RxSight, Inc.

What they do

RxSight sells the RxSight Light Adjustable Lens (LAL/LAL+), the RxSight Light Delivery Device (LDD), and related accessories as a 'razor and razor blade' system in the U.S. premium cataract market. A surgeon implants the LAL during standard cataract surgery, then uses the LDD's UV light treatments weeks later to adjust the lens in 0.25 diopter increments to correct residual refractive error. Commercial sales began in 2019 and are focused on roughly 4,000 U.S. cataract surgeons who perform about 60% of premium IOL procedures.

Revenue drivers

• LAL units — Sale of Light Adjustable Lenses is the primary recurring revenue driver; Q2 2026 product sales of $27.2 million included 24,917 LAL units.
• LDD placements — Capital sales of the Light Delivery Device establish the installed base that drives ongoing LAL usage; Q2 2026 included 12 LDD units and global installed base was 1,166 LDDs as of June 30, 2026.
• Alcon collaboration revenue — $6.5 million of Q2 2026 total revenue of $33.7 million came from the strategic collaboration with Alcon; the agreement carries up to $200 million in upfront and milestone payments plus royalties.

Recent performance

Q2 2026 total revenue was $33.7 million, including $6.5 million from the Alcon collaboration, while product sales of $27.2 million fell 19% year over year on heightened competitive trialing and weak consumer sentiment. Q2 gross margin was 76.7% including collaboration revenue but 71.2% excluding it, down from 74.9% a year earlier on inventory-related costs and higher-cost inventory flow-through. Operating expenses were $39.7 million versus $39.2 million a year ago, producing a net loss of $(12.1) million, or $(0.29) per share, and an adjusted net loss of $(4.6) million, or $(0.11) per share. Cash, cash equivalents and short-term investments were $208.8 million at June 30, 2026. Annual revenue was $139.9 million in 2024 and $134.5 million in 2025.

Strategy

RxSight is building a 'razor and razor blade' model around LDD placements that pull through recurring LAL volume, with sales efforts concentrated on the ~4,000 U.S. surgeons doing most premium IOL procedures. New CEO Aziz Mottiwala, appointed in 2026, has begun a comprehensive business review focused on commercial execution, deeper adoption within the installed base, and the pipeline. The company entered a strategic collaboration with Alcon to develop and commercialize light-adjustable presbyopia-correcting IOLs, with up to $200 million in upfront and milestone payments and future royalties. It also announced a next-generation Light Adjustable Technology platform including new LAL, LAL+ and LAL Toric lenses intended to improve workflow and reduce required postoperative visits.

Risks

• Product sales decline — Q2 2026 product sales fell 19% year over year, which the company attributed to heightened competitive trialing and pressure on consumer sentiment.
• Guidance withdrawal and leadership transition — The company withdrew its 2026 guidance in connection with the CEO transition and will not resume formal guidance until early 2027.
• Continued losses and cash use — RxSight reported a $(12.1) million net loss in Q2 2026 and has posted annual net losses every year from 2021 through 2025.
• Gross margin pressure — Excluding the Alcon collaboration, Q2 2026 gross margin was 71.2% versus 74.9% a year earlier, reflecting inventory-related costs and higher-cost inventory flow-through.

Outlook

Management withdrew 2026 guidance to allow flexibility in establishing a new operating plan and said it will resume formal guidance in early 2027. The new CEO said underlying trends remain generally consistent with prior expectations and that the immediate priorities are strengthening commercial execution, deepening adoption across the installed base, and the core business, pipeline and Alcon collaboration. Non-U.S. sales are not expected to be material to consolidated results in the foreseeable future.