RxSight: Vegas takes and model update

研报英文原文证据摘录

RxSight: Vegas takes and model update

Lahey

integrating into workflow, and the approach has been to take learnings from higher- Research Analyst BofAS

performing sites and apply them more broadly. RXST sees the ability to capture post- aidan.lahey@bofa.com

procedure LDD data and feed outcomes back to surgeons and the broader care team is a Enjia Cao

key tool to reinforce utilization, particularly given the split between surgical and ResearchBofAS Analyst

optometric workflows. Early indicators have been positive, though rollout and scaling enjia.cao@bofa.com

remain in early innings. Gracia Mahoney

Research Analyst

Growth recovery driven by easier comps + stabilization BofASgracia.mahoney@bofa.com

RXST expects growth to improve sequentially through the year, driven by improving Rei Tan

fundamentals, easier y/y comparisons in the back half, and continued stability in LAL. Q1 ResearchBofAS Analyst

was characterized as in-line to slightly ahead of expectations, with stability in LAL sales rei.tan@bofa.com

a key positive. Guidance was maintained given it is early in the year and the initial

(intentionally) wide range. The recovery is expected to be gradual rather than step-

function. RXST noted that competitive dynamics (peer IOL launches in 2H26) and Stock Data

broader market conditions embedded in the guide.

Price 5.55 USD

Estimates(Dec) (US$) 2024A 2025A 2026E 2027E 2028E Price Objective 8.00 USD

EPS (0.71) (0.95) (1.43) (1.08) (0.90) Date Established 7-Aug-2025

EPS Change (YoY) 49.6% -33.8% -50.5% 24.5% 16.7%

Investment Opinion C-3-9

Consensus EPS (Bloomberg) (0.47) (0.76) (0.99) (0.85) (0.71)

Consensus EPS (Visible Alpha) (1.40) (1.24) (1.04) 52-Week Range 5.30 USD - 16.74 USD

Valuation (Dec) Mrkt Val (mn) / Shares Out 230 USD / 41.4