Alcon Partnership Creates Upside Optionality, Though Base Business Uncertainty Persists

研报英文原文证据摘录

Alcon Partnership Creates Upside Optionality, Though Base Business Uncertainty Persists

J P M O R G A N North America Equity Research

07 July 2026

RxSight Underweight

RXST, RXST US

Alcon Partnership Creates Upside Optionality, Price (06 Jul 26):$5.60

Though Base Business Uncertainty Persists

Medical Supplies & Devices

RxSight announced a flurry of updates after the close on Monday/before the open Robbie Marcus, CFA AC

on Tuesday, including a partnership with Alcon to develop adjustable PC IOLs, and (1-212) 622-6657

pre-announced 2Q results that fell short of the Street. Starting with the good, the robert.j.marcus@jpmorgan.com

Alcon partnership lets RxSight leverage the former's expertise in presbyopia Allen Gong

correction while also ensuring broader commercial reach upon launch, which (1-212) 622-9520

should occur sometime over the next five years. RxSight will receive a $60M allen.gong@jpmorgan.com

upfront payment to begin development, with the potential for an additional $140M Lilia-Celine B Lozada

in milestone payments and a 30% royalty on sales upon launch. However, 2Q was (1-212) 622-1019

lilia-celine.b.lozada@jpmchase.com

another disappointing quarter for RxSight, with core sales (excluding $5-7M in

Henry Householter

revenue from the Alcon collaboration) of ~$27M well below the Street’s ~$32M (1-212) 464-5599

estimate due to competitive trialing. This includes LAL sales of 24,917 units (-9%), henry.householter@jpmorgan.com

below our forecast of ~28k, and 11 LDD placements vs. our forecast of 23. J.P. Morgan Securities LLC

Guidance for the core business is moving down as a result to $110-120M, though

this still bakes in an improvement in growth over 2H that limits visibility to near-

term upside. Net net, while we like the partnership with Alcon, which should