RxSight (RXST) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Market overview, technology, and clinical insights

• Light Adjustable Lens (LAL) technology enables postoperative customization, providing unmatched refractive precision and superior patient outcomes compared to fixed IOLs, with 14.5x better odds of optimal visual results.

• Over 94% of LAL patients achieve high accuracy (+/- MRSE 1), and more than 90% reach 20/25 distance and J2 near vision without glasses; 92% of surveyed doctors rate LAL as providing the highest quality of vision.

• LAL adoption is expanding the premium cataract surgery segment, with 10% market share in North America, nearly 100,000 implantations in 2024, and 40% of LAL patients converting from non-premium IOLs.

• Real-world data from over 3,000 eyes and strong clinical consensus support LAL's efficacy and quality, with a seamless bilateral approach enabling efficient vision optimization.

• Ongoing product innovation includes new LAL models, expanded treatment ranges, compact LDDs, and treatment centers, with international expansion planned in Asia and Europe in 2025.

Financial performance and guidance

• 2024 revenue reached $139.9 million, up 57% from 2023, with LDDs up 46% and LALs up 79%; fourth quarter revenue was $40.2 million, with 83 LDDs sold and over 29,000 LALs implanted.

• Guidance for 2025 remains realistic, with modest OUS revenue expected as international approvals begin.

• Gross margin guidance is 71%-73%, with a long-term target of 80% as LALs become the dominant revenue source.

• OpEx will increase in 2025, mainly for sales, marketing, and R&D, supporting growth and international expansion.

Business model, growth, and adoption

• LALs generate about $2,064 in additional net revenue per procedure for practices, with a typical LDD payback period of six months and capital equipment ASP stable at $130,000.

• LAL adoption drives a high-growth, high-margin, and durable revenue model, with innovative business models and expanded access, including treatment centers.

• Growth is driven by expanding LDD placements, increasing LAL penetration within practices, and educating both ophthalmologists and optometrists.

• Utilization varies by practice, with significant runway to increase LAL share from the current 10% to a target of 50% or more of premium procedures.

• Sales efforts focus on clinical benefits first, followed by business advantages, to drive adoption across diverse practice types.