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 six months ended June 30, 2023.
Key Quarterly Highlights
- Reported second quarter 2023 revenue of $20.8 million, an
increase of 83% compared to the second quarter of 2022, reflecting:
- The sale of 67 Light Delivery Devices (LDD™s), representing a
37% increase in unit sales compared to the second quarter of 2022
and expanding the installed base to 523 LDDs at the end of the
quarter, representing a 78% increase compared to end of the second
quarter of 2022; and
- The sale of 12,622 Light Adjustable Lenses (LAL®s),
representing a 134% increase in procedure volumes compared to the
second quarter of 2022.
- The company increased its full-year 2023 guidance range for
revenue, gross margin and operating expense.
“This quarter’s performance marks our 10th consecutive period of
solid, year-over-year quarterly revenue growth, reflecting the
increasing number of doctors and patients who are selecting our
novel LAL system for the precise, high-quality visual outcomes it
provides,” said Ron Kurtz, Chief Executive Officer and President of
RxSight. “The LAL is the first and only lens that can be customized
after cataract surgery, providing patients the opportunity to
preview and adjust their vision to meet their specific needs and
preferences. While the LAL is still in the early adoption phase, we
believe it can ultimately occupy a leading position in the premium
cataract market.”
Second Quarter Financial Results
In the second quarter of 2023, total revenue was $20.8 million,
an increase of 83% compared to $11.4 million in the second quarter
of 2022. Revenue growth was driven by a 36% increase in LDD revenue
and a 132% increase in LAL revenue compared to the second quarter
of 2022.
Gross profit for the second quarter of 2023 was $12.0 million or
58% of revenue, an increase of $7.2 million or 151% compared to
gross profit of $4.8 million or 42% of revenue for the second
quarter of 2022.
Total operating expenses for the second quarter of 2023 were
$25.6 million, a 25% increase from $20.6 million in the second
quarter of 2022, reflecting the company’s ongoing investments to
grow its LDD installed base and support increased LAL procedure
volumes.
In the second quarter of 2023, the company reported a net loss
of $(13.8) million, or $(0.40) per basic and diluted share,
compared to net loss of $(16.7) million, or $(0.61) per basic and
diluted share in the second quarter of 2022. Adjusted net loss in
the second quarter of 2023 was $(9.5) million, or $(0.28) per basic
and diluted share, compared to an adjusted net loss of $(13.8)
million, or $(0.50) per basic and diluted share in the second
quarter of 2022.
Cash, cash equivalents and short-term investments as of June 30,
2023, were $147.1 million compared to $153.9 million at March 31,
2023. In the second quarter of 2023, the company raised
approximately $19.4 million, net after fees, through the sale of
common stock under its “at-the-market” (“ATM”) facility. During the
second quarter of 2023, the company used these proceeds and cash
reserves to reduce its outstanding debt by $20.0 million and pay
associated accrued interest and fees.
Early in the third quarter of 2023, the company raised
additional proceeds of approximately $11.9 million, net of fees,
through the sale of common stock under its ATM 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 the second and third quarters of 2023, the company
expects to reduce its annual interest expense by approximately $5.6
million.
Financial Outlook
Based on second quarter 2023 performance, the company increased
its 2023 full-year revenue, gross margin and operating expense
guidance as follows:
- Revenue of $81.0 million to $86.0 million, representing implied
growth of 65% to 75% compared to 2022, up from prior guidance of
$79.0 million to $84.0 million
- Gross margin in range of 58% to 60%, representing an implied
increase of 32% to 36% compared to 2022, up from prior guidance of
56% to 58%
- Operating expenses in the range of $106.0 million to $109.0
million, representing an implied increase of 25% to 29% compared to
2022, up from prior guidance of $105.0 million to $108.0
million.
Conference Call
On Monday, August 7, 2023, at 1:30 p.m. Pacific Time, the
company will host a conference call to discuss its second 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 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 the Company’s revenue growth trends; the
increasing number of doctors and patients who are selecting the
Company’s novel LAL; the ability of the Company’s LAL to occupy a
leading position in the premium cataract market; 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, 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 OPERATIONSAND
COMPREHENSIVE LOSS (UNAUDITED)(In thousands, except share
and per share amounts)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Sales |
|
$ |
20,810 |
|
|
$ |
11,360 |
|
|
$ |
38,299 |
|
|
$ |
20,301 |
|
|
Cost of sales |
|
|
8,795 |
|
|
|
6,572 |
|
|
|
15,919 |
|
|
|
11,752 |
|
|
Gross profit |
|
|
12,015 |
|
|
|
4,788 |
|
|
|
22,380 |
|
|
|
8,549 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
18,239 |
|
|
|
14,388 |
|
|
|
34,492 |
|
|
|
28,008 |
|
|
Research and development |
|
|
7,401 |
|
|
|
6,192 |
|
|
|
14,608 |
|
|
|
12,911 |
|
|
Total operating expenses |
|
|
25,640 |
|
|
|
20,580 |
|
|
|
49,100 |
|
|
|
40,919 |
|
|
Loss from operations |
|
|
(13,625 |
) |
|
|
(15,792 |
) |
|
|
(26,720 |
) |
|
|
(32,370 |
) |
|
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,568 |
) |
|
|
(1,136 |
) |
|
|
(3,075 |
) |
|
|
(2,196 |
) |
|
Interest and other income |
|
|
1,777 |
|
|
|
196 |
|
|
|
3,168 |
|
|
|
242 |
|
|
Loss on extinguishment of term loan |
|
|
(362 |
) |
|
|
— |
|
|
|
(362 |
) |
|
|
— |
|
|
Loss before income taxes |
|
|
(13,778 |
) |
|
|
(16,732 |
) |
|
|
(26,989 |
) |
|
|
(34,324 |
) |
|
Income tax expense |
|
|
26 |
|
|
|
— |
|
|
|
27 |
|
|
|
4 |
|
|
Net loss |
|
$ |
(13,804 |
) |
|
$ |
(16,732 |
) |
|
$ |
(27,016 |
) |
|
$ |
(34,328 |
) |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on short-term investments |
|
|
(65 |
) |
|
|
(76 |
) |
|
|
19 |
|
|
|
(150 |
) |
|
Foreign currency translation gain (loss) |
|
|
1 |
|
|
|
(9 |
) |
|
|
3 |
|
|
|
(13 |
) |
|
Total other comprehensive (loss) income |
|
|
(64 |
) |
|
|
(85 |
) |
|
|
22 |
|
|
|
(163 |
) |
|
Comprehensive loss |
|
$ |
(13,868 |
) |
|
$ |
(16,817 |
) |
|
$ |
(26,994 |
) |
|
$ |
(34,491 |
) |
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic & diluted |
|
$ |
(0.40 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.82 |
) |
|
$ |
(1.25 |
) |
|
Weighted-average shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to common stock, basic & diluted |
|
|
34,498,265 |
|
|
|
27,559,908 |
|
|
|
33,075,585 |
|
|
|
27,493,130 |
|
|
RxSIGHT, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands,
except share and per share amounts)
|
|
June 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,753 |
|
|
$ |
11,834 |
|
Short-term investments |
|
|
138,340 |
|
|
|
93,968 |
|
Accounts receivable |
|
|
13,295 |
|
|
|
10,956 |
|
Inventories |
|
|
17,945 |
|
|
|
14,835 |
|
Prepaid and other current assets |
|
|
2,112 |
|
|
|
2,962 |
|
Total current assets |
|
|
180,445 |
|
|
|
134,555 |
|
Property and equipment,
net |
|
|
10,533 |
|
|
|
10,138 |
|
Operating leases right-of-use
assets |
|
|
3,174 |
|
|
|
3,943 |
|
Restricted cash |
|
|
761 |
|
|
|
761 |
|
Other assets |
|
|
348 |
|
|
|
767 |
|
Total assets |
|
$ |
195,261 |
|
|
$ |
150,164 |
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,997 |
|
|
$ |
2,595 |
|
Accrued expenses and other current liabilities |
|
|
10,588 |
|
|
|
12,672 |
|
Lease liabilities |
|
|
1,980 |
|
|
|
1,970 |
|
Total current liabilities |
|
|
16,565 |
|
|
|
17,237 |
|
Long-term lease
liabilities |
|
|
1,843 |
|
|
|
2,856 |
|
Term loan, net |
|
|
19,589 |
|
|
|
40,169 |
|
Other long-term
liabilities |
|
|
76 |
|
|
|
— |
|
Total liabilities |
|
|
38,073 |
|
|
|
60,262 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock, $0.001 par value, 900,000,000 shares authorized,
35,168,041 shares issued and outstanding as of June 30, 2023 and
28,268,389 shares issued and outstanding as of December 31,
2022 |
|
|
35 |
|
|
|
28 |
|
Preferred stock, $0.001 par value, 100,000,000 shares authorized,
no shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
730,274 |
|
|
|
636,001 |
|
Accumulated other comprehensive loss |
|
|
(73 |
) |
|
|
(95 |
) |
Accumulated deficit |
|
|
(573,048 |
) |
|
|
(546,032 |
) |
Total stockholders' equity |
|
|
157,188 |
|
|
|
89,902 |
|
Total liabilities and stockholders' equity |
|
$ |
195,261 |
|
|
$ |
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 June 30, |
|
|
Six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to stockholders, basic and diluted |
|
$ |
(13,804 |
) |
|
$ |
(16,732 |
) |
|
$ |
(27,016 |
) |
|
$ |
(34,328 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
3,955 |
|
|
|
2,904 |
|
|
|
7,250 |
|
|
|
5,553 |
|
Loss on extinguishment of term loan |
|
|
362 |
|
|
|
— |
|
|
|
362 |
|
|
|
— |
|
Adjusted
net loss available to common stockholders, basic and diluted: |
|
$ |
(9,487 |
) |
|
$ |
(13,828 |
) |
|
$ |
(19,404 |
) |
|
$ |
(28,775 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding, basic and diluted |
|
|
34,498,265 |
|
|
|
27,559,908 |
|
|
|
33,075,585 |
|
|
|
27,493,130 |
|
Adjusted
net loss per share, basic and diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.59 |
) |
|
$ |
(1.05 |
) |
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