Key Quarterly and Full Year Highlights
- Recognized fourth quarter 2023 revenue of
$28.6 million , an increase of 78% compared to the fourth quarter of 2022, reflecting:- The sale of 77 Light Delivery Devices (LDD™s), representing a 35% unit increase from the fourth quarter of 2022, expanding the installed base to 666 LDDs at the end of the quarter, a 67% increase compared to the 400-unit LDD installed base at the end of the fourth quarter of 2022; and
- The sale of 18,071 Light Adjustable Lenses (LAL®s), representing a 98% increase in procedure volumes compared to the fourth quarter of 2022.
- Recognized full-year 2023 revenue of
$89.1 million , representing growth of 82% compared to 2022, driven by unit sales of 266 LDDs and 54,873 LALs, representing increases of 36% and 117%, respectively, compared to 2022.
“We are very thankful to all our partner doctors and practices for joining with the
Fourth Quarter Financial Results
In the fourth quarter of 2023, total revenue was
Gross profit for the fourth quarter of 2023 was
Total operating expenses for the fourth quarter of 2023 were
In the fourth quarter of 2023, the company reported a net loss of
Cash, cash equivalents and short-term investments as of
Fiscal Year 2023 Financial Results
Full-year 2023 total revenue was
Gross profit for the full year of 2023 was
Total operating expenses for the full year of 2023 were
In 2023, net loss was
2024 Guidance
The company is reiterating guidance for full-year 2024 revenue, gross profit margin, and operating expenses:
- Revenue guidance range of
$128.0 million to$135.0 million , representing implied growth of 44% to 52% compared to 2023. - Gross margin guidance range of 65% to 67%, representing an implied increase of 500 bps to 700 bps compared to 2023.
- Operating expense guidance range of
$125.0 million to$128.0 million , representing an implied growth of 20% to 23% compared to 2023, and including non-cash expense guidance in the range of$22.0 million to$25.0 million .
Conference Call
On
2024 Annual Meeting of Stockholders
About
Forward-Looking Statements
This press release contains forward-looking statements, including, without limitation, with respect to: the Company’s ability to deliver high-quality vision across a range of distances; the Company’s ability to optimize premium cataract surgery; and the Company’s projected revenue, gross margin, and operating expenses for 2024. Such statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements, and among other things, our ability to maintain cash balances and successfully commercialize or partner our product candidates currently under development. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "projects," "potential," or "continue" or the negative of such terms and other same terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors. These and other factors may cause our actual results to differ materially from any forward-looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this press release to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.
Company Contact:
Chief Financial Officer
sthunen@rxsight.com
Investor Relations Contact:
VP, Investor Relations
omoravcevic@rxsight.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (In thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Sales | $ | 28,580 | $ | 16,088 | $ | 89,077 | $ | 49,005 | ||||||||
Cost of sales | 10,925 | 8,666 | 35,312 | 27,677 | ||||||||||||
Gross profit | 17,655 | 7,422 | 53,765 | 21,328 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 21,165 | 15,731 | 74,799 | 58,665 | ||||||||||||
Research and development | 7,341 | 6,681 | 29,051 | 25,981 | ||||||||||||
Total operating expenses | 28,506 | 22,412 | 103,850 | 84,646 | ||||||||||||
Loss from operations | (10,851 | ) | (14,990 | ) | (50,085 | ) | (63,318 | ) | ||||||||
Other income (expense), net: | ||||||||||||||||
Interest expense | (4 | ) | (1,451 | ) | (3,308 | ) | (4,946 | ) | ||||||||
Interest and other income, net | 1,661 | 836 | 6,574 | 1,517 | ||||||||||||
Loss on extinguishment of term loan | — | — | (1,769 | ) | — | |||||||||||
Loss before income taxes | (9,194 | ) | (15,605 | ) | (48,588 | ) | (66,747 | ) | ||||||||
Income tax (benefit) expense | (18 | ) | 5 | 20 | 9 | |||||||||||
Net loss | $ | (9,176 | ) | $ | (15,610 | ) | $ | (48,608 | ) | $ | (66,756 | ) | ||||
Other comprehensive income (loss) | ||||||||||||||||
Unrealized gain (loss) on short-term investments | 46 | 28 | 83 | (66 | ) | |||||||||||
Foreign currency translation gain (loss) | 4 | 14 | 7 | (9 | ) | |||||||||||
Total other comprehensive income (loss) | 50 | 42 | 90 | (75 | ) | |||||||||||
Comprehensive loss | $ | (9,126 | ) | $ | (15,568 | ) | $ | (48,518 | ) | $ | (66,831 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic & diluted | $ | (0.26 | ) | $ | (0.56 | ) | $ | (1.41 | ) | $ | (2.41 | ) | ||||
Weighted-average shares used in computing net loss per share: | ||||||||||||||||
Attributable to common stock, basic & diluted | 35,961,894 | 27,990,322 | 34,455,111 | 27,661,982 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share and per share amounts) | ||||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 9,692 | $ | 11,834 | ||||
Short-term investments | 117,490 | 93,968 | ||||||
Accounts receivable | 20,281 | 10,956 | ||||||
Inventories, net | 17,421 | 14,835 | ||||||
Prepaid and other current assets | 3,523 | 2,962 | ||||||
Total current assets | 168,407 | 134,555 | ||||||
Property and equipment, net | 10,841 | 10,138 | ||||||
Operating leases right-of-use assets | 2,444 | 3,943 | ||||||
Restricted cash | 711 | 761 | ||||||
Other assets | 147 | 767 | ||||||
Total assets | $ | 182,550 | $ | 150,164 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,863 | $ | 2,595 | ||||
Accrued expenses and other current liabilities | 15,239 | 12,672 | ||||||
Lease liabilities | 1,801 | 1,970 | ||||||
Total current liabilities | 20,903 | 17,237 | ||||||
Long-term lease liabilities | 1,211 | 2,856 | ||||||
Term loan, net | — | 40,169 | ||||||
Other long-term liabilities | 74 | — | ||||||
Total liabilities | 22,188 | 60,262 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Common stock, issued and outstanding as of issued and outstanding as of | 36 | 28 | ||||||
Preferred stock, and outstanding | — | — | ||||||
Additional paid-in capital | 754,971 | 636,001 | ||||||
Accumulated other comprehensive loss | (5 | ) | (95 | ) | ||||
Accumulated deficit | (594,640 | ) | (546,032 | ) | ||||
Total stockholders' equity | 160,362 | 89,902 | ||||||
Total liabilities and stockholders' equity | $ | 182,550 | $ | 150,164 |
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements presented under generally accepted accounting principles in
We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
Adjusted Net Loss and Adjusted Net Loss Per Share
Adjusted net loss is a non-GAAP financial measure that we define as net loss adjusted for (i) stock-based compensation and (ii) loss on extinguishment of term loan. We believe adjusted net loss provides investors with useful information on period-to-period performance as evaluated by management and comparison with our past financial performance and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.
Reconciliations of net loss to adjusted net loss and the presentation of adjusted net loss per share, basic and diluted, are as follows:
GAAP To NON-GAAP RECONCILIATIONS (UNAUDITED) (In thousands, except share and per share amounts) | ||||||||||||||||
Three months ended | Year ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Common Stock | ||||||||||||||||
Numerator: | ||||||||||||||||
Net loss available to stockholders, basic and diluted | $ | (9,176 | ) | $ | (15,610 | ) | $ | (48,608 | ) | $ | (66,756 | ) | ||||
Add: | ||||||||||||||||
Stock-based compensation | 4,425 | 2,962 | 15,746 | 11,397 | ||||||||||||
Loss on extinguishment of term loan | — | — | 1,769 | — | ||||||||||||
Adjusted net loss available to common stockholders, basic and diluted: | $ | (4,751 | ) | $ | (12,648 | ) | $ | (31,093 | ) | $ | (55,359 | ) | ||||
Denominator: | ||||||||||||||||
Weighted-average shares outstanding, basic and diluted | 35,961,894 | 27,990,322 | 34,455,111 | 27,661,982 | ||||||||||||
Adjusted net loss per share, basic and diluted | $ | (0.13 | ) | $ | (0.45 | ) | $ | (0.90 | ) | $ | (2.00 | ) |
Source:
2024 GlobeNewswire, Inc., source