RxSight Analysts Slash Their Forecasts After Q2 Results

Author: Avi Kapoor | August 06, 2024 08:12am

Rxsight Inc (NASDAQ:RXST) posted upbeat second-quarter sales and raised its FY24 revenue forecast on Monday.

RxSight reported quarterly sales of $34.887 million which beat the analyst consensus estimate of $32.283 million by 8.07 percent, according to data from Benzinga Pro. This is a 67.65 percent increase over sales of $20.810 million the same period last year.

“In the second quarter, we continued to make significant progress in the adoption of adjustability as a new standard in the premium market, highlighted by robust LDD sales and the positive reception of the recently launched LAL+,” said Dr. Ron Kurtz, Chief Executive Officer and President of RxSight. “The ability to adjust the optical power of the lens after surgery is increasingly valued by both doctors and patients for the excellent clinical outcomes and personalized approach it enables. As we move forward, we remain dedicated to expanding our presence and driving innovation within the global premium IOL market.”

RxSight lifted its FY24 revenue forecast from $132 million – $137 million to $139 million – $140 million.

Rxsight shares fell 2.4% to close at $40.78 on Monday.

These analysts made changes to their price targets on Rxsight following earnings announcement.

• Needham analyst David Saxon maintained RxSight with a Buy rating and lowered the price target from $75 to $54.
• Stifel analyst Thomas Stephan maintained the stock with a Buy and cut the price target from $70 to $65.
• Oppenheimer analyst Steven Lichtman maintained RxSight with an Outperform rating, while lowering the price target from $72 to $65.

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