RxSight (RXST) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue of $34.9 million, up 68% year-over-year, driven by strong adoption of Light Adjustable Lenses (LAL) and Light Delivery Devices (LDD), expanding the installed base by 55%.

• LAL procedure volume grew 92% year-over-year, with LDD unit sales up 16% and LALs per LDD per month rising to 11.

• Net loss narrowed to $6.1 million ($0.16/share) from $13.9 million ($0.40/share) in Q2 2023, with adjusted net earnings at breakeven.

• Closed a public offering in May 2024, raising $107.5 million and boosting cash and short-term investments to $233.3 million as of June 30, 2024.

• Continued investment in sales, marketing, R&D, and educational programs to drive further adoption and market penetration.

Financial highlights

• Q2 2024 revenue: $34.9M (+68% YoY, +18% QoQ); gross profit up 102% to $24.3M (69.5% margin).

• LAL revenue: $23.8M (+92% YoY, +20% QoQ); LDD revenue: $10.2M (+32% YoY, +17% QoQ).

• Operating expenses rose to $32.6M, reflecting investments in sales and support; SG&A: $24.3M, R&D: $8.3M.

• Cash and equivalents: $233.3M at June 30, 2024, up from $125.4M at March 31, 2024, reflecting $107.5M raised via public offering.

• Net loss for Q2 2024 was $6.1M, a 56% improvement from $13.9M in Q2 2023; EPS was $(0.16) vs. $(0.40) YoY.

Outlook and guidance

• Raised 2024 revenue guidance to $139M–$140M (56%–57% YoY growth), up from $132M–$137M.

• Operating expense guidance increased to $135M–$136M, mainly due to higher non-cash stock-based compensation.

• Gross margin guidance unchanged at 68%–70%.

• Sequential quarterly growth expected, with Q3 growth nominal due to seasonality.

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