RxSight Stock Sinks 50% as Medical Device Maker Slashes Revenue Outlook

Key Takeaways

Shares of RxSight ( RXST ) lost half their value in premarket trading Wednesday after the medical device maker's preliminary second-quarter results fell short of estimates and the company cut its full-year revenue forecast.

RxSight said after the bell Tuesday that it expects Q2 revenue to be roughly $33.6 million, down 4% from the same time a year ago and below the $41.7 million analyst consensus compiled by Visible Alpha. The company will release its full second-quarter results on Aug. 7.

RxSight said it now expects full-year revenue to be $120 million to $130 million, down from the previous range of $160 million to $175 million and well below the consensus of $171 million.

The company manufactures the "Light Adjustable Lens system" used in cataract surgery, which RxSight says is the "first and only commercially available intraocular lens (IOL) technology that can be adjusted after surgery."

"Guided by insights from our second quarter underperformance and building on our long-term vision, we are evolving our commercial approach to re-direct more of our focus toward supporting customer success within new and existing practices," CEO Dr. Ron Kurtz said.

Shares of RxSight sank in premarket trading to $6.50. That would represent an all-time low since it went public in 2021.

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