RxSight (RXST) Q1 2025 Sales/Trading Statement earnings summary

Executive summary

• Q1 2025 revenue was $37.9M, up 28% year-over-year but down 6% sequentially, driven by increased LAL procedure volume and LDD sales.

• Gross margin improved to 74.8% from 70.1% in Q1 2024, reflecting favorable product mix and lower material costs.

• Operating loss remained flat at $10.7M, while net loss narrowed to $8.2M from $9.1M year-over-year.

• Installed base of LDDs reached 1,044 as of March 31, 2025, a 43% increase year-over-year.

• Company faces headwinds in the premium IOL market and broader economy, impacting LAL procedures and prompting a reduction in 2025 revenue guidance.

Financial highlights

• Q1 2025 revenue: $37.9M, up 28% year-over-year, down 6% sequentially.

• Gross profit rose 37% to $28.3M, with gross margin up 4.7 percentage points to 74.8%.

• 27,579 LALs sold in Q1, up 36% year-over-year, down 5% sequentially.

• 73 LDDs sold in Q1, up 11% year-over-year, down 12% sequentially; installed base reached 1,044 units, up 43% year-over-year.

• Net loss per share improved to $(0.20) from $(0.25) year-over-year.

Outlook and guidance

• 2025 revenue guidance reduced to $160M–$175M, down from $185M–$197M, implying 14%–25% growth.

• Gross margin guidance unchanged at 71%–73%, up 30–130 bps from 2024.

• Operating expense guidance lowered to $150M–$160M, with non-cash stock-based compensation now projected at $27M–$30M.

• Management expects continued revenue growth as sales organization expands and more doctors are trained.

• Current cash resources expected to fund operations for at least the next 12 months; no immediate need for additional capital anticipated.