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RxSight
(NASDAQ:RXST)
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Rating:52Neutral
Price Target:
$6.50
▲(25.24% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weak profitability and persistent negative operating/free cash flow alongside recent revenue softness, despite strong gross margins and a low-debt balance sheet. Technically, momentum has improved (above 20/50-day averages with positive MACD), but the longer-term trend remains pressured (below the 200-day) and short-term indicators look stretched. The latest earnings call adds uncertainty due to withdrawn guidance and declining core sales/volumes, partially offset by the Alcon partnership economics and substantial cash resources.
Positive Factors
High Gross Margins
Sustained ~77% TTM gross margin reflects strong unit economics of the Light Adjustable Lens platform. High product-level margins create durable profit potential as volumes scale, enabling the company to invest in commercial expansion and R&D while absorbing SG&A leverage if utilization improves.
Negative Factors
Negative Cash Generation
Persistent negative operating and free cash flow means the business is not yet self‑funding. Continued burn increases dependence on external financing or milestone payments (e.g., Alcon) and constrains the ability to sustainably scale sales and absorb commercialization costs if core demand stays weak.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Sustained ~77% TTM gross margin reflects strong unit economics of the Light Adjustable Lens platform. High product-level margins create durable profit potential as volumes scale, enabling the company to invest in commercial expansion and R&D while absorbing SG&A leverage if utilization improves.
Read all positive factors
RxSight (RXST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$292.82M
Dividend YieldN/A
Average Volume (3M)1.34M
Price to Earnings (P/E)―
Beta (1Y)1.22
Revenue Growth-13.24%
EPS Growth-42.62%
CountryUS
Employees461
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.13
Shares Outstanding41,593,258
10 Day Avg. Volume1,325,215
30 Day Avg. Volume1,336,033
Financial Highlights & Ratios
PEG Ratio-0.32
Price to Book (P/B)1.56
Price to Sales (P/S)3.19
P/FCF Ratio-22.18
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$7.79Price Target Upside50.05% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)-0.99
Revenue Forecast (FY)$145.03M
RxSight Business Overview & Revenue Model
Company Description
As a medical technology enterprise, RxSight, Inc. (which operated as Calhoun Vision, Inc. until its rebranding in February 2017) specializes in the innovation, manufacturing, and distribution of light-adjustable intraocular lenses (LALs). These ad...
How the Company Makes Money
RxSight primarily makes money by selling its Light Adjustable Lens (LAL) consumables and the capital equipment required to deliver adjustments. The key revenue streams are: (1) Sale of LAL intraocular lenses (and related disposable items, if appli...
RxSight Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call mixed notable strategic and clinical positives — most prominently the Alcon collaboration, solid clinical evidence, a healthy cash position (plus post-quarter $60M upfront), and new commercial leadership with plans to expand the sales force — alongside material near-term operational and financial challenges: a 19% decline in product sales, a 9% drop in LAL volumes, gross margin pressure from inventory, a reported net loss, and the withdrawal of full‑year guidance while management completes an assessment. Management presented a concrete action plan and resources to address utilization and execution, but near-term execution risk and competitive trialing remain.Positive Updates
Alcon Collaboration and Near-Term Revenue
Announced strategic collaboration with Alcon providing external validation and commercial optionality; management noted $6.5M of the initial milestone was recognized in Q2, the company received a $60M upfront payment after quarter-end, and expects to recognize $30M–$40M of Alcon-related revenue in 2026. Management also referenced $200M in upfront and potential future milestone payments and potential long-term royalties.
Negative Updates
Product Sales Decline
Core product sales (excluding Alcon-related revenue) were $27.2M in Q2, down 19% year-over-year, attributed to heightened competitive trialing and broader marketplace headwinds.
Read all updates
Q2-2026 Updates
Positive
Negative
Alcon Collaboration and Near-Term Revenue
Announced strategic collaboration with Alcon providing external validation and commercial optionality; management noted $6.5M of the initial milestone was recognized in Q2, the company received a $60M upfront payment after quarter-end, and expects to recognize $30M–$40M of Alcon-related revenue in 2026. Management also referenced $200M in upfront and potential future milestone payments and potential long-term royalties.
Read all positive updates
Company Guidance
Management withdrew its full‑year 2026 guidance to complete a strategic assessment and said it will resume formal guidance in early 2027 (with Q4 results); they provided directional commentary that they expect to recognize $30–$40 million of revenue from the Alcon collaboration (timing variable, limited in Q3 with the balance in Q4) and highlighted current headwinds including competitive trialing, Q3 seasonality and patient affordability. As context, Q2 revenue was $33.7M (including $6.5M Alcon IP revenue), product sales were $27.2M (down 19% YoY), LAL unit volumes were 24,917 (down 9% YoY) translating into $24.5M of LAL procedure sales (90% of product revenue); 12 LDD placements generated $1.3M and the installed base was 1,166 units. Q2 gross margin was 76.7% (71.2% ex‑partnership vs. 74.9% prior year), SG&A was $30.4M (+5% YoY), R&D was $9.2M (vs. $10.2M), net loss was $12.1M or $0.29 per share on 41.5M weighted shares (adjusted net loss $4.6M or $0.11 after $7.5M stock‑based comp), and cash and short‑term investments were about $209M (plus a $60M upfront payment received after quarter end). Management also reiterated plans to double the U.S. sales team over time while funding expansion mainly via internal reallocation without materially increasing operating expenses.RxSight Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
72
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 127.58M | 134.48M | 139.93M | 89.08M | 49.01M | 22.59M |
| Gross Profit | 98.87M | 103.01M | 98.94M | 53.77M | 21.33M | 4.52M |
| EBITDA | -43.29M | -38.84M | -23.76M | -41.04M | -57.78M | -41.01M |
| Net Income | -46.95M | -38.94M | -27.45M | -48.61M | -66.76M | -48.69M |
Balance Sheet | ||||||
| Total Assets | 352.70M | 311.81M | 318.56M | 182.55M | 150.16M | 192.72M |
| Cash, Cash Equivalents and Short-Term Investments | 208.80M | 228.13M | 237.22M | 127.18M | 105.80M | 159.33M |
| Total Debt | 10.58M | 11.04M | 12.30M | 3.01M | 44.99M | 44.93M |
| Total Liabilities | 89.36M | 36.13M | 37.33M | 22.19M | 60.26M | 54.48M |
| Stockholders Equity | 263.34M | 275.68M | 281.24M | 160.36M | 89.90M | 138.24M |
Cash Flow | ||||||
| Free Cash Flow | -38.81M | -19.34M | -22.39M | -46.41M | -61.24M | -46.65M |
| Operating Cash Flow | -33.62M | -15.51M | -16.95M | -41.59M | -58.85M | -44.71M |
| Investing Cash Flow | 3.73M | 16.89M | -99.31M | -22.13M | 39.95M | -81.91M |
| Financing Cash Flow | 523.00K | 1.86M | 123.32M | 61.52M | 6.33M | 137.34M |
RxSight Technical Analysis
Positive
5.19
Price Trends
5.38
Positive
5.97
Positive
7.78
Negative
Market Momentum
0.34
Negative
71.85
Negative
90.55
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RXST, the sentiment is Positive. The current price of 5.19 is below the 20-day moving average (MA) of 5.89, below the 50-day MA of 5.38, and below the 200-day MA of 7.78, indicating a neutral trend. The MACD of 0.34 indicates Negative momentum. The RSI at 71.85 is Negative, neither overbought nor oversold. The STOCH value of 90.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RXST.
RxSight Risk Analysis
RxSight disclosed 88 risk factors in its most recent earnings report. RxSight reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
RxSight Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $597.51M | 1,555.45 | 0.46% | ― | 35.85% | -76.27% | |
58 Neutral | $2.54B | -32.65 | -38.36% | ― | 28.14% | -5.15% | |
56 Neutral | $817.84M | -13.02 | -38.19% | ― | 31.70% | -28.13% | |
55 Neutral | $416.12M | -3.49 | -165.83% | ― | 90.63% | -11.42% | |
52 Neutral | $292.82M | -6.25 | -17.35% | ― | -13.24% | -42.62% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $513.11M | -25.47 | -80.86% | ― | 11.59% | 31.90% |
* Healthcare Sector Average
RXST
RxSight
7.06
-1.25
-15.04%
DCTH
Delcath Systems
17.11
6.00
54.01%
SENS
Senseonics Holdings
7.93
-1.71
-17.77%
BFLY
Butterfly Network
9.45
8.03
565.49%
NPCE
NeuroPace
14.56
5.24
56.22%
CBLL
Ceribell, Inc.
22.91
11.00
92.36%
RxSight Corporate Events
Business Operations and StrategyPrivate Placements and FinancingProduct-Related Announcements
RxSight, Alcon Partner on Light-Adjustable Cataract Lenses
Positive
Jul 6, 2026
On June 30, 2026, RxSight entered into a non-exclusive license, collaboration and development agreement with Alcon Pharmaceuticals to co-develop light-adjustable versions of Alcon’s simultaneous and presbyopia-correcting intraocular lenses. ...
Executive/Board ChangesShareholder Meetings
RxSight Stockholders Back Leadership at 2026 Annual Meeting
Positive
Jun 16, 2026
RxSight held its 2026 Annual Meeting of Stockholders on June 16, 2026, with approximately 80.4% of outstanding common shares represented, reflecting strong shareholder engagement in corporate governance. Stockholders re-elected three Class II dire...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.