RxSight, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the quarter ended September 30, 2026, was $24.6 million, a 19% decrease from $30.3 million in the prior-year period.
• Product sales revenue was $24.5 million, driven by 23,128 Light Adjustable Lens (LAL) units sold.
• License and collaboration revenue was $40,000, with minimal revenue recognized from the Alcon collaboration during the quarter.
• Gross margin was 73.6%, down from 79.9% in the prior-year period, primarily due to increased inventory reserves and higher inventory costs for LAL and LDD, partially offset by favorable product mix.
• Total costs and expenses were $43.1 million, relatively consistent with $42.5 million in the prior-year period.
• Net loss was $(16.2) million, or $(0.39) per share, compared to a net loss of $(9.8) million, or $(0.24) per share, in the prior-year period.
• Adjusted net loss was $(8.6) million, or $(0.21) per share, compared to an adjusted net loss of $(1.7) million, or $(0.04) per share, in the prior-year period.
• Cash, cash equivalents, and short-term investments totaled $254.7 million as of September 30, 2026, including $60 million received from the Alcon collaboration.
• Accounts receivable decreased to $17.0 million from $23.4 million as of December 31, 2025.
• Inventories increased to $39.6 million from $31.6 million as of December 31, 2025.
• Total liabilities increased to $85.5 million from $36.1 million as of December 31, 2025, driven by a $50.0 million refund liability.
• Stockholders' equity decreased to $254.9 million from $275.7 million as of December 31, 2025.

Business Segments and Product Lines:

• The Light Adjustable Lens (LAL) system, including LAL and LAL+ products, along with the Light Delivery Device (LDD) and accessories, remains the core product offering.
• The company completed a significant organizational restructuring to align resources with strategic priorities.
• The sales force was nearly doubled to support deeper customer engagement and enhanced practice support.
• Experienced eye care leaders Taryn Conway and Frank Shields were appointed as Chief Commercial Officer and EVP of Sales and Commercial Strategy, respectively.

Market and Competitive Landscape:

• Revenue decline was primarily attributed to ongoing competitive pressures in the market.
• The Alcon collaboration partnership is advancing with the initial 120-day period under the agreement now complete.

Risks and Challenges:

• Competitive pressures continue to impact revenue growth.
• Inventory costs for LAL and LDD have increased, contributing to lower gross margins.
• The company faces the challenge of aligning cost structures with strategic priorities following organizational restructuring.

Management Commentary and Tone:

• CEO Aziz Mottiwala stated the team has moved quickly to strengthen the commercial organization, make progress on long-term growth initiatives, and align cost structures.
• Management expressed confidence in positioning the company for long-term success despite remaining work ahead.
• The tone emphasized execution and the strategic value of the Alcon collaboration and commercial transformation.

Other Key Points:

• The company received $60 million in the third quarter in connection with the Alcon collaboration.
• A refund liability of $50.0 million was recorded as of September 30, 2026.
• The company hosted a conference call on November 3, 2026, to discuss results.
• The 2026 year-to-date total revenue was $89.2 million, down from $101.9 million in the same period of 2025.
• The 2026 year-to-date adjusted net loss was $(21.2) million, or $(0.51) per share, compared to $(6.0) million, or $(0.15) per share, in 2025.