Business
RxSight, Inc. Reports Third Quarter 2022 Financial Results
ALISO VIEJO, Calif., Nov. 07, 2022 (GLOBE NEWSWIRE) -- RxSight, Inc., an ophthalmic medical device company dedicated to improving the vision of patients
About this update from Rxsight, Inc.
[{"type":"text","content":"ALISO VIEJO, Calif., Nov. 07, 2022 (GLOBE NEWSWIRE) -- RxSight, Inc., an ophthalmic medical device company dedicated to improving the vision of patients following cataract surgery, today reported financial results for the three and nine months ended September 30, 2022. Key Quarterly Highlights: Delivered third quarter 2022 revenue of $12.6 million, an increase of 118% compared to the third quarter of 2021, reflecting: The sale of 49 Light Delivery Devices (LDD™s), representing a 58% unit increase from the third quarter of 2021, expanding the installed base to 343 LDDs at the end of the quarter, a 113% increase compared to the 161-unit LDD installed base at the end of the third quarter of 2021.The sale of 6,595 Light Adjustable Lenses (LAL®s), representing a 234% increase in procedure volumes when compared to the third quarter of 2021. Increased full-year 2022 revenue guidance to a range of $47.0 million to $48.0 million, which implies a growth rate of 108% to 112% when compared to 2021. “RxSight delivered record performance again this quarter, reflecting the momentum that continues to build behind our unique premium cataract system,” said Dr. Ron Kurtz, Chief Executive Officer and President of RxSight. “Our LAL is the industry’s most precise technology, capable of achieving superior visual outcomes that are fully customized to each patient’s individual needs and preferences. These potent competitive advantages form the cornerstone of our strategy to build a durable, proprietary platform that serves the exacting needs of both doctors and patients, thereby creating long-term value for shareholders.” Third Quarter Financial Results In the third quarter of 2022, total revenue was $12.6 million, an increase of 118% compared to the third quarter of 2021. Revenue growth was driven by a 55% increase in LDD revenue and a 236% increase in LAL revenue, as compared to the third quarter of 2021. Gross profit for the third quarter of 2022 was $5.4 million or 42.5% of revenue, an increase of $4.0 million or 299% compared to gross profit of $1.3 million or 23.2% of revenue for the third quarter of 2021. Total operating expenses for the third quarter of 2022 were $21.3 million, a 47.5% increase from $14.5 million in the third quarter of 2021. The rise in operating expenses was primarily due to a higher sales and marketing headcount to support th...