial results for the three months and full year ended December 31, 2023.

“We are very thankful to all our partner doctors and practices for joining with the RxSight team to consistently deliver high-quality vision across a range of distances,” said Ron Kurtz, CEO and President of RxSight. “As we step into 2024, we aim to expand our ability to optimize premium cataract surgery by unlocking the full potential of adjustable technology for patients.”

Fourth quarter financial results
In the fourth quarter of 2023, total revenue was $28.6 million, an increase of 78% compared to the fourth quarter of 2022. Revenue growth was driven by a 52% increase in LDD revenue and a 98% increase in LAL revenue compared to the fourth quarter of 2022.

Gross profit for the fourth quarter of 2023 was $17.7 million or 62% of revenue, an increase of $10.2 million or 138% compared to gross profit of $7.4 million or 46% of revenue for the fourth quarter of 2022. The increase in gross profit was due to a favorable product mix from a greater percentage of revenue from LAL sales and sales of the LDD with a lower cost to manufacture and a higher average selling price.

Total operating expenses for the fourth quarter of 2023 were $28.5 million, a 27% increase from $22.4 million in the fourth quarter of 2022, reflecting the company’s ongoing investments to grow its LDD installed base and support increased LAL procedure volumes.

In the fourth quarter of 2023, the company reported a net loss of $(9.2) million, or $(0.26) per basic and diluted share, compared to a net loss of $(15.6) million, or $(0.56) per share on a basic and diluted basis in the fourth quarter of 2022. Adjusted net loss in the fourth quarter of 2023 was $(4.8) million, or $(0.13) per basic and diluted share, compared to an adjusted net loss of $(12.6) million, or $(0.45) per basic and diluted share in the fourth quarter of 2022.

Cash, cash equivalents and short-term investments as of December 31, 2023, were $127.2 million.

Fiscal year 2023 financial results
Full-year 2023 total revenue was $89.1 million, an increase of 82% compared to the full year of 2022. The increase in 2023 revenue was driven by a 43% increase in LDD revenue and a 117% increase in LAL revenue compared to 2022.

Gross profit for the full year of 2023 was $53.8 million, or 60% of revenue compared to gross profit of $21.3 million, or 44% of revenue for the full year of 2022. The increase in gross profit was due to a favorable product mix from a greater percentage of revenue from LAL sales and increased margins on the LDD introduced during the third quarter of 2023.

Total operating expenses for the full year of 2023 were $103.9 million, a 23% increase from $84.6 million for the full year of 2022. The increase was primarily driven by a higher headcount in sales and marketing to support the growth of the business, costs of operating as a public company and an increase of $4.1 million in non-cash stock-based compensation expense.

In 2023, net loss was $(48.6) million, or $(1.41) per share on a basic and diluted basis compared to a net loss of $(66.8) million, or $(2.41) per share on a basic and diluted basis in 2022. Adjusted net loss was $(31.1) million, or $(0.90) per share on a basic and diluted basis, in 2023, compared to an adjusted net loss of $(55.4) million, or $(2.00) per share on a basic and diluted basis in 2022.

2024 guidance
The company is reiterating guidance for full-year 2024 revenue, gross profit margin, and operating expenses:

• Revenue guidance range of $128.0 million to $135.0 million, representing implied growth of 44% to 52% compared to 2023.
• Gross margin guidance range of 65% to 67%, representing an implied increase of 500 bps to 700 bps compared to 2023.
• Operating expense guidance range of $125.0 million to $128.0 million, representing an implied growth of 20% to 23% compared to 2023, and including non-cash expense guidance in the range of $22.0 million to $25.0 million.

MB Bureau