Q2 2024 Rxsight Inc Earnings Call Transcript
Key Points
- RxSight Inc (RXST) reported a 68% year-over-year increase in revenue for Q2 2024, reaching $34.9 million.
- LAL revenue grew by 92% year-over-year, contributing $23.8 million and representing 68% of total revenue.
- The company sold 78 LDDs in Q2, a 16% increase from the previous year, generating $10.2 million in revenue.
- Gross margin improved to 69.5% in Q2 2024, up from 57.8% in the same quarter last year.
- RxSight Inc (RXST) raised its full-year 2024 revenue guidance to $139-$140 million, reflecting strong performance and growth expectations.
- SG&A expenses increased by 33% year-over-year to $24.3 million, driven by higher personnel costs and stock-based compensation.
- R&D expenses rose by 12% year-over-year to $8.3 million, primarily due to increased facilities costs and stock-based compensation.
- The company reported a GAAP net loss of $6.1 million for Q2 2024, although this was an improvement from a $13.9 million loss in the same quarter last year.
- Operating expenses are projected to increase to $135-$136 million for the full year, up from previous guidance of $126-$130 million.
- Non-cash stock-based compensation expenses are expected to rise to $29-$30 million, up from prior guidance of $22-$25 million.
Good day and thank you for standing by. Welcome to the RxSight second quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the call over to your speaker, Oliver Moravcevic. Please go ahead.
Thank you, operator. Presenting today are RxSight President and Chief Executive Officer, Dr. Ron Kurtz; and Chief Financial Officer, Shelley Thunen. Earlier today, RxSight released financial results for the three months ended June 30, 2024. A copy of the press release is available on the company's website.
Before we begin, I would like to inform you that comments and responses to questions during today's call reflect management's views as of today, August 5, 2024 and will include forward-looking and opinion statements, including predictions, estimates, plans, expectations and other information. Actual results may differ materially from those expressed or implied as a result of certain risks and
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