RxSight (RXST) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales were $30.9 million, down 18.5% year-over-year, mainly due to lower LDD unit volumes.

• 27,472 LAL units sold and 20 LDDs placed, expanding the installed base to 1,154.

• Achieved 300,000 cumulative LAL implants in the U.S. and launched a new marketing campaign featuring ophthalmologists as patients.

• Recent regulatory approval in New Zealand and strong clinical data presented at ASCRS highlight global expansion and product efficacy.

• Management expects continued net losses and negative cash flows in the near term as investments in sales, marketing, and R&D persist.

Financial highlights

• Gross margin improved to 76.1% from 74.8% year-over-year, driven by favorable product mix.

• Q1 2026 sales: $30.9 million, an 18.5% decrease from Q1 2025.

• SG&A expenses rose 11% to $31.9 million, while R&D expenses fell 9% to $9.5 million year-over-year.

• Net loss widened to $15.9 million ($0.38 per share); adjusted net loss was $7.9 million ($0.19 per share) after stock-based compensation.

• Cash, cash equivalents, and short-term investments totaled $217.9 million as of March 31, 2026.

Outlook and guidance

• 2026 revenue guidance maintained at $120–$135 million, with sequential improvement in quarterly sales growth rates expected.

• Gross margin guidance for 2026 remains at 70%–72%, with Q1 margin expected to step down due to higher cost inventory from 2025.

• Operating expenses projected at the high end of $150–$160 million, with non-cash stock-based compensation of $30–$32 million.

• International sales expected to remain modest in 2026, with more significant growth anticipated in 2027 and beyond.

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