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- **Revenue Resilience**: Q3 2025 LAL revenue grew 6% YoY to $25.7M, despite overall revenue decline. LAL mix hit 85% of total revenue.
- **Gross Margin Breakthrough**: 79.9% gross margin (vs. 71.4% YoY), driven by cost efficiencies and strategic LDD sales.
- **Strategic Shift**: Transitioning from LDD sales to optimizing existing 1,109 LDD installed base, with focus on LAL procedure growth.
- **International Momentum**: EVP of International appointed to accelerate rollouts in priority markets, with early KOL engagement.
- **2026 Outlook**: Sequential LAL growth expected, with disciplined expense management and ~77% gross margin target.

**【CEO Summary Section】**
- **Commercial Execution Progress**: Q3 saw 2,000 U.S. surgeons implanting LAL, representing ~20% of total U.S. cataract surgeons. The company launched new programs (Masterclass, Elevate) to optimize LAL workflows and clinical confidence.
- **Installed Base Growth**: 1,109 LDDs in field (25% YoY increase), with focus on strategic expansion of LDDs and implanting surgeons.
- **International Expansion**: Added EVP of International to lead rollouts in Asia and Europe, with regulatory and commercial initiatives underway.
- **R&D Focus**: Simplifying workflows and broadening patient eligibility for adjustable vision correction.

**【CFO Financial Commentary】**
- **Revenue**: Q3 2025: $30.3M (-14% YoY, -10% QoQ). LAL revenue $25.7M (85% of total, +6% YoY). LDD sales $3.2M (-69% YoY, -38% QoQ).
- **Gross Margin**: 79.9% (844bps YoY improvement), driven by higher LAL mix and lower unit costs.
- **Operating Expenses**: SG&A $27.3M (+7% YoY, -6% QoQ). R&D $9.1M (+3% YoY, -11% QoQ).
- **Updated Guidance**: Full-year 2025 revenue $125M-$130M (narrowed from $120M-$130M). Gross margin 76%-77% (vs. prior 72%-74%). Operating expenses $145M-$155M.

**【Q&A Key Highlights】**
- **Metrics Focus**: CEO emphasized LAL procedures as leading indicator, with ~1.7-2 active surgeons per LDD. CFO noted LAL mix at 85% in Q3, targeting similar levels.
- **Competitive Landscape**: Lower Medicare reimbursement for standard cataract surgery (~11% 2026 decline) expected to drive premium IOL adoption. RxSight sees modest long-term impact from new entrants.
- **International Outlook**: Early-stage progress in Europe/Asia, with focus on KOL relationships and clinical data. 2026+ contributions expected as procedural volumes grow.
- **2026 Strategy**: Sequential LAL growth expected, with measured LDD placements focused on high-volume practices. Gross margin ~77% seen as sustainable baseline.


RxSight, Inc. (RXST) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

RXST

RXST fundamentals

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