(NASDAQ: RXST) RxSight, Inc., an ophthalmic
medical device company dedicated to improving the vision of
patients following cataract surgery, today reported financial
results for the three months ended September 30, 2021.
Recent Highlights
- Achieved third quarter 2021 revenue of $5.8 million,
representing growth of 39% compared to the prior year period and
18% growth over the second quarter of 2021 driven by:
- Sale of 31 Light Delivery Devices (LDD™s), expanding the
installed base to 161 LDDs as of September 30, 2021;
- Sale of 1,977 Light Adjustable Lenses (LAL®s); and
- Completed roll-out of the ActivShield™ LAL, with a UV
protection layer built into the lens.
“Our third quarter performance was driven by further adoption of
our Light Adjustable Lens system, which lets doctors customize
their patient’s vision after cataract surgery with unparalleled
precision. This unique capability enables achievement of excellent
vision over a range of distances at rates that are nearly double
that of competitive products, but without reducing quality of
vision or increasing unwanted effects, such as glare and halo.”
said Ron Kurtz, Chief Executive Officer of RxSight®. Dr.
Kurtz continued, “During the third quarter we also completed
the roll-out of our updated ActivShield LAL, providing additional
scheduling flexibility for patients and doctors.”
Financial ResultsIn the third quarter of 2021,
total revenue was $5.8 million, an increase of 39% compared to the
third quarter of 2020 and 18% growth over the prior quarter ended
June 30, 2021. The revenue growth as compared to the third
quarter of 2020, was primarily due to a 55% increase in the number
of LDDs sold and 31% increase in the number of LALs sold
during the third quarter of 2021.
Gross profit for the third quarter of 2021 was $1.3 million, or
23% of revenue compared to gross profit of $0.7 million, or 17% for
the third quarter of 2020. The increase in gross profit was due to
the increase in the number of LALs and LDDs sold.
Total operating expenses for the third quarter of 2021 were
$14.5 million, a 50% increase from $9.6 million in the third
quarter of 2020. The increase was primarily driven by higher
headcount in sales and marketing to support the growth of the
business, costs of operating as a public company and an increase of
$0.8 million in stock-based compensation expense.
In the third quarter of 2021, net (loss) was $(12.7) million, or
$(0.68) per share on a basic and diluted basis, as compared to a
net income attributable to common shareholders of $5.9
million, or $1.55 and $1.13 per share on a basic and diluted basis,
respectively in the third quarter of 2020.
Adjusted net (loss) was $(12.2) million, or $(0.65) per share on
a diluted basis, in the third quarter of 2021, compared to an
adjusted net (loss) of $(32.0) million, or $(8.52) per share on a
diluted basis in the third quarter of 2020.
Cash, cash equivalents and short-term investments as of
September 30, 2021 were $168.3 million and long-term debt was $39.6
million.
Financial OutlookRxSight projects 2021 full
year revenue to be between $21.0 million and $21.4 million.
Conference CallOn Wednesday, November 10, 2021,
at 1:30 p.m. Pacific Time, the company will host a conference call
to discuss its third quarter 2021 financial results. The call may
be accessed by dialing 844-602-7038 (U.S.) or 916-637-9714
(International) five to ten minutes prior to the start time, using
conference ID: 1239025 or through a live and archived webcast of
the event available for one year at
https://investors.rxsight.com/.
About RxSight, Inc.RxSight, Inc. is a
commercial-stage medical technology company dedicated to improving
the vision of patients following cataract surgery. The RxSight
Light Adjustable Lens system, comprised of the RxSight Light
Adjustable Lens (LAL), RxSight Light Delivery Device (LDD) and
accessories, is the first and only commercially available
intraocular lens (IOL) technology that enables doctors to customize
and optimize visual acuity for patients after cataract surgery. The
LAL now features ActivShield technology, a revolutionary UV
protection layer built into the lens. Additional information about
RxSight can be found at www.rxsight.com.
Forward-Looking Statements This press release
contains forward-looking statements, including physician adoption
of the RxSight Light Adjustable Lens system, the ability for
doctors to customize their patients’ vision with unparalleled
precision, the achievement of excellent vision nearly double that
of competitive products and additional scheduling
flexibility. 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. Investor
Relations Contact:Philip Taylor Gilmartin
Group415.937.5406IR@rxsight.com
Company contact:Shelley B. ThunenChief
Financial Officersthunen@rxsight.com
RxSIGHT, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONSAND
COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (in
thousands, except share and per share amounts)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Sales |
$ |
5,786 |
|
|
$ |
4,170 |
|
|
$ |
14,167 |
|
|
$ |
9,764 |
|
Cost of sales |
|
4,445 |
|
|
|
3,450 |
|
|
|
12,519 |
|
|
|
9,439 |
|
Gross profit |
|
1,341 |
|
|
|
720 |
|
|
|
1,648 |
|
|
|
325 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
9,076 |
|
|
|
3,825 |
|
|
|
21,189 |
|
|
|
10,773 |
|
Research and development |
|
5,377 |
|
|
|
5,801 |
|
|
|
18,583 |
|
|
|
16,662 |
|
Total operating expenses |
|
14,453 |
|
|
|
9,626 |
|
|
|
39,772 |
|
|
|
27,435 |
|
Loss from operations |
|
(13,112 |
) |
|
|
(8,906 |
) |
|
|
(38,124 |
) |
|
|
(27,110 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of warrants |
|
1,503 |
|
|
|
39,518 |
|
|
|
2,717 |
|
|
|
27,933 |
|
Expiration of warrant |
|
— |
|
|
|
— |
|
|
|
5,018 |
|
|
|
— |
|
Interest expense |
|
(1,079 |
) |
|
|
(3 |
) |
|
|
(2,603 |
) |
|
|
(12 |
) |
Interest and other income |
|
11 |
|
|
|
63 |
|
|
|
44 |
|
|
|
522 |
|
(Loss) income before income taxes |
|
(12,677 |
) |
|
|
30,672 |
|
|
|
(32,948 |
) |
|
|
1,333 |
|
Income tax expense |
|
(4 |
) |
|
|
8 |
|
|
|
6 |
|
|
|
53 |
|
Net (loss) income |
|
(12,673 |
) |
|
|
30,664 |
|
|
|
(32,954 |
) |
|
|
1,280 |
|
Accretion to redemption value of redeemable preferred stock and
redeemable stock options |
|
— |
|
|
|
(7,829 |
) |
|
|
— |
|
|
|
(16,172 |
) |
Earnings allocated to redeemable preferred stock |
|
— |
|
|
|
(16,935 |
) |
|
|
— |
|
|
|
— |
|
Net (loss) income attributable to common stockholders |
$ |
(12,673 |
) |
|
$ |
5,900 |
|
|
$ |
(32,954 |
) |
|
$ |
(14,892 |
) |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on short-term investments |
|
(5 |
) |
|
|
(8 |
) |
|
|
(2 |
) |
|
|
(43 |
) |
Foreign currency translation loss |
|
(3 |
) |
|
|
(9 |
) |
|
|
(6 |
) |
|
|
(7 |
) |
Total other comprehensive loss |
|
(8 |
) |
|
|
(17 |
) |
|
|
(8 |
) |
|
|
(50 |
) |
Comprehensive (loss) income |
$ |
(12,681 |
) |
|
$ |
30,647 |
|
|
$ |
(32,962 |
) |
|
$ |
1,230 |
|
Net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
Attributable to redeemable common stock, basic |
$ |
— |
|
|
$ |
1.55 |
|
|
$ |
— |
|
|
$ |
(4.06 |
) |
Attributable to redeemable common stock, diluted |
$ |
— |
|
|
$ |
1.13 |
|
|
$ |
— |
|
|
$ |
(4.06 |
) |
Attributable to Series G common stock, basic and diluted |
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
— |
|
|
$ |
(0.76 |
) |
Attributable to common stock, basic |
$ |
(0.68 |
) |
|
$ |
— |
|
|
$ |
(3.66 |
) |
|
$ |
— |
|
Attributable to common stock, diluted |
$ |
(0.68 |
) |
|
$ |
— |
|
|
$ |
(3.66 |
) |
|
$ |
— |
|
Weighted-average shares used in computing net (loss) income per
share: |
|
|
|
|
|
|
|
|
|
|
|
Attributable to redeemable common stock, basic |
|
— |
|
|
|
3,798,504 |
|
|
|
— |
|
|
|
3,672,121 |
|
Attributable to redeemable common stock, diluted |
|
— |
|
|
|
5,571,793 |
|
|
|
— |
|
|
|
3,672,121 |
|
Attributable to Series G common stock, basic and diluted |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Attributable to common stock, basic |
|
18,732,459 |
|
|
|
— |
|
|
|
8,998,895 |
|
|
|
— |
|
Attributable to common stock, diluted |
|
18,732,459 |
|
|
|
— |
|
|
|
8,998,895 |
|
|
|
— |
|
RxSIGHT, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands, except
share and per share amounts)
|
|
September 30, |
|
|
December 31, |
|
|
2021 |
|
|
2020 (1) |
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
68,278 |
|
|
$ |
13,994 |
|
Short-term investments |
|
99,985 |
|
|
|
54,981 |
|
Accounts receivable |
|
4,357 |
|
|
|
2,865 |
|
Inventories |
|
9,442 |
|
|
|
8,288 |
|
Prepaid and other current assets |
|
4,274 |
|
|
|
1,372 |
|
Total current assets |
|
186,336 |
|
|
|
81,500 |
|
Property and equipment, net |
|
11,991 |
|
|
|
13,287 |
|
Operating leases right-of-use
assets |
|
4,561 |
|
|
|
5,319 |
|
Restricted cash |
|
561 |
|
|
|
461 |
|
Other assets |
|
287 |
|
|
|
110 |
|
Total assets |
$ |
203,736 |
|
|
$ |
100,677 |
|
Liabilities, redeemable
common stock, stock options, convertible preferred stock and
stockholders' equity (deficit) |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
1,691 |
|
|
$ |
1,134 |
|
Accrued expenses and other current liabilities |
|
6,016 |
|
|
|
4,174 |
|
Warrant liability |
|
— |
|
|
|
5,018 |
|
Lease liabilities |
|
1,469 |
|
|
|
1,274 |
|
Total current liabilities |
|
9,176 |
|
|
|
11,600 |
|
Long-term warrant liability |
|
— |
|
|
|
3,828 |
|
Long-term lease liabilities |
|
4,033 |
|
|
|
5,079 |
|
Term loan, net |
|
39,636 |
|
|
|
24,399 |
|
Total liabilities |
|
52,845 |
|
|
|
44,906 |
|
Commitments and
contingencies |
|
|
|
|
|
Redeemable common stock: |
|
|
|
|
|
Common stock, $0.001 par value, no shares authorized, issued or
outstanding as of September 30, 2021 and 24,545,966 shares
authorized, 3,813,450 shares issued and outstanding as of December
31, 2020 |
|
— |
|
|
|
80,780 |
|
Notes receivable for common stock issued |
|
— |
|
|
|
(803 |
) |
Redeemable stock options |
|
— |
|
|
|
53,085 |
|
Convertible preferred stock: |
|
|
|
|
|
Preferred stock, $0.001 par value, no shares authorized, issued or
outstanding as of September 30, 2021 and 16,572,792 shares
authorized, 14,376,272 shares issued and outstanding as of December
31, 2020 (redeemable) |
|
— |
|
|
|
353,300 |
|
Stockholders' deficit: |
|
|
|
|
|
Common stock, $0.001 par value, 900,000,000 shares authorized,
27,324,054 shares issued and outstanding as of September 30,
2021 |
|
27 |
|
|
|
— |
|
Preferred stock, $0.001 par value, 100,000,000 shares authorized,
no shares issued and outstanding as of September 30, 2021 |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
614,418 |
|
|
|
— |
|
Series G common stock, $0.001 par value, no share authorized or
outstanding as of September 30, 2021 and 1 share authorized, issued
and outstanding as of December 31, 2020 |
|
— |
|
|
|
— |
|
Series W common stock, $0.001 par value, no share authorized,
issued or outstanding as of September 30, 2021 and 1 share
authorized and no share outstanding as of December 31, 2020 |
|
— |
|
|
|
— |
|
Accumulated other comprehensive loss |
|
(11 |
) |
|
|
(3 |
) |
Accumulated deficit |
|
(463,543 |
) |
|
|
(430,588 |
) |
Total stockholders' equity (deficit) |
|
150,891 |
|
|
|
(430,591 |
) |
Total liabilities, redeemable common stock, stock options,
convertible preferred stock and stockholders' equity
(deficit) |
$ |
203,736 |
|
|
$ |
100,677 |
|
(1) The balance
sheet at December 31,2020 has been derived from the audited
consolidated financial statements included in RxSight, Inc.'s final
prospectus for its public offering filed on July 29, 2021. |
|
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial
statements presented under generally accepted accounting principles
in the United States (“GAAP” ), we believe certain non-GAAP
measures, including Adjusted net (loss), and Adjusted net (loss)
per share, basic and diluted, provide useful information to
investors and are useful in evaluating our operating performance.
For example, we exclude stock-based compensation expense and the
change in fair value of warrants because these are non-cash in
nature and excluding these items provides meaningful supplemental
information regarding our operational performance and allows
investors the ability to make more meaningful comparisons between
our operating results and those of other companies.
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) change in fair value of warrants. 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. Adjusted net
(loss) for Series G Common Stock is not impacted by the
adjustments.
Reconciliations of net income (loss) to Adjusted net (loss) and
the presentation of Adjusted net (loss) per share, basic and
diluted, are as follows:
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Common
Stock |
|
|
|
|
|
|
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to stockholders, basic |
|
$ |
(12,673 |
) |
|
$ |
5,900 |
|
|
$ |
(32,954 |
) |
|
$ |
(14,892 |
) |
Net income (loss) available to stockholders, diluted |
|
|
(12,673 |
) |
|
|
6,311 |
|
|
|
(32,954 |
) |
|
|
(14,892 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
2,013 |
|
|
|
1,242 |
|
|
|
4,658 |
|
|
|
2,948 |
|
Change in fair value of warrants |
|
|
(1,503 |
) |
|
|
(39,518 |
) |
|
|
(2,717 |
) |
|
|
(27,933 |
) |
Adjusted net (loss) available to
common stockholders, basic: |
|
$ |
(12,163 |
) |
|
$ |
(32,376 |
) |
|
$ |
(31,013 |
) |
|
$ |
(39,877 |
) |
Adjusted net (loss) available to
common stockholders, diluted: |
|
$ |
(12,163 |
) |
|
$ |
(31,965 |
) |
|
$ |
(31,013 |
) |
|
$ |
(39,877 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding, basic |
|
|
18,732,459 |
|
|
|
3,798,504 |
|
|
|
8,998,895 |
|
|
|
3,672,121 |
|
Weighted-average shares outstanding, diluted |
|
|
18,732,459 |
|
|
|
5,571,793 |
|
|
|
8,998,895 |
|
|
|
3,672,121 |
|
Adjusted net (loss) per share,
basic |
|
$ |
(0.65 |
) |
|
$ |
(8.52 |
) |
|
$ |
(3.45 |
) |
|
$ |
(10.86 |
) |
Adjusted net (loss) per share,
diluted |
|
$ |
(0.65 |
) |
|
$ |
(8.52 |
) |
|
$ |
(3.45 |
) |
|
$ |
(10.86 |
) |
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