Business
RxSight, Inc. Reports First Quarter 2023 Financial Results
ALISO VIEJO, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: RXST) – RxSight, Inc., an ophthalmic medical device company dedicated to providing high-quality
About this update from Rxsight, Inc.
[{"type":"text","content":"ALISO VIEJO, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- (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 months ended March 31, 2023. Key Quarterly Highlights Reported first quarter 2023 revenue of $17.5 million, an increase of 96% compared to the first quarter of 2022, reflecting: The sale of 56 Light Delivery Devices (LDD™s), representing a 40% increase in unit sales compared to the first quarter of 2022 and expanding the installed base to 456 LDDs at the end of the quarter, representing an 85% increase compared to end of the first quarter of 2022; andThe sale of 10,523 Light Adjustable Lenses (LAL®s), representing a 153% increase in procedure volumes compared to the first quarter of 2022. The company increased its 2023 full-year revenue, increased its gross margin and reiterated operating expense guidance. “The RxSight team extended its track record of solid growth with first quarter 2023 results that reflect increasing adoption and utilization of our unique Light Adjustable Lens system,” said Ron Kurtz, Chief Executive Officer and President of RxSight. “As the only premium cataract solution that enables doctors to customize their patients’ visual acuity after surgery, the LAL consistently delivers superior outcomes across a wide array of patient needs and preferences. We continue to work closely with a growing number of practices to make this breakthrough technology broadly available to cataract patients.” First Quarter Financial Results In the first quarter of 2023, total revenue was $17.5 million, an increase of 96% compared to $8.9 million in the first quarter of 2022. Revenue growth was driven by a 42% increase in LDD revenue and a 153% increase in LAL revenue compared to the first quarter of 2022. Gross profit for the first quarter of 2023 was $10.4 million or 59% of revenue, an increase of $6.6 million or 176% compared to gross profit of $3.8 million or 42% of revenue for the first quarter of 2022. Total operating expenses for the first quarter of 2023 were $23.5 million, a 15% increase from $20.3 million in the first quarter of 2022, reflecting the company’s ongoing investments to grow its LDD installed base and support increased LAL procedure volumes. In the fi...