ALISO VIEJO, Calif.—RxSight, Inc., (NASDAQ: RXST) an ophthalmic medical device company, has shared financial results for the three months ended June 30, 2024, reporting total revenue of $34.9 million in the second quarter of 2024 and demonstrating an increase of 68 percent compared with $20.8 million during the same period last year. The company attributes revenue growth to a 92 percent increase in Light Adjustable Lenses (LAL) revenue and a 32 percent increase in Light Delivery Devices (LDD) revenue versus the second quarter of 2023. The company also increased its full-year revenue guidance.

“In the second quarter, we continued to make significant progress in the adoption of adjustability as a new standard in the premium market, highlighted by robust LDD sales and the positive reception of the recently launched LAL+,” said Dr. Ron Kurtz, chief executive officer and president of RxSight. “The ability to adjust the optical power of the lens after surgery is increasingly valued by both doctors and patients for the excellent clinical outcomes and personalized approach it enables. As we move forward, we remain dedicated to expanding our presence and driving innovation within the global premium IOL market.”

Gross profit for the second quarter of 2024 was reported at $24.3 million or 69.5 percent of revenue, an increase of $12.2 million or 102 percent compared with gross profit of $12.0 million or 57.8 percent of revenue for the second quarter of 2023. The company indicated that a favorable shift in product mix toward LAL sales drove the increase in gross profit in the quarter, along with reduced costs to produce LALs. 

In the second quarter of 2024, the company reported a net loss of $6.1 million compared with a net loss of $113.8 million in the second quarter of 2023. Cash, cash equivalents and short-term investments as of June 30, 2024, were $233.3 million, compared with $125.4 million on March 31, 2024. The second quarter 2024 cash balance includes $107.5 million in net proceeds from the company's confidentially marketed public offering, which closed on May 13, 2024.

The company increased its 2024 full-year revenue and operating expense guidance. Revenue is now projected in the range of $139.0 million to $140.0 million, representing implied growth of 56 percent to 57 percent compared with 2023, up from prior guidance of $132.0 million to $137.0 million. Operating expenses are now projected in the range of $135.0 million to $136.0 million, representing an implied increase of 30 percent to 31 percent compared with 2023, up from prior guidance of $126.0 million to $130.0 million and including higher non-cash stock-based compensation expense guidance in the range of $29.0 million to $30.0 million, up from prior guidance of $22.0 million to $25 million.

Additionally, gross margin full-year 2024 guidance remained unchanged, the company said, in the range of 68 percent to 70 percent.