RxSight (RXST) Q4 2025 earnings summary

Executive summary

• Q4 2025 sales were $32.6M, down 19% year-over-year due to lower LDD sales, while LAL revenue mix reached a record 86% of total sales.

• Full-year 2025 sales were $134.5M, with 12% LAL sales growth offsetting a 48% decrease in LDD revenue; over 300,000 LAL procedures performed since launch.

• Net loss for Q4 2025 was $9.2M ($0.22/share); adjusted net loss was $1.3M ($0.03/share).

• Ended 2025 with no debt and $228M in cash equivalents and short-term investments.

• Regulatory approval in Australia broadened international opportunities.

Financial highlights

• Full-year 2025 global sales were $134.5M, down 4% year-over-year, as 12% LAL revenue growth was offset by a 48% drop in LDD system sales.

• Q4 2025 LDD sales: 25 units, $3M revenue; LAL sales: 28,611 units, $28.2M revenue.

• Gross margin for Q4 2025 was 77.5%, up from 71.6% year-over-year; full-year 2025 gross margin was 76.6%, up from 70.7% in 2024.

• SG&A expenses for Q4 2025 were $27.7M, down 2% year-over-year; R&D expenses were $8.9M, down 3% year-over-year.

• Operating expenses for 2025 increased 11% to $151.2M, reflecting investments in commercial expansion and R&D.

Outlook and guidance

• 2026 revenue guidance: $120M–$135M, implying a ~5% year-over-year decline at midpoint, mainly due to lower LDD sales.

• Gross margin expected at 70–72%, impacted by higher per-unit manufacturing costs due to lower LDD production.

• Operating expenses for 2026 expected at $150M–$160M, with R&D spending in line with 2025 and $30M–$32M in non-cash stock-based compensation.

• Q1 2026 expected to be seasonally weakest; sales growth anticipated to rebound in the second half as comps ease and initiatives gain traction.

• International sales contribution in 2026 expected to be modest, with focus on building KOL relationships and clinical data for future growth.