RxSight, Inc. (NASDAQ: RXST)

RxSight, Inc. is a commercial-stage medical technology company that was incorporated in California in 1997 under the name Calhoun Vision, Inc. and changed its name to RxSight, Inc. in October 2016. The company reincorporated in Delaware in July 2021 and maintains its principal executive offices in Aliso Viejo, California. RxSight focuses on delivering customized vision outcomes to patients after cataract surgery through its proprietary RxSight Light Adjustable Lens system. The system consists of a photosensitive intraocular lens known as the Light Adjustable Lens and a light delivery device called the Light Delivery Device that together enable postoperative adjustments to the lens power. Conventional premium intraocular lenses require patients to select their visual priorities before surgery and accept the optical trade offs inherent in those choices. Surgeons must rely on a series of preoperative measurements and predictive formulae to determine the appropriate lens power. If the selected power is not optimal the patient may experience less than ideal results that could require a subsequent corneal refractive procedure or other corrective measures to achieve intended vision targets. In contrast with the RxSight system the surgeon implants the Light Adjustable Lens as in any other cataract procedure determines refractive error with patient input several weeks following surgery and then uses the Light Delivery Device to modify the lens with the precise visual correction needed to achieve the patient’s desired vision outcomes. RxSight believes this approach eliminates the high stakes preoperative guesswork common to competitive premium intraocular lenses and allows patients to iterate their final vision characteristics with customized post surgical adjustments. The company operates in the premium intraocular lens segment of the ophthalmic medical device industry.

RxSight generates revenue principally from the sale of its Light Adjustable Lens implants and its Light Delivery Devices to eye care providers. The company follows a razor and razor blade business model in which it sells the Light Delivery Device as capital equipment and derives recurring revenue from the repeated use of Light Adjustable Lenses in cataract procedures. In the United States the premium cataract surgery market accounted for approximately twenty one percent of all cataract procedures in 2025 and generated about eight hundred sixty million dollars in revenue. The market is projected to grow at an eight percent compound annual growth rate through 2030. Globally about thirty three million cataract surgeries were performed in 2025 with five point two million occurring in the United States. As of December 31 2025 RxSight had an installed base of one thousand one hundred thirty four Light Delivery Devices in ophthalmology practices. Since its inception the company reports that surgeons have implanted approximately three hundred thousand Light Adjustable Lenses. The average practice using the RxSight system implants about eleven Light Adjustable Lenses per month based on internal surveys. A typical Light Delivery Device has a payback period of approximately six months for the purchasing practice after which the device continues to contribute to practice profitability. RxSight maintains a direct sales organization comprised of Light Delivery Device sales personnel Light Adjustable Lens account managers clinical specialists field service engineers and marketing staff to support its commercial efforts. The company also provides training onboarding and ongoing education to help practices succeed with the technology and to increase utilization of the lens implants.

RxSight holds a niche position in the premium cataract surgery market as the only provider of an adjustable intraocular lens that has received approval from the U. S. Food and Drug Administration. Its primary competitors in the United States premium intraocular lens market are large established companies such as Alcon and Johnson & Johnson which together account for a substantial share of the market with fixed power lens offerings. The company’s competitive advantage derives from its ability to modify lens power after implantation which allows surgeons to correct residual refractive error and to tailor vision to patient preferences without requiring a secondary surgical procedure. Clinical data show that approximately seventy percent of Light Adjustable Lens patients achieved twenty twenty or better uncorrected distance visual acuity without glasses in the pivotal study that supported FDA approval. In addition Light Adjustable Lens patients experience low rates of glare and halos compared with multifocal and extended depth of focus lenses which are associated with higher incidence of these side effects. The system also enables patients to preview and compare possible vision outcomes through up to three postoperative light treatments before selecting a final refractive correction. RxSight has obtained regulatory clearance for its RxSight system in the United States Europe Canada Mexico Singapore Australia and South Korea and has begun sales in select foreign jurisdictions where permitted. The company continues to invest in research and development to enhance clinical outcomes improve patient experience expand indications reduce manufacturing costs and manage the product lifecycle. Research and development expenses were thirty eight point five million dollars for the year ended December 31 2025 thirty four point four million dollars for the year ended December 31 2024 and twenty nine point one million dollars for the year ended December 31 2023. The company’s patent portfolio covers various aspects of the Light Adjustable Lens the Light Delivery Device the lens adjustment procedure and related accessories with individual patents estimated to expire between 2026 and 2045.

RxSight serves cataract surgeons who perform premium intraocular lens procedures in the United States and in select international markets. The company focuses its commercial efforts on approximately three thousand five hundred to four thousand U. S. cataract surgeons that carry out about sixty percent of all premium intraocular lens procedures in the country. Its products are sold to ambulatory surgical centers and hospitals that acquire the Light Adjustable Lens and Light Delivery Device for use in their surgical suites. Outside the United States RxSight has regulatory approval in Europe Canada Mexico Singapore Australia and South Korea and reports having begun sales in certain foreign jurisdictions where allowed. The company indicates that it has established an installed base of over one thousand Light Delivery Devices in ophthalmology practices and that the cumulative number of Light Adjustable Lens implants since inception approaches three hundred thousand. As of December 31 2025 the company employed four hundred sixty one full time employees none of whom are represented by a labor union or covered under a collective bargaining agreement. RxSight manufactures assembles tests and ships its Light Adjustable Lens and Light Delivery Device from a campus of five facilities in Aliso Viejo California that together comprise approximately one hundred fifty thousand total square feet. The company is registered with the FDA as a medical device manufacturer and is licensed by the State of California to manufacture and distribute its medical devices. RxSight has received International Organization for Standardization 13485 certification for its quality management system and maintains certification under the Medical Device Single Audit Program covering the jurisdictions of the United States Canada Japan Brazil and Australia.