RxSight (Nasdaq:RXST) shares ticked up today on fourth-quarter results that came in ahead of the consensus forecast.
Shares of RXST rose 1.1% at $15.85 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — dipped 0.4%.
The Aliso Viejo, California-based ophthalmic medical device maker posted losses of $15.6 million. That comes to 56¢ per share on sales of $16.1 million for the three months ended Dec. 31, 2022.
RxSight’s bottom line rose by about 0.8% on sales growth of 90.9% compared to the same period last year.
Adjusted to exclude one-time items, losses per share totaled 45¢. That landed 30¢ ahead of expectations on Wall Street. Sales topped analysts’ projections, too, as they forecast $15.4 million in revenue.
In particular, sales for light adjustable lenses (LALs) boosted RxSight’s results. The company sold 9,123, marking a 208% increase over procedure volumes compared to the fourth quarter of 2021.
“RxSight delivered a strong finish to 2022 and entered 2023 with favorable trends that signal accelerating adoption of our unique premium cataract system” said Ron Kurtz, CEO and president of RxSight. “The LAL is the only solution that enables doctors to fully customize patients’ visual acuity after surgery and consistently achieve superior, high-quality outcomes. We look forward to working with a growing number of doctors to build a durable infrastructure for post-operative light treatments to serve the needs of cataract patients and drive sustained, long-term, high-margin LAL procedure volumes.”
RxSight projects 2023 revenues to range between $78 million and $83 million. That would represent year-over-year growth between 59% and 69%.