Q3 2021 Rxsight Inc Earnings Call

November 10, 2021

[music].

Speaker 1: Good day and thank you for standing by. Welcome to our Exide 3rd Quarter 2021 Earnings Conference Call.

Good day, and thank you for standing by welcome to our X sight third quarter 2021 earnings conference call.

Operator: Good day, and thank you for standing by. Welcome to RxSight Q3 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. If you require any further assistance, please press star zero. I would now like to hand the conference over to your first speaker today, Malcolm MacLeod. Please go ahead, sir.

Speaker 1: At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. If you require any further assistance, please press star 0. I would now like to hand the conference over to your first speaker today, Malcolm McLeod. Please go ahead, sir.

At this time all participants are in a listen only mode, Australia speaker's presentation. There will be a question and answer session. So ask a question. During the session you will need to press star one on your telephone if you require any further assistance. Please press star zero I would now like to hand the car.

Friends over it to your first speaker today Malcolm Macleod. Please go ahead Sir.

Thank you operator.

Malcolm MacLeod: Thank you, operator. Presenting today are RxSight President and Chief Executive Officer, Ron Kurtz, and Chief Financial Officer, Shelley Thunen. Earlier today, RxSight released financial results for the three months ended September 30, 2021. A copy of the press release is available on the company's website. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, November 10, 2021 only, and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the Securities and Exchange Commission. Our SEC filings can be found on our website or on the SEC's website.

Speaker 2: Thank you, operator. Presenting today are RX site president and chief executive officer Ron Kurtz and chief financial officer Shelley Taylor.

Today, our Rx site, President and Chief Executive Officer, Ron Kurtz, Chief Financial Officer Shelley Thunen.

Speaker 2: Earlier today, RxSite released financial results for the three months ended September 30, 2021. A copy of the Cress Release.

Earlier today, our X sight released financial results for the three months ended September 32021.

A copy of the press release is available on the company's website.

Before we begin I would like to inform you that comments and responses to your questions. During today's call reflect management's views as of today November 10, 2021, only and will include forward looking statements and opinion statements, including predictions estimates plans expectations and other information.

Speaker 2: Before we begin, I would like to inform you that comments and responses to your questions during today's call, reflect management's views as of today, November 10, 2021 only, and we'll include four looking statements and opinion statements, including predictions, estimates, plans, expectations, and other information.

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties.

Speaker 2: Actual results may differ materially, some does express or implied as a result of certain risks and uncertain

Speaker 2: These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the Securities and Exchange Commission.

These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the Securities and Exchange Commission.

Speaker 2: Our SEC filings can be found on our website or on the SEC's website.

Our SEC filings can be found on our website or on the SEC's website.

Malcolm MacLeod: Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. We will also discuss certain non-GAAP financial measures. Disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press release. Please note that this conference call will be available for audio replay on our website at rxsight.com on the investor calendar page and the news and events section on our investor relations page. With that, I will turn the call over to CEO, Ron Kurtz.

Speaker 2: Investors are cautioned not to place undue reliance on forward-looking...

Investors are cautioned not to place undue reliance on forward looking statements, we disclaim any obligation to update or revise these forward looking statements. We will also discuss certain non-GAAP financial measures disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures can be found in the press release.

Speaker 2: We disclaim any obligation to update or revise these forward-looking statements. We will also discuss certain...

Speaker 2: Disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press report.

Speaker 2: Please note that this conference call will be available for audio replay on our website at rxsite.com on the Investor Calendar page and the News and Events section on our Investor Relation.

Please note that this conference call will be available for audio replay on our website at <unk> Dot com on the Investor calendar page in the news and events section on our Investor Relations page with that I will turn the call over to CEO Ron shirts.

Speaker 2: With that, I will turn the call over to CEO Runt.

Yeah.

Speaker 3: Thank you, Malcolm, and good afternoon, everyone. I'll begin today's call with a brief overview of the quarter, along with some general observations. Shelley, tune in. We'll then go into more of the financial details, and we'll then take questions.

Ron Kurtz: Thank you, Malcolm, and good afternoon, everyone. I'll begin today's call with a brief overview of the quarter, along with some general observations. Shelley Thunen will then go into more of the financial details, and we'll then take questions. In Q3, our light delivery device and light adjustable lens sales generated $5.8 million in revenue, representing 39% growth compared to Q3 2020, and 18% growth compared to Q2 of this year. For the nine months ended 30 September 2021, revenue was $14.2 million, representing a 45% increase compared to the same period 2020.

Thank you Malcolm and good afternoon, everyone I'll begin today's call with a brief overview of the quarter along with some general observations Shelley Thunen will then go into more of the financial details and we'll then take questions.

Speaker 3: In the third quarter, our light delivery device and light adjustable lens sales generated $5.8 million in revenue, representing 39% growth compared to Q3 2020 and 18% growth compared to the second quarter of this year.

In the third quarter or late delivery device and light adjustable land sales generated $5 $8 million in revenue, representing 39% growth compared to Q3, 2020, and 18% growth compared to the second quarter of this year for.

Speaker 3: For the nine months ended September 30th, 2021, revenue was 14.2 million, representing a 45% increase compared to the same period in 2020.

For the nine months ended September 32021 revenue was $14 2 million, representing a 45% increase compared to the same period in <unk> 'twenty.

Ron Kurtz: With the addition of 31 light delivery devices or LDDs, our installed base grew to 161 by the end of the quarter, while our ophthalmic surgeons also implanted 1,977 light adjustable lenses or RxLALs during the quarter, bringing the total since our US commercial launch to almost 11,000. Since the premium channel was created in 2005, enabling doctors to collect an additional fee above and beyond standard reimbursement for advanced technology intraocular lenses or ATIOLs, doctors and patients have been seeking a premium solution that consistently delivers excellent quality of vision without glasses.

Speaker 3: With the addition of 31 light delivery devices or LDDs, our installed base grew to 161 by the end of the quarter, while Apapthamic surgeons also implanted 1,977 light adjustable lenses or RX-LALs during the quarter. Bringing the total since our US commercial launch to almost 11,000.

With the addition of 31 light delivery devices or L. D. DS our installed base grew to 161 by the end of the quarter.

Ophthalmic Surgeons also implanted 1977 light adjustable lenses or Rx L. A LS during the quarter, bringing the total since our U S commercial launch to almost 11000.

Speaker 3: Since the premium channel was created in 2005, enabling doctors to collect an additional fee above and beyond standard reimbursement for advanced technology intraocular lenses or ATIOLs, doctors and patients have been seeking a premium solution that consistently delivers excellent quality of vision without glass.

Since the premium channel was created in 2005, enabling doctors to collect an additional fee above and beyond standard reimbursement for advanced technology, intraocular lenses or a T. I O LS doctors and patients have been seeking a premium solution that consistently delivers excellent quality of vision without.

Glasses.

Ron Kurtz: The LAL uniquely meets this challenge by letting doctors optimize a patient's vision after surgery to achieve excellent vision over a range of distances at rates that are nearly double that of competitive products, but without reducing quality of vision or increasing unwanted effects such as glare or halos. In the Q3, we also rolled out an important update to our technology called ActivShield, which protects the LAL from ambient UV light, providing additional scheduling flexibility for patients and doctors. We did see procedures grow throughout the quarter, and particularly in September as our ActivShield rollout was substantially completed. While we are early in the Q4, we have continued to see procedural momentum accelerate and now expect revenue for the full year to be between $21 million to 21.4 million.

The L. A L. Uniquely meets this challenge by letting doctors optimize a patient's vision after surgery to achieve excellent vision over a range of distances at rates that are nearly double that of competitive products, but without reducing quality of vision or increasing unwanted effects, such as Claire or halos.

Speaker 3: The LAL uniquely meets this challenge by letting doctors optimize a patient's vision after surgery to achieve excellent vision over a range of distances at rates that are nearly double that of competitive products, but without reducing quality of vision or increasing unwanted effects such as glare or halo.

Speaker 3: In the third quarter, we also rolled out an important update to our technology called Active Shield, which protects the LAL from ambient UV light, providing additional scheduling flexibility for patients and doctors.

In the third quarter, we also rolled out an important update to our technology called active shield, which protects the L. A L from ambient UV light, providing additional scheduling flexibility for patients and doctors.

Speaker 3: We did see procedures grow throughout the quarter and particularly in September as our active shield rollout was substantially completed.

We did see procedures grow throughout the quarter and particularly in September as our active shield rollout was substantially completed.

Speaker 3: While we are early in the fourth quarter, we have continued to see procedure momentum accelerate and now expect revenue for the full year to be between $21 million to $21.4 million.

While we are early in the fourth quarter, we have continued to see procedure momentum accelerate and now expect revenue for the full year to be between 21 million to $21.4 million.

Speaker 3: The growing excitement around our X-Cite is also evident in our ability to build out our US commercial team efficiently and with very high quality.

The growing excitement around our X sight is also evident in our ability to bid to build out our U S commercial team efficiently and with very high quality.

Ron Kurtz: The growing excitement around RxSight is also evident in our ability to build out our US commercial team efficiently and with very high quality. We have increased the LDD sales force to 14 above our previously stated goal of 12 by year-end. We now expect our LDD sales force to be at 18 by the end of 2021. While this team is focused on developing new customers, we have also created a new LAL sales team that is focused on rapid and expanded LAL utilization at RxSight practices. This group currently includes 5 members and is expected to expand to 18 in the first half of 2022, which will bring our direct field sales team to 36 members by that time. With that, I'd like to turn it over to Shelley for more details on the Q3 financial results.

Ron Kurtz: The growing excitement around RxSight is also evident in our ability to build out our US commercial team efficiently and with very high quality. We have increased the LDD sales force to 14 above our previously stated goal of 12 by year-end. We now expect our LDD sales force to be at 18 by the end of 2021. While this team is focused on developing new customers, we have also created a new LAL sales team that is focused on rapid and expanded LAL utilization at RxSight practices. This group currently includes 5 members and is expected to expand to 18 in the H1 of 2022, which will bring our direct field sales team to 36 members by that time. With that, I'd like to turn it over to Shelley for more details on the Q3 financial results.

Speaker 3: We have increased the LDD sales force to 14 above our previously stated goal of 12 by year end.

We have increased the L. D D salesforce to 14 above our previously stated goal of 12 by year end, we now expect our L. D D salesforce to be at 18 by the end of 2021.

Speaker 3: We now expect our LDD sales force to be at 18 by the end of 2021.

Speaker 3: While this team is focused on developing new customers, we've also created a new LAL team, sales team, that is focused on rapid and expanded LAL utilization at RXFite practice.

While this team is focused on developing new customers. We've also created a new L. A L team.

Sales team that is focused on rapid and expanded L. A L utilization at our <unk> site practices.

Speaker 3: This group currently includes five members and is expected to expand to 18 in the first half of 2022, which will bring our direct field sales team to 36 members by that time.

This group currently includes five members and is expected to expand to 18 in the first half of 2022, which will bring our direct field sales team to 36 members by that time.

Speaker 3: With that, I'd like to turn it over to Shelley for more details on the third quarter financial report.

With that I'd like to turn it over to Shelly for more details on the third quarter financial results.

Shelley Thunen: Thank you, Ron. Good afternoon, everyone. As Ron noted, total revenue in Q3 was $5.8 million, an increase of 18% sequentially compared to the quarter ended 30 June 2021, and 39% increase compared to Q3 2020. Looking at revenue by product, we sold 31 LDD systems in Q3 2021, generating $3.7 million in revenue compared to 25 LDDs, driving $3 million of LDD revenue in Q2 2021 and 19 in Q3 2020 for $2.7 million in sales in the prior year period. As expected, in our early stage of commercialization, LDDs continue to dominate the sales mix, representing 63% of our revenue in Q3 and 61% in Q2 of this year.

Speaker 4: Thank you, Ron. Good afternoon, everyone. As Ron noted, total revenue in the third quarter was $5.8 million in increase of 18 percent sequentially compared to the quarter into June 30th, 2021, and 39 percent increase compared to the third quarter of 2020.

Thank you Ron good afternoon, everyone.

As Ron noted total revenue in the third quarter was $5 8 million, an increase of 18% sequentially compared to the quarter ended June 32021, and 39% increase compared to the third quarter of 2020.

Speaker 4: Looking at revenue by product, we sold 31 LPD systems in the third quarter of 2020.

Looking at revenue by product, we sold 31 L. D D systems third quarter, 2021, generating $3 $7 million in revenue compared to 25 L. D D.

Speaker 4: generating $3.7 million in revenue compared to 25 LEDs driving 3 million.

$3 million.

Speaker 4: LDD revenue in the second quarter of 2021 and 19 in the third quarter of 2020 for $2.7 million in sales in the prior year period.

In the second quarter 2021 and 19.

'twenty 'twenty $4 million to $7 million in sales.

Right.

Speaker 4: As expected in our early stage of commercialization, LDDs continue to dominate the sales...

As expected in our early stage of commercialization Ldds continued to dominate the sales mix.

Speaker 4: representing 63% of our revenue in the third quarter and 61% in the second quarter of this year.

Representing 63% of our revenue in the third quarter and 61% in the second quarter of this year.

Speaker 4: We sold 1,977 LALs in the third quarter of 2021, generating revenue of 1.9 million dollars.

Shelley Thunen: We sold 1,977 LALs in Q3 2021, generating revenue of $1.9 million compared to 1,825 LALs, driving $1.8 million of LAL sales in Q2 2021, and 1,513 LALs for $1.4 million of LAL revenue in Q3 2020. Q3 gross profit was $1.3 million, or 23.2% of revenue, compared to a gross loss of $800,000 in Q2 ending 30 June 2021, and a $720,000 gross profit in Q3 2020, or 17.3% of revenue.

So 1977.

In the third quarter of 2021 generating revenue of $1 $9 million compared to 1825.

Speaker 4: compared to 1,825 LALs driving $1.8 million of LAL sales in the second quarter of 2020.

One $8 million.

Sales in the second quarter of 2021.

Speaker 4: and 1,513 LALs for $1.4 million of LAL revenue in the third quarter of 2020.

In 1513.

For one $4 million.

Revenue in the third quarter of 2020.

Speaker 4: Third quarter gross profit was $1.3 million or 23.2% of revenue compared to a gross loss of $800,000 in the second quarter ending to 30 as 2021. And the 720...

Third quarter gross profit was $1.3 million or 23, 2% of revenue compared to gross loss of $800000 in the second quarter ending June 32021.

$720000 gross profit in the third quarter of 2022 or 17, 3% of revenue.

Speaker 4: in the third quarter of 2022 or 17.3% of revenue.

The sequential increase in gross profit was primarily due to a large reserve in the second quarter 2021 for a previous version of the layoffs.

Shelley Thunen: The sequential increase in gross profit was primarily due to the large reserve in Q2 2021 for our previous version of the LAL due to ActivShield LAL introduction. The increase in gross margin from Q3 2020 is due to higher sales volume. Selling, general and administrative expenses for the three months ended 30 September 2021 were $9.1 million, compared to $6.5 million for the three months ended 30 June 2021, and $3.8 million in the same period of the prior year. The sequential increase in SG&A expenses in Q3 2021 compared to Q2 was primarily due to increased headcount in sales and marketing, increased costs to operate as a public company, and an increase in stock-based compensation.

Speaker 4: The sequential increase in gross profit was primarily due to a large reserve in the second quarter of 2021 for our previous version of

Speaker 4: the LAO due to active shield LAO introduction.

The L. A L D to active shield intra.

Introduction.

Speaker 4: The increase in gross margin from the third quarter of 2020 is due to higher sales.

The increase in gross margin from the third quarter of 2020 is due to higher sales volume.

Speaker 4: selling general and administrative expenses for the three months ended September 30th, 2021 when $9.1 million compared to $6.5 million.

Selling general and administrative expenses for the three months ended September 32021 were $9 $1 million compared to $6 $5 million for three months ended June 30 of 2021 and $3 8 million in the same period of the prior year.

Speaker 4: for the three months ended June 30th, 2021, and $3.8 million in the same period of the prior.

Speaker 4: The sequential increase in SGNA expenses in the third quarter of 2021 compared to the second quarter was primarily due to increased headcount and sales marketing, increased cost to operate as public company and an increase in stock-based compensation.

The sequential increase in SG&A expenses in the third quarter at 2021 compared to the second quarter was primarily due to increased head count in sales and marketing increased costs to operate as a public company and an increase in stock based compensation.

Speaker 4: Research and development expenses for the three months in September 30, 2021 were 5.4 million

Shelley Thunen: Research and development expenses for the three months ended 30 September 2021 were $5.4 million, compared to $6.6 million for the three months ended 30 June 2021, and $5.8 million in the same period of the prior year. The decrease in research and development expenses sequentially, and as compared to the prior period, resulted from lower consumable materials for testing and prototype expense, and lower clinical study expense. Our R&D costs can vary quarter to quarter, depending on stage of development of products and timing of clinical studies. Our net loss in Q3 was $12.7 million, or $0.68 per share, basic and diluted, attributable to common stock using a weighted average share count of 18.7 million shares.

Research and development expenses for the three months ended September 32021 were $5 $4 million compared to $6 $6 million for three months ended June 32021.

Speaker 4: Compared to $6.6 million for three months ended June 30th, 2020.

Speaker 4: and $5.8 million in the same period of the price.

And $5 $8 million in the same period of the prior year.

Speaker 4: The decrease in sales in research and development expenses sequentially and as compared to prior.

The decrease in sales in research and development expenses sequentially and as compared to the prior period.

Speaker 4: resulted from lower consumable materials for testing as prototype expense and lower clinical study expense.

Delta from lower consumable materials for testing and trying to type expense and lower clinical study expense, our R&D costs can vary quarter to quarter, depending on stage of development of products and timing of clinical studies.

Speaker 4: Our R&D costs can vary quarter to quarter depending on stages, development of products and timing of clinics.

Speaker 4: Our net loss in the third quarter was $12.7 million, or 68 cents per share, basic and diluted, attributable to common stock using a weighted average share count of 18.7 million shares.

Our net loss in the third quarter was $12 $7 million or 68 cents per share basic and diluted attributable to common stock using a weighted average share count of 18 7 million shares.

Speaker 4: While we had a total of 27.4 million common shares outstanding at September 30th, EPS is calculated on a weighted average common shares outstanding during the quarter.

Shelley Thunen: While we had a total of 27.4 million common shares outstanding as of 30 September, EPS is calculated on a weighted average common shares outstanding during the quarter, with few common shares outstanding prior to our IPO on 31 July of this year. Prior to our IPO, most of our shareholders owned preferred shares, which were converted to common shares immediately prior to the IPO. I would also like to highlight the non-GAAP disclosures in the press release for the non-cash stock-based compensation expense and the change in the fair value of warrants, as it provides investors with useful comparative information. Stock-based compensation in Q3 of this year was $2 million, and the change in fair value of warrants resulted in a gain of $1.5 million in the quarter, resulting in a non-GAAP basic and diluted loss of $0.65 per share.

While we had a total of $27 4 million common shares outstanding at September 30th EPS is calculated on a weighted average common shares outstanding during the quarter.

Speaker 4: with few common chairs outstanding prior to our IPO on July 31st.

With fewer common shares outstanding prior to our IPO on July 31st of this year.

Speaker 4: Prior to our IPO, most of our shareholders owned preferred shares, which were converted to common shares immediately prior to the IPO.

Prior to our IPO most of our shareholders preferred shares which were converted to common shares immediately prior to the IPO.

Speaker 4: I would also like to highlight the non-gap disclosures and the press release for the non-cache thought-based compensation expense and the change in the fair value.

I would also like to highlight the non-GAAP disclosures in the press release with the noncash stock based compensation expense and the change in the fair value of points as it provides investors with useful comparative information.

Speaker 4: as it provides investors with useful comparative...

Speaker 4: Stock base compensation in the third quarter of this year was $2 million, and the change in fair value of warrant resulted in a gain of 1.5 million.

Talk based compensation in the third quarter of this year was $2 million and the change in fair value of warrants resulted in a gain of $1 $5 million in the quarter, resulting in a non-GAAP basic and diluted loss at 65 cents per share.

Speaker 4: resulting in a non-gap, basically, it's diluted loss.

Speaker 4: Moving to the balance sheet, we ended the third quarter with $168.3 million cash, cash equivalence and short-term investments. Long-term debt was $30.3 million.

Shelley Thunen: Moving to the balance sheet, we ended Q3 with $168.3 million in cash equivalents, and short-term debt investments. Long-term debt was $39.6 million. With the increase in momentum at the end of Q3 and the beginning of this quarter, we expect revenue for the full year to be between $21 million to $21.4 million, an increase of 43% to 46% over the full year of 2020. Gross margin is expected to be between 18% and 19%, with a net loss between $49 million to $50 million for the full year. Since we are at year-end, this translates to revenue of $7.1 to $7.4 million in Q4.

Moving to the balance sheet, we ended the third quarter.

$68 $3 million in cash cash equivalents and short term investments.

Long term debt was $39 $6 million.

Speaker 4: With the increase in momentum at the end of the third quarter and the beginning of this quarter, we expect revenue for the full year to be between $21 million to $21.4 million.

With the increasing momentum at the end of the third quarter and the beginning of this quarter. We expect revenue for the full year to be between 21 million to $21 $4 million, an increase of 43% to 46% of the full year of 2020.

Speaker 4: an increase of 43% to 46% of the full year of 2020.

Speaker 4: Gross margins expected to be between 18 and 19 percent with a net loss between $49 million to $50 million for the full year.

Gross margin is expected to be between 18, and 19% with a net loss between 49 million to $50 million for the full year.

Speaker 4: Since we are year end, this translates to revenue of $7.1 to $7.4 million in the fourth quarter, gross margin between 31 to 33 percent, and a net loss of $16 to $17 million for the fourth quarter. Now I will turn the call back.

Since we are at year end. This translates to revenue of seven one to $7 $4 million from the fourth quarter gross margin between 31% to 33% and a net loss of $16 million to $17 million for the fourth quarter.

Shelley Thunen: Gross margin between 31% to 33% and a net loss of $16 to 17 million for Q4. Now I will turn the call back to Ron for closing remarks.

Now I will turn the call back to Ron for closing remarks.

Speaker 3: Thank you, Shelley. To conclude our prepared remarks, our message to surgeons and patients is clear. The LAL system provides optimal visual outcomes for patients after a cataract surgery. We are actively sharing the clinical data and best practices that define this value, including at the American Academy of Ophthalmology Meeting in New Orleans, scheduled for November 12th through the 15th.

Ron Kurtz: Thank you, Shelley. To conclude our prepared remarks, our message to surgeons and patients is clear. The LAL system provides optimal visual outcomes for patients after cataract surgery. We are actively sharing the clinical data and best practices that define this value, including at the American Academy of Ophthalmology meeting in New Orleans, scheduled for November 12 through 15. With our growing number of implanting surgeons and installed base of LDDs, our expanding commercial capabilities, and the potential for additional product enhancements, we believe we are well positioned to execute on our opportunity to meet and exceed the progressively higher expectation of premium cataract patients and doctors. Now, operator, please open the call for questions.

Thank you Shelly to conclude our prepared remarks, our message to surgeons and patients is clear the <unk> system provides optimal visual outcomes for patients. After cataract surgery. We are actively sharing the clinical data and best practices that define this value, including at the American Academy of Ophthalmology meeting.

In New Orleans scheduled for November 12 through the 15th.

Speaker 3: With our growing number of implanting surgeons and installed base of LDDs, our expanding commercial capabilities and the potential for additional product enhancements, we believe we are well positioned to execute on our opportunity to meet and exceed the progressively higher expectation of premium cataract patients and doctors. And now I'll...

With our growing number of implanting surgeons, an installed base of L. D. DS are expanding commercial capabilities and the potential for additional product enhancements. We believe we are well positioned to execute on our opportunity to meet and exceed the progressively higher expectation.

Premium cataract patients and doctors.

And now operator, please open the call for questions.

Speaker 1: Thank you. As a reminder to ask a question, you will need to press part one on your telephone t-pad. So we draw your question, press the Pound T. Please stand by while we compile the Q&A roster.

Thank you as a reminder to ask a question you will need to press star one on your telephone keypad. So we draw your question press the pound key please standby, while we compile the Q&A roster.

Your first question comes from the line of.

Operator: Your first question comes from the line of Robbie Marcus from J.P. Morgan. Your line is now open.

Speaker 1: Your first question comes from the line of Robbie Marcus from JP Morgan. Your line is now open.

Robbie Marcus from JP Morgan Your line is now open.

Speaker 5: Hey guys, this is Alan on for Robbie. Just want to start by saying congrats on a good quarter.

Hey, guys. This is Allen on for Robbie just wanted to start by saying congrats on a good quarter.

[Analyst] (J.P. Morgan): Hey, guys, this is Alan on for Robbie. Just wanna start by saying congrats on a good quarter. You know, I think it was a bit refreshing to not hear COVID-19 brought up as kind of an important dynamic that we track is going forward. Just to dive a little bit deeper into it, was there any, you know, meaningful impact on the quarter from the pandemic and Delta? You mentioned that you saw acceleration continuing in through the quarter and into October, which is great to hear. Just in terms of the impact of the pandemic, you know, the kind of hospital staffing issues that we have heard of, any impact from those that we should keep in mind going forward?

[Analyst] (JPMorgan Chase): Hey, guys, this is Alan on for Robbie. Just wanna start by saying congrats on a good quarter. You know, I think it was a bit refreshing to not hear COVID-19 brought up as kind of an important dynamic that we track is going forward. Just to dive a little bit deeper into it, was there any, you know, meaningful impact on the quarter from the pandemic and Delta? You mentioned that you saw acceleration continuing in through the quarter and into October, which is great to hear. Just in terms of the impact of the pandemic, you know, the kind of hospital staffing issues that we have heard of, any impact from those that we should keep in mind going forward?

Speaker 5: And I think it was a bit refreshing to not hear COVID-19 brought up as an important dynamic that we track is going forward. But just to dive a little bit deeper into it, was there any meaningful impacts on the quarter from the pandemic and Delta? You mentioned that you saw acceleration continuing in through the quarter and in October , which is great to hear. But just in terms of the impact of the pandemic, the kind of hospital staffing issues that we have heard of any impact from those that we should keep in mind going forward.

And you know I think it was a bit refreshing to nod here COVID-19 brought out that is kind of an important dynamic that you're tracking going forward, but just to dive a little bit deeper into it was there any meaningful impact on the quarter from the pandemic and Delta have you mentioned that you saw acceleration continuing through the quarter and in <unk>.

October which is great to hear but just in terms of the impact of the pandemic you know.

They kind of hospital staffing issues that we've heard of any impact from those that we should keep in mind going forward.

Speaker 3: Yeah, thank you for your question, Owen. Obviously, COVID is still a factor at both the macro and practice level.

Hi, Yes. Thank you for your question Alan.

Ron Kurtz: Yeah. Thank you for your question, Alan. You know, obviously COVID is still a factor at you know, both the macro and practice level. You know, the rates for COVID did increase over the quarter. Ophthalmic practices largely have been relatively less affected by the primary effects of COVID and more from secondary effects, how people take vacations and staffing levels, primarily at ASCs, which can limit the throughput of ASCs. We certainly see COVID effects. As you know, at our stage of development, we're still primarily impacted by factors related to our technology and our ramp.

Obviously COVID-19 is still a factor.

At.

Both the macro and practice level.

The and.

Speaker 3: The rates for COVID did increase over the quarter. But ophthalmic practices largely have been relatively less affected by the primary effects of COVID and more from secondary effects.

The rates for Covid did increase over the quarter.

They.

But ophthalmic practices largely have have.

<unk> been relatively.

Less affected by the by the primary effects of Covid and more from secondary effects.

Speaker 3: how people take vacations and staffing levels primarily at ASCs, which can limit the throughput of ASCs. So we certainly see COVID effects, but

How people take vacations and staffing levels, primarily at <unk>, which can limit the throughput of <unk>. So.

So we certainly see COVID-19 effects.

But.

Speaker 3: As you know at our stage of development, we're still primarily impacted by factors related to our technology and our range.

As you know at our stage of development, where we are.

Still primarily impacted by factors related to our technology and our ramp.

Got it and then just as a quick follow up I think in this quarter. We saw you guys you know relative to our own forecast, putting and a bit more leds.

[Analyst] (J.P. Morgan): Got it. Then just as a quick follow-up, I think in this quarter we saw you guys, you know, relative to our own forecasts, putting in, you know, a bit more LDDs than we had forecasted. That really drove a little bit of outperformance versus our model. When we think about this momentum going forward, should we expect that Q4 will be driven by kind of another similarly strong quarter from LDD placements, especially, you know, with capital budgets generally seeing more purchasing at the end of the year, and coupled with, you know, some more modest improvements in LALs as right now, as you've said, the focus really is on just expanding the base and then going deeper later? Thank you very much.

[Analyst] (JPMorgan Chase): Got it. Then just as a quick follow-up, I think in this quarter we saw you guys, you know, relative to our own forecasts, putting in, you know, a bit more LDDs than we had forecasted. That really drove a little bit of outperformance versus our model. When we think about this momentum going forward, should we expect that Q4 will be driven by kind of another similarly strong quarter from LDD placements, especially, you know, with capital budgets generally seeing more purchasing at the end of the year, and coupled with, you know, some more modest improvements in LALs as right now, as you've said, the focus really is on just expanding the base and then going deeper later? Thank you very much.

Speaker 5: Got it. And then just as a quick follow up, I think in this quarter, we saw you guys, you know, relative to our own forecast, putting in, you know, a bit more LEDs. Then we had forecast that really drove a little bit.

Than we had forecasted that really drove a little bit of outperformance versus our model. So when we think about this momentum going forward and should we expect that fourth quarter will be driven by kind of another similarly strong corridor from L. D D placements, especially with capital budgets generally seeing more purchasing at the end of the year.

Speaker 5: So when we think about this momentum going forward, should we expect that fourth quarter will be driven by another similarly strong quarter from LVD placement, especially with capital budgets generally seeing more purchasing at the end of the year, and coupled with some more modest improvements in LALs, as right now, as you've said, the focus really is on just expanding the base and then going deeper later. Thank you very much.

And coupled with some more modest improvements in L. A right now as you said the focus really isn't just expanding the base and then going deeper later, thank you very much.

Speaker 4: Hi, Alan. It's Hicheli. You know, you do have both those things right that you talked about. You know, our focus is on LVD sales because that does drive procedure growth. Fourth quarter historically has been strong for capital equipment for the same reasons that you enumerated earlier because people want to get their accelerated depreciation on any capital they buy in the fourth quarter.

Hi, Alan this is Shelly.

Shelley Thunen: Hi, Alan. This is Shelley. You know, you do have both those things right that you talked about. You know, our focus is on LDD sales because that does drive procedure growth. Q4 historically has been strong for capital equipment for the same reasons that you enumerated earlier because people wanna get their accelerated depreciation on any capital they buy in Q4. Q4 tends to be good for procedures as well. That's a macroeconomic kind of look. I think it really depends on what our particular doctors decide to do for us, but we are very pleased with the momentum that we have on LDD sales.

You do have both those things right that you talked about you know our focus is on.

LTV sales because that does drive procedure growth.

Quarter, historically has been strong for capital equipment for the same reasons that you and I read it earlier because people want to get the accelerated depreciation on any capital as they buy in the fourth quarter.

Speaker 4: And fourth quarter tends to be good for procedures as well. That's a macroeconomic kind of look. I think it really depends on what our particular doctors decide to do for us.

And fourth quarter tends to be good for procedures as well that's a macroeconomic kind of look I think it really depends on what our particular doctors to do for us, but we are very pleased with the momentum that we have on L. D. P sands.

Speaker 4: But we are very pleased with the the mention that we have on LD

Your next question comes from the line of Danielle <unk> Telsey from SBB Leerink. Your line is now open.

Operator: Your next question comes from the line of, Danielle Antalffy from SVB Leerink. Your line is now open.

Speaker 1: Your next question comes from the line of Daniel and Tuffy from SVB Learing. Your line is now open.

Speaker 6: Hi, this is Erin on for Danielle. Thanks so much for taking your questions. I was just hoping, thanks for providing guidance. I was just hoping you could maybe walk us through some of the assumptions included in the upper and lower ends of the range and kind of what we can expect and what it might take to hit the lower and upper ends of the range. Thanks so much.

Hi, This is Aaron on for Danielle. Thanks, so much for taking a stand.

[Analyst] (SVB Leerink): Hi, this is Erin on for Danielle. Thanks so much for taking our questions. Thanks for providing guidance. I was just hoping you could maybe walk us through some of the assumptions included in, you know, the upper and lower ends of the range, and kind of what we can expect, you know, and what it might take to hit the lower and upper ends of the range. Thanks so much.

I was just hoping you know thanks for providing guidance I was just hoping you could maybe walk us through some.

Some of your assumptions included in the upper and lower ends of the range.

And kind of what we can expect.

And what it might take to to hit the lower and upper ends of the range. Thanks. So much.

Shelley Thunen: Yeah. The range is pretty narrow at $7.1 to 7.4 million. I think the difference in the range will necessarily primarily be about the number of LDDs we sell during the quarter. You know, that's really also why we have some range in the gross margin as well, because the gross margin on the LDD is lower, quite a bit lower than the LAL.

Speaker 4: Yeah, the range is pretty narrow at 7.1 million to 7.4 million. I think the difference in the range will necessarily primarily be about the number of LDDs we sell during the quarter. And that really is also why we have some range in the growth margin as well, because the growth margin on the LDD is lower, quite a bit lower than the LA.

Yes, the range is pretty narrow at 71, $7 1 million to seven 4 million and I think the difference and the range will necessarily primarily be about the number of Leds, we sell during the quarter.

And you know that that really is also why we have some range in the gross margin as well because the.

The gross margin on the LTV is lower quite a bit lower than the L. A L.

Okay, great. Thanks.

[Analyst] (SVB Leerink): Okay. Great. Thanks. Just maybe if you could talk about what you're seeing in terms of, you know, utilization and how kind of new surgeons, and, you know, once you place the LDD and how new surgeons are ramping, and how we should think about utilization heading into Q4, and, you know, looking ahead into 2022?

Speaker 6: Okay, great things. And then just maybe if you could talk about what you're seeing in terms of utilization and how kind of new surgeons and once you place the LDD and how new surgeons are ramping and how we should think about utilization heading into the fourth quarter and looking ahead into 2022.

And then just maybe if you could talk about what you're seeing in terms of.

Utilization and how kind of when you started in <unk>.

And once you place a L D D Aetna and how do you start and ramping them.

And how we should think about utilization heading into the fourth quarter and looking ahead into 2022.

Speaker 3: Yeah, thank you, Aaron. You know, we see a wide range of initial utilization and ramp. It really depends on the practice.

Yes, Thank you erinn.

Ron Kurtz: Yeah. Thank you, Erin. You know, we see a wide range of initial utilization in ramp. It really depends on the practice. Our focus really is on educating the practices, and that includes, you know, doctors, optometrists, other people in the practice about the value of the LAL and its unique ability to provide high quality vision and an extended range of vision. That's something, that combination is something that's just not available with other competitive products. Some practices pick up on that very early and ramp more quickly. Others, they take a little bit slower approach.

We see a.

Our wide range of initial utilization and ramp it really depends on the practice.

Speaker 3: and our focus really is on educating the practices and that includes doctors, optometrist, other people in the practice about the value of the LAL and its unique ability to provide.

And our focus really is on educating the practices and that includes doctors optometrists other people in the in the.

Practice about the value of the L. A L.

And its unique ability to provide high quality vision and.

Speaker 3: high quality vision and an extended range of vision. And that's something that is just not, that combination is something that's just not available with other competitive products.

An extended range of vision and that's something that is just not that combination is something that is just not available with other competitive products.

Speaker 3: And some practices pick up on that very early and rant more quickly. Others, they take a little bit slower approach. Also, we do see that...

And some practices.

Pick up on that very early and.

Ramp more quickly others.

They take a little bit slower approach also.

Ron Kurtz: Also, we do see that. That's one of the reasons why we've initiated the new sales position focused on LAL sales and ramping, is to be able to accelerate that educational process.

We do see that.

And that's one of the reasons why we've.

Speaker 3: And that's one of the reasons why we've initiated the new sales position focused on LAL sales and ramping is to be able to accelerate that educational process.

Initiated.

<unk>.

New sales position focused on.

Sales and ramping is to be able to accelerate that educational process.

Okay, great. Thanks, so much.

[Analyst] (SVB Leerink): Okay, great. Thanks so much.

Your next question comes from the line of Ryan Zimmerman from BP AG. Your line is now open.

Operator: Your next question comes from the line of Ryan Zimmerman from BTIG. Your line is now open.

Speaker 1: Your next crash-shot comes from the line of Ryan Zimmerman from BTAG. Your line is now open.

Hey, Ron his Shelley answer wrongdoing.

Ryan Zimmerman: Hey, Ron. Hey, Shelley. How's everyone doing? Congrats on the quarter.

Speaker 7: The Iran Hushali as they were undoing the cracks on the quarter.

On the corridor.

Good afternoon, and thank you Ryan so well.

Shelley Thunen: Good afternoon.

Speaker 7: So we'll first off we'll see you guys in a few days at AALs. So I just want to ask a question on the increase in the LDD sales course. I guess what are you seeing in the account?

Ron Kurtz: Thank you, Ryan.

Ryan Zimmerman: We'll first off, we'll see you guys in a few days at AAO. I just wanna ask a question on the increase in the LDD sales force. You know, I guess what are you seeing in the accounts that you know kind of accelerating that process? I think it's a good signal, but I would imagine you know there's something underlying that that's helping you think about that. You know, certainly with the LAL, rapid and expanded force that you know increases utilization. Also, my other question to that is what do you expect you know when you put these people in place in terms of uptick and how fast that could start to generate kinda consistent LAL usage? Thank you.

Well first off we'll see you guys in a few days. So I just want to ask a question on the increase in the <unk> sales force.

I guess what are you seeing in the account.

That kind of accelerating that process.

Speaker 7: that kind of accelerating that process. I think it's a good signal, but I would imagine there's something underlying that that tells you, think about that. And then certainly with the LAO rapid and expanded force that increases utilization. Also, my other question to that is, what do you expect when you put these people in place in terms of uptick and how fast that could start to generate kind of consistent LAO usage? Thank you.

I think it's a good signal, but I would imagine there is something underlying at the pump are you thinking about that and then certainly with the rapid.

And expanded enforced.

<unk> utilization I also my other question for that is is what do you expect when you put these people in place in terms of uptick and how fast that could start to generate kind of consistent.

All usage. Thank you.

Speaker 3: Thank you Ryan. Maybe I'll take the first part of that question and Shelley will take the second.

Thank you Ryan maybe I'll take the first part of that question and Charlie will take the second.

Ron Kurtz: Thank you, Ryan. Maybe I'll take the first part of that question, and Shelley will take the second. You know, one factor in the rate of our hiring of sales folks is just the success that we've had in finding extremely qualified and interested people in joining RxSight. That's something that we've opportunistically taken advantage of to accelerate our hiring. Also, you know, we're obviously, this is a very large market, and there's an established pattern of relatively smaller territories within that where salespeople can really go deep into their territories and again educate the field on the benefits of RxSight technology. Again, that combination of quality and range of vision.

Speaker 3: You know, one factor in the rate of our hiring of sales folks is just the success that we've had in finding extremely qualified and interested people in joining our excite. And so that's something that we've, you know, opportunistically taken advantage of to accelerate our hiring.

One factor in.

Right.

Our hiring of sales folks is just the.

The success that we've had in finding.

And finding extremely qualified and interested people in joining Rx side and so that's something that we have.

Opportunistically taken advantage of to accelerate our hiring.

Speaker 3: Also, we're obviously, this is a very large market, and there's an established pattern of relatively smaller territories within that, where salespeople can really go deep into their territories and again, educate the field on the benefits of RXI technology, again, that combination of quality and range of vision.

Also we're obviously this is a very large market and there is an established pattern of relatively.

Smaller territories within that.

Salespeople can really go deep into their territories and again educate the field on the benefits of our X sight technology again that combination of quality and range of vision.

Ron Kurtz: I would say those are the main factors in determining the pace of hiring.

Speaker 3: So I would say those are the main factors in determining the pace of hiring.

Ron Kurtz: I would say those are the main factors in determining the pace of hiring.

So I would say those are the main factors in determining the pace of hiring.

Speaker 4: And of course, we just started hiring for our LAAO sales team. We have five on now and expect to have 18 by the end of the second quarter. Again, we expect that pace to come up pretty quickly.

Shelley Thunen: Of course, we just started hiring for our LAL sales team. We have 5 on now and expect to have 18 by the end of Q2. Again, we expect that pace to come up pretty quickly. You know, one of the things that we see in terms of adoption when you measure it, of course, is we're adding LDD so rapidly, which is good. We're increasing the number per quarter. We find that our clinical apps folks are really busy on training new doctors as well as training new technicians, even in the ASC. While they are very important and are in the practices all the time, we think we need the additional help with the LAL sales team. This is a relatively new team.

We just.

Started hiring for our sales.

Sales team, we have five on now and expect to have 18 by the end of the second quarter again, we expect that pace to come up pretty quickly.

Speaker 4: You know, one of the things that we see in terms of adoption when you measure it, of course, is we're adding L, D, D, D so rapidly, which is good. We're increasing the number for quarter.

One of the things that we see in terms of adoption and you measure and of course as we're adding L. PD, so rapidly which has got through increasing the number per quarter and of course, you know it takes a while for people to get going and we.

Speaker 4: And of course, it takes a while for people to get going. And we find that our clinical apps folks are really busy on training and training new doctors, as well as training new technicians even in the AOC.

We find that our clinical apps folks are really busy on training and training new doctors as well as training technicians, even in the AMC.

Speaker 4: So while they are very important and are in the practices all the time, we think we need the additional help with the LAL sales team.

So while they are very important.

In the practices all the time, we think we need additional help with Elliott with sales teams.

Speaker 4: This is a relatively new team. They're just starting out, but we would expect that the efforts that they make on education.

Is a relatively new tank theyre, just starting out but we would expect that the efforts that they make on education about the product as well as patient flow in the practice and how to sell the product will be very important to us as we grow and get more and more Leds and of course. It also allows.

Shelley Thunen: They're just starting out, but we would expect that the efforts that they make on education about the product as well as patient flow in the practice and how to sell the product will be very important to us as we grow and get more and more LDDs. Of course, it also allows us to go back to existing customers. Some are very high adopters and, you know, we'll be able to observe their best practices and be able to let other people know about that as well, but also to help practices that maybe haven't adopted as quickly. I think 2022 will tell us a bit more about the effectivity of that sales force, but we expect them to be effective, and they are hiring really very qualified people who've done this before for other companies.

Speaker 4: about the product as well as patient flow in the practice and how to sell the product will be very important to us as we grow and get more and more LDDs. And of course, it also allows us to go back to existing customers, some are very high adopters and we'll be able to...

Just to go back to existing customers.

Our very high adopters and you know we'll be able to.

Speaker 4: serve their best practices and

Serve their best practices and and.

Speaker 4: and be able to let other people know about that as well, but also to help practices, maybe having adopted this quickly. So I think 2022 will tell us a bit more about the effectivity of that field force, but we expect them to be effective and we are hiring.

Be able to let other people know about that as well, but also to help practices maybe haven't adopted as quickly. So I think 2022 will tell us a bit more about the effectivity of that of that sales force, but we expect them to be effective and we are hiring.

Speaker 4: really very qualified people who've done this before.

Really.

Very qualified people who've done this before for either company.

Speaker 7: Okay, that's very helpful. I appreciate that color. And then just the last question for me, I'll hop back in queue. You know, you're pricing on the LBD's team and I think higher than we're expecting. And, and certainly the LAL's, you know, too. And I appreciate the comments about fourth quarter run, you know, into the quarter of this far on the momentum. What are your expectations around pricing, you know, do you expect it to be stable and just how to think about pricing to introduce components? Thanks for taking the questions.

Ryan Zimmerman: Okay. That's very helpful. I appreciate that color. Just the last question for me, I'll hop back in queue. You know, your pricing on the LDDs came in, I think, higher than we were expecting, and certainly the LALs, you know, too. I appreciate the comments about Q4, Ron, you know, into the quarter thus far on the momentum. What are your expectations around pricing? You know, do you expect it to be stable? And just how to think about pricing between the two components. Thanks for taking the questions.

Okay. That's very helpful. I appreciate that color and then just the last question for me I'll hop back in queue.

Your pricing on the Ltvs came in I think higher than we were expecting.

And suddenly the Ali al too and I appreciate the comments about fourth quarter ran into the quarter, thus far and the momentum what are your expectations around pricing.

Do you expect it to be stable.

And just how to think about pricing generally do components. Thanks for taking the questions.

Shelley Thunen: Yeah. As we think about pricing, you know, in the short run, that might be through H1 2022, we expect it to be stable both for the LDD and the LAL.

Speaker 4: As we think about pricing, you know, in the short run, that might be through the first half of 2022. We expect it to be stable, both for the LED and the LIO.

If we think about pricing.

In the short run that might be through the first half of 2022, we expect it to be stable both for the LCD and the layout.

Thank you.

Ryan Zimmerman: Thank you.

Speaker 1: Your next question comes from the line of Lawrence Bagelson, but from Wells Fargo. Your line is now open.

Your next question comes from the line of Lauren Michaelson, but from Wells Fargo. Your line is now open.

Operator: Your next question comes from the line of Larry Biegelsen with Wells Fargo. Your line is now open.

Hi, This is Charles on for Larry.

[Analyst] (Wells Fargo): Hi, this is Charles on for Larry. First congrats on a nice quarter. I know it's a little bit too early for any 2022 guidance, but I'd be curious to hear your thoughts. It looks like consensus is currently sitting at around $39 million in revenue or close to 86% yearly growth. Curious to hear your initial reactions to that number and, just, more generally, what might be driving the growth in the next year and the final puts and takes in 2022. Thanks.

Speaker 8: First congrats on a nice quarter. I know it's a little bit too early for any 2022 guidance, but to be curious to hear your thoughts, it looks like consensus is currently sitting at around 39 million in revenue or close to 86% yearly growth. Curious to hear your initial reactions to that number and just more generally what might be driving the growth in the next year and the primary puts and takes in 2022. Thanks.

First congrats on a nice quarter.

It's a little bit too early for any 'twenty to 'twenty two guidance, but I'd be curious to hear your thoughts. It looks like consensus is currently sitting at around $39 million in revenue or close to 86% yearly growth.

Curious to hear your initial reactions to that number and.

Just more generally what what might be driving the growth in the next year or not.

Puts and takes in 2022.

Speaker 4: Of course, as you did say that it is early for 2022 guidance. We're very focused on the fourth quarter right now. And we do see the macroeconomics continuing to improve a bit. You know, procedures are overall picking up. We do think that...

Shelley Thunen: Of course. You know, as you did say that it is early for 2022 guidance, we're very focused on the Q4 right now. We do see the macroeconomics continuing to improve a bit. You know, procedures are overall picking up. We do think that our individual practice patterns are more important than the macroeconomics, but we're happy to see that. The other thing that other people have commented on is while we're getting some recovery from COVID, it's more gradual than I think everybody thought, and that will be limited really by ASC availability for surgeons to practice.

Of course.

As you did say that it is early for 2022 guidance, we're very focused on the fourth quarter right now.

And we.

We do see the macroeconomics.

Im continuing to improve a bit you know procedures or overall picking up we do think that.

Speaker 4: are individual practice patterns are more important than the macroeconomics, but we're happy to see that. The other thing that other people have commented on is while we're getting some recovery from...

Our individual practice patterns are more important than the macroeconomics, but we're happy to see that the other thing that other people have commented on is while we're getting some recovery from COVID-19, it's more gradual and I think everybody thought and that will be limited really by.

Speaker 4: COVID is more gradual than I think everybody thought and that will be limited really by ASC availability for surgeons to practice.

AFC availability for surgeons to practice.

Shelley Thunen: What we're really focused on as we get into the, we're focused on it now, and it'll be the same focus in 2022, is one, LDD sales, two, increasing the number of LALs at each center, and that's our LAL sales force as well that we're growing. Really underpinning all that is education about the product and the benefits that we offer. There's no other product that compares to ours in terms of visual acuity as well as no glare halos, and of course, excellent contrast vision. Ron, I think you know, you might wanna talk about that just a little bit in terms of how we're positioning the product and what we're making sure we let people know about.

Speaker 4: And what we're really focused on as we get into the focus on it now, and it will be the same focus in 2022, is one LDG sales.

And what we're really focused on.

GAAP into <unk>.

Focused on it now and it will be the same focus in 2022 is one ldds fails to increasing the number of <unk>.

Speaker 4: to increasing the number of LALs at each center, and that's our LAL sales force as well, that we're growing. And really underpinning all that is education.

And at each center and that's our <unk>.

Sales force as well that we're growing.

And really underpinning all of that is education.

Speaker 4: about the product and the benefits that we offer. So there's no other product that compares to ours in terms of visual acuity as well as no glare, halos, and of course, excellent contrast vision. So Ron, I think you might want to talk about that just a little bit in terms of how we're positioning the product and what we're making.

Speaker 3: Yeah, I think you've done a great job, but you know, you hear other products talking about their relative comparison to other premium myowels that have

Ron Kurtz: Yeah. I think you've done a great job. It's, you know, you hear other products talking about their relative comparison to other premium IOLs that have, you know, either side effects or effects on visual quality. That's simply not a factor with the LAL. We're fully comparable to a conventional monofocal IOL in that regard. That's preservation of visual quality while still delivering range of vision. That's really the reason for the product, and it's the unique ability of the product due to its adjustability to achieve those results.

Speaker 3: either side effects or effects on visual quality. And that's simply not a factor with the LAL and we're fully comparable to a conventional monopocal IOL in that regard. And so that's a, that is preservation of visual quality while still delivering range of vision.

Speaker 3: That's really the reason for the product. And it's the unique ability of the product due to its adjustability to achieve those results.

Okay.

The product due to its adjustability to achieve those results.

Okay.

[Analyst] (Wells Fargo): Thanks, guys.

Speaker 1: Again, as a reminder, if you would like to ask a question, just press part one on your telephone keep.

[noise] again as a reminder, if you would like to ask a question just press star one on your telephone keypad.

Operator: Welcome to RxSight Q3 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. If you require any further assistance, please press star zero. I would now like to hand the conference over to your first speaker today, Malcolm MacLeod. Please go ahead, sir.

Percenters there are no more further questions at this time.

Speaker 1: Presenters, there are no further questions at this time.

Thank you ladies and gentlemen. This concludes today's conference call. Thank you everyone for participating you may now disconnect.

Speaker 1: Thank you, ladies and gentlemen. This concludes today's conference call. Thank you, everyone, for participating. You may now disconnect.

Speaker 9: acronata Sylwsett!

[music].

Speaker 9: Okay

[music].

Good day, and thank you for standing by welcome to our X sight third quarter 2021 earnings conference call.

Speaker 1: Good day and thank you for standing by. Welcome to RX-Cite 3-quarter 2021 earnings conference call.

At this time all participants are in a listen only mode.

Speaker 1: At this time, all participants are in a listen only mood. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press part one on your telephone. If you require any further assistance, please press star zero. I would now like to hand the conference over to your first speaker today. Malcolm McLeod, please go ahead, sir.

Sorry, the speaker's presentation, there will be a question and answer session. So ask a question. During the session you will need to press star one on your telephone if you require any further assistance. Please press star zero I would now like to hand, the conference over to your first speaker today Malcolm Mccloud.

Please go ahead Sir.

Thank you operator.

Malcolm MacLeod: Thank you, operator. Presenting today are RxSight President and Chief Executive Officer, Ron Kurtz, and Chief Financial Officer, Shelley Thunen. Earlier today, RxSight released financial results for the 3 months ended September 30, 2021. A copy of the press release is available on the company's website. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, November 10, 2021, only. Will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, other information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the Securities and Exchange Commission. Our SEC filings can be found on our website or on the SEC's website.

Speaker 2: Thank you, operator. Presenting today our Rxite President and Chief Executive Officer Ron Kurtz and Chief Financial Officer Shelley.

Today, our Rx site, President and Chief Executive Officer, Ron Kurtz, Chief Financial Officer Shelley children.

Speaker 2: Earlier today, our Excite released financial results for the three months ended September 30, 2021. A copy of the Crescerly's

Earlier today, our X sight released financial results for the three months ended September 32021.

A copy of the press release is available on the Companys website.

Before we begin I would like to inform you that comments and responses to your questions. During today's call reflect management's views as of today November 10 2021.

And will include forward looking statements and opinion statements, including predictions estimates plans and expectations and other information.

Speaker 2: Actual results may differ materially from does expressed or implied as a result of certain risks and uncertain.

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued earlier today and in our filings with the Securities and Exchange Commission.

Speaker 2: These risks and uncertainties are more fully described in our press release issued earlier today, and in our filings with the Securities and Exchange Commission.

Speaker 2: Our SEC phone can be found on our website or on the SEC website.

Our SEC filings can be found on our website or on the SEC's website invest.

Malcolm MacLeod: Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. We will also discuss certain non-GAAP financial measures. Disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press release. Please note that this conference call will be available for audio replay on our website at rxsight.com on the investor calendar page in the news and events section on our investor relations page. With that, I will turn the call over to CEO Ron Kurtz.

Speaker 2: Investors are cautioned not to place undue reliance on forward looking statements. We display many obligations to update or advise these forward looking statements. We will allow

Speaker 2: Disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press.

Please note that this conference call will be available for audio replay on our website at <unk> Dot com on the Investor calendar page on the news and events section on our Investor Relations page with that I will turn the call over to CEO Ron shirts.

Speaker 2: Please note that this conference call will be available for audio replay on our website at rxsite.com on the investor calendar page and the news and event section on our investor relation.

Speaker 2: With that, I will turn the call over to CEO Run.

Yeah.

Speaker 3: Thank you Malcolm and good afternoon everyone. I'll begin today's call with a brief overview of the quarter along with some general observations. Shelley Tunin will then go into more of the financial details and we'll then take questions.

Ron Kurtz: Thank you, Malcolm, and good afternoon, everyone. I'll begin today's call with a brief overview of the quarter, along with some general observations. Shelley Thunen will then go into more of the financial details, and we'll then take questions. In Q3, our Light Delivery Device and Light Adjustable Lens sales generated $5.8 million in revenue, representing 39% growth compared to Q3 2020, and 18% growth compared to Q2 this year. For the 9 months ended 30 September 2021, revenue was $14.2 million, representing a 45% increase compared to the same period in 2020. With the addition of 31 Light Delivery Devices or LDDs, our installed base grew to 161 by the end of the quarter.

In the third quarter, our light delivery device and light adjustable land sales generated $5 $8 million in revenue, representing 39% growth compared to Q3, 2020, and 18% growth compared to the second quarter of this year for.

Speaker 3: In the third quarter, our light delivery device and light adjustable lens sales generated $5.8 million in revenue, representing 39% growth compared to Q3 2020, and 18% growth compared to the second quarter of this year.

Speaker 3: For the nine months ended September 30th, 2021, revenue was 14.2 million, representing a 45% increase compared to the same period in 2020.

For the nine months ended September 32021 revenue was $14 2 million, representing a 45% increase compared to the same period in 'twenty.

Speaker 3: With the addition of 31 light delivery devices or LDDs, our installed base grew to 161 by the end of the quarter. While apathomic surgeons also implanted 1,977 light adjustable lenses or Rx-LALs during the quarter. Bringing the total since our US commercial launch to almost 11,000.

With the addition of 31 light delivery devices or Ltd's, our installed base grew to 161 by the end of the quarter ophthalmic.

Ron Kurtz: While our ophthalmic surgeons also implanted 1,977 Light Adjustable Lenses, or RxLALs during the quarter, bringing the total since our US commercial launch to almost 11,000. Since the premium channel was created in 2005, enabling doctors to collect an additional fee above and beyond standard reimbursement for Advanced Technology Intraocular Lenses, or ATIOLs, doctors and patients have been seeking a premium solution that consistently delivers excellent quality of vision without glasses. The LAL uniquely meets this challenge by letting doctors optimize a patient's vision after surgery to achieve excellent vision over a range of distances at rates that are nearly double that of competitive products, but without reducing quality of vision or increasing unwanted effects such as glare or halos.

Telmex Surgeons also implanted 1977 light adjustable lenses or Rx L. A LS during the quarter, bringing the total since our U S commercial launch to almost 11000.

Since the premium channel was created in 2005, enabling doctors to collect an additional fee above and beyond standard reimbursement for advanced technology, intraocular lenses or ATI OLS doctors and patients have been seeking a premium solution that consistently delivers excellent quality of vision with.

Speaker 3: Since the Premium Channel was created in 2005, enabling doctors to collect an additional fee above and beyond standard reimbursement for advanced technology in Trockierlenses or ATI-OLs. Doctors and patients have been seeking a premium solution that consistently delivers excellent quality of vision without glass.

Our glasses.

Speaker 3: The LAL uniquely meets this challenge by letting doctors optimize a patient's vision after surgery to achieve excellent vision over a range of distances at rates that are nearly double that of competitive products. But without reducing quality of vision or increasing unwanted effects such as glare or halo.

The L. A L. Uniquely meets this challenge by letting doctors optimize a patient's vision after surgery to achieve excellent vision over a range of distances at rates that are nearly double that of competitive products, but without reducing quality of vision, we're increasing unwanted effects, such as Claire or halos.

Speaker 3: In the third quarter, we also rolled out an important update to our technology called ActiveShield, which protects the LAL from ambient UV light, providing additional scheduling flexibility for patients and doctors.

Ron Kurtz: In Q3, we also rolled out an important update to our technology called ActivShield, which protects the LAL from ambient UV light, providing additional scheduling flexibility for patients and doctors. We did see procedures grow throughout the quarter and particularly in September as our ActivShield rollout was substantially completed. While we are early in Q4, we have continued to see procedural momentum accelerate and now expect revenue for the full year to be between $21 million to 21.4 million dollars. The growing excitement around RxSight is also evident in our ability to build out our US commercial team efficiently and with very high quality. We have increased the LDD sales force to 14 above our previously stated goal of 12 by year-end. We now expect our LDD sales force to be at 18 by the end of 2021.

Speaker 3: We did see procedures grow throughout the quarter and particularly in September as our active shield rollout was substantially completed.

We did see procedures grow throughout the quarter and particularly in September as our active shield rollout was substantially completed.

Speaker 3: While we are early in the fourth quarter, we have continued to see procedure momentum accelerate and now expect revenue for the full year to be between $21 million to $21.4 million.

While we are early in the fourth quarter, we have continued to see procedure momentum accelerate and now expect revenue for the full year to be between 21 million to $21 $4 million.

Speaker 3: The growing excitement around RxSite is also evident in our ability to build out our US commercial team efficiently and with very high quality.

The growing excitement around Rx site is also evident in our ability to bid to build out our U S commercial team efficiently and with very high quality.

Speaker 3: We have increased the LDD sales force to 14 above our previously stated goal of 12 by year end.

We have increased the <unk> sales force to <unk> 14 above our previously stated goal of 12 by year end.

Speaker 3: We now expect our LDD sales force to be at 18 by the end of 2021.

We now expect our <unk> sales force to be at 18 by the end of 2021.

Speaker 3: While this team is focused on developing new customers, we've also created a new LAL team, sales team, that is focused on rapid and expanded LAL utilization at RXVide practice.

Ron Kurtz: While this team is focused on developing new customers, we have also created a new LAL sales team that is focused on rapid and expanded LAL utilization at RxSight practices. This group currently includes 5 members and is expected to expand to 18 in H1 2022, which will bring our direct field sales team to 36 members by that time. With that, I'd like to turn it over to Shelley for more details on the Q3 financial results.

While this team is focused on developing new customers. We've also created a new L. A L team.

Sales team that is focused on rapid and expanded L. A L utilization at our <unk> site practices.

Speaker 3: This group currently includes five members and is expected to expand to 18 in the first half of 2022, which will bring our direct field sales team to 36 members by that time.

This group currently includes five members and is expected to expand to 18 in the first half of 2022, which will bring our direct field sales team to 36 members by that time.

Speaker 3: With that, I'd like to turn it over to Shelley for more details on the third quarter of financial

With that I'd like to turn it over to Shelly for more details on the third quarter financial results.

Speaker 4: Thank you, Ron. Good afternoon, everyone. As Ron noted, total revenue in the third quarter was $5.8 million in increase of 18%, sequentially compared to the quarter into June 30th, 2021, and 39% increase compared to the third quarter of 2020.

Ron Good afternoon, everyone.

Ron noted total revenue in the third quarter was $5 $8 million, an increase of 18% sequentially compared to the quarter ended June 32021, and 39% increase compared to the third quarter of 2020.

Speaker 4: Looking at revenue by product, we sold 31 LVD systems in the third quarter of 2020.

Looking at revenue by product, we sold 31 L. D D systems in the third quarter of 2021 generating $3 $7 million in revenue compared to 25 L. D. D is driving $3 million of.

Speaker 4: generating $3.7 million in revenue compared to 25 LEDs driving $3 million.

Speaker 4: LDD revenue in the second quarter of 2021 and 19 in the third quarter of 2020 for $2.7 million in sales in the prior year period.

<unk> revenue in the second quarter of 2021 and 19.

<unk> of 'twenty, 'twenty $4 million to $7 million in sales in the prior year period.

Speaker 4: As expected in our early stage of commercialization, LDDs continue to dominate the sale.

As expected in our early stage of commercialization ldds keeping continue to dominate the sales mix.

Speaker 4: representing 63% of our revenue in the third quarter and 61% in the second quarter of this year.

Representing 63% of our revenue in the third quarter and 61% in the second quarter of this year.

Shelley Thunen: We sold 1,977 LALs in Q3 2021, generating revenue of $1.9 million compared to 1,825 LALs, driving $1.8 million of LAL sales in Q2 2021 and 1,513 LALs for $1.4 million of LAL revenue in Q3 2020. Q3 gross profit was $1.3 million or 23.2% of revenue compared to a gross loss of $800,000 in Q2 ending 30 June 2021, and a $720,000 gross profit in Q3 2022 or 17.3% of revenue.

Speaker 4: We sold 1,977 LALs in the third quarter of 2021, generating revenue of 1.9 million dollars.

So 1977 LLS in that third quarter of 2021 generating revenue of $1 $9 million compared to 1825.

Speaker 4: compared to 1,825 LALs driving $1.8 million of LALs sales in the second quarter of 2020.

It's driving $1.8 million of land sales in the second quarter of 2021.

Speaker 4: and 1,513 LALs for $1.4 million of LAL revenue in the third quarter of 2020.

And 1513, Lel's for one $4 million of L. A on revenue in the third quarter of 2020.

Speaker 4: Third quarter gross profit was $1.3 million or 23.2% of revenue compared to a gross loss of $800,000 in the second quarter ending June 30, 2021.

Third quarter gross profit was $1 $3 million or 23, 2% of revenue compared to gross loss of $800000 in the second quarter, ending June 32021, and $720000 gross profit in the third quarter of 2022 or 17.

Speaker 4: in the third quarter of 2022 or 17.3% of gravity.

Eight 3% of revenue.

Shelley Thunen: The sequential increase in gross profit was primarily due to a large reserve in Q2 2021 for our previous version of the LAL due to ActivShield LAL introduction. The increase in gross margin from Q3 2020 is due to higher sales volume. Selling, general, and administrative expenses for the three months ended 30 September 2021 were $9.1 million compared to $6.5 million for the three months ended 30 June 2021, and $3.8 million in the same period of the prior year. The sequential increase in SG&A expenses in Q3 2021 compared to Q2 was primarily due to increased headcount in sales and marketing, increased costs to operate as a public company, and an increase in stock-based compensation.

Speaker 4: This quenchal increase in gross profit was primarily due to the large reserve in the second quarter of 2021 for our previous version

This sequential increase in gross profit was primarily due to a large reserve in the second quarter of 2021 for a previous version of the layoffs.

Speaker 4: the LAO due to active shield LAO introduced.

The layout due to active shield LEL introduction.

Speaker 4: The increase in gross margin from the third quarter of 2020 is due to higher sales.

The increase in gross margin from the third quarter of 2020 is due to higher sales volume.

Speaker 4: selling general and administrative expenses for the three months ended September 30th 2021 When 9.1 million dollars compared to 6.5 million dollars

Selling general and administrative expenses for the three months ended September 32021 were $9 $1 million compared to $6 $5 million for the three months ended June 32021, and $3 8 million in the same period of the prior year.

Speaker 4: for the three months ended June 30th, 2021, and $3.8 million in the same period of the prior.

Speaker 4: The sequential increase in SGNA expenses in the third quarter of 2021, compared to the second quarter, was primarily due to increase headcount and sales marketing, increase cost to operate as public company, and an increase in stock-based compensation.

The sequential increase in SG&A expenses in the third quarter of 2021 compared to the second quarter was primarily due to increased head count in sales and marketing increased costs to operate as a public company and an increase in stock based compensation.

Shelley Thunen: Research and development expenses for the three months ended 30 September 2021 were $5.4 million compared to $6.6 million for the three months ended 30 June 2021, and $5.8 million in the same period of the prior year. The decrease in research and development expenses sequentially, and as compared to the prior period, resulted from lower consumable materials for testing and prototype expense and lower clinical study expense. Our R&D costs can vary quarter to quarter depending on stage of development of products and timing of clinical studies. Our net loss in Q3 was $12.7 million or $0.68 per share, basic and diluted, attributable to common stock using a weighted average share count of 18.7 million shares.

Research and development expenses for the three months ended September 32021 were $5 $4 million compared to $6 $6 million for three months ended June 32021, and $5 $8 million in the same period of the prior year.

Speaker 4: Research and development expenses for the three months ended September 30th, 2021, were 5.4 million.

Speaker 4: Compared to $6.6 million for three months ended June 30th, 2020.

Speaker 4: and $5.8 million in the same period of the price.

Speaker 4: the decrease in sales in research and development expenses sequentially and as compared to the prior.

The decrease in sales in research and development expenses sequentially and as compared to the prior period resulted from lower consumable materials for testing and prototype expense and lower clinical study expense, our R&D costs can vary quarter to quarter, depending on stage of development of products and.

Speaker 4: resulted for lower consumable materials for testing and prototype expense and lower clinical study expense.

Speaker 4: Our R&D costs can vary quarter to quarter depending on stages, development of products and timing of clinics.

Timing of clinical studies.

Our net loss in the third quarter was $12 $7 million or <unk> 68 cents per share basic and diluted.

Speaker 4: Our net loss in the third quarter was $12.7 million, or 68 cents per share, basic and diluted, attributable to common stock using a weighted average share count of 18.7 million shares.

Beautiful to common stock using a weighted average share count of 18 7 million shares.

Shelley Thunen: While we had a total of 27.4 million common shares outstanding as of 30 September, EPS is calculated on a weighted average common shares outstanding during the quarter, with few common shares outstanding prior to our IPO on 31 July this year. Prior to our IPO, most of our shareholders owned preferred shares, which were converted to common shares immediately prior to the IPO. I would also like to highlight the non-GAAP disclosures in the press release for the non-cash stock-based compensation expense and the change in the fair value of warrants as it provides investors with useful comparative information. Stock-based compensation in Q3 this year was $2 million, and the change in fair value of warrants resulted in a gain of $1.5 million in the quarter, resulting in a non-GAAP basic and diluted loss of $0.65 per share.

While we had a total of $27 4 million common shares outstanding at September 30th EPS is calculated on a weighted average common shares outstanding during the quarter.

With fewer common shares outstanding prior to our IPO on July 31st of this year.

Speaker 4: Prior to our IPO, most of our shareholders owned preferred shares, which were converted to common shares immediately prior to the end.

Prior to our IPO most of our shareholders preferred shares which were converted to common shares immediately prior to the IPO.

Speaker 4: I would also like to highlight the non-gap disclosures and the press release for the non-cache dot base compensation expense and the change in the fair value.

I would also like to highlight the non-GAAP disclosures in the press release for the noncash stock based compensation expense and the change in the fair value of warrants as it provides investors with useful comparative information.

Speaker 4: as it provides investors with useful comparative.

Speaker 4: Stock base compensation in the third quarter of this year was $2 million, and the change in fair value of Lawrence resulted in a gain of 1.5 million.

<unk> based compensation in the third quarter of this year was $2 million and the change in fair value of warrants resulted in a gain of $1 $5 million in the quarter.

Speaker 4: resulting in a non-gap based good diluted loss at 65.

Belting and a non-GAAP basic and diluted loss at 65 cents per share.

Speaker 4: Moving to the balance sheet, we ended the third quarter with $168.3 million cash, cash quibblance and short term investments. Long term debt was $30.3 million.

Moving to the balance sheet, we ended the third quarter with $168 $3 million in cash cash equivalents and short term investments.

Long term debt was $39 $6 million.

Speaker 4: With the increase in momentum at the end of the third quarter and the beginning at this quarter, we expect revenue for the full year to be between $21 million to $21.4 million.

Speaker 4: an increase of 43% to 46% of the full year of 2020.

Speaker 4: Gross margin is expected to be between 18 and 19% with a net loss between $49 million to $50 million for the poll.

Gross margin is expected to be between 18, and 19% with a net loss between 49 million to $50 million for the full year.

Speaker 4: Since we are year-end, this translates to revenue of $7.1 to $7.4 million in the fourth quarter, gross margin between 31 to 33 percent, and a net loss of $16 to $17 million for the fourth quarter. Now I will turn the call back to the next slide.

Since we are at year end. This translates to revenue of seven one to $7 $4 million in the fourth quarter gross margin between 31% to 33% and a net loss of $16 million to $17 million for the fourth quarter.

Shelley Thunen: Gross margin between 31% and 33% and a net loss of $16 to 17 million for Q4. Now I will turn the call back to Ron for closing remarks.

Now I will turn the call back to Ron for closing remarks.

Ron Kurtz: Thank you, Shelley. To conclude our prepared remarks, our message to surgeons and patients is clear. The LAL system provides optimal visual outcomes for patients after cataract surgery. We are actively sharing the clinical data and best practices that define this value, including at the American Academy of Ophthalmology meeting in New Orleans, scheduled for November 12 through the 15th. With our growing number of implanting surgeons, installed base of LDDs, our expanding commercial capabilities, and the potential for additional product enhancements, we believe we are well positioned to execute on our opportunity to meet and exceed the progressively higher expectation of premium cataract patients and doctors. Now, operator, please open the call for questions.

The clinical data and best practices that define this value, including at the American Academy of Ophthalmology meeting in New Orleans scheduled for November 12 through the 15th.

With our growing number of implanting surgeons, an installed base of Ldds, our expanding commercial capabilities and the potential for additional product enhancements. We believe we are well positioned to execute on our opportunity to meet and exceed the progressively higher expectation of premium cataract patients and doctors.

And now operator, please open the call for questions.

Speaker 1: Thank you. As a reminder to ask a question, you will need to press one on your telephone keypad. So we draw your question, press the Pound key. Please stand by while we compile the Q&A roster.

Thank you.

Operator: Thank you. As a reminder, to ask a question, you will need to press star one on your telephone keypad. To withdraw your question, press the pound key. Please stand by while we compile a Q&A roster. Your first question comes from the line of Robbie Marcus from J.P. Morgan. Your line is now open.

A reminder to ask a question you will need to press star one on your telephone keypad do we draw your question press the pound key please standby, while we compile the Q&A roster.

Your first question comes from the line of.

Speaker 1: Your first question comes from the line of Robbie Marcus from JP Morgan. Your line is now open.

Robbie Marcus from Jpmorgan. Your line is now open.

Speaker 5: Hey guys, this is Alan on Ferrarbi. I just want to start by saying I congratulate you on a good quarter.

Hey, guys. This is allen on for Robbie I, just wanted to start by saying congrats on a good quarter.

[Analyst] (J.P. Morgan): Hey, guys. This is Alan on for Robbie. Just want to start by saying congrats on a good quarter. You know, I think it was a bit refreshing to not hear COVID-19 brought up as kind of an important dynamic to keep track of going forward. Just to dive a little bit deeper into it, was there any, you know, meaningful impact on the quarter from the pandemic and Delta? You mentioned that you saw acceleration continuing in, through the quarter and into October, which is great to hear. Just in terms of the impact of the pandemic, you know, the kind of hospital staffing issues that we have heard of, any impact from those that we should keep in mind going forward?

And you know I think it was a bit refreshing to nod here COVID-19 brought up as kind of an important dynamic to keep tracking going forward, but just to dive a little bit deeper into it was there any meaningful impact on the quarter from the pandemic and Delta have you mentioned that you saw acceleration continuing through the quarter and then Dr.

Speaker 5: And I think it was a bit refreshing to not hear COVID-19 brought up as an important dynamic that we've track is going forward. But just to dive a little bit deeper into it, was there any meaningful impacts on the quarter from the pandemic and Delta? You mentioned that you saw acceleration continuing through the quarter and in October , which is great to hear. But just in terms of the impact of the pandemic, the kind of hospital staffing issues that we've heard of any impact from those that we should keep in mind going forward.

Tober, which is great to hear but just in terms of the impact of the pandemic the.

They kind of hospital staffing issues that we've heard of any impact from those that we should keep in mind going forward.

Speaker 3: Yeah, thank you for your question, Owen. Obviously, COVID is still a factor at both the macro and practice level.

Hi, Yes. Thank you for your question Alan.

Ron Kurtz: Yeah, thank you for your question, Alan. You know, obviously COVID is still a factor, you know, both at the macro and practice level. You know, the rates for COVID did increase over the quarter. Ophthalmic practices largely have been relatively less affected by the primary effects of COVID and more from secondary effects, how people take vacations and staffing levels, primarily at ASCs, which can limit the throughput of ASCs. We certainly see COVID effects. As you know, at our stage of development, we're still primarily impacted by factors related to our technology and our ramp.

Obviously COVID-19 is still a factor.

At.

Both the macro and practice level.

At the end.

Speaker 3: The rates for COVID did increase over the quarter. But, ophthalmic practices largely have been relatively less affected by the primary effects of COVID and more from secondary effects.

The rates for Covid did increase over the quarter.

They.

Ophthalmic practices largely have have been.

<unk> been relatively.

Less affected by the by the primary effects of Covid and more from secondary effects.

Speaker 3: how people take vacations and staffing levels primarily at ASCs, which can limit the throughput of ASCs. So we certainly see COVID effects, but

How people take vacations and staffing levels, primarily at Asc's, which can limit the throughput of <unk>. So.

So we certainly see COVID-19 effects.

But.

Speaker 3: at our stage of development, we're still primarily impacted by factors related to our technology and our...

At our stage of development, where we are.

Still primarily impacted by factors related to our technology and our ramp.

Got it and then just as a quick follow up I think in this quarter. We saw you guys relative to our own forecast putting in a bit more leds.

[Analyst] (J.P. Morgan): Got it. Then just as a quick follow-up, I think in this quarter, we saw you guys, you know, relative to our own forecasts, putting in, you know, a bit more LDDs than we had forecasted. That really drove a little bit of our performance versus our model. When we think about this momentum going forward, should we expect that Q4 will be driven by kind of another similarly strong quarter from LDD placements, especially, you know, with capital budgets generally seeing more purchasing at the end of the year, and coupled with, you know, some more modest improvements in LALs, as right now, as you've said, the focus really is on just expanding the base and then going deeper later? Thank you very much.

Speaker 5: Got it. And then just as a quick follow up, I think in this quarter, we saw you guys, you know, relative to our own forecast, putting in, you know, a bit more LEDs than we in forecasts. Is that really drove a little bit of...

Than we had forecasted that really travel a little bit about performance versus our model. So when we think about the momentum going forward should we expect that fourth quarter will be driven by kind of another similarly strong corridor from L. D D placements, especially with capital budgets generally seeing more purchasing at the end of the year.

Speaker 5: model. So when we think about this momentum going forward, should we expect that fourth quarter will be driven by kind of another similarly strong quarter from LVD placement, especially with capital budgets generally seeing more purchasing at the end of the year and coupled with some more modest improvements in LALs. As right now, as you said, the focus really is on just expanding the base and then going deeper later. Thank you very much.

And coupled with some more modest improvements in L. A right now as you said the focus really isn't just expanding the base and going deeper later, thank you very much.

Speaker 4: Hi, Alan. It's Hicheli. You know, you do have both those things right that you talked about. You know, our focus is on LDD sales because that does drive procedure growth. Fourth quarter historically has been strong for capital equipment for the same reasons that you enumerated earlier because people wanna get their accelerated depreciation on any capital they buy in the fourth quarter.

Hi, Alan this is Shelly.

Shelley Thunen: Hi, Alan, this is Shelley. You know, you do have both those things right that you talked about. You know, our focus is on LDD sales because that does drive procedure growth. Q4 historically has been strong for capital equipment for the same reasons that you enumerated earlier because people wanna get their accelerated depreciation on any capital they buy in Q4. Q4 tends to be good for procedures as well. That's a macroeconomic kind of look. I think it really depends on what our particular doctors decide to do for us. We are very pleased with the momentum that we have on LDD sales.

Do you have both those things right that you talked about you know our focus is on LTV.

<unk> sales because that does drive procedure growth.

Fourth quarter historically has been strong for capital equipment for the same reasons that you and I read it earlier because people want to get their accelerated depreciation on any capital as they buy in the fourth quarter.

Speaker 4: And fourth quarter tends to be good for procedures as well that's a macroeconomic kind of look. I think it really depends on what our particular doctors decide to do for us.

And fourth quarter tends to be good for procedures as well that's a macroeconomic kind of look I think it really depends on what our particular doctors decide to do for us, but we are very pleased with the momentum that we have on LDP sales.

Speaker 4: But we are very pleased with the, the mentioned that we have on LD.

Okay.

Your next question comes from the line of Danielle <unk> from SVP Leerink. Your line is now open.

Speaker 1: Your next question comes from the line of Daniel and Tuffy from SVB Learing. Your line is now open.

Operator: Your next question comes from the line of, Danielle Antalffy from SVB Leerink. Your line is now open.

Speaker 6: Hi, this is Erin on for Danielle. Thanks so much for taking your questions. I was just hoping, you know, thanks for providing guidance. I was just hoping you could maybe walk us through some of the assumptions included in, you know, the upper and lower ends of the range and kind of what we can expect, you know, and what it might take to hit the lower and upper ends of the range. Thanks so much.

Hi, This is Aaron on for Danielle. Thanks, So much for taking Eric I've been I was just hoping you know thanks for providing guidance I was just hoping you could maybe walk us through them some.

[Analyst] (SVB Leerink): Hi, this is Erin on for Danielle. Thanks so much for taking our questions. I was just hoping, you know, thanks for providing guidance. I was just hoping you could maybe walk us through, some of the assumptions included in, you know, the upper and lower ends of the range, and kind of what we can expect, you know, and what it might take to hit the lower and upper ends of the range. Thanks so much.

Some of your assumptions included in the upper and lower end of the range.

And kind of what we can expect.

And what it might take to hit the lower and upper ends of the range. Thanks, So much.

Shelley Thunen: Yeah, the range is pretty narrow at $7.1 million to $7.4 million. I think the difference in the range will necessarily primarily be about the number of LDDs we sell during the quarter. You know, that really is also why we have some range in the gross margin as well, because the gross margin on the LDD is lower, quite a bit lower than the LAL.

Speaker 4: Yeah, the range is pretty narrow at 7.1 million to 7.4 million. I think the difference in the range will necessarily primarily be about the number of LDDs we sell during the quarter. And, you know, that really is also why we have some range in the growth margin as well, because the growth margin on the LDD is lower, quite a bit lower than the LA.

Yes, the range is pretty narrow at 71, $7 1 million to $7 4 million I.

I think the difference and the range will necessarily primarily be about the number of ldds, we sell during the quarter.

And that's that really is also why we have some range in the gross margin as well because the.

Gross margin on the LTV is lower quite a bit lower than the layout.

Speaker 6: Okay, great. Thanks. And then just maybe if you could talk about what you're seeing in terms of utilization and how kind of new surgeons and once you place the LDD and how new surgeons are ramping and how we should think about utilization heading into the fourth quarter and looking ahead into 2022.

Okay, great. Thanks.

[Analyst] (SVB Leerink): Okay, great. Thanks. Just maybe if you could talk about what you're seeing in terms of, you know, utilization and how kind of new surgeons, and, you know, once you place the LDD and how new surgeons are ramping, and how we should think about utilization heading into Q4, and, you know, looking ahead into 2022.

And then just maybe if you could talk about what you're seeing in terms of.

Realization and how kind of when you started in and once you place the IBD and and how do you start and are ramping.

And how we should think about utilization heading into the fourth quarter.

And looking ahead into 2022.

Yes, Thank you erinn.

Ron Kurtz: Yeah. Thank you, Erin. You know, we see a wide range of initial utilization and ramp. It really depends on the practice. Our focus really is on educating the practices, and that includes, you know, doctors, optometrists, and other people in the practice about the value of the LAL and its unique ability to provide high-quality vision and an extended range of vision. That combination is something that's just not available with other competitive products. Some practices pick up on that very early and ramp more quickly. Others, they take a little bit slower approach. Also, we do see that.

Speaker 3: Yeah, thank you, Aaron. You know, we see a wide range of initial utilization and ramp. It really depends on the practice.

We see a.

Wide range of initial utilization and ramp it really depends on the practice.

Speaker 3: And our focus really is on educating the practices, and that includes doctors, optometrist, other people in the practice about the value of the LAL, and its unique ability to provide.

Hi.

And our focus really is on educating the practices and that includes doctors optometrists other people in the in the press.

Practice about the value of the L. A L.

And its unique ability to provide high quality vision and.

Speaker 3: high quality vision and an extended range of vision. And that's something that is just not, that combination is something that's just not available with other competitive products.

Extended range of vision and that's something that is just not that combination is something that is just not available with other competitive products.

Speaker 3: And some practices pick up on that very early and rant more quickly. Others, they take a little bit slower approach. Also, we do see that

And some practices.

Pick up on that very early in <unk>.

Ramp more quickly others.

They take a little bit slower approach also.

We do see that.

Speaker 3: And that's one of the reasons why we've initiated the new sales position focused on LAL sales and ramping is to be able to accelerate that educational process.

And that's one of the reasons why we've.

Ron Kurtz: That's one of the reasons why we've initiated the new sales position focused on LAL sales and ramping is to be able to accelerate that educational process.

Initiated.

<unk>.

New sales position focused on.

Sales and ramping is to be able to accelerate that educational process.

Okay, great. Thanks, so much.

[Analyst] (SVB Leerink): Okay, great. Thanks so much.

Speaker 1: Your next question comes from the line of Ryan Zimmerman from BTIG. Your line is now open.

Your next question comes from the line of Ryan Zimmerman from <unk>. Your line is now open.

Operator: Your next question comes from the line of Ryan Zimmerman from BTIG. Your line is now open.

Hey, Ron and his Shelley answer wrongdoing.

Ryan Zimmerman: Hey, Ron. Hey, Shelley. How's everyone doing? Congrats on the quarter.

Speaker 7: conocer Önderen heres are on behalf of master corner

On the quarter.

Good afternoon, Thank you Ryan so well.

Shelley Thunen: Good afternoon.

Ron Kurtz: Thank you, Ryan.

Speaker 7: Thank you Ryan. So we'll first off we'll see you guys in a few days of AALs. So I just wanna ask a question on the increase in the LDD sales course. You know, I guess what are you seeing in the account?

[Analyst] (J.P. Morgan): First off, we'll see you guys in a few days at AAO. I just wanna ask a question on the increase in the LDD sales force.

Well first off we'll see you guys in a few days so I just want to ask a question on the.

The increase in the elderly salesforce.

Ryan Zimmerman: You know, I guess, what are you seeing in the accounts, that, you know, kind of accelerating that process? I think it's a good signal, but I would imagine, you know, there's something underlying that that's helping you think about that. You know, certainly with the LAL rapid and expanded force that, you know, increases utilization. Also, my other question to that is what do you expect, you know, when you put these people in place in terms of uptick and how fast that could start to generate kind of consistent LAL usage? Thank you.

I guess what are you seeing in the account.

That kind of accelerating that process.

Speaker 7: that kind of accelerating that process. I think it's a good signal, but I would imagine there's something underlying that that's helping you think about that. And then, certainly with the LAL rapid and expanded force that increases utilization. Also, my other question to that is, what do you expect when you put these people in place in terms of uptick and how fast that could start to generate kind of consistent LAL usage? Thank you.

It's a good signal, but I would imagine there's something underlying at the pump are you thinking about that and then certainly with the rapid.

And expanded enforced.

The increase in utilization I also my other question to that is is what do you expect when you put these people in place in terms of uptick and how fast that could start to generate kind of consistent L. A L usage. Thank you.

Speaker 3: Thank you Ryan, maybe I'll take the first part of that question and Shelley will take the second.

Thank you Ryan maybe I'll take the first part of that question and Charlie will take the second.

Ron Kurtz: Thank you, Ryan. Maybe I'll take the first part of that question, and Shelley will take the second. You know, one factor in the rate of our hiring of sales folks is just the success that we've had in finding extremely qualified and interested people in joining RxSight. That's something that we've opportunistically taken advantage of to accelerate our hiring. Also, you know, we're obviously. This is a very large market, and there's an established pattern of relatively smaller territories within that where salespeople can really go deep into their territories and again educate the field on the benefits of RxSight technology. Again, that combination of quality and range of vision.

One factor in.

The rate of our <unk>.

Hiring of sales.

<unk> is just the <unk>.

Success that we've had in finding.

Finding extremely qualified and interested people in joining Rx side, and so that's something that we've opt.

Opportunistically taken advantage of to accelerate our hiring.

Speaker 3: Also, we're obviously, this is a very large market, and there's an established pattern of relatively smaller territories within that, where salespeople can really go deep into their territories and again, educate the field on the benefits of RXI technology. Again, that combination of quality and range of vision.

Also we're obviously this is a very large market and there is an established pattern of.

Relatively smaller territories within that where salespeople can really go deep into their territories and again educate the field on the benefits of our <unk> technology again that combination of quality and range of vision.

Ron Kurtz: I would say those are the main factors in determining the pace of hiring.

Speaker 3: So I would say those are the main factors in determining the pace of hiring.

So I would say those are the main factors in determining the pace of hiring.

Shelley Thunen: Of course, we just started hiring for our LAL sales team. We have 5 on now and expect to have 18 by the end of Q2. Again, we expect that pace to come up pretty quickly. You know, one of the things that we see in terms of adoption when you measure it, of course, is we're adding LDD so rapidly, which is good. We're increasing the number per quarter. We find that our clinical apps folks are really busy on training new doctors as well as training new technicians, even in the ASC. So while they are very important and are in the practices all the time, we think we need the additional help with the LAL sales team. This is a relatively new team.

Speaker 4: And of course, we just started hiring for our LAL failed team. We have five on now and I expect to have 18 by the end of the second quarter. Again, we expect that pace to come up pretty quickly.

We just.

It started hiring for our <unk> sales team, we have five on now and expect to have 18 by the end of the second quarter again, we expect that pace to come up pretty quickly.

Speaker 4: You know, one of the things that we see in terms of adoption, when you measure it, of course, is we're adding L, D, D, D so rapidly, which is good. We're increasing the number per quarter.

One of the things that we see in terms of adoption and you measure and of course as we're adding vps, so rapidly which has got through increasing the number per quarter and of course, it takes a while for people to get going and.

We find that our clinical apps folks are really busy on training and training new doctors as well as training new technicians, even in the AFC.

Speaker 4: So while they are very important and in the practices all the time, we simply need the additional help with the LAL sales team.

So while they are very important.

In the practices all the time, we think we need the additional help with Elliott with sales teams. This is a relatively new team. They are just starting out but we would expect that the efforts that they make on education about the product as well as patient flow in the practice and how to sell the product.

Speaker 4: This is a relatively new piece. They're just starting out, but we would expect that the efforts that they make on education.

Shelley Thunen: They're just starting out, but we would expect that the efforts that they make on education about the product as well as patient flow in the practice and how to sell the product will be very important to us as we grow and get more and more LDDs. Of course, it also allows us to go back to existing customers. Some are very high adopters, and, you know, we'll be able to observe their best practices and be able to let other people know about that as well, but also to help practices that maybe haven't adopted as quickly. I think 2022 will tell us a bit more about the effectivity of that sales force, but we expect them to be effective, and they are hiring really very qualified people who've done this before for other companies.

Speaker 4: about the product as well as patient flow in the practice and how to sell the product will be very important to us as we grow and get more and more LDDs. And of course it also allows us to go back to existing customers from our very high adopters and we'll be able to...

It will be very important to us as we grow and get more and more Leds and of course. It also allows us to go back to existing customers.

<unk> are very high adopters, and we'll be able to.

Speaker 4: observe their best practices and

Serve their best practices and.

Speaker 4: and be able to let other people know about that as well, but also to help practices, maybe having adopted this quickly. So I think 2022 will tell us a bit more about the effectivity of that, of that Salesforce, but we expect them to be effective and we are hiring.

And be able to let other people know about that as well, but also to help practices maybe haven't adopted as quickly. So I think 2022 growth pillars, a bit more about the effectivity of that of that sales force, but we expect them to be effective and we are hiring.

Speaker 4: really very qualified people who've done this before.

Really.

Very qualified people who've done before is rather come from.

Speaker 7: Okay, that's very helpful. I appreciate that color. And then just the last question for me, I'll hop back in queue. You know, your pricing on the LDDs came in, I think, higher than we were expecting. And certainly the LALs, you know, too. And I appreciate the comments about fourth quarter run, you know, into the quarter thus far on the momentum. What are your expectations around pricing? You know, do you expect it to be stable? And just how to think about pricing to the two components? Thanks for taking the question.

Okay. That's very helpful. I appreciate that color and then just the last question for me and I'll hop back in queue.

Ryan Zimmerman: Okay. That's very helpful. I appreciate that color. Just the last question for me, I'll hop back in queue. You know, your pricing on the LDDs came in, I think, higher than we were expecting, and certainly the LALs, you know, too. I appreciate the comments about Q4 run, you know, into the quarter thus far on the momentum. What are your expectations around pricing? You know, do you expect it to be stable? Just how to think about pricing between the two components. Thanks for taking the questions.

Your pricing on the <unk> came in I think higher than Youre expecting.

And certainly that lay out to you and I appreciate the comments about fourth quarter ran into the quarter, thus far and the momentum what are your expectations around pricing.

Do you expect it to be stable and just how to think about pricing generally do components. Thanks for taking the questions.

Shelley Thunen: Yeah. As we think about pricing, you know, in the short run, that might be through the H1 2022, we expect it to be stable both for the LDD and the LAL.

Speaker 4: As we think about pricing, you know, in the short run, that might be through the first half of 2022. We expect it to be stable, both for the LDD and the LIO.

Yes, if we think about pricing.

In the short run that might be through the first half of 2022, we expect it to be stable both for the LDC and the layout.

Thank you.

Ryan Zimmerman: Thank you.

Yes.

Speaker 1: Your next question comes from the line of Lauren Spagelsen, but from Wells Fargo, your line is open.

Your next question comes from the line of Lauren Michaelson from Wells Fargo. Your line is now open.

Operator: Your next question comes from the line of Larry Biegelsen from Wells Fargo. Your line is now open.

Hi, This is Charles on for Larry.

[Analyst] (Wells Fargo): Hi, this is Charles on for Larry. First, congrats on a nice quarter. I know it's a little bit too early for any 2022 guidance, but I'd be curious to hear your thoughts. It looks like consensus is currently sitting at around $39 million in revenue or close to 86% yearly growth. Curious to hear your initial reactions to that number and just more generally what might be driving the growth in the next year and the primary puts and takes in 2022. Thanks.

Speaker 8: First congrats on a nice quarter. I know it's a little bit too early for any 2022 guidance, but I'd be curious to hear your thoughts. It looks like consensus is currently sitting at around 39 million in revenue or close to 86% yearly growth. I'm curious to hear your initial reactions to that number and just more generally, what might be driving the growth in the next year and the primary puts and takes in 2022. Thanks.

First congrats on the nice quarter.

A little bit too early from 'twenty to 'twenty coiled tubing guidance, but I'd be curious to hear your thoughts. It looks like consensus is currently sitting at around $39 million of revenue, we are close to 86% yearly growth power.

Curious to hear your initial reactions to that number and.

Just more generally what what might be driving the growth in the next year. The primary puts and takes in 2022.

Shelley Thunen: Of course. You know, you did say that it is early for 2022 guidance. We're very focused on the Q4 right now. We do see the macroeconomics continuing to improve a bit. You know, procedures are overall picking up. We do think that our individual practice patterns are more important than the macroeconomics, but we're happy to see that. The other thing that other people have commented on is while we're getting some recovery from COVID, it's more gradual than I think everybody thought, and that will be limited really by ASC availability for surgeons to practice.

Speaker 4: Of course, you know, as you did say that it is early for 2022 guidance. We're very focused on the fourth quarter right now. And we do see the macro economics continuing to improve a bit. You know, procedures are overall picking up. We do think that.

Of course.

As you did say that it is early for 2022 guidance, we're very focused on the fourth quarter right now.

And.

We do see the macroeconomics.

Continuing to improve a bit.

Procedures are overall picking up we do think that.

Speaker 4: COVID is more gradual than I think everybody thought and that will be limited really by ASC availability for surgeons to practice.

AFC availability for surgeons to practice.

Speaker 4: And what we're really focused on as we get into the focus on it now, and it will be the same focus in 2022, is one LDD sales.

Shelley Thunen: What we're really focused on as we get into the we're focused on it now, and it'll be the same focus in 2022, is one, LDD sales, two, increasing the number of LALs at each center, and that's our LAL sales force as well that we're growing. Really underpinning all that is education about the product and the benefits that we offer. There's no other product that compares to ours in terms of visual acuity as well as no glare halos and, of course, excellent contrast vision. Ron, I think, you know, you might wanna talk about that just a little bit in terms of how we're positioning the product and what we're making sure we let people know about.

And what we're really focused on.

GAAP into <unk>.

Focused on now and will be the same focus in 2022 is one ldds sounds to increasing the number of <unk>.

Speaker 4: to increasing the number of LEALs at each center. And that's our LEAL Salesforce as well that we're growing. And really underpinning all that is education.

Ill at.

At each center and that's our sales force as well that we're growing.

And really underpinning all of that is education about.

About the product and benefits that we offer so there is no other product that compares to ours in terms of visual acuity as well as no glare and halos and of course excellent contrast vision. So Ron I think you might want to talk about that just a little bit in terms of how we're positioned.

And the product and what we're making sure we let people know about.

Ron Kurtz: Yeah. I think you've done a great job at, you know, you hear other products talking about their relative comparison to other premium IOLs that have, you know, either side effects or effects on visual quality. That's simply not a factor with the LAL and we're fully comparable to a conventional monofocal IOL in that regard. That is preservation of visual quality while still delivering range of vision. That's really the reason for the product and its unique ability of the product due to its adjustability to achieve those results.

Speaker 3: Yeah, I think you've done a great job, but you know, you hear other products talking about their relative comparison to other premium myowels that have

Yes, I think you've done a great job.

<unk> you.

Here other products talking about their relative comparison to.

Other.

Premium wells that have.

Speaker 3: either side effects or effects on visual quality, and that's simply not a factor with the LAL, and we're fully comparable to a conventional monopocal IOL in that regard. And so that is preservation of visual quality while still delivering range of vision.

Either side effects or effects on visual quality and that's simply not a factor with the al.

And we're <unk>.

Fully comparable to a conventional monocoque, while well in that regard.

So that's a that is preservation of visual quality, while still delivering range of vision.

Speaker 3: That's really the reason for the product and it's the unique ability of the product due to its adjustability to achieve those results.

That's really.

The reason for the product and it's the unique ability of.

The product due to its adjustability to achieve those results.

Thanks, guys.

[Analyst] (Wells Fargo): Thanks, guys.

Speaker 1: Again, as a reminder, if you would like to ask a question, just press part one on your telephone key.

Again as a reminder, if you would like to ask a question just press star one on your telephone keypad.

Operator: Again, as a reminder, if you would like to ask a question, just press star one on your telephone keypad. Presenters, there are no more further questions at this time. Thank you, ladies and gentlemen. This concludes today's conference call. Thank you everyone for participating. You may now disconnect.

Presenters there are no more further questions at this time.

Speaker 1: Presenters, there are no more further questions at this time.

Speaker 1: Thank you, ladies and gentlemen, this concludes today's conference call. Thank you, everyone, for participating. You may now disconnect.

Thank you ladies and gentlemen. This concludes today's conference call. Thank you everyone for participating you may now disconnect.

Q3 2021 Rxsight Inc Earnings Call

Request a DemoDemo

RXST

Rxsight

Earnings