RxSight Raises 2026 Revenue Outlook on Alcon Deal as Core Sales Slow
RxSight lifted its full-year revenue guidance to $140-160 million on new Alcon collaboration revenue even as it cut standalone sales guidance and preliminary second-quarter sales fell to about $27 million from $30.9 million in the first quarter.
RxSight (RXST) raised its full-year 2026 revenue guidance to $140 million to $160 million, up from the $120 million to $135 million range it had reiterated as recently as the first quarter, but the increase came entirely from a new licensing deal rather than stronger underlying demand. The maker of light-adjustable intraocular lenses cut its standalone sales guidance to $110 million to $120 million from $120 million to $135 million, and disclosed preliminary second-quarter sales, excluding collaboration revenue, of approximately $27 million, down from $30.9 million in the first quarter.
The guidance revision arrived alongside a leadership change. Ron Kurtz is stepping down as chief executive and resigning from the board, remaining as chief medical officer, and will be succeeded by Aziz Mottiwala effective July 20, 2026. The transition will not affect previously communicated financial guidance.
The new revenue comes from a non-exclusive licensing agreement with Alcon announced July 6, 2026, covering RxSight's photochromic intraocular lens technology. The deal carries a $60 million upfront payment and up to $140 million in additional milestone payments, and RxSight recognized $5 million to $7 million of collaboration revenue in the second quarter, the company's first disclosure of this revenue line.
Underlying demand has weakened for two consecutive quarters. First-quarter sales of $30.9 million fell 18.5% year-over-year, a sharper decline than the 4% drop for full-year 2025 and roughly consistent with the 19% year-over-year decline in the fourth quarter. Light-adjustable-lens procedure volume, which grew 12% for all of 2025, was roughly flat in the first quarter, down 0.4% year-over-year, and preliminary second-quarter unit volumes fell further to 24,917 LAL units and 11 light delivery device placements, down from 27,472 LAL units and 20 LDDs in the first quarter.
Light delivery device placements have been the weakest point in the business, falling 47% for full-year 2025 and 72% year-over-year in the fourth quarter, and the company's outgoing chief executive shifted his description of trends from “stabilizing” at the first-quarter release to “meaningful commercial headwinds” and “more widespread competitive trialing” at the preliminary second-quarter update, alongside a decision to add investment in the LAL sales force.
Gross margin has moved the opposite direction, expanding in each of the last three reported quarters from 71.6% in the fourth quarter of 2024 to 77.5% in the fourth quarter of 2025 to 76.1% in the first quarter of 2026, driven by a mix shift toward higher-margin LAL sales and away from LDD hardware. RxSight raised its full-year gross margin guidance to 73% to 75%, above the 70% to 72% range guided at both the fourth quarter of 2025 and first quarter of 2026.
Operating expense guidance was the one metric RxSight held unchanged, reiterating the high end of its $150 million to $160 million range across the fourth-quarter, first-quarter and preliminary second-quarter releases. First-quarter operating expenses of $41.3 million were up from $39.0 million a year earlier, following 11% full-year 2025 opex growth to $151.2 million, and net loss widened to $15.9 million in the first quarter from $8.2 million a year earlier, after a fourth-quarter loss of $9.2 million compared with $5.9 million in the prior-year period.
Cash and short-term investments have declined in each of the last three reporting periods, to approximately $209 million as of June 30, 2026, from $217.9 million at the end of the first quarter and $228.1 million at the end of 2025, even as the Alcon upfront payment provides a new source of near-term cash.