Business
RxSight, Inc. Reports Second Quarter 2024 Financial Results
ALISO VIEJO, Calif., Aug. 05, 2024 (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., Aug. 05, 2024 (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 June 30, 2024. Key Quarterly Highlights Reported second quarter 2024 revenue of $34.9 million, an increase of 68% compared to the second quarter of 2023, reflecting: The sale of 24,214 Light Adjustable Lenses (LAL™/LAL+™), representing a 92% increase in procedure volume compared to the second quarter of 2023;The sale of 78 Light Delivery Devices (LDD™s), representing a 16% increase in unit sales compared to the second quarter of 2023 and expanding the installed base to 810 LDDs at the end of the quarter, representing a 55% increase compared to the end of the second quarter of 2023; and The company increased its 2024 full-year revenue, and operating expense guidance. “In the second quarter, we continued to make significant progress in the adoption of adjustability as a new standard in the premium market, highlighted by robust LDD sales and the positive reception of the recently launched LAL+,” said Dr. Ron Kurtz, Chief Executive Officer and President of RxSight. “The ability to adjust the optical power of the lens after surgery is increasingly valued by both doctors and patients for the excellent clinical outcomes and personalized approach it enables. As we move forward, we remain dedicated to expanding our presence and driving innovation within the global premium IOL market.” Second Quarter Financial Results In the second quarter of 2024, total revenue was $34.9 million, an increase of 68% compared to $20.8 million in the second quarter of 2023. Revenue growth was driven by a 92% increase in LAL revenue and a 32% increase in LDD revenue, compared to the second quarter of 2023. Gross profit for the second quarter of 2024 was $24.3 million or 69.5% of revenue, an increase of $12.2 million or 102% compared to gross profit of $12.0 million or 57.8% of revenue for the second quarter of 2023. The favorable shift in product mix toward LAL sales drove the increase in gross profit in the quarter, along with reduced costs to produce LALs, primarily due to higher production volumes and increased margin on the LDD due to lower material costs and an increase in the ave...