RxSight, Inc.

RxSight reported Q2 2026 total revenue of $33.7 million, including $6.5 million recognized from the Alcon strategic collaboration. Excluding Alcon, product sales were $27.2 million, down 19% year over year; LAL unit volumes were 24,917, down 9%; gross margin excluding the partnership was 71.2% versus 74.9% in the prior-year period; and reported gross margin was 76.7%. SG&A was $30.4 million, up 5% year over year, and R&D was $9.2 million versus $10.2 million last year. The company reported a net loss of $12.1 million, or $0.29 per share, and adjusted net loss of $4.6 million, or $0.11 per share. Cash, cash equivalents, and short-term investments were approximately $209 million at quarter end, excluding the $60 million upfront payment from Alcon received after quarter end. Looking ahead, management said it still expects to recognize $30 million to $40 million of revenue from the Alcon agreement, with limited contribution in Q3 and the balance expected in Q4, but it withdrew full-year 2026 guidance while it completes its assessment of the business.

Aziz Mottiwala framed the call as an early assessment period and emphasized that the company has a differentiated technology but has not yet realized the utilization he believes the platform can support. He said the business is moving from a breadth phase to a depth phase, with priorities centered on better commercial execution, closer customer engagement, stronger operating discipline, and more education around workflow and patient selection. He sounded optimistic about the long-term opportunity, but repeatedly stressed that the work ahead will take time and that the company may make changes that are not yet reflected in prior guidance.

Mark Wilterding focused on the quarter’s financial headwinds and the contribution from Alcon. He said core product sales fell 19% year over year and LAL volumes declined 9%, while gross margin excluding the partnership was 71.2% versus 74.9% a year ago due mainly to higher inventory-related costs from slower-than-expected inventory flow-through. SG&A increased to $30.4 million, largely from legal and consulting costs tied to the collaboration, while R&D declined to $9.2 million because of lower personnel-related expenses. He also highlighted a quarter-end cash balance of approximately $209 million, plus the $60 million upfront Alcon payment received after quarter end, and said the company still expects $30 million to $40 million of Alcon-related revenue, mostly in Q4.

Analysts pressed management on why growth and utilization slowed, what could reaccelerate the business, and whether the guidance withdrawal signaled deeper changes. Aziz said doctors still believe in the technology and that no one he spoke with felt they had maxed out their LAL usage; in his view, the issue is less about product demand and more about improving workflow, patient selection, education, and account depth. He also said the company will assess KPIs, likely complete the assessment quickly, and provide more detail in the next quarterly update, while keeping flexibility to make changes that could affect the near term.