Cochlear (COH) for vision correction after cataract surgery.

Align Technology (ALGN) for personalized post-cataract vision optimization.

• Light Adjustable Intraocular Lenses (LAL): Intraocular lenses used in cataract surgery that can be customized post-surgery to achieve desired vision.
• RxSight System: A comprehensive system designed to enable doctors to customize and enhance visual acuity for patients after cataract surgery.
• RxSight Light Delivery Device: An office-based device that uses UV light in a programmed pattern to modify the LAL based on the visual correction needed.

• Cataract Surgeons and Ophthalmologists: These medical professionals are the direct users of the RxSight system and LALs, making purchasing decisions for their practices or the institutions they work for.
• Ophthalmology Clinics and Private Practices: These are specialized medical facilities focused on eye care, including cataract surgery, which acquire and implement the RxSight technology.
• Hospitals and Ambulatory Surgical Centers (ASCs): Larger healthcare institutions and outpatient surgical centers that have ophthalmology departments or dedicated eye surgery facilities are also key customers, purchasing the RxSight system for use in their surgical suites.

Ron Kurtz, MD, President & Chief Executive Officer

Dr. Kurtz has served as President and Chief Executive Officer of RxSight since January 2016. He previously co-founded LenSx Lasers, Inc., serving as President and CEO until its acquisition by Alcon Inc. in 2010. Following the acquisition, he became General Manager of Alcon LenSx, Inc. Dr. Kurtz also co-founded IntraLase Corp. in 1997, 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. He has served on the faculty of the University of California, Irvine, and the University of Michigan.

Mark Wilterding, Chief Financial Officer

Mr. Wilterding was appointed Chief Financial Officer of RxSight, effective January 11, 2026. Prior to joining RxSight, he served as Senior Vice President of Global Finance for Edwards Lifesciences from 2019 to 2026, where his responsibilities included investor relations, financial planning and analysis, treasury, and regional finance. Before Edwards Lifesciences, he worked for Medtronic and spent the first 15 years of his career at Citi and Credit Suisse.

Eric Weinberg, Chief Business Development Officer

Mr. Weinberg transitioned to Chief Business Development Officer in October 2025, having previously served as Chief Commercial Officer since June 2015. He was a co-founder of LenSx Lasers, Inc. and served as its Chief Commercial Officer prior to its acquisition by Alcon Inc. He then served as Vice President of Surgical Development at Alcon LenSx, Inc. Mr. Weinberg also joined IntraLase Corp. in September 1999 as Vice President of Sales and Marketing.

Ilya Goldshleger, PhD, Chief Operating Officer

Dr. Goldshleger has served as RxSight's Chief Operating Officer since June 2019. He joined the company in September 2015 as Vice President, Engineering, and was responsible for the development of the Light Adjustable Lens (LAL) and Light Delivery Device (LDD) system. Before RxSight, Dr. Goldshleger held various management roles at Alcon LenSx, Inc. from 2010 to 2015, most recently as Director, R&D Optics and Diagnostics. He also held various research and development roles at LenSx Lasers, Inc.

Adam Dashe, Executive Vice President, International

Mr. Dashe leads RxSight's international business strategy and global market expansion. He has over 20 years of experience in the global medical device industry, with a focus on international growth and market development. Prior to joining RxSight, Mr. Dashe spent two decades at Edwards Lifesciences, where he notably led the company's Japan and Asia Pacific business operations.

Key Business Risks for RxSight (RXST)

1. Slowing Adoption and Sales of Light Delivery Devices (LDDs) and Light Adjustable Lenses (LALs): RxSight has experienced significant adoption challenges and a slowdown in the sales and utilization of its Light Delivery Devices (LDDs) and Light Adjustable Lenses (LALs). The company reported a 49% year-over-year drop in LDD sales in Q2 2025 and a 48% decline for the full year 2025. This deceleration in LDD placements is a critical concern as LDDs are the capital equipment necessary for performing LAL procedures, thereby potentially bottlenecking future LAL growth. These challenges have led to multiple downward revisions of the company's financial guidance for 2025 and 2026. Furthermore, these adoption issues have resulted in class-action lawsuits alleging that the company overstated demand for its products and failed to disclose these structural issues to investors.
2. Intensifying Competition in the Premium Intraocular Lens (IOL) Market: RxSight operates in a rapidly evolving and increasingly competitive premium IOL market. The company faces significant competition from larger, established medical device companies such as Alcon, with its Unity and PanOptix Pro IOLs, and Johnson & Johnson, offering its TECNIS Odyssey IOL. Competitors like Rayner also offer advanced IOLs. These rivals possess broad product portfolios, established global distribution networks, and strong relationships with surgeons, making it challenging for RxSight to expand its market share and differentiate its unique post-operative adjustable LAL technology.
3. Challenges in Achieving and Sustaining Profitability: Despite its innovative technology and historical revenue growth, RxSight continues to operate at a net loss. The company maintains high operating expenses, including substantial selling, general, and administrative (SG&A) costs driven by its sales force and significant non-cash stock-based compensation. While the Light Adjustable Lenses (LALs) boast strong gross margins, the decline in LDD sales and the necessary reallocation of resources to enhance LAL utilization within the existing customer base impact overall profitability. Although RxSight currently has a strong cash position, continuous unprofitability coupled with ongoing cash burn poses a long-term risk to its financial sustainability and investor confidence.

The addressable markets for RxSight's main products and services, primarily their Light Adjustable Intraocular Lenses (LAL) and associated systems for cataract surgery, are as follows:

• The global light-adjustable lens market size was estimated at USD 152 million in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.7% from 2025 to 2033, reaching a forecasted value of USD 352 million by 2033.
• In 2024, North America held the largest share of the global light-adjustable lens market, with a market value of approximately USD 62 million. Europe represented the second-largest regional market, with a value of approximately USD 45 million. The Asia Pacific region is emerging as the fastest-growing market, with a value of USD 32 million in 2024.
• The total addressable market for premium intraocular lenses was USD 2.4 billion globally in 2023 and is expected to grow at 11% annually.
• The estimated total addressable market for premium intraocular lenses in the non-U.S. region is USD 6.5 billion.

RxSight, Inc. (RXST) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Increased Utilization of Light Adjustable Lenses (LALs) and Growth in Procedure Volumes: A primary driver for RxSight's revenue growth is the increasing utilization of its Light Adjustable Lenses (LALs) and the corresponding rise in procedure volumes. The company's business model relies on the sale of these consumable lenses, and management emphasizes driving faster utilization growth through internal initiatives and improved practice engagement. LAL revenue constituted an all-time high of 86% of total company sales in Q4 2025, and LAL unit sales increased by 12% in 2025.
2. International Market Expansion: RxSight is strategically focused on expanding its presence in international markets. The company has secured regulatory approvals in key regions such as the EU, UK, South Korea, Singapore, and Australia, and anticipates revenue contributions from these areas. Efforts are also underway to gain approvals in major markets like China and Japan. The international market for Light Adjustable Lenses is estimated to be approximately double the size of the U.S. market, representing a significant long-term growth opportunity.
3. Launch and Adoption of New Product Innovations: The introduction of new and enhanced versions of its Light Adjustable Lens technology, such as the Light Adjustable Lens+ (LAL+), is a critical driver for growth. The LAL+, commercially launched in April 2024, features a modified aspheric anterior surface designed to extend the depth of focus, further differentiating RxSight's offerings and potentially expanding its addressable market within the premium intraocular lens (IOL) segment.
4. Growth of the Light Delivery Device (LDD) Installed Base and Market Share Expansion: An expanding installed base of Light Delivery Devices (LDDs) is foundational for increasing LAL procedure volumes, as each LDD represents a facility capable of performing LAL adjustments. By the end of 2025, RxSight's LDD installed base grew to 1,134 units, providing a strong platform for future procedure growth. Analysts also project that RxSight's differentiated and "best in class" adjustable IOL technology could enable the company to capture a substantial share of the U.S. premium IOL market, potentially growing from 10% to over 50% in the long term.

Share Issuance

• RxSight conducted an Initial Public Offering (IPO) in 2021.
• The number of shares outstanding increased significantly, from 19.07 million in 2020 to 27.35 million in 2021, representing a 43.41% increase.
• Shares outstanding continued to grow, reaching 35.66 million in 2023 (a 27.41% increase from 2022) and 40.96 million by the end of 2025.

Capital Expenditures

• Capital expenditures were reported as approximately $4 million in 2022, $5 million in 2023, and $5 million in 2024.
• In the latest 12 months, capital expenditures were -$3.83 million, and for the most recent quarter (Q4 2025), they totaled -$1.14 million.
• The primary focus of capital expenditures is on supporting the expanding commercial and operational footprint, including investments in Light Delivery Devices (LDDs) and research and development activities.