(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 March 31, 2022.
Key Quarterly Highlights:
- Delivered first quarter 2022 revenue of
$8.9 million, an increase of 157% compared to the first quarter of
2021, reflecting:
- The sale of 40 Light Delivery Devices
(LDD™s), representing a 208% unit increase from the first quarter
of 2021, expanding the installed base to 246 LDDs at the end of the
quarter, a 134% increase compared to the 105 LDD installed base at
the end of the first quarter of 2021.
- The sale of 4,166 Light Adjustable
Lenses (LAL®s), representing a 166% increase in procedure volumes
when compared to the first quarter of 2021.
- Revised 2022 revenue guidance to a
range of $41.5 million to $45.5 million, compared to the prior 2022
guidance range of $40 million to $44 million.
“We are very pleased with our strong start to 2022,” said Dr.
Ron Kurtz, Chief Executive Officer and President of RxSight. “Solid
revenue growth, driven by an expanding installed base and rising
procedure volumes, confirms that an increasing number of doctors
and patients are selecting our premium cataract solution for the
significant advantages it provides. We are confident in our ability
to execute our growth strategy in 2022 and beyond by continuing to
focus on our core strengths: exceptional visual outcomes across a
range of patient types and preferences, a positive and interactive
patient experience that achieves high satisfaction and a convincing
value proposition for premium cataract practices and their
patients.”
First Quarter Financial Results
In the first quarter of 2022, total revenue was $8.9 million, an
increase of 157% compared to the first quarter of 2021. Revenue
growth was driven by a 149% increase in LDD revenue and a 168%
increase in LAL revenue, as compared to the first quarter of
2021.
Gross profit for the first quarter of 2022 was $3.7 million (42%
of revenue), an increase of $2.6 million or 236% compared to the
gross profit of $1.1 million (32% of revenue) for the first quarter
of 2021.
Total operating expenses for the first quarter of 2022 were
$20.3 million, a 66% increase from $12.3 million in the first
quarter of 2021. The rise in operating expenses is primarily due to
higher sales and marketing headcount to support the company’s
growth plans, the cost associated with operating as a public
company, and an increase of $1.4 million in stock-based
compensation expense.
In the first quarter of 2022, the company reported a net loss of
$17.6 million, or $(0.64) per basic and diluted share, compared to
net loss of $6.8 million, or $(1.70) per basic and diluted share in
the first quarter of 2021. The adjusted net loss in the first
quarter of 2022 was $14.9 million, or $(0.54) per basic and diluted
share, compared to an adjusted net loss of $10.6 million, or
$(2.65) per basic and diluted share in the first quarter of
2021.
Cash, cash equivalents and short-term investments as of March
31, 2022, were $143.8 million and long-term debt was $39.9 million.
On May 3, 2022, the company amended its loan and security agreement
with Oxford Finance, extending the draw periods for the remaining
$20 million in two additional draws in 2023 and extending the
interest-only period from December 1, 2023, to April 1, 2025.
Financial Outlook
Based on its first quarter 2022 performance, RxSight has revised
its 2022 full year revenue guidance to a range of $41.5 million to
$45.5 million, compared to prior guidance of $40 million to $44
million. The revised guidance range implies an annual growth rate
versus 2021 of 84% to 101%. The company did not change its guidance
for 2022 gross margin or operating expenses, which are ranges of
35% to 36% of revenue, and $86.0 million to $90.0 million,
respectively.
Conference Call
On Thursday, May 5, 2022, at 1:30 p.m. Pacific Time, the company
will host a conference call to discuss its first quarter 2022
financial results. The call may be accessed by dialing 877-545-0523
(U.S.) or 973-528-0016 (International) five to ten minutes prior to
the start time, using conference ID: 217735 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 the significant advantages the LAL provides, our ability
to execute our growth strategy in 2022 and beyond, exceptional
visual outcomes across a range of patient types and preferences, a
positive and interactive patient experience that achieves high
satisfaction and a convincing value proposition for premium
cataract practices and their patients. 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 LOSS (UNAUDITED)(In thousands, except share
and per share amounts)
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2021 |
|
Sales |
$ |
8,942 |
|
|
$ |
3,484 |
|
Cost of sales |
|
5,181 |
|
|
|
2,365 |
|
Gross profit |
|
3,761 |
|
|
|
1,119 |
|
Operating expenses: |
|
|
|
|
|
Selling, general and administrative |
|
13,620 |
|
|
|
5,611 |
|
Research and development |
|
6,719 |
|
|
|
6,643 |
|
Total operating expenses |
|
20,339 |
|
|
|
12,254 |
|
Loss from operations |
|
(16,578 |
) |
|
|
(11,135 |
) |
Other income (expense),
net: |
|
|
|
|
|
Expiration of warrant |
|
— |
|
|
|
5,018 |
|
Interest expense |
|
(1,060 |
) |
|
|
(698 |
) |
Interest and other income |
|
46 |
|
|
|
17 |
|
Loss before income taxes |
|
(17,592 |
) |
|
|
(6,798 |
) |
Income tax expense |
|
4 |
|
|
|
7 |
|
Net loss |
$ |
(17,596 |
) |
|
$ |
(6,805 |
) |
|
|
|
|
|
|
Other comprehensive income
(loss) |
|
|
|
|
|
Unrealized (loss) income on short-term investments |
|
(74 |
) |
|
|
7 |
|
Foreign currency translation loss |
|
(4 |
) |
|
|
(4 |
) |
Total other comprehensive
(loss) income |
|
(78 |
) |
|
|
3 |
|
Comprehensive loss |
$ |
(17,674 |
) |
|
$ |
(6,802 |
) |
Net loss per share: |
|
|
|
|
|
Attributable to Series G common stock, basic and diluted |
$ |
— |
|
|
$ |
(0.16 |
) |
Attributable to common stock, basic and diluted |
$ |
(0.64 |
) |
|
$ |
(1.70 |
) |
Weighted-average shares used
in computing net loss per share: |
|
|
|
|
|
Attributable to Series G common stock, basic and diluted |
|
— |
|
|
|
1 |
|
Attributable to common stock, basic and diluted |
|
27,425,610 |
|
|
|
3,996,173 |
|
|
|
|
|
|
|
|
|
RxSIGHT, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands,
except share and per share amounts)
|
|
March 31, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
24,132 |
|
|
$ |
24,361 |
|
Short-term investments |
|
|
119,715 |
|
|
|
134,971 |
|
Accounts receivable |
|
|
5,626 |
|
|
|
4,862 |
|
Inventories |
|
|
8,490 |
|
|
|
8,032 |
|
Prepaid and other current assets |
|
|
3,184 |
|
|
|
4,069 |
|
Total current assets |
|
|
161,147 |
|
|
|
176,295 |
|
Property and equipment, net |
|
|
10,915 |
|
|
|
11,217 |
|
Operating leases right-of-use
assets |
|
|
4,057 |
|
|
|
4,284 |
|
Restricted cash |
|
|
811 |
|
|
|
811 |
|
Other assets |
|
|
132 |
|
|
|
114 |
|
Total assets |
|
$ |
177,062 |
|
|
$ |
192,721 |
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,587 |
|
|
$ |
1,689 |
|
Accrued expenses and other current liabilities |
|
|
6,409 |
|
|
|
7,859 |
|
Lease liabilities |
|
|
1,663 |
|
|
|
1,529 |
|
Total current liabilities |
|
|
10,659 |
|
|
|
11,077 |
|
Long-term lease liabilities |
|
|
3,350 |
|
|
|
3,642 |
|
Term loan, net |
|
|
39,890 |
|
|
|
39,760 |
|
Total liabilities |
|
|
53,899 |
|
|
|
54,479 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock, $0.001 par value, 900,000,000 shares authorized,
27,485,685 shares issued and outstanding as of March 31, 2022
and 27,366,746 shares issued and outstanding as of December
31, 2021 |
|
|
27 |
|
|
|
27 |
|
Preferred stock, $0.001 par value, 100,000,000 shares authorized,
no shares issued and outstanding as of March 31, 2022 and
December 31, 2021 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
620,106 |
|
|
|
617,511 |
|
Accumulated other comprehensive loss |
|
|
(98 |
) |
|
|
(20 |
) |
Accumulated deficit |
|
|
(496,872 |
) |
|
|
(479,276 |
) |
Total stockholders' equity |
|
|
123,163 |
|
|
|
138,242 |
|
Total liabilities and stockholders' equity |
|
$ |
177,062 |
|
|
$ |
192,721 |
|
|
|
|
|
|
|
|
|
|
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 expiration
of warrant 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)
expiration of warrant. 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 loss to Adjusted net loss and the
presentation of Adjusted net loss per share, basic and diluted, are
as follows:
RxSIGHT, INC. GAAP To
NON-GAAP RECONCILIATIONS (UNAUDITED)(In thousands, except
share and per share amounts)
|
|
Three months ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
Common Stock |
|
|
|
|
|
|
Numerator: |
|
|
|
|
|
|
Net loss available to stockholders, basic and diluted |
|
$ |
(17,596 |
) |
|
$ |
(6,805 |
) |
Add: |
|
|
|
|
|
|
Stock-based compensation |
|
|
2,649 |
|
|
|
1,239 |
|
Expiration of warrant |
|
|
— |
|
|
|
(5,018 |
) |
Adjusted net loss available to
common stockholders, basic and diluted: |
|
$ |
(14,947 |
) |
|
$ |
(10,584 |
) |
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
Weighted-average shares outstanding, basic and diluted |
|
|
27,425,610 |
|
|
|
3,996,173 |
|
Adjusted net loss per share,
basic and diluted |
|
$ |
(0.54 |
) |
|
$ |
(2.65 |
) |
|
|
|
|
|
|
|
|
|
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