RxSight held its second quarter 2026 earnings conference call on August 5, featuring newly appointed President and Chief Executive Officer Aziz Mottiwala alongside Chief Financial Officer Mark Wilterding. The company reported total revenue of $33.7 million for the three months ended June 30, 2026, which included $6.5 million related to a strategic collaboration with Alcon.
Excluding Alcon-related revenue, core product sales totaled $27.2 million, representing a 19% decline from the prior year period. The company attributed the decrease to heightened competitive activity and broader marketplace headwinds. Light adjustable lens unit volumes declined 9% year-over-year to 24,917 units, though LAL procedure revenue represented 90% of product sales at $24.5 million. The company placed 12 light delivery device units during the quarter for $1.3 million in revenue.
Gross margin declined to 71.2% excluding collaboration revenue, compared with 74.9% in the prior year, primarily due to slower inventory flow-through and higher inventory-related costs. The company reported a net loss of $12.1 million, or $0.29 per share, with adjusted net loss of $4.6 million or $0.11 per share. Cash and investments totaled approximately $209 million at quarter end, not including a $60 million upfront payment received after quarter close.
Mottiwala, who recently joined from Tarsus Pharmaceuticals where he served as Chief Commercial Officer, outlined several strategic priorities. These include completing a comprehensive business assessment, strengthening the commercial team by doubling the U.S. sales force over time through internal reallocation, improving forecasting and operational discipline, and advancing next-generation adjustable lens products. The company plans to generate $30 million to $40 million in revenue from the Alcon collaboration, with limited contribution expected in the third quarter and the remainder in the fourth quarter.
The company withdrew previously issued full-year financial guidance to maintain flexibility during the assessment period, noting that while underlying trends remained generally consistent with prior expectations, management needed time to evaluate the business thoroughly. Mottiwala emphasized that physicians continue to express confidence in the technology and indicated no surgeon has reported reaching capacity for LAL usage, suggesting untapped potential for increased utilization. The company committed to resuming formal guidance when reporting fourth quarter results in early 2027.
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