RxSight, Inc 10-Q for FY2024 Q1

About this 10-Q

Headline figures

RxSight, Inc. (RXST)

10-Q 2024-05-06 For: 2024-03-31

Added on April 06, 2026

RxSight, Inc filed this 10-Q on May 6, 2024, covering the quarter ended March 31, 2024 (FY2024 Q1).

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $29.51M; up 68.7% from $17.49M a year earlier
Net loss: $9.1M; compared with a net loss of $13.21M a year earlier
Diluted EPS: -$0.25; compared with -$0.42 a year earlier

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Delaware	94-3268801
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
100 Columbia Aliso Viejo, CA	92656
(Address of principal executive offices)	(Zip Code)


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	5
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations and Comprehensive Loss	6
	Condensed Consolidated Statements of Equity	7
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	93
Item 3.	Defaults Upon Senior Securities	94
Item 4.	Mine Safety Disclosures	94
Item 5.	Other Information	94
Item 6.	Exhibits	95
Signatures		96


	March 31,			December 31,
	2024			2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	32,645		$	9,692
Short-term investments		92,709			117,490
Accounts receivable		21,550			20,281
Inventories, net		18,700			17,421
Prepaid and other current assets		2,955			3,523
Total current assets		168,559			168,407
Property and equipment, net		11,617			10,841
Operating leases right-of-use assets		2,052			2,444
Restricted cash		711			711
Other assets		226			147
Total assets	$	183,165		$	182,550

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	5,057		$	3,863
Accrued expenses and other current liabilities		11,657			15,239
Lease liabilities		1,614			1,801
Total current liabilities		18,328			20,903
Long-term lease liabilities		908			1,211
Other long-term liabilities		—			74
Total liabilities		19,236			22,188
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, $0.001 par value, 900,000,000 shares authorized, 37,161,753 shares issued and outstanding as of March 31, 2024 and 36,139,513 shares issued and outstanding as of December 31, 2023		37			36
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding		—			—
Additional paid-in capital		767,685			754,971
Accumulated other comprehensive loss		(53	)		(5	)
Accumulated deficit		(603,740	)		(594,640	)
Total stockholders' equity		163,929			160,362

Total liabilities and stockholders' equity	$	183,165		$	182,550



	Three Months Ended March 31,
	2024			2023

Sales	$	29,512		$	17,489
Cost of sales		8,827			7,123
Gross profit		20,685			10,366
Operating expenses:
Selling, general and administrative		23,324			16,255
Research and development		8,031			7,208
Total operating expenses		31,355			23,463
Loss from operations		(10,670	)		(13,097	)
Other income (expense), net:
Interest expense		(6	)		(1,507	)
Interest and other income		1,585			1,392
Loss before income taxes		(9,091	)		(13,212	)
Income tax expense		9			—

Net loss	$	(9,100	)	$	(13,212	)
Other comprehensive (loss) income
Unrealized (loss) gain on short-term investments		(45	)		84
Foreign currency translation (loss) gain		(3	)		2
Total other comprehensive (loss) income		(48	)		86

Comprehensive loss	$	(9,148	)	$	(13,126	)

Net loss per share:
Basic & diluted	$	(0.25	)	$	(0.42	)
Weighted-average shares used in computing net loss per share:
Attributable to common stock, basic & diluted		36,843,087			31,637,097


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended March 31, 2024

	Common stock					Additional paid-in			Accumulated other			Accumulated			Total stockholders'
	Shares			Amount		capital			comprehensive loss			deficit			equity
Balance at December 31, 2023		36,139,513		$	36	$	754,971		$	(5	)	$	(594,640	)	$	160,362
Shares issued for the exercise of stock options and vesting of restricted stock units		1,061,336			1		10,152			—			—			10,153
Shares redeemed for employee tax withholdings		(39,096	)		—		(2,134	)		—			—			(2,134	)
Stock-based compensation expense		—			—		4,696			—			—			4,696
Unrealized loss on short-term investments and cash equivalents, net of tax		—			—		—			(45	)		—			(45	)
Foreign currency translation adjustment		—			—		—			(3	)		—			(3	)
Net loss		—			—		—			—			(9,100	)		(9,100	)
Balance at March 31, 2024		37,161,753		$	37	$	767,685		$	(53	)	$	(603,740	)	$	163,929


	Three Months Ended March 31, 2023

	Common stock					Additional paid-in			Accumulated other			Accumulated			Total stockholders'
	Shares			Amount		capital			comprehensive loss			deficit			equity
Balance at December 31, 2022		28,268,389		$	28	$	636,001		$	(95	)	$	(546,032	)	$	89,902
Shares issued for the exercise of stock options and vesting of restricted stock units		243,598			—		761			—			—			761
Shares redeemed for employee tax withholdings		(24,631	)		—		(337	)		—			—			(337	)
Stock-based compensation expense		—			—		3,295			—			—			3,295
Issuance of common stock for public offering, net of underwriting discounts, commissions and offering costs		4,600,000			5		53,595			—			—			53,600
Issuance of common stock for at-the-market offerings, net of issuance costs		879,341			1		10,913			—			—			10,914
Unrealized gain on short-term investments and cash equivalents, net of tax		—			—		—			84			—			84
Foreign currency translation adjustment		—			—		—			2			—			2
Net loss		—			—		—			—			(13,212	)		(13,212	)
Balance at March 31, 2023		33,966,697		$	34	$	704,228		$	(9	)	$	(559,244	)	$	145,009


	As of March 31, 2024
	Amortized Cost		Unrealized Loss, Net			Estimated Fair Value
U.S. Treasury securities	$	92,745	$	(36	)	$	92,709


	As of December 31, 2023
	Amortized Cost		Unrealized Gain, Net		Estimated Fair Value
U.S. Treasury securities	$	117,480	$	10	$	117,490


	As of March 31, 2024
	Level I		Level II		Total
Assets:
Money market securities	$	24,797		—		24,797
U.S. Treasury securities		—		92,709		92,709
Total assets at fair value	$	24,797	$	92,709	$	117,506


	Number of Options			Weighted Average Exercise Price		Weighted Avg Remaining Contractual Life (Years)
Options outstanding as of December 31, 2023		6,777,404		$	13.02		6.51
Granted		787,102			55.86
Exercised		(941,617	)		10.78
Forfeited		(56,806	)		14.19
Expired		(9,680	)		4.13
Options outstanding as of March 31, 2024		6,556,403			18.48		6.90
Exercisable as of March 31, 2024		3,615,132		$	12.23		5.36


				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value

Unvested at December 31, 2023		650,357		$	15.80
Granted		162,799			56.07
Vested		(119,719	)		14.86
Forfeited		(16,485	)		15.14
Unvested at March 31, 2024		676,952		$	25.67


	March 31, 2024		December 31, 2023
Stock options issued and outstanding under the Equity Plans		6,556,403		6,777,404
Shares available for future issuance under the 2021 Plan		976,356		358,610
Restricted stock units issued under the 2021 Plan		676,952		650,357
Shares available for future issuance under 2021 ESPP		577,847		577,847
Total shares of common stock reserved		8,787,558		8,364,218


	Three Months Ended March 31,
	2024		2023

LDD (including training)	$	8,714	$	6,475
LAL		19,916		10,395
Service warranty, service contracts, and accessories		882		619
	$	29,512	$	17,489


	Three Months Ended March 31,
	2024			2023

Balance at beginning of period	$	1,888		$	1,191
Additions during the period		963			795
Revenue recognized during the period		(840	)		(598	)
Balance at end of period	$	2,011		$	1,388


	March 31,			December 31,
	2024			2023
Finished goods	$	9,371		$	8,092
Raw materials		5,351			5,680
Work-in-process		4,563			4,145
		19,285			17,917
Less: reserve for excess and obsolete inventory		(585	)		(496	)
	$	18,700		$	17,421


	Three Months Ended March 31,
	2024		2023
	Range	Weighted Average	Range	Weighted Average
Expected volatility	70.7% to 72.3%	71.0%	64.9% to 65.2%	65.1%
Risk-free interest rate	3.9% to 4.3%	4.2%	3.4% to 4.2%	4.1%
Expected life (in years)	6.0 years	6.0 years	6.0 to 10.0 years	6.0 years
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Grant date fair value	$36.89 to $56.07	$55.89	$12.91 to $16.68	$14.86


		March 31,		December 31,
Leases	Classification	2024		2023

Assets
Operating	Operating leases right-of-use assets	$	2,052	$	2,444
Finance	Property and equipment, net		140		156
Total lease assets			2,192		2,600
Liabilities
Current
Operating	Lease liabilities		1,590		1,764
Finance	Lease liabilities		24		37
Noncurrent
Operating	Long-term lease liabilities		788		1,093
Finance	Long-term lease liabilities		120		118
Total lease liabilities		$	2,522	$	3,012


		Three months ended March 31,
Lease Cost	Classification	2024		2023

Operating lease cost	Cost of sales	$	4	$	3
	Research and development		25		37
	Selling, general and administrative		439		449

Finance lease cost	Research and development		17		34
	Selling, general and administrative		7		9

Finance lease cost	Interest expense		5		4


	Operating			Finance
Year Ended December 31,	Leases			Leases
2024 (remainder)	$	1,422		$	32
2025		1,054			43
2026		90			43
2027		11			43
2028		10			36
2029		—			—
Total lease payments		2,587			197
Less: imputed interest		(209	)		(53	)
Total lease liabilities	$	2,378		$	144


	March 31,			December 31,
Lease Term and Discount Rate	2024			2023
Weighted average remaining lease term (years)
Operating leases		1.51			1.69
Finance leases		4.60			4.37
Weighted average discount rate
Operating leases		10.4	%		10.4	%
Finance leases		14.4	%		14.0	%


	2024		2023
	Q1		Q1		Q2		Q3		Q4
LDDs Sold		66		56		67		66		77
Installed Base at End of Period		732		456		523		589		666



	Three Months Ended March 31,						Change
(in thousands, except percentages)	2024			2023			($)			(%)
Sales	$	29,512		$	17,489		$	12,023			68.7	%
Cost of sales		8,827			7,123			1,704			23.9
Gross profit	$	20,685		$	10,366		$	10,319			99.6	%
Operating expenses:
Selling, general and administrative		23,324			16,255			7,069			43.5
Research and development		8,031			7,208			823			11.4
Total operating expenses		31,355			23,463			7,892			33.6
Loss from operations	$	(10,670	)	$	(13,097	)	$	2,427			(18.5	)%
Other income (expense), net:
Interest expense		(6	)		(1,507	)		1,501			(99.6	)
Interest and other income		1,585			1,392			193			13.9
Total other (expense) income, net:		1,579			(115	)		1,694			(1471.3	)%
Loss before income taxes		(9,091	)		(13,212	)		4,121			(31.2	)
Income tax expense		9			—			9			—
Net loss	$	(9,100	)	$	(13,212	)	$	4,112			(31.1	)%
Other comprehensive loss (income)
Unrealized (loss) gain on short-term investments		(45	)		84			(129	)		(153.8	)
Foreign currency translation (loss) gain		(3	)		2			(5	)		(243.7	)
Total other comprehensive (loss) income		(48	)		86			(134	)		(155.9	)
Comprehensive loss	$	(9,148	)	$	(13,126	)	$	3,978			(30.3	)%


	For the Three Months Ended March 31,
	(unaudited)
	2024			2023
Net cash (used in) provided by:
Operating activities	$	(9,309	)	$	(17,764	)
Investing activities		24,274			(48,365	)
Financing activities		7,992			65,305
Effect of foreign exchange rate on cash, cash equivalents and restricted cash		(3	)		2
Net increase (decrease) in cash, cash equivalents and restricted cash	$	22,954		$	(822	)


Exhibit		Incorporated by Reference
Number	Description	Form	File No.	Exhibit	Filing Date

31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1†	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2†	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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	RxSight, Inc.

Date: May 6, 2024	By:	/s/ Ron Kurtz, M.D.
		Ron Kurtz, M.D.
		Chief Executive Officer
		(Principal Executive Officer)

Date: May 6, 2024	By:	/s/ Shelley Thunen
		Shelley Thunen
		Chief Financial Officer
		(Principal Financial and Accounting Officer)


1.	I have reviewed this quarterly report on Form 10-Q of RxSight, Inc.;


2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and


	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.