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RxSight is like the Tesla for intraocular lenses, bringing high-tech, adjustable precision to cataract surgery.

Think of it as the Apple of advanced vision correction, offering a premium, customizable solution for cataract patients.

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• Light Adjustable Lens (LAL): An advanced intraocular lens implanted during cataract surgery that allows for personalized vision optimization after surgery using a specialized light treatment.
• Light Delivery Device (LDD): A proprietary ophthalmic device used by clinicians to non-invasively adjust the power of the Light Adjustable Lens after implantation.

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The company RxSight (symbol: RXST) sells its products primarily to other companies and healthcare organizations, rather than directly to individuals.

Their primary customers are the medical facilities and practices that perform cataract surgery. These include:

• Ophthalmology practices
• Ambulatory Surgery Centers (ASCs)
• Hospitals

However, according to RxSight's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, no single customer accounted for 10% or more of their total revenue for that period or the prior two fiscal years (2021 or 2020). This indicates that RxSight does not have "major customers" in the traditional sense of a few dominant buyers that would be individually identifiable. Instead, their sales are diversified across a broad base of numerous medical facilities and practices, making it impossible to list specific "major customer companies" with their symbols.

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Ron Kurtz, M.D. Co-President, Chief Executive Officer and Director

Dr. Kurtz has served as President and Chief Executive Officer of RxSight since 2016. He co-founded and served as President and Chief Executive Officer of LenSx Lasers, Inc., which was acquired by Alcon Inc. in 2010. Dr. Kurtz also co-founded IntraLase Corp., serving as its initial President & CEO. IntraLase became a publicly held NASDAQ-listed company in 2004 and was acquired by Advanced Medical Optics, Inc. in 2007.

Shelley Thunen Co-President, Chief Financial Officer and Assistant Secretary

Ms. Thunen joined RxSight in January 2016 and has served as Chief Financial Officer since February 2017, and Co-President & Chief Financial Officer since August 2024. She served as Chief Financial Officer of Endologix, Inc. from 2013 to 2015. From 2010 to 2012, Ms. Thunen was Associate General Manager of Alcon LenSx, Inc. Prior to Alcon's acquisition of LenSx, Inc. in 2010, she held roles including board member, Audit Committee chair, and CFO and VP, Operations at LenSx Lasers, Inc. Ms. Thunen was also Chief Financial Officer and later Executive Vice President & Chief Financial Officer of IntraLase Corp. from 2001 until its acquisition by Advanced Medical Optics, Inc. in 2007.

Eric Weinberg Co-President and Chief Commercial Officer

Mr. Weinberg has served as Chief Commercial Officer of RxSight since June 2015 and as Co-President & Chief Commercial Officer since August 2024. He co-founded LenSx Lasers, Inc. and served as Chief Commercial Officer until its acquisition by Alcon Inc. in 2010. Subsequently, he served as Vice President of Surgical Development at Alcon LenSx, Inc. from 2010 to 2014. Mr. Weinberg joined IntraLase Corp. in 1999, holding positions such as Vice President of Sales and Marketing and Senior Vice President, Global Marketing, until its acquisition by Advanced Medical Optics, Inc. in 2007.

Ilya Goldshleger, Ph.D. Co-President and Chief Operating Officer

Dr. Goldshleger joined RxSight in September 2015 as Vice President of Engineering, became Chief Operating Officer in June 2019, and Co-President & Chief Operating Officer since August 2024. Before RxSight, he held various management roles at Alcon LenSx, Inc. from 2010 to 2015, including Director, R&D Optics and Diagnostics. He also held various roles in research and development at LenSx Lasers, Inc.

J. Andy Corley Chairman of the Board

Mr. Corley has served as Chairman of the Board of RxSight since July 2015. He co-founded eyeonics, Inc. in 1998 and served as its Chief Executive Officer and Chairman of the Board until its sale to Bausch & Lomb, Inc. in 2008. Following the acquisition, he served as President of the Surgical Division at Bausch & Lomb from 2008 to 2011. Mr. Corley also co-founded Chiron Vision Corp. in 1987, serving as General Manager of its Refractive Surgery Division. He has been a partner at Flying L Partners, focusing on ophthalmic innovation, since 2015/2016.

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The key risks to RxSight (RXST) are primarily centered around regulatory challenges and adoption issues with its core products, significant legal liabilities, and intensifying competition within the ophthalmic market.

1. Regulatory Risks and Adoption Challenges Leading to Financial Underperformance: RxSight faces significant regulatory risks, including reported delays in FDA approval for expanded indications of its Light Adjustable Lens (LAL) due to safety and efficacy concerns, as well as global regulatory challenges hindering international growth. This regulatory scrutiny is compounded by substantial adoption challenges, evidenced by a "staggering 49% year-over-year drop in Light Delivery Device (LDD) sales" and an overall decline in revenue, leading to revised, lower financial guidance. The company's preliminary Q2 2025 results showed an 11% quarter-over-quarter revenue drop to $33.6 million, with LAL sales reducing by 1% and LDD sales collapsing by 49% year-over-year.
2. Legal Liabilities from Securities Class-Action Lawsuits: Multiple securities class-action lawsuits have been filed against RxSight, alleging misleading financial guidance, overstating demand for its LAL and LDD products, concealing a slowdown in adoption, and potential insider trading by executives. These legal challenges have contributed to significant stock price declines, including a 38% drop in July 2025 following disclosures of Q2 preliminary results, and create a volatile environment for investors.
3. Intensifying Competition and Macroeconomic Headwinds: Despite its unique, FDA-approved Light Adjustable Lens technology, RxSight faces substantial indirect competition from established players in the broader intraocular lens (IOL) market, such as Alcon and Johnson & Johnson, who offer a wide array of traditional IOLs. The company operates in the premium cataract segment, which is susceptible to macroeconomic headwinds, with LALs often considered a luxury. This market sensitivity can lead consumers to opt for more affordable solutions during challenging economic times, further impacting RxSight's growth and profitability.

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The acquisition of ViaLight Ophthalmic by Bausch + Lomb in April 2023 presents a clear emerging competitive threat. ViaLight Ophthalmic was developing a light-adjustable intraocular lens (IOL) system, a technology directly competing with RxSight's core Light Adjustable Lens (LAL) product. Bausch + Lomb is a major, well-established player in the ophthalmology market with significant R&D, manufacturing, and distribution capabilities. Their entry into the post-operative adjustable IOL segment with a competing technology could introduce significant competition to RxSight's currently unique market position.

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• U.S. Market: The premium intraocular lens (IOL) market in the U.S. is estimated to be around $1.3 billion annually. This market segment is projected to reach $1.3 billion by 2028 and $1.4 billion by 2027.
• Global Market: The global premium IOL market is estimated at $3.6 billion based on RxSight's current pricing. This global market is projected to grow to over $7 billion by 2027. More specifically, RxSight's LAL technology represents a $2.5 billion global market opportunity. The premium IOL market outside of the U.S. is noted to be approximately $6.5 billion.

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1. Increased Adoption and Utilization of Light Adjustable Lenses (LALs): RxSight's revenue growth is significantly driven by the increasing sales and procedure volume of its Light Adjustable Lenses (LALs). The company has seen substantial year-over-year increases in LAL revenue and procedure volume, indicating a growing demand for this customizable vision solution after cataract surgery. The focus is on increasing the volume of LALs in existing practices.
2. Expansion of Light Delivery Device (LDD) Installed Base: The Light Delivery Device (LDD) is essential for activating the Light Adjustable Lenses. Expanding the installed base of LDDs at surgical practices directly correlates with the potential for increased LAL sales. RxSight has been actively growing its LDD installed base.
3. International Expansion: RxSight is actively pursuing global expansion, with reported progress in both Asia and Europe. This geographic expansion into new markets is expected to contribute to future revenue growth by increasing the addressable patient population for their LAL system.
4. New Customer Business Models and Enhanced Customer Engagement: The company is refining its clinical education and practice adoption programs and supporting new customer business models to drive further LAL adoption. Strengthening customer relationships and ensuring practices fully realize the benefits of the technology are key to sustained growth.
5. Innovative Product Enhancements and Advancements in Technology: RxSight continuously aims to advance its technology and drive innovative product enhancements. Ongoing innovation in its Light Adjustable Lens system, which is the first and only commercially available intraocular lens technology adjustable after surgery, is crucial for maintaining its market position and attracting new customers, thereby supporting future revenue growth.

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Share Issuance

• RxSight completed its initial public offering (IPO) in August 2021, selling 8,248,594 shares of common stock at $16.00 per share, generating approximately $132 million in gross proceeds.
• In May 2024, RxSight priced an underwritten public offering of 1,785,714 shares of its common stock at $56.00 per share, expecting to receive approximately $100.0 million in gross proceeds.
• As of March 31, 2025, the company had 40,588,540 shares issued and outstanding.

Inbound Investments

• Carnegie Lake Advisors LLC acquired a new stake of 107,000 shares in RxSight, valued at approximately $1.39 million, during the second quarter of 2025.
• The New York State Common Retirement Fund increased its holdings by 112,984 shares in the quarter leading up to November 2025, bringing its total to 407,035 shares valued at $10,278,000.
• Several institutional investors significantly increased their stakes in Q2 2025, including D. E. SHAW & CO., INC. (adding 1,299,330 shares for an estimated $16.89 million) and DEERFIELD MANAGEMENT COMPANY, L.P. (adding 888,950 shares for an estimated $11.56 million).

Capital Expenditures

• Over the last 12 months (prior to November 2025), RxSight's capital expenditures totaled -$3.54 million.
• The company's ongoing investments, including capital expenditures, support increased Light Adjustable Lens (LAL) sales volume and advance its research and development pipeline.
• RxSight is focused on strategically expanding its installed base of Light Delivery Devices (LDDs) and the number of implanting surgeons.