Business
RxSight, Inc. Reports Second Quarter 2023 Financial Results
ALISO VIEJO, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- RxSight, Inc., an ophthalmic medical device company dedicated to providing high-quality customized
About this update from Rxsight, Inc.
[{"type":"text","content":"ALISO VIEJO, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- 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; andThe 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 ...