RxSight (RXST) 7 Nov 242024 Q3 Earnings call transcript

Thank you for standing by. My name is Andrea, and I will be your conference operator today. At this time, I would like to welcome everyone to the RxSight Third Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Oliver Moravcevic, Vice President of Investor Relation. Thank you. ahead. go Please

X Presenting on Officer, operator. Shelley RxSight and press for President Earlier A XX, Thank of company's copy Ron today website. Kurtz; Executive the the results financial Dr. RxSight is Officer, ended and Chief September today, XXXX. available you, release released are months the Chief Thunen. Financial

will results management's information. and Before include may expectations uncertainties. a X, questions during These those our Securities to the in press comments fully and we begin, Commission or and responses statements, November opinion result I and and uncertainties today, would and call implied forward-looking like our are views more filings reflect SEC. including to with differ as materially XXXX, plans, Exchange of from risks described and and risks inform Actual you today that estimates, of or as issued certain in today's predictions, expressed other release

the our obligation to Our SEC on be as any may and disclaim filings revise or undue we place not forward-looking law. can Investors on required it statements, reliance update be website cautioned to by are forward-looking SEC's except statements, these found or website.

audio for Ron call Relations Investor Dr. our be website. I on Disclosures discuss Executive will can most regarding our also to over the replay financial that with President the will note Ron? this found financial certain will that, press reconciliations call turn available and non-GAAP in comparable conference measures, Kurtz. including We be Officer, non-GAAP measures, With measures. the GAAP release. Please Chief

outcomes premium light another successful us. joining infrastructure cataract for surgery pleased quarter for adjustable you lens. report the a thank to and afternoon, Good with of building in patient-driven We're

that beyond. In of the QX, in surpassing and brings and in to a patients. during detailed year-end high-quality themes underscores year, LDD value through installed quarter of robust of the seasonal and to for ophthalmic recognition our to growth surgery Shelley that I'd remainder the adjustability increasing financial cataract our confidence the play we sustained results reinforce will the the momentum growth the third to recognize broader of Despite experienced typically value I to existing like quarter able efforts want final doctors and our typical commercial of continued some out our outlook even This by practices sales and highlight While base, and patients seasonal our expectations. provide achieved and review in the customize for outcomes. patient trends thank this well LAL underscore RxSight showcasing sales were quarter, to visual superior in our and that seasonal the schedules. these hurricanes headwinds the our the operations impacted customers as place and clinical that new line on and teams win-win benefits with believe QX travel doctor is as of weeks the system. LAL of strong as we practice result being postoperative

of approval We happy U.S. full in are Canada. the recent the to the and rollout LAL+ of also in report LAL+

of vision than near average meeting combined American of the of LAL or better already near vision refraction LAL+ to ability with visual the XX% customize compared an vision a of better over of more JX October, path achieved in to the or taken both of by binocular patients and outcomes, at XX/XX of vision presented eyes, glasses. XX% with remarkable without Ophthalmology to patients, the additional X.X distance leads achieving the As delivers Academy This, LAL. with lines standard in distance-corrected excellent

histories. more continues to complex for be positively provided with While by standard LAL+ has the been valued patients both patients by the ocular and vision received doctors, high-quality particularly LAL

In the QX, plus production platform X capabilities As their to power which our broadest approved recently unique will we range meet LAL+ our manufacturing spherical positions, the to powers, market lenses between the XX are diopters. maintain track providing in-house give LAL+ LAL minus release and mix IOL with the adjust X a to expect we from low-diopter result, demand. to of the on both also to the any flexibility astigmatism-correcting

position Our driving technologies at also adopted our are and our direct team, remains IOL offered to and still want tremendous thank innovation in deliver to their primary patients. us on the population cataract market, I want to outcomes and forefront the to stages premium penetration doctors we in American our of at reaching the who recognize growth. In where most near and and technology helping the of toward term, early within RxSight, commitment advances I remains broad the the continuously input core and advancing a efforts expanding teams development our for of the RxSight's superior surgeons innovation of the LAL force maintain our focus that to to operations relevant clinically LDD North growth patients.

our extremely optometrists, previously, expanding to who the principles refractive in similar clinical have counseling, are practice. on also who patient with participants believe We rely well of exposure community LAL discussed we the optometric mindset are fits As decision-making. key we their diagnosis, in daily the and most

market patients into expansion significant our play With For Europe and the and other experience plan months. the professionals. We to North look care the and for same role opportunities apply in American turn in global the to to increasingly the Shelley. over Asia to call updates regulatory concert reason, with optometrists providing care our premium IOL the in I'll that, important eye efforts LAL an coming of and further both forward commercial on ophthalmologists

afternoon, good $XX.X and million quarter compared $XX.X to the in Ron, and up X% of second compared the of you, to million XX% revenue quarter up year everyone. $XX.X XXXX million, ago quarter in XXXX. third RxSight generated Thank

$XX.X the third reflects second in dip the both summer typical quarter during and XX% to quarter year year, sold million During compared in cataract this patients LALs respectively. surgery This performance tend doctors the sequential travel generated often in which quarter as ago revenue, and we and seasonality to months. LAL and quarter, the X% XX,XXX same up the of volumes,

the total XX% XX% in an period sold year second in quarter, is matching for stronger of We the XX third equipment. Additionally, revenue the XX% in ago period XX% quarter, from XXXX. ago in sold revenue, units the LDDs typically third quarter that XX from XX the the and and the quarter up units the of year represented increase to LAL in in second capital

$XX.X the same XXXX as During XX% XXXX. of million, the versus quarter essentially second of third generated the sales and of LDD up quarter period, revenue the

at installed period $XXX,XXX. quarter and XXX year our XX% LDD selling respectively. average of versus Reflecting ago the September at XX% approximately continued LDD the price of XX, increase XXXX, units, of second remained our XXXX, base stood As the representing and demand, for stable an

During defined the in was the of LDD, previous per the up LALs year. base in as quarter, in quarter, monthly utilization, implanted quarter the X.X number installed last LDD LDD LALs period LALs XX.X divided same per from the average by the

the percentage year average compared While a the basis margin cost both and and of the as sustained strong utilization increase quarter LDD of higher sales, by quarter sequential the costs, in or support XXXX. $X.X sequential for LALs stock-based reflects the third generally of LAL of XX representing that than that primarily X XX.X% year to gross the manufacture for sales and and lower to reflect improvements cost primarily to a and hires change the strong LDD the second LDD. and increases, of quarter, due a The X million LALs additional the pricing or sales XX% is realized a the and sold. SG&A in quarter stock-based LAL LAL, remained was million the lower third compensation increase and of This in an in travel of $X.X XXXX expense. of due $XX.X is teams, is in were third The increase LAL was as X.X% sales predominantly quarter. $XX.X same volume for overhead year-over-year On increase quarter marketing stability. months monthly gross and basis, the Recall XX.X% XXX percentage ago the growth ago margin SG&A and was period seasonally expense. in later second production quarter. The in cost the continued personnel goods it in expenses compensation per year-over-year cost higher in expenses of versus million to the increased the declines, in in an XX.X% quarter, so XXXX in seen million, cost increase to was points

quarter, R&D year-over-year and compared new X.X%, increased compensation. or of quarter this in $X.X in to XXXX. expenses by third primarily third the the stock-based of quarter attributed million to $X.X to change $X.X the the increased year, XX.X% Compared to was prior primarily to increased rose costs to due third During million This quarter facilities expenses R&D hires. million

income the a XX.X shares. $X.X $X.XX $XX.X $X.XX per the basis resulting was $X.XX a on third basic $X.X diluted quarter of XXXX stock-based weighted shares third was share million average a basic Note, This income share of Our in third million, of quarter non-GAAP using diluted million basic to of or loss GAAP per quarter or and XXXX. of net the compares compensation loss GAAP million or in loss and in diluted the net of $XXX,XXX a per and an share. of in

and the investments third short-term XXXX increase for and with of quarter cash, due equipment $XXX.X inventories, to balance million equivalents, accrued million cash cash and the collections ended receivable accounts cash Moving in $XXX.X investments XX, continued is and expenses. to predominantly on use limited to cash, spending, capital equivalents, higher favorable low sheet. compared of XXXX. The June We short-term

guidance. to now Turning

follows: revenue $XXX to expense increasing now expense and provided to and approximately guidance million. the of operating are range We $XXX the Full be full million, is noncash reducing guidance year year projected at profit XXXX top guidance $XXX gross while of as previously our million revenue

previous the low coming in call $XX of of back along low of majority $XXX guidance range previous implies Noncash our XXXX increase provided expected primarily expense, be fourth translates is end cost to revised our the the low the XX%. the are the expected XX%, included to to are range. the XX%. $XX the higher-margin end bottom $XX XX% of approximately increase year previously guidance of similar and of million million, the This to quarter lower a XX%. quarter now in to guidance fourth are sales expenses expected primarily growth $XXX year-over-year be million product revenue expenses, with be end This year-over-year at mix reflects LAL XXXX $XX representing annual to in of million of at manufacturing. Full operating margin now margin with is the our from million. up operating of range Gross approximately expense, the the of range now revised operating to from at XX% million shift which to guidance continued to Our of gross XX% to quarter million. that, of $XX third that to of approximately Ron. I'll QX With XXXX to turn at

Thank Shelley. you,

reinforce like questions, reflect adjustability cataract as recent sessions surgeons call in by clinical in of the of which increasingly attention surgery, RxSight American well operational adoption is and the both meeting The the playing talks practice numerous premium for are LAL participation role afforded open advancing I'd recognized both quality we Before multiple broad market. for ophthalmic drew LAL in from talks featuring booth presentations Chicago, our RxSight as centered also the by the wider attendees, the as Annual integration Meeting at and significant was to as for an which the unique and advantages trends as of Academy and booth the scientific growth. These community. briefly Ophthalmology on in on well event outstanding

patients practices. The to have issues. nonadjustable As cuts pay selection, to predictable to of the postoperative revenue cataract economic scalable call IOLs after to optimize thread patient global open mitigate surgeons management patient models premium vision in questions. progressive By the common calculations, come. driving surgery, operator many to surgical now ophthalmic in of ophthalmic adjustability continue inherent to most a needle impact to reimbursement require enabling when results, essential for is others growth preoperative that I'll surgery ask will delivers premium for With their high-quality that, to and comes business of viability it high-margin limitations the years noted, technique,

JPMorgan. [Operator first the your And question with of from comes line Instructions] Marcus Robbie

not like what's Robbie. to And for on like? on look concerns what drive about Lily grow in also just existing ability deeper business? to capital LDD? continued penetration capital ability a a so bit is for or been with third side placements. This We've your demand does your LDD second ones, you Can new that more the heard What talk you're placements and of but centers about driving seeing

the for you Thank question.

service the be months X about do And quite an that results in see the is they increase the I able based factors. units number clinical technology, with of already really patients. they number order success the patients but who adopted also think to. they typically to see it's on QX the it practices that's but a ROI the realize RxSight their technology, of show on where can and do calculation on to that adding continue and So than QX based have cataract our can the and that One, system, to the quicker really results of effort, the practices that that. We offer obviously, to other practice offices quick relatively are LDD ability internal benefits with

That's it. tail hurricanes as quarter. of a the the impact just then the follow-up, helpful. at talked about Got you And end of

in was XQ So that to the you're and was meaningful headwind? in an factoring as what for quarter And how of are well? how that impact big you quantify able

Thank question. the you for

asked that's a lot of think everybody. I been

and are our We although were practices customers damage. off due course, surgery and employees definitely, to effect. markets their patients that such It's And First more sustained for property markets hard important closed safe, some ophthalmic lost days lose maybe that's quantify some as than and that. few as us. days of and our Florida foremost, to some few good had did surgery a so some days. those to of a But we

from question the comes with next Ryan Our line Zimmerman of BTIG.

for Izzy This is on Ryan.

pretty in maintain LAL when confidence to what was the particularly of levels, it So consistent I the the these consumables. just able some to to for LDD pricing start is the both over past wondering out, and seen Shelley, quarters. we've comes being couple pricing your

Yes.

again capital right for been it's of at fact quarter price now of a quarter a little the second say that XXXX. I is about remain and drift has already don't constant, from of there little seasonally tremendously slightly strong average, get is, increased On down just the on still some bit despite asking. doctor charged, LDD demand to a And with LAL. With course, a is into had that the ASP the since We unit. we of our you that's XX% reason has LAL the the capital year LAL so And tremendous that consistent the then, by distributor ASPs over side, to our middle that are sales bit. tells retail value that they're which convinced saw for And per $X,XXX down they're our we in that. patient a quarter our because is that usually the we're the price this us ever the and $X,XXX Canada tends third convinced of get eye $X,XXX the going the and always market. pushback per But on below the pricing the equipment, quarter.

we ASP our good products. both So feel for about

to I about just Got mind guys should not we're it. any early Very think but And have to I get guidance wondering start if was helpful. in XXXX. know you considerations today, we as that keep we going

XX%. from Ron as at look right said, us the glasses, tools. And the product, grow of the Yes. get is about market our is well. impact to doctor is we're IOL the generally or at which of long-term of this outcomes and as the goal more total as XX/XX and It's guidance for And But premium and clinical a most premature at are the important JX distance, XX% give little we XX% to tool free near want patient patient. what patients for we the patients. have for now,

more pay is of addition, a than generate replacement just In not does equipment ago, about earlier Ron X LDD The revenue. for for much roughly a that payback would months. piece of the included $XXX,XXX not is price they as the second

first that add I Would practice product. patient-doctor the continued those since are trends so that have we that, introduced And think to Ron? anything you compelling

because might not may a And raised just mostly ASCs. add on the into clinic-based that selling capital outlined. been LDD of clinic, by ROI Shelley just decision hospitals and that affect they're this the some I the that we're affected concerns that we be and is really that basing have the

Your next question comes Larry of from the Biegelsen Wells Fargo. with line

Larry. for It's Lei calling in

but case? that and know a start prior in years. in both seasonality mentioned seasonality the Just QX was seemed to bit thoughts why you have a off, versus And LDD I more Shelley, this around LAL follow-up. Any pronounced the I year

Yes.

And what our to we LDD longer. seasonality, concert. third the We of in seasonality, and is the sales them see side. longer of quarter would that. field, week week fact, see we customers, quarter, little XX from in second equal and at taking they a but saw go doctors them side, capital EU of however, equipment the down didn't we to sometimes few the the we we're the by stayed close opposite you quarter. see very On course, A the LDD heard more went on saw from -- Typically, LAL from in and vacations, second did

larger overall by so we terrific very saw at was and that, of positive I think on million half, the get, really and second we'll see the range. quarter. range lower guidance mid both we first in top the first And $X the a the about with expected in bit function seasonality, it that that. And of some that course, We And the a of seasonality the negative. both in we more increased

the the that, was a where we and course, that think generated bit And more of like so a in LALs, was half. it yes, makes quarter look both lot of that, seasonality there And we more time-off. less for seasonality that's by really third saw in first really

Got it, helpful. that's

And question the My gross margin. sorry misspoke about on is LDD. that, on I follow-up

guidance seem the this holding stable. for pretty year. relatively raised You said, what you Based confident about you on pricing

be been should now. of at for overhead XXXX? we're sustainable seems stable COGS year a the kind I relatively or have looking that's to to that seems gross is the margin the of sustainable, -- beyond Your so improved and mean Does say, costs, now period a or

question. a that's really good Yes,

comes mix. than of I improvement think both And go fact, But margin years, the have it a in gross the costs product come LDD. is. capital from you equipment the because in mix. bit cost down, quite change LAL overhead margin quite actually most more the LDD of But the of related higher we that's and LAL a bit ahead future as the LAL into is has the sold. sales biggest that's build in time to The progressive and gradually

last On had increase the as side, about in cost as year LDD in of take some course, out XX% a third we well the of introduced the reconfigured price to material quarter savings LDD as costs. we part

the question of with line Craig of Bank from Bijou Next America. comes

trends what on a as walk you trends kind change as through if question in few you if know just quarters? some start any can the lot you've the utilization? of that and seen get over practices of in of practice. And see couple But maybe the last last grow, the utilization, of maybe you this I over by and I years. want just to utilization utilization you the have

talked it installed macro we've now is year that What about not, install, then 'XX all that know, so same This probably all basis, classes course, 'XX quarter, anomaly 'XX, was of at they enough out. before. by practices before kind and and At seen is the of we a I've are the seasonality of which classes our well. global and third have and the across an standing wasn't terms seasonality place In we there had across up of was X same end the in as volume. the you

account with to important In the one, that as practices their that's clinical applications trained do LAL about applications sales field. their what people. do back with in clinical perspective, of job go ensuring be with the very are customer. Most folks. And the well, as LAL want the get along doctors And to manager going, are them that's practice at look terms XXX our from and also the and staff able of well. along to our they're individual clinical have adequately account we managers growth is people, each also But to and they adoption they but people

the And clinical do that our right, so that they is set each quarter have they that said, well. a place, the that get beginning as they of those accounts place adopted in our to not 'XX to the get quicker accounts and and more Ron? same see accounts, same move to want add same in what apex now think potential I've newer goals as And the Would tend that, but to have the bit grow. the you of anything of to forward we to salespeople 'XX rest the as terms

but offer No. about have that again, across methodology, for they're those the that different the it teams to And ways be that outcomes the before that can not doctors so doing country. within looking LAL, by may making Obviously, to the the they practices we've practice the more help primary surgery clinical that's I always build aware ways may that patients. effort be efficient, is day-by-day, utilization practice-by-practice other clinical grow to just mean, adoption. of on are their going the initial group results been the adopted cataract but a spoken

go the to educate opportunity to and those account range the salespeople an to improvements that them give an also as lower says. Each Ron just into is practice, them we learn thing more well to like what approval the just of our diopter we more about revenue as X got add for. the product new to wanted the of managers, give R&D things I opportunity continuous says driver as product. Ron introduced

ourselves call become known. as helping And a it of And more by focus not efficient. well point and practices calls that's we gives just our so as reason make our to where go

we And the that spreads quarter have fourth do to adopted And diopter in lenses. the technology a well. exposure to LAL. to group that's that may Yes, going of have obviously with may not patients the lower-power to our to will or who them opportunity give the other surgeons that as the hopefully And appeal already absolutely.

Since And last call, had field Yes. to [ field. XXX We're we on the time keep a it's ] add the I saying the about people consistently. into in XXX. continuing people

that's it, if it's done can a helpful. Got a very and talked past. in basis million the And QX Shelley, implied the guidance than I about about, $XX you sequential you've ask that or the little bit lower on what

So we that QX? with How hurricanes about about the I couple LDDs, might have guess QX? impact, the there's to some baking then mix that. the in a the think of way of into you impact in of things should versus kind think are a And bled from if revenue LALs

are questions. both Those good

I about think sequentially, it guidance, we we when obviously, to think that of continue when look course, grow. at you

that's function away recover think we're hit while is that also know, the strongest typically typically, implying growth and $X and million natural get fourth larger specific quarter strong quarter, on procedures the third were the third course, are people fourth give then back quarter. But mix you their quarter. think strongest be numbers. When that it our practices. a It period-over-period, And about all the we don't right obviously, the XX% employees And end again or capital. in to our time at had to is fourth quarter, safe. very of the strong quarter, our I they as quarter, to between hopefully of fourth no of the just that of about of and it's beginning in So we've guided course, on guidance. and But we

safe. Our customers are

we're quarter fourth the that is people the the if back hoping quarter. time happened there right than in what of that in hurricane the at when the comfortable come was and end there's third So more get quarter, for

line Your Li next with from Young question Jefferies. comes the of

expansion we hear I hear on to in the see maybe can set about important more But which little months, us global can I'm the some wanted and more U.S. guess full if bit to the potentially to countries coming a are you We'll sure. of some approvals more color. on. focus when level start,

Yes, you the for thank question.

our outlined in XX IOL and major countries about we've expect As markets. regulatory that's we you countries and process XX% they're both individual months. started get would We've is markets and market in ones about next in as in the -- that of updating Europe all And really OUS, the the before, folks in Asia premium Europe. several major concentrated anticipate we And Asia. in approvals each in those in

Okay, helpful. great. Very

business in you versus at growth or the are more I little some year a in a of or run doing the differences utilization the ask there Wanted had early and think conference, PE-owned they there. bit trends? how practices rates ASCO guys to sort representation of way panel sort their were shops. noticeable PE about the mom-and-pop Are there

variability, as a in both Well, in PE-managed lot well there's practices obviously, as stand-alone practices. of

individual decisions. practices still making practice clinical both. hard that the at the doctors And most site the are so that run about would to generalize are And it's say PE-run I where level at

demonstrating efforts that's really, a office staff are of the or the the and step. individual part level, very is those office. or the a stand-alone the of sales the first at offices. And focused that level, the physician at larger our so during physicians with much process, group In practice value And in any conversations PE whether still it's level

because the decision-making practice. -- you to little get a process bit get a a complex that a now course, is past more you that bit PE once Of deviates larger little the for once practice or

utilization the those to LAL -- successfully practice benefits increasingly there's within installed LDDs because and already However, practices that some also their have system.

the system of that delivering recognize their can practices, their patient they high-margin it's ways run their in pay additional one margins interest really therefore, can expand revenue, are and so is revenue. delivering And other few is the practices. they in well into it's that RxSight And very efficient -- which generally

do best utilization. think premium light is that way increasing course, of to we the way do to And that is the the through IOL adopting adjustable. so And by best

from Next of Stifel. the with question Thomas Stephan comes line

may I on upwards start down to single-digit range, to maybe in LAL think basis. last XXs XQ trends, utilization over maybe mean, low teens Wanted the around imply there. of a guidance XX%, high from that's somewhere of I with number year-over-year growth and quarters the high

or talk a would in kind that about, be the of Shelley, I this fourth be bit can guess, factors play? there some you of why may the of Ron at quarter and a much So deceleration

your question understand to a about want I bit better little So deceleration.

why just we year and fourth implied versus, make I talking understand. asking? say, up absolute You're in quickly want coming you're about what as growing numbers a the of fourth right, to weren't LALs, that as I perhaps ago. Is quarter terms the in sure quarter

basically. But When quarters, tying I'm at percentage-wise. been a it's on too hopefully, growth percent X a year-over-year arriving the XXs utilization my numbers, far basis I'm on high here, of in to year-over-year teens over past out X%. not low I'm off Yes, X, the basis

So I 'XX guess would I'm deceleration. asking a be why XQ there

that was if unclear. Sorry

this and practice all specific large think the obviously, is goal, well. we future per in number but larger implication the over to, number short the But your I each is, go into and run, pretty approximately at higher your time, mix number in one, them. $XX LDD. And million. years, guidance translates denominator long penetrate as the over our think And Yes, the continue grow whether the I've it's to I the It LALs numbers, LALs in utilization like almost larger specific quarter in on fourth is. is, the don't on of to the base run enough depends that as the gotten model

like not and growth such as level You're the to 'XX to that. things same 'XX going get of

I per LDD. the acceleration So that's not seen than more LALs in measure. run a always overall it's we of else. anything the we've it's we very number really think But that valid certainly, of nice say And but course, how business that,

would long-term LAL sense. about okay. is assumedly might related term share achieved. have guess maybe XX%, it, we And for follow-up, you the my even think mean, think to as standard be of I premium more higher. to continued share. at higher the a share in then Got be That makes We long bit gains U.S., of today. XX%-ish I to per-doctor XX%, if care

curious bit just some ceilings doctors, company or some call out of it, importantly, if may a share hurdles? the may may assume Can or removing levels? guess, your longer-term at with where those lower be talk limiting factors So surgeons elaborate I toward main be could, about, barriers and these then trained there. a there And those the, field I'd stalling reps just you how where working share are customers stalling the for be you be on bit. I

that Yes. Maybe first. X I'll take

that, think -- lot there's practices out varied I these a of again, there. are

see we that what is to time continues though grown generally, so And it utilization has grow. over and

integrate the X has the the direction. We numbers and be overall, doing will perhaps out a and in figured a office. are -- are how doctor of teams will of not. within can practices So the it we the more couple X individual or to make doing clinical the gee, on in them and the individual they're and I clinical they've Generally, than more started about or grow adopters going adopt the saying, directionally, in RxSight will already first more think a field our enthusiastic more the of Whether procedures or as the right looking that faster?" the at and who's at have procedures rest practice offices practice how becomes practice, to are depend lot see technology and that And the "Well, system results the always looking doctor team generally, practices lot then results. the of the

wouldn't thread. there's common that a again, say So I

within that think work our to practices. it's to the the grow I continue of teams day-to-day

own can There's no their have X in volumes. practice type. practices variability Sometimes

as volumes cataract of those see their share going well. can or premium But vary overall their So up. generally, we numbers

Yes. bit I this, would about and, data recent this that's I they their do X at where we doctors from cohort, training X because the say by with not the -- I X course, get to [ of knowledge things so NaN we've at them think customers their time. and a well same more week, with new of treatments internally But from of as ] light our install, we new on they the the that mean, what quicker, work gotten. cases in year the tremendous see NaN right? And knowledge X, our see when by X. reinforces same of but get bring they focus you back a with the get or our the of to place installs practice is patients more we customers, results And And little to customers. as look in as And that LAL the numbers. first fact easiest for you as references it also the one on see encourage clinical them multiple focus patients, the in the their do the we

that's as that us as they a do new. what held reason But for on us maybe customers. But to do improved back the have we're know the in. And gives that help. barriers off not have asking one do a they importantly, talking I new gives as can Ron for are that, some we just that and but things said, LDD, so practice we volume another just when turnover. as we're out And to have sometimes buying what's about their we chance our customers. We're as the a can that for them with our always And And just go we we new that can practice what not importantly, focused just just mentioned of earlier, coming practice. existing things

we I of think what to that's do do so something? day-to-day Ron, And you want kind add job.

Yes.

this back continued customers some use certainly, LAL+, of with technology. echo using We now to go the to the patients. innovation. on that the importance an existing in them be adding able may that obviously who to to to of year we And their opportunity expand the LAL saw portfolio, the are gives Just LAL+

coming we'll the to years think very continuing low-diopter the in this I out of stage that going many but cycle. come. introduction And believe that commercial quarter. a the trend to technology not with be also only for see are the IOLs this is again at early development of this I we're still

Lichtman of Next question from Oppenheimer. Steve with the comes line

I optometrist calls, jumping been program. to I've Sorry, wanted the between about ask but

ramp update of you're sort can as that on learnings you us so far opportunities you up. really seeing and If start to what

Yes. Thank you, Steve.

U.S. primary optometrists, kind are So to optometrists of And in of review, for care the are there about compared eye the much the to providers. about just XX,XXX optometrists country, XX,XXX cataract surgeons.

much been Adjustable the some taken the person information when that benefits Light thereof, has help comes that So when practices patient referred the not general they we about have to their provided patients technology some educate LAL those to or that's ophthalmic surgery at in even community already going are Lens if the into optometric as they've as care themselves background back and of can that, least patients. optometrist, trusted that for

in of They've set the of to And has The outcome throughout and developed, role seeing the many. careers, based optometry. at of want. And factors which they integral refraction existing practices actually based a within optometrist ophthalmic want that, visual making be that utilized core their knowledge And a base, clinical course, refraction, on an the there's collaborations they optimized plays very patient treatments that are we that gets of that part skill optometrists, since other we're is expertise. sure the -- and, nuances refraction, that. is which that LAL important in the become their it with on are -- the

have organized We They're of And at LAL meetings. they for giving the talks optometric open education cared to patients. community. that have have optometric literally now programs thousands optometrists are themselves who

practice method access like I'd we word to just this have about spread the optometrist initiated really into so Some LAL are saying, to us technology. it coming And patients to my an be themselves. sponsor some the by that's, another again, for but that may ophthalmic an

Great.

to other thing least reason customers neighborhood you're ask far in offer customers. as or is, I from in your perhaps of what maybe that able seeing The region estimate, you're share by how their so about to LAL. ask the the don't they're X,XXX surgeon my as take in The wanted was practices field I at from that

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marketing may be, front that share relative have them seeing you on are allowing customers opening are to of that take sort course, what of the and eyes your how it? that's, of that those to So don't that and doing

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the I'm that of is I of LDD that that, So your systems our answered of is think that -- we the there. part sales part if as are increase cycle Steve. not numbers sure out question,

people rare, know not that's cataract, of Remember, have more were halo that But the right, do right? is in Ron, we've in we necessarily but we Steve if it I effect case. asking like don't kind LASIK, a versus think about, It's yet? at I seen yet advertising saw a lot,

are that in not LASIK model, -- typically the are and lot that office patients LASIK marketed, they're the a bring The in it's, in their coming unlike referred not of seeing there's order cataract because getting who surgery. be external doctor's have getting so not the have they it's for They're Yes. lenses, to too, their the patients case again, into them normally glasses, optometrists. advertising it's where -- contact external to

there then certainly, self-refer marketing is them have then community that -- outstanding internally. we have the leads and to will technology. LAL of practices that hope For in or are get cataract of the patients reduced what surgery, self-referred because results, in where to as get by optometry they've being patients vision And more cataract. mouth from word either they're that the on referred had is But ophthalmologist going typically another or

back color obviously tied the really into optometry initiative. and helpful That's

line from question David Next the with comes Needham. Saxon of

and then just I international. the X X, on customer on X have base

that think upper the So limit my in per how where first you're is LDD. surgeons kind question metric? in number is seeing on of of terms general, just you what about of active And

look numbers kind the at I it to pretty at it's that, going at take a sales most be remained at of and marketing I'm -- somewhere used our to got remain that that and look look numbers, I X.X. We if from think recently I constant. So quick just

we're that's smaller. talks function as say, versus, of think are you and tend I -- the Ron we're the per overall. And surface what's practice population. LDD York certain practices X.X to And a about scratching and surgeons. about where practices often of or area as the right, those Dallas think know the X.X, City, markets, it, New larger now, physicians cataract barely think just that's as in I if the between high as I Houston right XX,XXX be well difference

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sounds like approvals Very Ron, I Okay, And then get it. on it some shortly. might mean, clear. got you international,

investing Are few about going should the then cadence terms build And But and force? we think through I commercial said think you going revenue? there to months. get you a generating team guess channels? a I on of or about distributors topic, actually out that you think sales approvals, we in and how then have -- should do direct are the maybe and the selling you those will how once also

market-dependent. be to going it's again, So

out worked that well. know, Canada, over involved that distributor, market that's decision worked with time, by a we've you we've But and make in As we somebody market. will -- previously we

a approval specific there X on, country we a sites individual help market be us in going with the in practices obviously, In the we'll in critical U.S., terms develop is that to reference the process, we're that country as going to will refine marketing, after the be expect best we're factors regulatory over learn of certainly us materials the the or same be cetera, so physician market both individual developed work lot helped they partnerships years. that and into the et that strong region cadence, focus And what factor. Right leverage the But also to able establishing we to out in past that is in is regions. roll can what that country. which of start these we've U.S. differences, but

to Ron questions. turn over are back call will for now the closing There remarks. Kurtz I no

in we well on to future placements QX, Well, thank from on you and significant successfully and QX are to robust results, for in to both are strong adjustability report your testament value traditionally the RxSight. We patients our a Thank and you all in in look and positive a XXXX. it updating in positioned doctors. LAL out growth progress sustained globally XXXX meeting you. believe and to interest finish AAO the we to the build momentum the provides our our forward sales quarters. LDD To power QX summarize on of Based today, signals our RxSight's

Ladies gentlemen, today's call. Thank concludes you that all joining. and for

now may disconnect. You