Revenue growth has shifted to a 18.5% contraction in 2026Q1, while persistent SG&A spending resulted in an operating margin of -57.7%.
| Sales/Revenue | 127.48M | 134.48M | 139.93M | 89.08M | 49.01M | 22.59M | 14.68M | 2.24M |
| Revenue Growth % | -19.52% | -3.89% | 57.09% | 81.77% | 116.9% | 53.92% | 554.98% | - |
| Cost of Goods Sold | 29.3M | 31.47M | 40.98M | 35.31M | 27.68M | 18.08M | 12.97M | 4.06M |
| COGS % of Revenue | - | 23.4% | 29.29% | 39.64% | 56.48% | 80.01% | 88.38% | 181.17% |
| Gross Profit | 98.18M | 103.01M | 98.94M | 53.77M | 21.33M | 4.52M | 1.71M | -1.82M |
| Gross Margin % | 77.02% | 76.6% | 70.71% | 60.36% | 43.52% | 19.99% | 11.62% | -81.17% |
| Gross Profit Growth % | - | 4.11% | 84.03% | 152.09% | 372.17% | 164.93% | 193.73% | - |
| Operating Expenses | 153.52M | 151.2M | 135.8M | 103.85M | 84.65M | 57.3M | 37.11M | 44.25M |
| OpEx % of Revenue | - | 112.43% | 97.05% | 116.58% | 172.73% | 253.64% | 252.83% | 1974.61% |
| Selling, General & Admin | 115.87M | 112.65M | 101.43M | 74.8M | 58.66M | 32.8M | 15.18M | 15.2M |
| SG&A % of Revenue | - | 83.77% | 72.49% | 83.97% | 119.71% | 145.2% | 103.39% | 678.4% |
| Research & Development | 37.65M | 38.55M | 34.37M | 29.05M | 25.98M | 24.5M | 21.93M | 29.57M |
| R&D % of Revenue | - | 28.67% | 24.56% | 32.61% | 53.02% | 108.44% | 149.43% | 1319.46% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -521K |
| Operating Income | -55.35M | -48.19M | -36.86M | -50.09M | -63.32M | -52.79M | -35.41M | -46.07M |
| Operating Margin % | -43.42% | -35.84% | -26.34% | -56.23% | -129.21% | -233.64% | -241.21% | -2055.78% |
| Operating Income Growth % | - | -30.75% | 26.41% | 20.9% | -19.95% | -49.09% | 23.15% | - |
| EBITDA | -56.92M | -48.98M | -33.23M | -45.84M | -59.3M | -48.8M | -31.39M | -42.14M |
| EBITDA Margin % | -44.65% | -36.42% | -23.75% | -51.46% | -121% | -215.99% | -213.88% | -1880.41% |
| EBITDA Growth % | -69.43% | -47.36% | 27.5% | 22.69% | -21.51% | -55.45% | 25.5% | - |
| D&A (Non-Cash Add-back) | -1.57M | -785K | 3.62M | 4.24M | 4.02M | 3.99M | 4.01M | 3.93M |
| EBIT | -48.52M | -38.84M | -27.38M | -45.28M | -61.8M | -45M | 28.14M | 126.27M |
| Net Interest Income | 2.24M | 2.47M | 9.45M | 3.27M | -3.43M | -3.63M | 33K | 2.28M |
| Interest Income | 2.25M | 2.51M | 9.47M | 6.57M | 1.52M | 54K | 543K | 2.31M |
| Interest Expense | 10K | 40K | 21K | 3.31M | 4.95M | 3.68M | 510K | 26K |
| Other Income/Expense | 8.76M | 9.31M | 9.45M | 1.5M | -3.43M | 4.11M | 63.04M | 172.31M |
| Pretax Income | -46.58M | -38.88M | -27.41M | -48.59M | -66.75M | -48.68M | 27.63M | 126.24M |
| Pretax Margin % | -36.54% | -28.91% | -19.59% | -54.55% | -136.2% | -215.47% | 188.25% | 5633.38% |
| Income Tax | 54K | 66K | 50K | 20K | 9K | 8K | 57K | 24K |
| Effective Tax Rate % | -0.12% | -0.17% | -0.18% | -0.04% | -0.01% | -0.02% | 0.21% | 0.02% |
| Net Income | -46.64M | -38.94M | -27.45M | -48.61M | -66.76M | -48.69M | 27.57M | 126.22M |
| Net Margin % | -36.58% | -28.96% | -19.62% | -54.57% | -136.22% | -215.5% | 187.87% | 5632.31% |
| Net Income Growth % | -75.69% | -41.84% | 43.52% | 27.19% | -37.11% | -276.57% | -78.15% | - |
| Net Income (Continuing) | -46.64M | -38.94M | -27.45M | -48.61M | -66.76M | -48.69M | 27.57M | 126.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.13 | -0.95 | -0.71 | -1.41 | -2.41 | -1.78 | 0.18 | 6.62 |
| EPS Growth % | -68.66% | -33.8% | 49.65% | 41.49% | -35.39% | -1088.89% | -97.28% | - |
| EPS (Basic) | - | -0.95 | -0.71 | -1.41 | -2.41 | -1.78 | 0.18 | 0.95 |
| Diluted Shares Outstanding | 41.31M | 41.18M | 38.87M | 34.46M | 27.66M | 27.37M | 19.07M | 19.07M |
| Basic Shares Outstanding | 41.31M | 41.18M | 38.87M | 34.46M | 27.66M | 27.37M | 19.07M | 19.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Revenue growth deceleration trend
As indicated by the most recent quarterly data, RXST's revenue growth has shifted from a peak of 77.6% in 2023Q4 to a contraction of 18.5% in 2026Q1, signaling a significant and concerning reversal in the company's previously robust commercial expansion trajectory within the ophthalmic market.
The transition from high double-digit growth to negative year-over-year revenue figures suggests that the initial adoption phase of the Light Delivery Device may be hitting a saturation point or facing increased competitive friction. Investors should monitor whether this contraction reflects a temporary lull in capital equipment cycles or a more structural issue regarding the penetration of the premium IOL segment.
According to the provided financial statements, RXST has maintained a relatively high gross margin profile, averaging approximately 76% in recent periods, which suggests that the proprietary nature of the Light Adjustable Lens continues to command significant pricing power despite the broader revenue growth challenges.
While the 2024Q3 dip to 55.5% appears to be an outlier, the subsequent recovery to the mid-70% range demonstrates the underlying profitability of the consumable-heavy business model. This margin stability implies that the core product value proposition remains intact, even as the company struggles to scale its top-line revenue effectively.
Based on reported figures, RXST's operating expenses, particularly SG&A, have consistently outpaced gross profit generation, resulting in an operating margin of -57.7% in 2026Q1, which highlights a lack of meaningful operating leverage as the company continues to fund its commercial infrastructure expansion.
The persistent gap between gross profit and operating expenses suggests that the company is still in a heavy investment phase, prioritizing market share acquisition over immediate profitability. Without a clear path to scaling revenue faster than the fixed cost base, the current operating structure appears to be a significant drag on shareholder value.
Financial data reveals that RXST's cost structure is heavily weighted toward SG&A and R&D, with quarterly SG&A expenses reaching $31.9 million in 2026Q1, a level that appears unsustainable given the current revenue contraction and the company's inability to achieve positive operating income.
The company's reliance on a direct sales force and specialized clinical training creates a high fixed-cost burden that requires consistent, high-volume LAL utilization to justify. Management's expense discipline warrants further investigation, as the current burn rate appears to be accelerating relative to the declining revenue base.
As highlighted by the recent negative revenue growth and persistent net losses, a skeptical view suggests that RXST's reliance on the LDD-to-LAL razor-razorblade model may be facing structural headwinds, potentially limiting the long-term addressable market to only the most specialized, high-volume ophthalmic practices.
Short-term investors should consider whether the 'chair time' inefficiency of the UV-light adjustment process is creating a ceiling on adoption that management has yet to fully address. If the current revenue contraction persists, the company may be forced to reconsider its aggressive commercial spending to preserve its remaining capital.
Quick answers to the most common questions about buying RXST stock.
For fiscal year 2025, RxSight, Inc. (RXST) reported total revenue of $134.5M. This represents a 5900.8% increase compared to $2.2M in 2019.
RxSight, Inc. (RXST) reported a net loss of $38.9M for the fiscal year ending 2025.
RxSight, Inc. (RXST) reported an operating income of $-48.2M, resulting in an operating profit margin of -35.8%. This margin reflects the operational efficiency of the business before interest and taxes.
RxSight, Inc. (RXST) generated $103.0M in gross profit for the year, representing a gross profit margin of 76.6%. This demonstrates the company's core pricing power and production efficiency.