RxSight Inc. is winning believers on Wall Street for its revolutionary cataract lenses that can be adjusted after surgery (Nasdaq: RXST).
The Aliso Viejo-based maker of intraocular (IOL), or implantable, lenses on Aug. 5 reported revenue increased 68% to $34.9 million, above the $32.3 million analysts estimated. It also reported a loss per share of 16 cents per share, better than the analyst consensus for a 22-cent loss.
Shares of RxSight (Nasdaq: RXST) surged 17% to $47.85 in the trading session after the results. Since then, the shares have climbed another 8.1% to $51.73 and a $2.1 billion market cap at press time. The company went public at $16 each in 2021 and at one point in 2022, were trading below $9 a share.
RxSight increased full year revenue guidance to $139 million to $140 million, up from its prior range of $132 million to $137 million.
“RxSight’s strong Q2 performance as well as our revised 2024 guidance is based on our technology’s ability to meet the clinical needs of patients and doctors as well as the business needs of practices,” Chief Executive Ron Kurtz told analysts during an Aug. 5 conference call.
The company further gave an update on its sales for the eye lens and short ultraviolet (UV) exposure treatment device that performs the adjustment after surgery.
In the second quarter, RxSight sold 24,214 Light Adjustable Lenses (LAL), a 92% increase in procedure volume compared to a year ago. It also sold 78 Light Delivery Devices (LDD), expanding the installed base to 810 offices in the U.S. and Canada.
“We believe we are still in the early phase of penetration of these clinical sites,” Kurtz said.
“As practices acquire and become familiar with adjustable lens technology, our focus is on continued growth in LAL procedures by leveraging the expanded human and physical infrastructure for postoperative light treatments.”
In April, the company introduced its newest lens, the LAL+, designed to extend the depth of focus. It’s now midway through its U.S. rollout, according to Kurtz.
Kurtz revealed during the conference call that the company recently received approval from the Food and Drug Administration for a version of LAL+ with an expanded power range, which is expected to launch by the end of this year.
Commercial distribution in the U.S. remains the company’s “primary focus.” RxSight is also making progress on gaining international regulatory approvals “in countries that have already adopted premium IOLs,” Kurtz said.
