Second Quarter 2026 Highlights
- Total company Q2 revenue of
$33.7 million , which includes$6.5 million in revenue recognized from the RxSight Alcon strategic collaboration - Q2 product sales of
$27.2 million including:- 24,917 Light Adjustable Lens (LAL) units;
- 12 Light Delivery Devices (LDD) units
- Cash, cash equivalents and short-term investments of approximately
$209 million as ofJune 30, 2026
Strategic Highlights
- Appointed eye care industry leader,
Aziz Mottiwala , as President and Chief Executive Officer - Entered into a strategic collaboration with Alcon to develop and commercialize light-adjustable presbyopia-correcting intraocular lenses with up to
$200 million upfront and milestone payments and significant future royalty potential - Formally announced development of the next-generation RxSight Light Adjustable Technology platform, including new LAL, LAL+ and LAL Toric lenses intended to improve workflow and reduce required postoperative office visits
- In connection with the leadership transition, withdrew 2026 guidance; will resume formal guidance in early 2027
“It is a privilege to join
Second Quarter Financial Results
In the second quarter of 2026, total revenue was
Excluding the impact from the Alcon collaboration, second quarter gross margin of 71.2% decreased from 74.9% in the prior-year period, primarily reflecting inventory-related costs and the expected flow-through of higher-cost inventory. Including the favorable contribution of collaboration revenue, second-quarter gross margin was 76.7%.
Total operating expenses for the second quarter of 2026 were
In the second quarter, the company reported a net loss of
As of
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About
Forward-Looking Statements
This press release contains forward-looking statements, including, without limitations, statements regarding the company’s expectations related to underlying business trends; the company’s comprehensive review of the business; the company’s ability to strengthen commercial execution, deepen adoption across its installed base and translate the value of adjustability into durable growth; the development and implementation of the company’s appropriate operating plan; the allocation of resources to the company’s core business, pipeline and collaboration with Alcon; the anticipated benefits of withdrawing the company’s 2026 financial guidance; and the company’s ability to realize the full potential of its technology for patients and practices. 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. 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 similar 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, including the risk factors that may be found in the section entitled Part II, Item 1A (Risk Factors) in the company’s Quarterly Report on Form 10-Q for the three months ended
Investor Relations Contact:
VP, Investor Relations
omoravcevic@rxsight.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (In thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product sales | $ | 27,241 | $ | 33,637 | $ | 58,134 | $ | 71,531 | ||||||||
| License and collaboration revenue | 6,500 | — | 6,500 | — | ||||||||||||
| Total Revenue | 33,741 | 33,637 | 64,634 | 71,531 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of sales | 7,855 | 8,447 | 15,250 | 18,013 | ||||||||||||
| Selling, general and administrative | 30,419 | 28,976 | 62,274 | 57,611 | ||||||||||||
| Research and development | 9,237 | 10,217 | 18,709 | 20,584 | ||||||||||||
| Total costs and expenses | 47,511 | 47,640 | 96,233 | 96,208 | ||||||||||||
| Loss from operations | (13,770 | ) | (14,003 | ) | (31,599 | ) | (24,677 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest expense | (3 | ) | (5 | ) | (6 | ) | (11 | ) | ||||||||
| Interest and other income | 1,764 | 2,254 | 3,718 | 4,762 | ||||||||||||
| Loss before income taxes | (12,009 | ) | (11,754 | ) | (27,887 | ) | (19,926 | ) | ||||||||
| Income tax expense | 88 | 32 | 94 | 50 | ||||||||||||
| Net loss | $ | (12,097 | ) | $ | (11,786 | ) | $ | (27,981 | ) | $ | (19,976 | ) | ||||
| Other comprehensive loss: | ||||||||||||||||
| Unrealized loss on short-term investments | (5 | ) | (146 | ) | (125 | ) | (303 | ) | ||||||||
| Foreign currency translation gain | 13 | 14 | 13 | 20 | ||||||||||||
| Total other comprehensive gain (loss) | 8 | (132 | ) | (112 | ) | (283 | ) | |||||||||
| Comprehensive loss | $ | (12,089 | ) | $ | (11,918 | ) | $ | (28,093 | ) | $ | (20,259 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic & diluted | $ | (0.29 | ) | $ | (0.29 | ) | $ | (0.68 | ) | $ | (0.49 | ) | ||||
| Weighted-average shares used in computing net loss per share: | ||||||||||||||||
| Attributable to common stock, basic & diluted | 41,490,889 | 40,743,786 | 41,399,010 | 40,627,363 | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share and per share amounts) | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 13,352 | $ | 19,949 | ||||
| Short-term investments | 195,447 | 208,179 | ||||||
| Accounts receivable, net | 18,519 | 23,383 | ||||||
| Inventories | 37,117 | 31,559 | ||||||
| Prepaid and other current assets | 2,961 | 4,389 | ||||||
| Receivable from collaboration partner | 60,000 | — | ||||||
| Total current assets | 327,396 | 287,459 | ||||||
| Property and equipment, net | 14,039 | 13,056 | ||||||
| Operating leases right-of-use assets | 9,491 | 9,959 | ||||||
| Restricted cash | 750 | 750 | ||||||
| Other assets | 1,024 | 590 | ||||||
| Total assets | $ | 352,700 | $ | 311,814 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 6,345 | $ | 5,296 | ||||
| Accrued expenses and other current liabilities | 15,553 | 16,533 | ||||||
| Lease liabilities | 1,664 | 1,162 | ||||||
| Deferred revenue, current | 6,882 | 3,262 | ||||||
| Refund liability | 50,000 | — | ||||||
| Total current liabilities | 80,444 | 26,253 | ||||||
| Long-term lease liabilities | 8,916 | 9,878 | ||||||
| Total liabilities | 89,360 | 36,131 | ||||||
| Commitments and contingencies (Note 8) | ||||||||
| Stockholders' equity: | ||||||||
| Common stock, | 41 | 41 | ||||||
| Preferred stock, | — | — | ||||||
| Additional paid-in capital | 952,378 | 936,628 | ||||||
| Accumulated other comprehensive (loss) income | (59 | ) | 53 | |||||
| Accumulated deficit | (689,020 | ) | (661,039 | ) | ||||
| Total stockholders' equity | 263,340 | 275,683 | ||||||
| Total liabilities and stockholders' equity | $ | 352,700 | $ | 311,814 | ||||
Supplemental Information on Gross Margin
Reconciliation of gross margin and gross margin percentage to revenues and cost of sales for the three months ended
| Three Months Ended | Three Months Ended | ||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||
| Gross Margin | Product | Collaboration | Total | Product | Collaboration | Total | |||||||||||||
| Sales | $ | 27,241 | $ | 6,500 | $ | 33,741 | $ | 33,637 | $ | — | $ | 33,637 | |||||||
| Cost of sales | 7,855 | — | 7,855 | 8,447 | — | 8,447 | |||||||||||||
| Gross profit | $ | 19,386 | $ | 6,500 | $ | 25,886 | $ | 25,190 | $ | — | $ | 25,190 | |||||||
| Gross margin % | 71.2 | % | 100.0 | % | 76.7 | % | 74.9 | % | 0.0 | % | 74.9 | % | |||||||
Reconciliation of gross margin and gross margin percentage to revenues and cost of sales for the six months ended
| Six Months Ended | Six Months Ended | ||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||
| Gross Margin | Product | Collaboration | Total | Product | Collaboration | Total | |||||||||||||
| Sales | $ | 58,134 | $ | 6,500 | $ | 64,634 | $ | 71,531 | $ | — | $ | 71,531 | |||||||
| Cost of sales | 15,250 | — | 15,250 | 18,013 | — | 18,013 | |||||||||||||
| Gross profit | $ | 42,884 | $ | 6,500 | $ | 49,384 | $ | 53,518 | $ | — | $ | 53,518 | |||||||
| Gross margin % | 73.8 | % | 100.0 | % | 76.4 | % | 74.8 | % | 0.0 | % | 74.8 | % | |||||||
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements presented under generally accepted accounting principles in
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 Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Adjusted net earnings (loss) is a non-GAAP financial measure that we define as net earnings (loss) adjusted for stock-based compensation. We believe adjusted net earnings (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.
Reconciliations of net earnings (loss) to adjusted net earnings (loss) and the presentation of adjusted net earnings (loss) per share, basic and diluted, are as follows:
| Three months ended | Six months ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Common Stock | ||||||||||||||||
| Numerator: | ||||||||||||||||
| Net loss available to stockholders, basic and diluted | $ | (12,097 | ) | $ | (11,786 | ) | $ | (27,982 | ) | $ | (19,976 | ) | ||||
| Add: | ||||||||||||||||
| Stock-based compensation | 7,464 | 8,547 | 15,410 | 15,687 | ||||||||||||
| Adjusted net earnings (loss) income available to common stockholders, basic and diluted: | $ | (4,633 | ) | $ | (3,239 | ) | $ | (12,572 | ) | $ | (4,288 | ) | ||||
| Denominator: | ||||||||||||||||
| Weighted-average shares outstanding, basic | 41,490,889 | 40,743,786 | 41,399,010 | 40,627,363 | ||||||||||||
| Weighted-average shares outstanding, diluted | 41,490,889 | 42,258,193 | 41,399,010 | 40,627,363 | ||||||||||||
| Adjusted net earnings (loss) per share, basic | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.30 | ) | $ | (0.11 | ) | ||||
| Adjusted net earnings (loss) per share, diluted | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.30 | ) | $ | (0.11 | ) | ||||
