RXST

RxSight is a commercial-stage medical-device maker built on a genuinely differentiated product — the Light Adjustable Lens, described in the MD&A as "the first and only commercially available premium cataract technology" that lets surgeons tune vision after implant. The economics of the razor/razor-blade model show up in the numbers: 76.6% gross margin on $134M of revenue, a growing installed base of 1,134 LDDs and ~300,000 LALs implanted. This is not a junk business.

But the growth engine just stalled, and that is the whole story. After compounding from $22.6M (FY21) to $140M (FY24), revenue fell -3.9% to $134M in FY25 — the first annual decline in the company's commercial history — while the net loss widened -41.8% to -$38.9M and operating margin sat at -35.8%. Management's own realignment of the entire U.S. commercial org into a "Customer Success Organization," plus the July 2025 putative securities class action disclosed in Risk Factors, both point to an adoption slowdown that broke the prior narrative. The MD&A explicitly says it does "not anticipate meaningful near-term sales" internationally, so the U.S. surgeon base (3,500–4,000 targets) is the near-term ceiling.