RxSight Q3 revenue falls on competitive pressures

Overview

• Ophthalmic device maker's Q3 revenue fell 19% yr/yr, citing ongoing competitive pressures

• Adjusted loss per share for Q3 was $0.21, beating analyst expectations

• Company completed organizational restructuring and expanded commercial leadership to support growth

Outlook

• Company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers

• COMPETITIVE PRESSURE - Co said revenue decline was primarily due to ongoing competitive pressures

• INVENTORY COSTS - Gross margin declined due to increased inventory reserves and higher inventory costs for LAL and LDD

• ALCON COLLABORATION - Revenue recognized from the Alcon collaboration was minimal in the quarter as the program is in early stages

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 7 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy."

• Wall Street's median 12-month price target for RxSight, Inc. is $7.00, about 45.8% above its November 2 closing price of $4.80

Reuters Recommended Reads

• Nov 2 - Inspire Medical Q3 revenue falls, narrows outlook

• Nov 3 - Coloplast pares back China operations as market recovery remains elusive

• Nov 3 - Stevanato Group Q3 revenue beats estimates on biopharma segment

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)