Ophthalmic device firm RxSight Inc. (Nasdaq: RXST), which went public last year, is adding to its OC footprint after inking a new office lease near its Aliso Viejo headquarters.
Regulatory filings indicate RxSight last month took 10,854 square feet of space at 125 Columbia, a two-story office building spanning 25,985 square feet at the Pacific Park office complex. The building is two doors down from its headquarters at 100 Columbia.
With the latest addition, RxSight now counts 121,000 square feet of space at four OC facilities, including R&D;, manufacturing, industrial and office uses.
“We have intentionally pursued a vertically integrated manufacturing strategy offering critical advantages, including control over our product quality and rapid product iteration using strong R&D; and quality groups,” it said last month in its annual report.
The company is paying monthly rent of about $1.45 per square foot for the new lease at 125 Columbia, made with BML Management, regulatory filings indicate.
August IPO
RxSight—established in 1997 as Calhoun Vision Inc.—develops and manufactures what it calls the first artificial lens that enables doctors to improve the vision of patients after cataract surgery. The company began selling its products in 2019.
Half of individuals over age 60 have cataracts, which makes cataract surgery the most common surgical procedure in the world, according to company officials.
Within a few weeks of implanting RxSight’s Light Adjustible Lens into a patient’s eye, doctors administer light treatment to the patient by means of its noninvasive Light Delivery Device.
The procedure reportedly doubles the chances of patients achieving 20/20 vision or better without glasses within six months post-op.
Last August, RxSight raised $132 million in an initial public offering at $17.50 per share. It currently trades around $13.60 per share for a $372.6 million market cap.
Devices, Sales
The office expansion comes a little over a month after the company reported full year 2021 revenue of $22.6 million, a 54% increase from 2020, which the company largely credits to an upswing in device sales.
“Our fourth-quarter financial results demonstrate continued adoption by innovative cataract surgeons and further acceptance by patients of the RxSight value proposition for customized vision after cataract surgery,” RxSight’s CEO and President Ron Kurtz said in a statement.
Kurtz joined RxSight in 2015 after serving as general manager of Aliso Viejo-based cataract laser maker Alcon LenSx Inc. He was also a professor of clinical ophthalmology at the University of California, Irvine until 2014.
RxSight’s fourth quarter 2021 sales grew 71% year-over-year, beating analysts’ consensus estimates.
In an analyst report, SVB Leerlink’s Danielle Antalffy said her firm expects “RXST can more than triple its [revenue] between 2021 [and] 2023.”
