RxSight, Inc. (RXST): Results of Operations and Financial Condition
RxSight, Inc. (RXST) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 RXSIGHT, INC. REPORTS SECOND QUARTER 2026 RESULTS AND PROVIDES UPDATE ON 2026 OUTLOOK Aliso Viejo, Calif. – August 5, 2026 – RxSight, Inc. (NASDAQ: RXST) today reported financial results for the quarter ended June 30, 2026, and provided an update on its 2026 financia
How this was made
The 30-second read
Why it matters
Q2 results show revenue growth supported by collaboration revenue, but product sales declined and gross margin excluding collaboration fell due to inventory-related costs. The company withdrew 2026 guidance and plans to resume formal guidance in early 2027, likely shifting valuation from near-term execution to longer-cycle platform and commercial execution.
Market read
Traders get a fresh quarterly datapoint plus a direct expectation reset via guidance withdrawal, alongside leadership and product-platform updates.
What to watch
The release does not quantify Alcon collaboration milestones timing or installed-base adoption metrics; traders may be over-weighting the guidance withdrawal without seeing demand indicators.
RxSight reported Q2 total revenue of $33.7 million, including $6.5 million of Alcon collaboration revenue, while product sales declined 19% and the company withdrew 2026 guidance.
Product sales declined 19% from the prior-year period, product gross margin declined to 71.2% from 74.9%, GAAP and adjusted net losses widened, and the company withdrew 2026 guidance during a leadership transition and business review.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $33.7 million | – | – |
| Product salesGAAP | $27.2 million | – | down 19% |
| License and collaboration revenueGAAP | $6.5 million | – | – |
| Cost of salesGAAP | $ 7,855 (in thousands) | – | – |
| Gross profitGAAP | $ 25,886 (in thousands) | – | – |
| Product gross marginGAAP | 71.2 % | – | – |
| Total gross marginGAAP | 76.7 % | – | – |
| Selling, general and administrative expenseGAAP | $ 30,419 (in thousands) | – | – |
| Research and development expenseGAAP | $ 9,237 (in thousands) | – | – |
| Total operating expensesGAAP | $39.7 million | – | – |
| Total costs and expensesGAAP | $ 47,511 (in thousands) | – | – |
| Loss from operationsGAAP | $ (13,770) (in thousands) | – | – |
| Interest expenseGAAP | $ (3) (in thousands) | – | – |
| Interest and other incomeGAAP | $ 1,764 (in thousands) | – | – |
| Loss before income taxesGAAP | $ (12,009) (in thousands) | – | – |
| Income tax expenseGAAP | $ 88 (in thousands) | – | – |
| Net lossGAAP | $(12.1) million | – | – |
| Net loss per share, basic and dilutedGAAP | $(0.29) per basic and diluted share | – | – |
| Weighted-average shares used in computing net loss per share, attributable to common stock, basic and dilutedGAAP | 41,490,889 | – | – |
| Comprehensive lossGAAP | $ (12,089) (in thousands) | – | – |
| Adjusted net lossnon-GAAP | $(4.6) million | – | – |
| Adjusted net loss per share, basic and dilutednon-GAAP | $(0.11) per basic and diluted share | – | – |
| Light Adjustable Lens unitsother | 24,917 Light Adjustable Lens (LAL) units | – | – |
| Light Delivery Devices unitsother | 12 Light Delivery Devices (LDD) units | – | – |
| Six months total revenueGAAP | $ 64,634 (in thousands) | – | – |
| Six months product salesGAAP | $ 58,134 (in thousands) | – | – |
| Six months license and collaboration revenueGAAP | $ 6,500 (in thousands) | – | – |
| Six months total gross marginGAAP | 76.4 % | – | – |
| Six months loss from operationsGAAP | $ (31,599) (in thousands) | – | – |
| Six months net lossGAAP | $ (27,981) (in thousands) | – | – |
| Six months net loss per share, basic and dilutedGAAP | $ (0.68) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Product salesreflecting heightened competitive trialing and continued pressure on consumer sentiment | $27.2 million | – | down 19% |
| License and collaboration revenuerevenue recognized from the RxSight Alcon strategic collaboration | $6.5 million | – | – |
2026 outlook
- NoteWithdrew 2026 guidance; will resume formal guidance in early 2027.
What drove it
- Product sales reflected heightened competitive trialing and continued pressure on consumer sentiment.
- Product gross margin was affected by inventory-related costs and the expected flow-through of higher-cost inventory.
- The increase in total operating expenses was primarily driven by higher professional services fees, partially offset by lower compensation and other employee-related costs.
- Total revenue included $6.5 million recognized under the strategic collaboration with Alcon.
- The company entered into a strategic collaboration with Alcon to develop and commercialize light-adjustable presbyopia-correcting intraocular lenses with up to $200 million upfront and milestone payments and significant future royalty potential.
Concerns
- Product sales were down 19% from the prior-year period.
- Product gross margin decreased to 71.2% from 74.9% in the prior-year period.
- GAAP net loss was $(12.1) million compared to $(11.8) million in the second quarter of 2025.
- Adjusted net loss was $(4.6) million compared to $(3.3) million in the second quarter of 2025.
- The company withdrew 2026 guidance in connection with the leadership transition.
What to watch
- Results of the comprehensive review of the business commenced by the new President and Chief Executive Officer.
- Commercial execution and adoption across the installed base.
- The impact of heightened competitive trialing and consumer sentiment on product sales.
- The flow-through of higher-cost inventory and inventory-related costs on product gross margin.
- Development of the next-generation RxSight Light Adjustable Technology platform, including new LAL, LAL+ and LAL Toric lenses.
- Progress of the Alcon collaboration and the company's plan to resume formal guidance in early 2027.
Balance sheet and cash flow
- Cash, cash equivalents and short-term investments totaled $208.8 million as of June 30, 2026.
- Cash and cash equivalents were $ 13,352 (in thousands) as of June 30, 2026, compared with $ 19,949 (in thousands) as of December 31, 2025.
- Short-term investments were $ 195,447 (in thousands) as of June 30, 2026, compared with $ 208,179 (in thousands) as of December 31, 2025.
- Receivable from collaboration partner was $ 60,000 (in thousands) as of June 30, 2026.
- Refund liability was $ 50,000 (in thousands) as of June 30, 2026.
- Total liabilities were $ 89,360 (in thousands) as of June 30, 2026, compared with $ 36,131 (in thousands) as of December 31, 2025.
Analysis
RxSight reported Q2 total revenue of $33.7 million, including $6.5 million of license and collaboration revenue from the Alcon strategic collaboration. Product sales were $27.2 million and declined 19% from the prior-year period. The company attributed the product-sales decline to heightened competitive trialing and continued pressure on consumer sentiment. The reported product volume was 24,917 LAL units and 12 LDD units.
The Alcon revenue supported reported gross margin, with total gross margin at 76.7%. Excluding the favorable contribution from collaboration revenue, product gross margin was 71.2%, down from 74.9% in the prior-year period. Management attributed the decline to inventory-related costs and the expected flow-through of higher-cost inventory. This distinction is important because the quarter's total gross-margin result included collaboration revenue with a 100.0% gross margin.
Total operating expenses were $39.7 million versus $39.2 million in the year-ago period. Higher professional services fees drove the increase, partly offset by lower compensation and other employee-related costs. The company reported a GAAP net loss of $(12.1) million, compared with $(11.8) million in the second quarter of 2025, while adjusted net loss was $(4.6) million compared with $(3.3) million. For the six months ended June 30, 2026, total revenue was $ 64,634 (in thousands) and net loss was $ (27,981) (in thousands).
Liquidity was $208.8 million in cash, cash equivalents and short-term investments as of June 30, 2026. The balance sheet also reported a $ 60,000 (in thousands) receivable from the collaboration partner and a $ 50,000 (in thousands) refund liability. RxSight appointed Aziz Mottiwala as President and Chief Executive Officer, entered into the Alcon collaboration, and formally announced development of its next-generation Light Adjustable Technology platform. In connection with the leadership transition and business review, the company withdrew 2026 guidance and stated it will resume formal guidance in early 2027.
Management, verbatim
The opportunity ahead is significant, and our immediate priority is to strengthen commercial execution, deepen adoption across our installed base and translate the value of adjustability into durable growth. To support those priorities, I have commenced a comprehensive review of the business. While underlying trends remain generally consistent with our prior expectations, withdrawing 2026 guidance gives us the flexibility to establish the right operating plan and focus our resources on the core business, our pipeline and the Alcon collaboration.
Aziz Mottiwala, President and Chief Executive Officer of RxSight
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported Q2 metrics.
- Operating cash flow.
- Free cash flow.
- Capital-return activity, including share repurchases and dividends.
- Debt balance.
- Formal quantitative 2026 revenue, gross-margin, operating-expense, tax-rate, or other guidance.
- Prior guidance for comparison.
- Detailed non-GAAP reconciliation in the provided filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
RxSight is a cataract surgery IOL company with a light-adjustable lens platform and a strategic collaboration with Alcon.
Ticker impact
RxSight reported Q2 2026 revenue of $33.7M, product sales down 19% YoY, and withdrew 2026 guidance alongside an Alcon collaboration update.
Likely choppy trading around the guidance withdrawal and margin/volume details, with upside sensitivity to any early-2027 guidance reinstatement.
Guidance withdrawal is a direct expectation reset, while the quarter shows declining product sales and mixed gross margin drivers (inventory costs vs collaboration revenue).
Market effects
Could influence sentiment toward ophthalmic medtech and cataract IOL adoption narratives, especially around adjustable IOL platforms.
Primarily US small-cap medtech sentiment; limited direct regional spillover indicated.
Alcon collaboration ties RxSight to a global ophthalmology commercial partner, but no additional global milestones were quantified beyond the stated upfront and milestones.
Counterpoint
The guidance withdrawal may be operational flexibility rather than deterioration, and collaboration revenue plus a next-gen platform could improve adoption and margins later.
Key entities
- companyRxSight, Inc.
NASDAQ-listed ophthalmic medical device company reporting Q2 2026 results and withdrawing 2026 guidance.
- partnerAlcon
Strategic collaboration partner providing collaboration revenue and co-development/commercialization of light-adjustable presbyopia-correcting IOLs.
- executiveAziz Mottiwala
Appointed President and CEO, and stated a comprehensive business review with guidance withdrawal for flexibility.
