Business
RxSight, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
ALISO VIEJO, Calif., March 06, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: RXST) – RxSight, Inc., an ophthalmic medical device company dedicated to providing
About this update from Rxsight, Inc.
[{"type":"text","content":"ALISO VIEJO, Calif., March 06, 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 and full year ended December 31, 2022. Key Quarterly and Full Year Highlights Recognized fourth quarter 2022 revenue of $16.1 million, an increase of 91% compared to the fourth quarter of 2021, reflecting: The sale of 57 Light Delivery Devices (LDD™s), representing a 27% unit increase from the fourth quarter of 2021, expanding the installed base to 400 LDDs at the end of the quarter, a 94% increase compared to the 206-unit LDD installed base at the end of the fourth quarter of 2021; andThe sale of 9,123 Light Adjustable Lenses (LAL®s), representing a 208% increase in procedure volumes compared to the fourth quarter of 2021. Recognized full year 2022 revenue of $49.0 million, representing growth of 117% compared to 2021, driven by unit sales of 195 LDDs and 25,284 LALs, representing increases of 71% and 204%, respectively, compared to 2021. 2023 Guidance Highlights Provided 2023 revenue guidance range of $78.0 million to $83.0 million, representing implied growth of 59% to 69% compared to 2022.Provided 2023 gross margin guidance range of 52% to 54%, representing an implied increase of 19% to 24% compared to 2022.Provided operating expense guidance range of $105.0 million to $108.0 million, representing an implied growth of 24% to 28% compared to 2022. “RxSight delivered a strong finish to 2022 and entered 2023 with favorable trends that signal accelerating adoption of our unique premium cataract system” said Ron Kurtz, CEO and President of RxSight. “The LAL is the only solution that enables doctors to fully customize patients’ visual acuity after surgery and consistently achieve superior, high-quality outcomes. We look forward to working with a growing number of doctors to build a durable infrastructure for post-operative light treatments to serve the needs of cataract patients and drive sustained, long-term, high-margin LAL procedure volumes.” Fourth Quarter Financial Results In the fourth quarter of 2022, total revenue was $16.1 million, an increase of 91% compared to the fourth quarter of 2021. Revenue growth was driven by a 24% increase in LDD revenue and a ...