ALISO VIEJO, Calif.—RxSight, Inc., an ophthalmic medical device company specializing in adjustable intraocular lenses, has reported financial results for the three months ended March 31, 2024. In the first quarter of 2024, total revenue was $29.5 million, an increase of 69 percent compared with $17.5 million in the first quarter of 2023. Revenue growth was driven by a 92 percent increase in light adjustable lenses' (LAL) revenue and a 35 percent increase in light delivery devices' (LDD) revenue, compared with the first quarter of 2023. The company said it has increased its 2024 full-year revenue guidance.

"We are pleased with a strong start to the year, fueled by the continued adoption of our light adjustable lens technology,” said Ron Kurtz, chief executive officer and president of RxSight. “With the growing number of doctors and practices offering the LAL as well as increasing interest among patients, we believe we are establishing a new standard for premium IOL offerings in the U.S.”

Gross profit for the first quarter of 2024 was $20.7 million or 70 percent of revenue, an increase of $10.3 million or 100 percent compared with gross profit of $10.4 million or 59 percent of revenue for the first quarter of 2023. The favorable shift in product mix toward LAL sales drove the increase in gross profit in the quarter, along with reduced costs to produce LALs, primarily due to higher production volumes and increased margin on the LDD due to lower material costs, the company reported.

Total operating expenses for the first quarter of 2024 were $31.4 million, a 34 percent increase from $23.5 million in the first quarter of 2023, reflecting the company’s ongoing investments to grow its LDD installed base and support increased LAL sales volume.

In the first quarter of 2024, the company reported a net loss of $9.1 million compared with a net loss of $13.2 million in the first quarter of 2023. Adjusted net loss in the first  quarter of 2024 was $4.4 million compared with an adjusted net loss of $9.9 million in the first quarter of 2023. Cash, cash equivalents and short-term investments as of March 31, 2024, were $125.4 million compared with $127.2 million at December 31, 2023.

The company also increased its 2024 full-year revenue guidance. Revenue guidance increased to a range of $132.0 million to $137.0 million, representing implied growth of 48 percent to 54 percent compared with 2023, up from prior guidance of $128.0 million to $135.0 million, the company said.