Business
RxSight Reports Third Quarter 2021 Financial Results
ALISO VIEJO, Calif., Nov. 10, 2021 (GLOBE NEWSWIRE) -- (NASDAQ: RXST) RxSight, Inc., an ophthalmic medical device company dedicated to improving the vision of
About this update from Rxsight, Inc.
[{"type":"text","content":"ALISO VIEJO, Calif., Nov. 10, 2021 (GLOBE NEWSWIRE) -- (NASDAQ: RXST) RxSight, Inc., an ophthalmic medical device company dedicated to improving the vision of patients following cataract surgery, today reported financial results for the three months ended September 30, 2021. Recent Highlights Achieved third quarter 2021 revenue of $5.8 million, representing growth of 39% compared to the prior year period and 18% growth over the second quarter of 2021 driven by: Sale of 31 Light Delivery Devices (LDD™s), expanding the installed base to 161 LDDs as of September 30, 2021;Sale of 1,977 Light Adjustable Lenses (LAL®s); and Completed roll-out of the ActivShield™ LAL, with a UV protection layer built into the lens. “Our third quarter performance was driven by further adoption of our Light Adjustable Lens system, which lets doctors customize their patient’s vision after cataract surgery with unparalleled precision. This unique capability enables achievement of excellent vision over a range of distances at rates that are nearly double that of competitive products, but without reducing quality of vision or increasing unwanted effects, such as glare and halo.” said Ron Kurtz, Chief Executive Officer of RxSight®. Dr. Kurtz continued, “During the third quarter we also completed the roll-out of our updated ActivShield LAL, providing additional scheduling flexibility for patients and doctors.” Financial ResultsIn the third quarter of 2021, total revenue was $5.8 million, an increase of 39% compared to the third quarter of 2020 and 18% growth over the prior quarter ended June 30, 2021. The revenue growth as compared to the third quarter of 2020, was primarily due to a 55% increase in the number of LDDs sold and 31% increase in the number of LALs sold during the third quarter of 2021. Gross profit for the third quarter of 2021 was $1.3 million, or 23% of revenue compared to gross profit of $0.7 million, or 17% for the third quarter of 2020. The increase in gross profit was due to the increase in the number of LALs and LDDs sold. Total operating expenses for the third quarter of 2021 were $14.5 million, a 50% increase from $9.6 million in the third quarter of 2020. The increase was primarily driven by higher headcount in sales and marketing to support the growth of the business, costs of operating as a public company and an increase of $0.8 milli...