RxSight (RXST) AI Stock Analysis

• Market Cap: $367.58M
• Dividend Yield: N/A
• Average Volume (3M): 971.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.26
• Revenue Growth: 10.75%
• EPS Growth: -7.15%
• Country: US
• Employees: 498
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.22
• Shares Outstanding: 41,116,640
• 10 Day Avg. Volume: 712,952
• 30 Day Avg. Volume: 971,590
• PEG Ratio: -0.33
• Price to Book (P/B): 1.56
• Price to Sales (P/S): 3.19
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: 2.63
• Enterprise Value/Gross Profit: 3.43
• Enterprise Value/Ebitda: -9.15
• 1Y Price Target: $10.50
• Price Target Upside: 19.18% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 9
• EPS Forecast (FY): -1.11
• Revenue Forecast (FY): $135.34M

• Rating: 49 Neutral
• Price Target: $9.00 ▲(2.16% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by weak cash flow and ongoing net losses alongside conservative 2026 guidance and margin headwinds. Offsetting factors include a strong, low-leverage balance sheet with substantial cash and some signs of operational progress (mix and utilization), but technicals and valuation remain unfavorable.

Positive Factors

High LAL Gross Margins

RxSight’s Light Adjustable Lens (LAL) business generates very high gross margins (≈76% in 2025). A durable high-margin product mix improves unit economics, funds investment in commercialization and R&D, and provides a structural cushion versus lower‑margin competition as adoption scales.

Growing Installed Base & Adoption

An expanding installed base of Light Delivery Devices (1,134 units) creates durable recurring revenue from lenses, consumables and services. Each new LDD increases addressable consumable volume and supports same‑store utilization gains, producing long‑term revenue scalability independent of single quarter swings.

Strong Liquidity & Low Leverage

With roughly $228M in cash and no debt, RxSight has financial flexibility to fund international rollouts, marketing and R&D without urgent refinancing. This balance‑sheet strength lowers solvency risk and gives management optionality to support durable commercial execution over multiple quarters.

Negative Factors

Persistent Losses & Weak Cash Generation

The company remains meaningfully loss‑making and historically produced negative operating/free cash flow. Continued GAAP losses and weak cash conversion limit internal funding for growth, making long‑term commercialization dependent on margin improvement or external capital despite current cash reserves.

Material Decline in LDD (Capital) Sales

A steep drop in LDD placements reduces the cadence of new installed devices that drive recurring lens and consumable sales. Because capital equipment adoption is lumpy, slower LDD growth weakens the long‑term revenue runway and delays the levered economics of an installed‑base business model.

Manufacturing & Inventory Absorption Headwinds

Management cited higher‑cost inventory and manufacturing absorption pressures that compress margins into 2026. Operational execution and production planning issues can erode the durable margin advantage, prolong losses and require sustained operating discipline to restore prior profitability levels.

RxSight Business Overview & Revenue Model

Company Description

RxSight, Inc., a medical technology company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery. The company's RxSight system includes RxSight light delivery device, an office-based light treatment device that delivers UV light in a programmed pattern to modify the LAL based on the visual correction needed to achieve desired vision after cataract surgery. It primarily serves cataract doctors. The company was formerly known as Calhoun Vision, Inc. and changed its name to RxSight, Inc. in February 2017. RxSight, Inc. was incorporated in 1997 and is headquartered in Aliso Viejo, California.

How the Company Makes Money

RxSight generates revenue primarily through the sale of its proprietary light-adjustable lenses and the associated delivery system used by ophthalmic surgeons. The company earns income from both direct sales of lenses and from the leasing or selling of the equipment used to adjust the lenses after implantation. Additionally, RxSight may receive revenue from service agreements related to the maintenance of its technology and training programs for healthcare professionals. Strategic partnerships with hospitals and surgical centers also bolster its market reach and revenue potential, as they facilitate wider adoption of its innovative products in the ophthalmology market.

RxSight Financial Statement Overview

Summary

Balance sheet strength (low leverage and solid liquidity) supports flexibility, but operating performance is mixed: 2025 revenue declined and the company remains meaningfully loss-making. Cash generation is a key weakness with negative operating/free cash flow through 2024 and no clear improvement signal in 2025.

Income Statement

Revenue scaled materially from 2021–2024, but 2025 revenue declined (~-5%), signaling a near-term slowdown. Profitability is improving structurally (gross margin expanded to ~77% in 2025 from ~20% in 2021), yet the company remains meaningfully loss-making (2025 net margin ~-29% vs. ~-20% in 2024), indicating operating costs are still outpacing the higher-margin revenue base.

Balance Sheet

Leverage is low and improving, with total debt modest and debt-to-equity around ~0.04 in 2024–2025, giving the company balance-sheet flexibility. Equity and assets are solidly positive in recent years, but returns remain negative (ROE still below zero), reflecting that the capital base is not yet generating accounting profits.

Cash Flow

Cash generation remains a key weakness: operating and free cash flow were negative from 2020–2024, and 2025 shows operating cash flow and free cash flow reported at 0 (with free cash flow growth at -100%), which points to either a sharp deterioration and/or data limitations that do not support a clear improvement trend. Overall, the business has not consistently converted its income statement trajectory into sustainable cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	134.48M	139.93M	89.08M	49.01M	22.59M
Gross Profit	103.01M	98.94M	53.77M	21.33M	4.52M
EBITDA	-39.70M	-23.76M	-41.04M	-57.78M	-41.01M
Net Income	-38.94M	-27.45M	-48.61M	-66.76M	-48.69M
Balance Sheet
Total Assets	311.81M	318.56M	182.55M	150.16M	192.72M
Cash, Cash Equivalents and Short-Term Investments	228.13M	237.22M	127.18M	105.80M	159.33M
Total Debt	11.04M	12.30M	3.01M	44.99M	44.93M
Total Liabilities	36.13M	37.33M	22.19M	60.26M	54.48M
Stockholders Equity	275.68M	281.24M	160.36M	89.90M	138.24M
Cash Flow
Free Cash Flow	0.00	-22.39M	-46.41M	-61.24M	-46.65M
Operating Cash Flow	0.00	-16.95M	-41.59M	-58.85M	-44.71M
Investing Cash Flow	16.89M	-99.31M	-22.13M	39.95M	-81.91M
Financing Cash Flow	1.86M	123.32M	61.52M	6.33M	137.34M

RxSight Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 8.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RXST, the sentiment is Neutral. The current price of 8.81 is above the 20-day moving average (MA) of 8.46, below the 50-day MA of 9.75, and below the 200-day MA of 10.25, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 49.03 is Neutral, neither overbought nor oversold. The STOCH value of 89.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RXST.

RxSight Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DCTH	61 Neutral	$351.37M	1,187.21	1.94%	―	251.54%	―
NPCE	61 Neutral	$484.96M	-19.54	-169.27%	―	24.08%	24.08%
BFLY	54 Neutral	$745.18M	-9.26	-41.42%	―	16.04%	28.91%
CBLL	52 Neutral	$738.20M	―	-30.83%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SENS	50 Neutral	$336.27M	-4.87	-129.29%	―	31.94%	36.59%
RXST	49 Neutral	$367.58M	-10.03	-12.92%	―	10.75%	-7.15%

RxSight Corporate Events

RxSight Announces New CFO and Strong Preliminary Results

On January 11, 2026, RxSight reported preliminary unaudited results indicating fourth-quarter 2025 revenue of about $32.6 million and full-year 2025 revenue of roughly $134.5 million, exceeding its prior guidance. Growth was driven by the sale of 28,611 Light Adjustable Lenses in the fourth quarter and 109,615 lenses for the year, alongside 25 Light Delivery Devices in the quarter and 163 for the year, bringing the installed base to 1,134 devices and supporting an estimated 10% share of the premium intraocular lens market and adoption by more than a quarter of U.S. cataract surgeons. The company ended 2025 with an expected $228.1 million in cash, cash equivalents and short-term investments, positioning it with significant financial flexibility as it prepares to release audited full-year 2025 results and 2026 guidance in February. In tandem with these results, RxSight completed its planned finance leadership transition: on December 13, 2025, it appointed former Edwards Lifesciences executive Mark Wilterding as Chief Financial Officer, effective January 11, 2026, replacing Shelley Thunen, and granted him a compensation package including salary, bonus eligibility, equity awards, and change-in-control severance terms aligned with other senior executives, reinforcing the company’s leadership bench as it pursues long-term growth in the premium cataract surgery market.

The most recent analyst rating on (RXST) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on RxSight stock, see the RXST Stock Forecast page.

RxSight Announces CFO Transition and Leadership Continuity Plan

On December 23, 2025, RxSight, Inc. entered into a transition agreement and release of claims with outgoing Chief Financial Officer Shelley Thunen, along with a consulting agreement that will take effect upon her separation from employment, under which she will provide transition services to the company. The leadership change, previously announced, is not expected to alter RxSight’s outlook or expectations for full-year 2025, with the company emphasizing that it remains focused on executing its strategic and operational priorities despite the CFO transition.

The most recent analyst rating on (RXST) stock is a Hold with a $12.50 price target. To see the full list of analyst forecasts on RxSight stock, see the RXST Stock Forecast page.

RxSight announces planned transition of longtime CFO Thunen

On December 16, 2025, RxSight Chief Financial Officer Shelley Thunen notified the company she would transition out of her role as CFO and principal financial and accounting officer, effective upon the appointment of her successor or by January 31, 2026. Under a planned transition and consulting arrangement, Thunen will receive her base salary through the transition date, remain eligible for an annual cash bonus based on 2025 corporate performance, and continue to vest in her stock options while she provides transition services as a consultant through a term scheduled to run until December 31, 2026, compensated via monthly retainers for early 2026 and an hourly fee. In a December 22, 2025 press release, RxSight’s leadership credited Thunen, who has served the company for nearly a decade, with shaping its financial strategy, guiding it through its 2021 IPO, and helping drive its evolution from a pre-commercial business to one with more than 1,100 Light Delivery Devices in the field and over 250,000 procedures performed, underscoring the significance of the CFO transition for investors and other stakeholders while signaling continuity through her ongoing advisory role.

The most recent analyst rating on (RXST) stock is a Hold with a $12.50 price target. To see the full list of analyst forecasts on RxSight stock, see the RXST Stock Forecast page.

RxSight Announces Executive Leadership Reorganization and New Appointments

On December 18, 2025, RxSight, Inc. announced executive leadership changes, naming Eric Weinberg as Chief Business Development Officer as he transitioned from his prior role as Chief Commercial Officer. On the same date, the company’s board appointed Scott Gaines as Chief Customer Officer, giving him responsibility for RxSight’s U.S. commercial organization and signaling a reorganization of its commercial leadership structure to support business development and customer-focused growth in its domestic market.

The most recent analyst rating on (RXST) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on RxSight stock, see the RXST Stock Forecast page.