RxSight's stock jumped over 7% on Friday following the announcement of its newest Light Adjustable Lens+ (LAL+) product launch and strong presence at a major industry conference.
The California-based ophthalmic medical technology company saw its shares climb to $55.76, up 7.22% as of 12:35 PM EDT on April 5th, as investors responded positively to the commercial release of LAL+, an enhanced version of the company's innovative adjustable lens platform for cataract surgery patients.
The new LAL+ features an advanced aspheric anterior surface design that expands depth of focus capabilities, building upon RxSight's successful original LAL technology. This launch coincides with multiple scientific presentations highlighting the company's technology at the American Society of Cataract and Refractive Surgery (ASCRS) annual meeting in Boston.
The stock surge follows RxSight's strong financial performance in 2023, where the company reported:
- 78% year-over-year revenue growth in Q4 to $28.6 million
- 82% full-year revenue increase to $89.1 million
- Gross profit margin expansion from 44% to 60%
Looking ahead to 2024, RxSight projects:
- Revenue between $128.0-135.0 million (44-52% growth)
- Improved gross margins of 65-67%
- Reduced net loss per share from $1.41 to $0.98
Market analysts have responded by raising their price target for RXST by 17% to $57.75, reflecting growing confidence in the company's market position and growth trajectory.
The positive market reaction suggests investors are optimistic about RxSight's expanding product portfolio and its ability to meet increasing demand for customizable vision solutions in the premium cataract surgery market.
Ron Kurtz, CEO and President of RxSight, emphasized the company's commitment to delivering high-quality vision outcomes, stating their focus on "unlocking the full potential of adjustable technology for patients" as they move through 2024.