Detailed financial statements for RxSight, Inc. (RXST): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
As a medical technology enterprise, RxSight, Inc. (which operated as Calhoun Vision, Inc. until its rebranding in February 2017) specializes in the innovation, manufacturing, and distribution of light-adjustable intraocular lenses (LALs). These advanced lenses are specifically designed for use in cataract surgery, serving patients in both domestic and international markets.
Analysis Summary
RxSight, Inc. reported revenue of $134.5M in the most recent fiscal year, growing at a 5-year CAGR of 55.7%.
Trailing-twelve-month margins: gross margin 77.5%, operating margin -43.2%, net margin -36.8%.
At the current price of $5.40, RXST has negative trailing earnings (P/E not meaningful) and an ROE of -17.35%. Market capitalisation stands at $224M.
Balance sheet quality for RXST: current ratio of 10.9, net cash position of $217.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.2M | $14.7M | $22.6M | $49.0M | $89.1M | $139.9M | $134.5M |
| Cost of Revenue | $4.1M | $13.0M | $18.1M | $27.7M | $35.3M | $41.0M | $31.5M |
| Gross Profit | -$1.8M | $1.7M | $4.5M | $21.3M | $53.8M | $98.9M | $103.0M |
| Research & Development | $29.6M | $21.9M | $24.5M | $26.0M | $29.1M | $34.4M | $38.5M |
| Selling, General & Admin | $15.2M | $15.2M | $32.8M | $58.7M | $74.8M | $101.4M | $112.6M |
| Operating Expenses | $44.3M | $37.1M | $57.3M | $84.6M | $103.8M | $135.8M | $151.2M |
| Operating Income | -$46.1M | -$35.4M | -$52.8M | -$63.3M | -$50.1M | -$36.9M | -$48.2M |
| EBITDA | $130.2M | $32.2M | -$41.0M | -$57.8M | -$41.0M | -$23.8M | -$38.8M |
| Interest Expense | $26000 | $510000 | $3.7M | $4.9M | $3.3M | $21000 | $40000 |
| Pre-tax Income | $126.2M | $27.6M | -$48.7M | -$66.7M | -$48.6M | -$27.4M | -$38.9M |
| Income Tax | $24000 | $57000 | $8000 | $9000 | $20000 | $50000 | $66000 |
| Net Income | $126.2M | $27.6M | -$48.7M | -$66.8M | -$48.6M | -$27.5M | -$38.9M |
| EPS | $0.95 | $0.18 | $-1.78 | $-2.41 | $-1.41 | $-0.71 | $-0.95 |
| EPS (Diluted) | $6.62 | $0.18 | $-1.78 | $-2.41 | $-1.41 | $-0.71 | $-0.95 |
| Shares Outstanding (Diluted) | $19.1M | $19.1M | $27.4M | $27.7M | $34.5M | $38.9M | $41.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $30.3M | $32.6M | $30.9M | $33.7M |
| Gross Profit | $24.2M | $25.3M | $23.5M | $25.9M |
| Operating Income | -$12.2M | -$11.3M | -$17.8M | -$13.8M |
| EBITDA | -$8.9M | -$8.3M | -$15.0M | -$11.0M |
| Net Income | -$9.8M | -$9.2M | -$15.9M | -$12.1M |
| EPS | $-0.24 | $-0.22 | $-0.38 | $-0.29 |
| EPS (Diluted) | $-0.24 | $-0.22 | $-0.38 | $-0.29 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.0M | $14.0M | $24.4M | $11.8M | $9.7M | $16.7M | $19.9M |
| Short-term Investments | $72.7M | $55.0M | $135.0M | $94.0M | $117.5M | $220.5M | $208.2M |
| Receivables | $789000 | $2.9M | $4.9M | $11.0M | $20.3M | $30.1M | $23.4M |
| Inventory | $7.2M | $8.3M | $8.0M | $14.8M | $17.4M | $22.0M | $31.6M |
| Total Current Assets | $90.2M | $81.5M | $176.3M | $134.6M | $168.4M | $293.8M | $287.5M |
| Property, Plant & Equipment | $19.2M | $18.6M | $15.5M | $14.1M | $13.3M | $23.6M | $23.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $110.4M | $100.7M | $192.7M | $150.2M | $182.6M | $318.6M | $311.8M |
| Accounts Payable | $2.2M | $1.1M | $1.7M | $2.6M | $3.9M | $4.5M | $5.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $974000 | 0 |
| Total Current Liabilities | $8.5M | $11.6M | $11.1M | $17.2M | $20.9M | $25.9M | $26.3M |
| Long-term Debt | 0 | $24.4M | $39.8M | $40.2M | 0 | 0 | $9.9M |
| Total Liabilities | $415.0M | $398.2M | $54.5M | $60.3M | $22.2M | $37.3M | $36.1M |
| Retained Earnings | -$419.9M | -$430.6M | -$479.3M | -$546.0M | -$594.6M | -$622.1M | -$661.0M |
| Total Equity | -$304.6M | -$297.5M | $138.2M | $89.9M | $160.4M | $281.2M | $275.7M |
| Total Debt | $5.5M | $30.8M | $44.9M | $45.0M | $3.0M | $12.3M | $11.0M |
| Net Debt | -$75.2M | -$38.2M | -$114.4M | -$60.8M | -$124.2M | -$224.9M | -$217.1M |
| Working Capital | $81.7M | $69.9M | $165.2M | $117.3M | $147.5M | $267.9M | $261.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $29.6M | $19.9M | $17.6M | $13.4M |
| Total Assets | $308.5M | $311.8M | $304.0M | $352.7M |
| Total Liabilities | $32.6M | $36.1M | $36.7M | $89.4M |
| Total Equity | $276.0M | $275.7M | $267.3M | $263.3M |
| Total Debt | $11.6M | $11.0M | $10.8M | $10.6M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | $126.2M | $27.6M | -$48.7M | -$66.8M | -$48.6M | -$27.5M | -$38.9M |
| Depreciation & Amortization | $3.9M | $4.0M | $4.0M | $4.0M | $4.2M | $3.6M | $3.3M |
| Stock-based Compensation | $4.6M | $4.2M | $7.6M | $11.4M | $15.7M | $24.6M | $31.6M |
| Change in Working Capital | -$4.0M | -$7.8M | -$2.7M | -$7.4M | -$9.1M | -$9.2M | -$4.9M |
| Operating Cash Flow | -$40.6M | -$35.2M | -$44.7M | -$58.9M | -$41.6M | -$16.9M | -$15.5M |
| Capital Expenditure | -$4.1M | -$2.5M | -$1.9M | -$2.4M | -$4.8M | -$5.4M | -$3.8M |
| Acquisitions | $603000 | $3000 | $80.0M | -$42.3M | $17.3M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$44.7M | -$37.7M | -$46.6M | -$61.2M | -$46.4M | -$22.4M | -$19.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$1.2M | -$1.1M | -$10.9M | -$9.5M |
| Capital Expenditure | -$581000 | -$1.1M | -$759000 | -$2.0M |
| Free Cash Flow | -$1.8M | -$2.3M | -$11.7M | -$11.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $8.1M | $7.8M | $7.9M | $7.5M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +555.0% | +53.9% | +116.9% | +81.8% | +57.1% | -3.9% | |
| Net Income Growth (YoY) | -78.2% | -276.6% | -37.1% | +27.2% | +43.5% | -41.8% | |
| EPS Growth (YoY) | -81.1% | -1088.9% | -35.4% | +41.5% | +49.6% | -33.8% | |
| Shares Change (YoY) | +0.0% | +43.5% | +1.1% | +24.6% | +12.8% | +5.9% | |
| FCF Growth (YoY) | +15.6% | -23.6% | -31.3% | +24.2% | +51.8% | +13.6% | |
| Gross Margin | -81.2% | 11.6% | 20.0% | 43.5% | 60.4% | 70.7% | 76.6% |
| Operating Margin | -2055.8% | -241.2% | -233.6% | -129.2% | -56.2% | -26.3% | -35.8% |
| EBITDA Margin | 5809.9% | 219.1% | -181.5% | -117.9% | -46.1% | -17.0% | -28.9% |
| Net Margin | 5632.3% | 187.9% | -215.5% | -136.2% | -54.6% | -19.6% | -29.0% |
| FCF Margin | -1994.9% | -257.1% | -206.5% | -125.0% | -52.1% | -16.0% | -14.4% |
| Effective Tax Rate | 0.0% | 0.2% | -0.0% | -0.0% | -0.0% | -0.2% | -0.2% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.34 | $-1.98 | $-1.70 | $-2.21 | $-1.35 | $-0.58 | $-0.47 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $19.1M | $19.1M | $27.4M | $27.7M | $34.5M | $38.9M | $41.2M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -17.35% |
| Return on Invested Capital | -20.12% |
| Return on Assets | -13.31% |
| Gross Margin | 77.50% |
| Operating Margin | -43.20% |
| Net Margin | -36.80% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 4.07 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 5.08 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | 16.84 | 88.89 | -6.32 | -5.26 | -28.60 | -48.42 | -10.97 |
| P/B | -1.00 | -1.03 | 2.23 | 3.90 | 8.66 | 4.75 | 1.56 |
| P/S | 136.18 | 20.79 | 13.63 | 7.15 | 15.60 | 9.55 | 3.19 |
| Gross Margin | -81.2% | 11.6% | 20.0% | 43.5% | 60.4% | 70.7% | 76.6% |
| Operating Margin | -2055.8% | -241.2% | -233.6% | -129.2% | -56.2% | -26.3% | -35.8% |
| Net Margin | 5632.3% | 187.9% | -215.5% | -136.2% | -54.6% | -19.6% | -29.0% |
Related companies: BFLY · CERS · DCTH · DMAC · KIDS · NPCE · SMLR
Explore sector: Healthcare · Medical - Devices
More sections of RXST: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks