As previously reported, Wells Fargo analyst Larry Biegelsen downgraded RxSight to Equal Weight from Overweight with a price target of $14, down from $20, as he believes demand for its light adjustable lens will be sensitive to a possible economic downturn. LALs are priced at a premium to other advanced technology intraocular lenses, with significant out-of-pocket cost and patients can pay up to $4,000-plus per eye and may be less willing to do so in a recession. His analysis of the 2008-2009 financial crisis showed a steep decline in the PC-IOL market, which Biegelsen believes would happen again with another economic downturn.
Published first on TheFly
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