RxSight (NASDAQ:RXST) reported preliminary second-quarter financial results and provided updates on its product pipeline following a newly announced strategic collaboration agreement with Alcon, with management pointing to both near-term commercial headwinds and longer-term opportunities in adjustable intraocular lenses.
On a conference call, President and Chief Executive Officer Dr. Ron Kurtz said RxSight has been developing proprietary hybrid intraocular lens materials intended to support next-generation light-adjustable technology across premium lens categories. He said those efforts are being pursued through both the company’s standalone product pipeline and its collaboration with Alcon.
Preliminary Second-Quarter Results
Chief Financial Officer Mark Wilterding said RxSight expects second-quarter total company revenue of approximately $32 million to $34 million. That includes an estimated $5 million to $7 million related to the RxSight-Alcon strategic collaboration agreement, subject to completion of quarter-end close procedures and the company’s accounting assessment.
Excluding revenue related to the agreement, preliminary total company sales were approximately $27 million in the second quarter, down 20% from the prior-year period. RxSight sold 24,917 Light Adjustable Lens, or LAL, units during the quarter, a 10% year-over-year decline.
The company sold 11 Light Delivery Devices, or LDDs, and placed one LDD rental unit during the period, bringing its installed base to 1,166 units. Wilterding said the company ended the quarter with cash, cash equivalents and short-term investments of approximately $209 million.
Guidance Revised for 2026
RxSight revised its full-year 2026 revenue outlook to a range of $140 million to $160 million. The company said that range reflects $110 million to $120 million in RxSight sales and $30 million to $40 million of revenue recognized from the Alcon collaboration agreement.
Wilterding said the updated sales guidance assumes the continuation of headwinds experienced in the second quarter. He added that collaboration agreement revenue remains subject to the terms and conditions described in the company’s SEC filing.
RxSight also raised its gross margin outlook, citing a favorable mix of LALs versus LDDs sold in the second quarter and an expectation that the trend will continue for the rest of 2026. The company now expects full-year gross margin of 73% to 75%, compared with previous guidance of 70% to 72%.
Operating expense guidance remained unchanged, with management continuing to expect expenses at the high end of the $150 million to $160 million range. Wilterding said that expectation includes accelerating investments in the LAL sales force and significant expenses related to the collaboration agreement.
Competitive Trialing and Consumer Sentiment Cited as Headwinds
Kurtz said RxSight experienced near-term challenges in the second quarter after several quarters of relatively stable utilization trends. He attributed the retrenchment in part to “widespread competitive trialing activity associated with new product launches,” while noting that the company did not yet have second-quarter data from other premium IOLs.
He said trial programs can create “a significant short-term incentive” in an already strained practice environment, and management expects the heightened competitive environment to remain active through the end of the year.
Kurtz also cited pressure on consumer sentiment, which he said may have contributed to more deliberate patient decision-making and softer overall procedure activity. He noted that cataract surgery typically cannot be deferred indefinitely but said unusual declines in overall cataract volumes were observed in the first quarter, with patient confidence and the broader economic backdrop among potential factors.
To respond, RxSight plans to accelerate customer re-engagement efforts and make additional investments in its U.S. LAL sales force. Kurtz said the company aims to expand its depth of penetration within existing accounts.
Pipeline Updates Include Toric and Next-Generation LAL Products
Kurtz said RxSight is working on next-generation LAL and LAL+ products, as well as LAL Toric, a lens designed to combine built-in Toric correction with postoperative refinement of residual sphere and cylinder. He said each product is intended to maintain high levels of visual quality and adjustability while improving workflow and reducing the number of required postoperative treatments.
In response to analyst questions, Kurtz said current use averages about one and a half or slightly more adjustments and about two “lock-in” treatments. He said the potential for a single lock-in treatment and built-in astigmatism correction could significantly reduce the number of postoperative treatments required.
Regarding the Alcon collaboration, Kurtz said the main benefit would be addressing residual refractive error, which he described as a leading reason for dissatisfaction after presbyopia-correcting IOLs. He said RxSight had not provided a specific timeline, but described the opportunity as within the company’s typical five-year planning period. He also declined to comment on the specific regulatory path for a combined technology, saying RxSight would collaborate with Alcon on that process.
Asked about whether an adjustable presbyopia-correcting IOL might overlap with RxSight’s existing offering, Kurtz said the company’s data show that most LAL patients come from monofocal or monofocal Toric lenses, with less than a quarter coming from presbyopia-correcting IOLs, including extended depth-of-focus and trifocal lenses. He said the Alcon collaboration would give RxSight access to an area in which it does not currently participate.
RxSight said its complete, unaudited second-quarter 2026 financial results are expected to be announced on Aug. 5, 2026.
About RxSight (NASDAQ:RXST)
RxSight, Inc is a medical technology company focused on the development and commercialization of advanced intraocular lens (IOL) systems for patients undergoing cataract surgery and lens replacement procedures. The company’s flagship product, the Light Adjustable Lens (LAL), is designed to provide customized vision correction by allowing non?invasive post?operative adjustments. Using ultraviolet light, surgeons can fine?tune the lens power after implantation to achieve optimal visual outcomes, reducing reliance on glasses or contact lenses and enhancing patient satisfaction.
Founded in 2011 and headquartered in Aliso Viejo, California, RxSight has pursued regulatory clearances and market access across multiple regions.
