(PRESS RELEASE) ALISO VIEJO, CA — (NASDAQ: RXST) RxSight, Inc., an ophthalmic medical device company dedicated to improving the vision of patients following cataract surgery, reported financial results for the three months and fiscal year ended December 31, 2021.
Recent Highlights
- Achieved fourth quarter 2021 revenue of $8.4 million, representing growth of 71% compared to the prior year period and 46% growth over the third quarter of 2021 driven by the:
- Sale of 45 Light Delivery Devices (LDDs), expanding the installed base to 206 LDDs as of December 31, 2021; and
- Sale of 2,959 Light Adjustable Lenses (LALs).
- Achieved fiscal year 2021 revenue of $22.6 million, representing growth of 54% compared to the fiscal year 2020 driven by the:
- Sale of 114 LDDs; and
- Sale of 8,328 LALs.
“2021 was a very productive year for RxSight. We accelerated growth in the adoption and utilization of our Light Adjustable Lens, completed a successful IPO, introduced key product advancements like ActivShield, and rapidly expanded our U.S. commercial team. These accomplishments, coupled with the LAL’s unique ability to deliver precisely customized vision for patients, as well as to expand premium cataract revenue for doctors and practices, have created substantial momentum for RxSight to drive continued growth in 2022,” said Ron Kurtz, CEO and President of RxSight.
Fourth Quarter Financial Results
In the fourth quarter of 2021, total revenue was $8.4 million, an increase of 71% compared to the fourth quarter of 2020 and 46% growth over the prior quarter ended September 30, 2021. The revenue growth as compared to the fourth quarter of 2020, was due to a 96% increase in the number of LDDs sold and 88% increase in the number of LALs sold during the fourth quarter of 2021.
Gross profit for the fourth quarter of 2021 was $2.9 million, or 34% of revenue compared to gross profit of $1.4 million, or 28% for the fourth 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 fourth quarter of 2021 were $17.5 million, an 81% increase from $9.7 million in the fourth 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 $1.7 million in stock-based compensation expense.
In the fourth quarter of 2021, net (loss) was $(15.7) million, or $(0.58) per diluted share on a basic and diluted basis, as compared to a net income attributable to common shareholders of $26.3 million, or $1.11 and $1.05 per share on a basic and diluted basis, respectively in the fourth quarter of 2020.
Adjusted net (loss) was $(12.8) million, or $(0.47) per share on a basic and diluted basis, in the fourth quarter of 2021, compared to an adjusted net (loss) of $(28.0) million, or $(7.77) per share on a basic and diluted basis in the fourth quarter of 2020.
Full Year 2021 Financial Results
Full year 2021 total revenue was $22.6 million, an increase of 54% compared to the full year of 2020. The revenue increase was due to a 56% increase in the number of LDDs sold and an 86% increase in the number of LALs sold in 2021 as compared to 2020.
Gross profit for the full year of 2020 was $4.5 million, or 20% of revenue compared to gross profit of $1.7 million, or 12% of revenue for the full year 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 full year of 2021 were $57.3 million, a 54% increase from $37.1 million for the full year 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 $3.4 million in stock-based compensation expense.
In 2021, net (loss) was $(48.7) million, or $(3.57) per share on a basic and diluted basis, as compared to a net income attributable to common shareholders of $3.4 million, or $0.91 and $0.15 per share on a basic and diluted basis, respectively in 2020.
Adjusted net (loss) was $(43.8) million, or $(3.22) per share on a basic and diluted basis, in 2021, compared to an adjusted net (loss) of $(58.0) million, or $(14.96) per share on a basic and diluted basis in 2020.
Cash, cash equivalents and short-term investments as of December 31, 2021 were $159.3 million and long-term debt was $39.8 million.
Financial Outlook
RxSight projects 2022 full year revenue to be between $40.0 million and $44.0 million, full year gross margin of 35% to 36% of revenue and full year operating expenses of $86.0 million to $90.0 million.
Conference Call
On Tuesday, March 8, 2022, at 1:30 p.m. Pacific Time, the company will host a conference call to discuss its fourth quarter and fiscal year 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: 8478727 or through a live and archived webcast of the event available for one year at here.