RxSight (NASDAQ:RXST) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• RxSight beat EPS expectations: It reported a quarterly loss of $0.21 per share, $0.10 better than consensus, but revenue of $24.59 million fell short of the $27.19 million estimate.
• Shares declined 4.4% to $4.59 after the results, near the stock’s one-year low of $4.40.
• Analyst sentiment was broadly cautious: MarketBeat reported an average “Reduce” rating and a consensus price target of $8.17, with two Buy, seven Hold, and three Sell ratings.

RxSight (NASDAQ:RXST - Get Free Report) posted its earnings results on Tuesday. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.10, FiscalAI reports. The business had revenue of $24.59 million during the quarter, compared to the consensus estimate of $27.19 million. RxSight had a negative return on equity of 17.35% and a negative net margin of 36.80%.

RxSight Stock Down 4.4%

RXST stock traded down $0.21 during trading on Tuesday, hitting $4.59. The company had a trading volume of 1,187,586 shares, compared to its average volume of 919,842. The firm has a market cap of $190.91 million, a PE ratio of -4.06 and a beta of 1.15. RxSight has a 1-year low of $4.40 and a 1-year high of $13.22. The firm has a 50-day moving average price of $5.36 and a 200-day moving average price of $6.36.

Insider Activity at RxSight

In other RxSight news, insider M Kurtz sold 5,100 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $6.96, for a total transaction of $35,496.00. Following the completion of the sale, the insider directly owned 71,775 shares of the company's stock, valued at approximately $499,554. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Mark Wilterding sold 7,765 shares of RxSight stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $6.96, for a total value of $54,044.40. Following the completion of the transaction, the chief financial officer owned 25,049 shares in the company, valued at $174,341.04. This trade represents a 23.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 16,947 shares of company stock valued at $117,951. 10.05% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Bank of America dropped their price target on RxSight from $6.50 to $5.50 and set an "underperform" rating on the stock in a research note on Tuesday, September 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price objective on shares of RxSight in a research note on Tuesday, July 7th. Stifel Nicolaus decreased their price objective on RxSight from $8.00 to $7.00 and set a "hold" rating for the company in a report on Monday, August 10th. Wall Street Zen lowered shares of RxSight from a "hold" rating to a "sell" rating in a research report on Sunday, October 25th. Finally, Jefferies Financial Group cut their target price on shares of RxSight from $6.50 to $5.75 and set a "hold" rating on the stock in a report on Tuesday, September 22nd. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $8.17.

RxSight Company Profile

RxSight, Inc is a medical technology company focused on improving visual outcomes for patients undergoing cataract surgery. The company develops and commercializes ophthalmic products that allow surgeons to customize a patient's vision after surgery.

Its primary product is the RxSight Light Adjustable Lens, an intraocular lens implanted during cataract surgery. After implantation, the lens can be adjusted using ultraviolet light treatments delivered by the company's Light Delivery Device, enabling physicians to refine the lens power based on the patient's postoperative visual needs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.