RxSight (RXST) 2024 Truist Securities MedTech Conference summary

Company overview and technology

• Founded 20 years ago, the company pioneered adjustable intraocular lens (IOL) technology, offering post-implantation vision adjustment to reduce the need for glasses.

• The only adjustable IOL on the market, with strong patent protection and a history of innovation.

• The technology allows for refractive changes after cataract surgery, providing flexibility and improved outcomes.

Market landscape and penetration

• U.S. market sees about 4.5 million cataract procedures annually, with premium IOLs accounting for roughly 1 million in 2024, a 20% penetration rate.

• Premium IOL penetration could rise to 30–35% over time, driven by better and more predictable results.

• The company holds about 10% of the U.S. premium IOL market, based on recent implant data.

• Focused on larger practices, with 732 devices sold and targeting the 4,000 surgeons who perform 70% of procedures.

Adoption trends and utilization

• Adoption is moving from early adopters to early mid-adopters, with all customer cohorts showing growth in usage.

• Utilization per device is increasing, with newer customer classes ramping faster due to more references and expanded sales support.

• Sales and clinical teams assist practices in workflow changes and patient education, supporting adoption.

• Average number of adjustments per patient is 1.6, with two lock-ins to ensure long-term stability.