RxSight, Inc., a medical technology company based in Aliso Viejo, California, reported significant financial growth in its recent 10-Q filing for the quarter ending September 30, 2024. The company’s total current assets surged to $286.8 million, up from $168.4 million at the end of 2023, driven by a notable increase in short-term investments, which rose to $220.4 million from $117.5 million. Cash and cash equivalents also improved, reaching $16.7 million compared to $9.7 million previously.
For the three months ended September 30, 2024, RxSight generated sales of $35.3 million, a 59.1% increase from $22.2 million in the same period of 2023. This growth was reflected in the gross profit, which rose to $25.2 million, up 83.7% from $13.7 million year-over-year. Despite these gains, the company reported a loss from operations of $9.2 million, although this was an improvement from a loss of $12.5 million in the prior year. The net loss for the quarter was $6.3 million, down from $12.4 million in Q3 2023.
For the nine months ending September 30, 2024, total sales reached $99.7 million, a 64.8% increase from $60.5 million in the same period of 2023. Gross profit for this period was $70.2 million, up 94.3% from $36.1 million. The net loss for the nine months was $21.5 million, significantly reduced from $39.4 million in the previous year.
The company’s operational strategy includes expanding its sales and marketing efforts, which has led to increased selling, general, and administrative (SG&A) expenses, totaling $73.2 million for the nine months, up 36.5% from $53.6 million in 2023. Research and development expenses also rose to $25.2 million, reflecting ongoing investments in product enhancements and clinical studies.
In terms of capital, RxSight successfully raised approximately $107.5 million through a public offering in May 2024, selling 1.8 million shares at $56.00 each. This capital influx has bolstered the company’s cash reserves, which totaled $237.1 million as of September 30, 2024, compared to $127.2 million at the end of 2023.
The company continues to face challenges, including supply chain constraints and increased operational costs associated with being a public entity. RxSight anticipates ongoing net losses as it invests in growth and navigates the competitive landscape of the medical device industry.
About RxSight, Inc.
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