RxSIGHT INC Reports Q2 2024 Financial Results
Intellectia.AI2024-08-08
RxSIGHT, INC. Reports Q2 2024 Financial Results
Overview RxSIGHT, INC. reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Key Metrics | Q2 2024 | Q1 2024 | Q2 2023 | YoY % Change | QoQ % Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $34.9 million | $29.5 million | $20.8 million | 67.6% | 18.3% | $32.28 million |
| Earnings Per Share (EPS) | $-0.22 | $-0.30 | $-0.35 | -37.14% | -26.67% | $-0.22 |
Interpretation: RxSIGHT, INC.'s Q2 2024 total revenue of $34.9 million surpassed both the sequential quarter's revenue and the previous year's second quarter revenue, demonstrating strong year-over-year growth of 67.6%. The company's EPS met the consensus estimate of $-0.22, showing an improvement from both Q1 2024 and Q2 2023.
Revenue Performance by Segment
| Segment | Q2 2024 | Q1 2024 | Q2 2023 | YoY % Change | QoQ % Change |
|---|---|---|---|---|---|
| Light Adjustable Lens (LAL) Sales | $24.3 million | $19.5 million | $14.5 million | 67.6% | 24.6% |
| Light Delivery Device (LDD) Sales | $10.6 million | $10.0 million | $6.3 million | 68.3% | 6.0% |
Interpretation: The revenue from both LAL and LDD segments showed strong growth year-over-year and quarter-over-quarter. LAL sales increased by 67.6% YoY and 24.6% QoQ, while LDD sales increased by 68.3% YoY and 6.0% QoQ, indicating positive adoption and utilization trends for RxSIGHT's technology.
Comments from Company Officers
Chief Executive Officer and President Ron Kurtz, M.D. commented, "Our continued focus on innovation and strategic execution has enabled RxSIGHT to achieve robust revenue growth and improved operating performance. The increased adoption and utilization of our Light Adjustable Lens system by ophthalmologists reinforce the potential of our advanced technology in delivering superior clinical outcomes."
Dividends or Share Repo Program
No information on dividends or share repurchase programs was provided in the release.
Forward Guidance
RxSIGHT has filed an automatic shelf registration statement effective for three years, allowing for the flexibility to access additional capital to support U.S. and international expansions and pursue other business opportunities.
Stock Price Movement after Earnings Release
Post-earnings release, RxSIGHT's stock price declined by 2.37%, reflecting market reactions to the earnings report.
Summary
RxSIGHT, INC.'s financial results for Q2 2024 show strong revenue growth and improved earnings performance, indicating positive acceptance and increased utilization of its Light Adjustable Lens System. Despite the post-earnings release stock price dip, the company's robust financial performance and strategic initiatives position it well for future growth.
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