After U.S. markets closed on yesterday, RxSight Inc. (RXST:NASDAQ GS), a commercial-stage ophthalmic medical device company that is focused on improving vision of patients after they have undergone cataract surgery, announced financial results for the first quarter of 2022 ended March 31, 2022.
The company reported that revenue in Q1/22 increased by 157% to $8.94 million, compared to $3.84 million in Q1/21. The firm indicated that the increase was the result of a 149% year-over-year increase in Light Delivery Devices (LDD™) revenue and a 168% y-o-y increase in revenue from sales of its Light Adjustable Lenses (LAL®s).
The firm highlighted that it sold 40 LDDs in Q1/22, which was 208% more than in sold in Q1/21, bringing the total number of its installed units to 246 at the end of the quarter, compared to 105 installed LDDs at the end of Q1/21.
RxSight advised that during Q1/22, it sold 4,166 LALs, which represented a 166% increase over the number of procedures registered in the prior year's corresponding quarter.
RxSight's CEO and President Dr. Ron Kurtz remarked, "We are very pleased with our strong start to 2022…Solid revenue growth, driven by an expanding installed base and rising procedure volumes, confirms that an increasing number of doctors and patients are selecting our premium cataract solution for the significant advantages it provides."
"We are confident in our ability to execute our growth strategy in 2022 and beyond by continuing to focus on our core strengths: exceptional visual outcomes across a range of patient types and preferences, a positive and interactive patient experience that achieves high satisfaction and a convincing value proposition for premium cataract practices and their patients," Dr. Kurtz added.
The company stated that its gross profit in Q1/22 increased by 2.6 million to $3.7 million, compared to $1.1 million in Q1/21.
RxSight advised that during Q1/22 it posted a net loss of $17.6 million, or $0.64 per basic and diluted share, versus a net loss of $6.8 million, or $1.70 per basic and diluted share in Q1/21. The firm added that on an adjusted basis, it had a net loss in Q1/22 of $14.9 million, or $0.54 per share, compared to a net loss of $10.6 million, or $2.65 per share in Q1/21.
The company offered some forward guidance an advised that based upon the results it achieved in Q1/22, it has revised its FY/22 revenue guidance to $41.5-45.5 million, versus its previous guidance of $40-44 million. RxSight mentioned that the higher estimated revenue ranges imply an 101% annual revenue growth rate for FY/22.
The firm stated that it is maintaining its prior FY/22 estimates which call for a gross margin of 35-36% of revenue and operating expenses of $86-90 million.
RxSight is a commercial-stage ophthalmic medical technology firm based in Aliso Viejo, Calif. The company is focused on improving vision of patients who have undergone surgery to remove cataracts. The company advised that is working to revolutionize the premium cataract surgery process and experience through its efforts in commercializing what it claims is "the world's first and only adjustable intraocular lens (IOL) that is customized after cataract surgery." Following implantation, surgeons are able to effectively optimize visual acuity results for each and every unique eye treated.
The company stated that "its RxSight® Light Adjustable Lens system is comprised of the RxSight Light Adjustable Lens® (LAL), RxSight Light Delivery Device (LDD) and accessories." The firm noted that its LAL now features a revolutionary UV protection layer built into the lens that incorporates ActivShield™ technology.
While there have been numerous and significant advances in cataract surgical methods and technologies there is still a need for improved technologies and lenses since as the company lists on its company website, only about six out of ten cataract patients achieve their targeted vision and a much smaller percentage achieve excellent vision at all distances due to the unpredictability of how a patient's eye will heal prior to cataract surgery. The company further states that "in a study of 600 subjects, those who received the Light Adjustable Lens followed by adjustments were twice as likely to achieve 20/20 distance vision at 6 months without glasses as those who received a standard monofocal IOL."
In addition, current alternative IOL technologies are not adjustable following surgery and the patient must be asked to make complex and difficult pre-operative choices about their vision preferences.
RxSight Inc. started the day with a market cap of around $291.6 million with approximately 27.49 million shares outstanding and a short interest of about 3.5%. RXST shares opened nearly 5% higher today at $11.13 (+$0.52, +4.90%) over yesterday's $10.61 closing price. The stock traded today between $11.00 and $12.38 per share and closed for trading at $11.35 (+$0.74, +6.97%).
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