ALISO VIEJO, Calif.—RxSight, Inc. an ophthalmic medical device company providing customized vision to patients following cataract surgery, yesterday reported financial results for the three months ended September 30, 2024. In the third quarter of 2024, total revenue was $35.3 million, an increase of 59 percent compared with $22.2 million in the third quarter of 2023. Revenue growth was driven by a 79 percent increase in light adjustable lenses (LAL) revenue and a 28 percent increase in light delivery device (LDD) revenue, compared with the third quarter of 2023, the company said.

The company reported the sale of 24,554 LALs (LAL/LAL+) during the third quarter of 2024, representing an 80 percent increase in procedure volume compared with the third quarter of 2023 along with the sale of 78 LDDs, representing an 18 percent increase in unit sales compared with the third quarter of 2023 and expanding the installed base to 888 LDDs at the end of the quarter, representing a 51 percent increase compared with the end of the third quarter of 2023.

“We are pleased to report another strong quarter driven by ongoing demand and enthusiasm for the RxSight system,” said Dr. Ron Kurtz, RxSight chief executive officer and president. “With 78 LDDs sold this quarter and sustained growth in LAL sales, we continue to see recognition of the transformative power of adjustability and the significant value it provides to both patients and doctors. We believe our third-quarter results position us for a strong finish to 2024 and for continued success in the years to come.”

Gross profit for the third quarter of 2024 was $25.2 million or 71.4 percent of revenue, an increase of $11.5 million or 84 percent compared with gross profit of $13.7 million or 61.9 percent of revenue for the third quarter of 2023. The year-over-year increase in gross profit was driven by continued growth in the percentage of LAL sales as a proportion of total sales, lower cost of sales for both the LDD and LAL, and sustained pricing stability for the company's capital equipment.

In the third quarter of 2024, the company reported a net loss of $6.3 million compared with a net loss of $12.4 million in the third quarter of 2023.

Cash, cash equivalents and short-term investments as of September 30, 2024, were $237.1 million compared with $233.3 million on June 30, 2024.

The company also revised its 2024 full-year revenue guidance, with revenue at the top of previously provided guidance range of $139.0 million to $140.0 million, representing implied growth of approximately 57 percent compared with 2023.