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what it is
RxSight sells cataract surgery lenses that doctors can adjust after surgery, using a matching light machine and accessories.
how it gets paid
Last year Rxsight made $134M in revenue. Light Adjustable Lens was the main engine at $116.4M, or 86% of sales.
why growth slowed
Revenue fell 3.9% last year. EDGAR shows annual revenue of $134M, down 3.9% vs. prior year, even with a 76.3% gross margin.
what just happened
Latest quarter revenue is on the order of ~$33M (roughly one-fourth of ~$134M FY), with EPS around -$0.73—full-year sales still fell 3.9%.
At a glance
B balance sheet — gets the job done, barely
-$0.71 fy2024 eps est
n/m fy2026 rev est — check filings vs ~$134M actuals
−35.8% operating margin — loss-making at the operating line
1.4 beta
xvary composite: 40/100 — below average
What they do
RxSight sells cataract surgery lenses that doctors can adjust after surgery, using a matching light machine and accessories.
RxSight's edge is simple: it says its Light Adjustable Lens system is the first and only commercially available premium cataract technology that can be customized after surgery. That matters because once a practice buys the machine, your surgeon is trained on the workflow and patients are funneled into the same system. By September 30, 2025, RxSight had 1,109 installed Light Delivery Devices and more than 276,000 implanted lenses, which is a real installed base, not a pitch deck.
How they make money
$134M
annual revenue · their business grew -3.9% last year
Light Adjustable Lens
$116.4M
Light Delivery Device
$12.4M
Accessories
$5.8M
Other revenue
$0.0M
The products that matter
adjustable intraocular lens
Light Adjustable Lens (LAL)
$28.2M in Q4 2025 · about 87% of quarterly revenue
This is the business. LAL grew 12% in Q4 2025 and now carries almost the entire revenue story on its back.
+12% growth
lens adjustment equipment
Light Delivery Device (LDD)
$3.0M in Q4 2025 · about 9% of quarterly revenue
LDD sales fell 48%. That matters because device placements help drive future lens usage, so weak equipment demand can become a delayed lens problem.
-48% decline
miscellaneous revenue
Other revenue
$1.4M in Q4 2025 · about 4% of quarterly revenue
At $1.4M, this is too small to rescue the story. If growth comes back, it has to come from the core lens platform.
too small to matter
Key numbers
76.3%
gross margin (FY)
That is elite product margin for a hardware-linked medical device business. Plain English: the product is valuable. So what: execution, not pricing, is the current problem.
1,109
ldd installed
Each machine placement can drive future lens sales. Plain English: more chairs in the field means more shots at recurring procedures.
276,000
lals implanted
That is proof the product is being used in real surgeries, not just stocked on shelves.
−35.8%
operating margin
Gross margin is strong, but operating spend still exceeds it. You need scale—or lower spend—to close the gap.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $10M (3% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RXST right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue about $33M (vs ~$134M FY) with EPS around -$0.73—full-year sales still fell.
EDGAR shows annual revenue of $134M, down 3.9% vs. prior year, even with a 76.3% gross margin. Quiet part out loud: high gross margin does not matter much when operating losses stay large.
~$33M
revenue (q)
-$0.73
eps (Q)
76.3%
gross margin (FY)
the number that mattered
The number that mattered was the 3.9% annual revenue decline, because growth companies get punished when growth leaves.
source: company earnings report, 2026
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What could go wrong
The #1 risk is Light Delivery Device demand staying weak. If surgeons slow equipment purchases, the installed base grows slower, and the lens story loses oxygen.
med
LDD demand is falling fast
LDD revenue was $3.0M in Q4 2025, down 48%. That is not just a bad product line quarter. It is a warning that new system placements may be slowing.
Impact: weaker device demand today can limit lens usage growth later. This is how a hardware slowdown becomes a recurring-revenue problem.
med
Margin compression is already in the guide
Gross margin was 76.6% in 2025. Management guided to 70–72% for 2026. That is a step down of roughly 460–660 basis points.
Impact: at the $127.5M guide midpoint, lower margin means less room to absorb operating costs while the company is still proving scale.
med
This is still basically one product story
LAL generated $28.2M of Q4 revenue versus $3.0M for LDD and $1.4M of other revenue. That means about 87% of quarterly sales came from the lens line.
Impact: if adoption stalls, there is no second engine large enough to stabilize the business.
At the $127.5M guide midpoint, revenue would be about $7.0M below 2025's $134.5M before you even factor in the lower 70–72% margin profile.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Expected around May 6, 2026. Consensus EPS estimate is -$0.16. You want to see whether the weak full-year guide starts looking too conservative or exactly right.
margin
gross margin versus the 70–72% guide
Margin fell from 76.6% in 2025 guidance to 70–72% for 2026. If the first half comes in below that band, the reset is not done.
adoption
LAL growth versus LDD shrinkage
LAL grew 12% in Q4. LDD fell 48%. The key question is simple: can the lens line get total company revenue back to growth on its own.
price
street targets leave little room for disappointment
The analyst target range is $8.00 to $13.00, with a $10.06 average. That is only about 5% above the current $9.55 price.
Analyst rankings
street target average
$10.06
Against a $9.55 stock price, that is about 5.3% implied upside. In human-speak, analysts still see value, but not much room for another operational miss.
target range
$8–$13
That spread tells you the street agrees on one thing only: outcomes are wide. The bear case is below the current price. The bull case needs execution to improve fast.
volatility profile
1.4 beta
Beta measures how hard a stock tends to move versus the market. At 1.4, RXST has not traded like a defensive medical-device name.
source: institutional data
Institutional activity
institutional ownership data for RXST is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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