ALISO VIEJO, Calif.—RxSight, Inc., an ophthalmic medical device company dedicated to providing customized vision to patients following cataract surgery, reported financial results for the three months and full year ending Dec. 31, 2023. In the fourth quarter of 2023, total revenue was $28.6 million, an increase of 78 percent compared with the fourth quarter of 2022. Revenue growth was driven by a 52 percent increase in light delivery devices (LDD) revenue and a 98 percent increase in light adjustable lenses (LAL) revenue compared with the fourth quarter of 2022.

Full-year 2023 total revenue was $89.1 million, an increase of 82 percent compared with  the full year of 2022. The increase in 2023 revenue was driven by a 43 percent increase in LDD revenue and a 117 percent increase in LAL revenue compared with 2022.

“We are very thankful to all our partner doctors and practices for joining with the RxSight team to consistently deliver high-quality vision across a range of distances,” said Ron Kurtz, CEO and president of RxSight. “As we step into 2024, we aim to expand our ability to optimize premium cataract surgery by unlocking the full potential of adjustable technology for patients.” 

In the fourth quarter of 2023, the company reported a net loss of $9.2 million compared with a net loss of $15.6 million in the fourth quarter of 2022. In 2023, net loss was $48.6 million compared with a net loss of $66.8 million in 2022.

Gross profit for the fourth quarter of 2023 was $17.7 million or 62 percent of revenue, an increase of $10.2 million or 138 percent compared with gross profit of $7.4 million or 46 percent of revenue for the fourth quarter of 2022. The increase in gross profit was due to a favorable product mix from a greater percentage of revenue from LAL sales and sales of the LDD, with a lower cost to manufacture and a higher average selling price.

Gross profit for the full year of 2023 was $53.8 million, or 60 percent of revenue compared with gross profit of $21.3 million, or 44 percent of revenue for the full year of 2022. The increase in gross profit was due to a favorable product mix from a greater percentage of revenue from LAL sales and increased margins on the LDD introduced during the third quarter of 2023.

The company is reiterating guidance for full-year 2024 revenue. Revenue guidance is expected to be in a range of $128.0 million to $135.0 million, representing implied growth of 44 percent to 52 percent compared with 2023.