Shares of RxSight experienced a dramatic decline in early trading, plummeting by half their value. This sharp drop occurred immediately after the medical device innovator announced disappointing preliminary second-quarter figures and significantly revised its financial projections for the entire year.
The company disclosed on Tuesday that its anticipated second-quarter revenue would be approximately $33.6 million, marking a 4% decrease from the corresponding period last year. This figure also substantially missed the $41.7 million consensus forecast from analysts. Full second-quarter results are scheduled for release on August 7.
RxSight has adjusted its full-year revenue guidance downward, now expecting figures between $120 million and $130 million. This revised range is a considerable reduction from its prior projection of $160 million to $175 million and falls well below the analyst consensus of $171 million.
RxSight specializes in the development and production of the \"Light Adjustable Lens system.\" This groundbreaking technology is touted by the company as the first and only commercially available intraocular lens that can be precisely modified following cataract surgery.
In response to the underwhelming performance in the second quarter, Dr. Ron Kurtz, the CEO, stated that the company is adapting its commercial strategy. The new approach will emphasize a stronger focus on ensuring customer success, both within existing and new clinical practices, guided by lessons learned from the recent underperformance and aligned with their long-term vision.
The premarket trading saw RxSight's shares fall to $6.50, a price point that, if maintained, would mark an unprecedented low for the company since its initial public offering in 2021. This substantial devaluation underscores the market's strong reaction to the revised financial outlook and raises questions about the company's immediate recovery trajectory.
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