RxSight, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Rx Sight, Inc. has submitted its 2023 annual report (10-K), detailing its financial performance and operational status for the fiscal year ending December 31, 2023.</b>

AI Summary

RxSight, Inc. (RXST) filed a Annual Report (10-K) with the SEC on February 28, 2024. RxSight, Inc. filed its 2023 Form 10-K on February 28, 2024, reporting on its fiscal year ending December 31, 2023. The filing covers the company's operations and financial status, including details on its ophthalmic goods business (SIC 3851). Key dates mentioned include the IPO on February 7, 2023, and an ATM offering on August 8, 2022. The company's principal business address is 100 Columbia Street, Suite 120, Aliso Viejo, CA 92656. Rx Sight, Inc. was formerly known as Calhoun Vision Inc., with a name change date of April 10, 2000.

Why It Matters

For investors and stakeholders tracking RxSight, Inc., this filing contains several important signals. This 10-K filing provides investors and stakeholders with a comprehensive overview of Rx Sight's business, financial health, and strategic direction for the past fiscal year. The detailed information within the report is crucial for understanding the company's market position, risks, and future prospects in the ophthalmic goods industry.

Risk Assessment

Risk Level: medium — RxSight, Inc. shows moderate risk based on this filing. The company's financial performance and future growth are subject to market dynamics and operational execution, as indicated by the comprehensive nature of the 10-K filing which typically includes detailed risk factors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Rx Sight's financial health and potential growth opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 001-40690 — SEC File Number (SEC registration number)
• 3851 — SIC Code (Ophthalmic Goods industry classification)
• 2023-02-07 — IPO Date (Initial Public Offering date)
• 2022-08-08 — ATM Offering Date (At-the-market offering date)

Key Players & Entities

• Rx Sight, Inc. (company) — Filer name
• Calhoun Vision Inc. (company) — Former company name
• Aliso Viejo, CA (location) — Business address city and state
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• 3851 (industry_code) — Standard Industrial Classification for Ophthalmic Goods
• 001-40690 (filing_number) — SEC file number
• 2023-02-07 (date) — IPO date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: 10-K Filing Date — Official submission date of the annual report.
• 2023-02-07: IPO Date — Date of Initial Public Offering.
• 2022-08-08: ATM Offering Date — Date of At-the-Market offering.

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value per share RXST The Nasdaq
• $28.80 — million based upon the closing price of $28.80 on the Nasdaq Global Market on such dat
• $1,000 — t-of-pocket fee, typically ranging from $1,000 to $4,000 per eye depending on the spec
• $4,000 — t fee, typically ranging from $1,000 to $4,000 per eye depending on the specific premi
• $780 million — procedures and generated approximately $780 million in revenue, a figure that is projected
• $500 — nal cataract procedure of approximately $500 for a surgeon fee and approximately $1,
• $2,000 — urgeon an additional fee between $1,000-$2,000 for implantation of a toric IOL and an
• $2.4 billion — , premium IOL revenue was approximately $2.4 billion globally and $780 million in the United

Filing Documents

• rxst-20231231.htm (10-K) — 2786KB
• rxst-ex10_27.htm (EX-10.27) — 44KB
• rxst-ex23_1.htm (EX-23.1) — 11KB
• rxst-ex31_1.htm (EX-31.1) — 17KB
• rxst-ex31_2.htm (EX-31.2) — 16KB
• rxst-ex32_1.htm (EX-32.1) — 11KB
• rxst-ex32_2.htm (EX-32.2) — 9KB
• rxst-ex97_1.htm (EX-97.1) — 45KB
• img50815396_0.jpg (GRAPHIC) — 48KB
• img50815396_1.jpg (GRAPHIC) — 51KB
• img50815396_2.jpg (GRAPHIC) — 394KB
• img50815396_3.jpg (GRAPHIC) — 339KB
• 0000950170-24-022073.txt (&nbsp;) — 13192KB
• rxst-20231231.xsd (EX-101.SCH) — 1854KB
• rxst-20231231_htm.xml (XML) — 1828KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 82 Item 1C. Cybersecurity 82 Item 2.

Properties

Properties 83 Item 3.

Legal Proceedings

Legal Proceedings 83 Item 4. Mine Safety Disclosures 83 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 84 Item 6. [Reserved] 84 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 85 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 94 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 95 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 121 Item 9A.

Controls and Procedures

Controls and Procedures 121 Item 9B. Other Information 123 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 123 PART III Item 10. Directors, Executive Officers and Corporate Governance 124 Item 11.

Executive Compensation

Executive Compensation 124 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 124 Item 13. Certain Relationships and Related Transactions, and Director Independence 124 Item 14. Principal Accountant Fees and Services 124 PART IV Item 15. Exhibit and Financial Statement Schedules 125 Item 16. Form 10-K Summary 128 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The following discussion and analysis should be read together with our consolidated financial statements and the notes to those statements included elsewhere in this report. This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on our management's beliefs and assumptions and on information currently available to our management. In this report, "we," "us" and "our" refer to RxSight, Inc., a Delaware corporation, and its consolidated subsidiaries. The forward-looking statements are contained principally in the section entitled "Risk Factors" in Part I, Item 1A of this report and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of this report. Forward-looking statements include, but are not limited to, statements concerning the following: the sufficiency of our existing capital resources to fund our future operating expenses and capital expenditure requirements, including our expectation that we do not anticipate the need to raise additional capital or incur additional debt in order to reach profit from operations, as disclosed in the Company's future Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission ("SEC"); our plans to conduct further clinical trials and any expectations related to the timing or outcomes of such trials; our plans and

Business

Item 1. Business Overview We are a commercial-stage medical technology company dedicated to improving the vision of patients following cataract surgery. Our proprietary RxSight Light Adjustable Lens system ("RxSight system") is the first and only commercially available premium cataract technology that enables doctors to customize and optimize visual acuity for patients after surgery. The RxSight system is comprised of our RxSight Light Adjustable Lens ("LAL "), RxSight Light Delivery Device ("LDD") and accessories. Our LAL is a premium intraocular lens ("IOL") made of proprietary photosensitive material that changes shape in response to specific patterns of ultraviolet ("UV") light generated by our LDD. We designed our RxSight system to address the shortcomings of competitive premium IOL technologies and provide a solution that doctors can trust to improve visual outcomes and achieve high levels of patient satisfaction. Competitive premium IOLs require patients to specify their visual priorities before surgery and be willing to accept various optical trade-offs associated with those choices. Once a patient has selected a competitive premium IOL, the surgeon must rely on a series of preoperative diagnostic tests and predictive formulae to choose the appropriate lens power. If the doctor's prediction is suboptimal, then the patient may experience suboptimal results that could necessitate a subsequent corneal refractive procedure or certain other compromises in order to reach vision targets. In contrast, with the RxSight system, the surgeon implants the LAL as they would in any other cataract procedure, determines refractive error with patient input several weeks following surgery and then uses the LDD to modify the LAL with the precise visual correction needed to achieve the patient's desired vision outcomes. We believe our RxSight system provides doctors and patients increased confidence and peace of mind by eliminating the high-stakes preoperative guesswork

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View this 10-K filing on SEC EDGAR