RxSight Warns On FY25 Revenue As Premium Cataract Market Faces Headwinds, Stock Plunges
RxSight, Inc. (NASDAQ:RXST) shares are trading lower premarket on Thursday.
On Wednesday, the company disclosed first-quarter preliminary results and revised its FY25 outlook.
The company sees first-quarter revenue of around $37.9 million, up 28% year over year and down 6% quarter over quarter, and below the consensus of $40.14 million.
RxSight projects the sale of 27,579 Light Adjustable Lenses (LAL/LAL+), with a growth of 36%Y/Y increase in procedure volume.
Also, the company anticipates the sale of 73 Light Delivery Devices (LDDs), increasing the installed base to 1,044 LDDs by March 31, 2025, marking a 43% Y/Y growth.
Revised FY25 Outlook: The company lowered the revenue outlook to $160.0 million – $175.0 million (vs. consensus of $188.9 million) from $185.0 million – $197.0 million earlier.
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Also, RxSight curtailed the operating expenses outlook to $150 million – $160 million from $165 million – $170 million prior.
Ron Kurtz, Chief Executive Officer and President of RxSight, said, “Given RxSight’s more significant installed base of surgeons and practices, we now must navigate headwinds affecting the overall premium IOL market and broader economy that were less impactful when our commercial footprint was much smaller.”
“To address current market conditions, as well as our long-term opportunity to transform the practice of premium cataract surgery, we will continue to refine our clinical education and practice adoption programs, support new customer business models, drive innovative product enhancements and advance international expansion.”
The company expects to announce the first quarter of 2025 results on Wednesday, May 7, 2025.
In February, RxSight reported fourth quarter adjusted EPS of $0.03, a notable improvement from $(0.13) year-over-year. Sales totaled $40.214 million, slightly missing the $40.318 million estimate.
Price Action: RXST shares are down 23.9% at $19.90 premarket at the last check Thursday.
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