ALISO VIEJO, CA—In a recent filing with the Securities and Exchange Commission, Ilya Goldshleger, Co-President and Chief Operating Officer of RxSight, Inc. (NASDAQ:RXST), reported selling 3,105 shares of the company's common stock. The shares were sold at an average price of $51.9069 per share, amounting to a total transaction value of approximately $161,170.
This sale was conducted under a pre-arranged trading plan, in accordance with Rule 10b5-1, which was adopted on June 3, 2024. The shares were sold within a price range of $51.57 to $52.18.
In addition to the sale, Goldshleger also exercised stock options to acquire 3,105 shares at a price of $15.08 per share, totaling $46,823. Following these transactions, Goldshleger holds 42,246 shares directly, with an additional 1,372 shares held indirectly by his spouse.
These transactions reflect Goldshleger's ongoing management of his holdings in RxSight.
In other recent news, RxSight Inc. reported a significant 68% increase in Q2 2024 revenue, reaching $34.9 million, primarily driven by successful sales of their Light Adjustable Lens (LAL) units and Light Delivery Devices (LDDs). Encouraged by this growth, RxSight increased its full-year revenue guidance for 2024. On the analyst front, Jefferies initiated coverage on RxSight with a Buy rating and a price target of $72, highlighting the company's unique post-surgery adjustable intraocular lens technology. Similarly, Stifel, BTIG, and Needham maintained their Buy ratings, reflecting confidence in the company's growth trajectory. Stifel anticipates RxSight will surpass sales estimates, predicting robust sales between $37 million and $38 million. Additionally, the company achieved FDA approval for an extension of the spherical refractive power range for the LAL+, expected to enhance commercial distribution by the end of 2024. Despite the complexities of different European markets, RxSight is committed to expanding its international regulatory approvals. These are recent developments surrounding RxSight Inc.
InvestingPro Insights
To provide context for Ilya Goldshleger's recent stock transactions, it's worth examining RxSight's current financial position and market performance. According to InvestingPro data, RxSight has a market capitalization of $2.03 billion, indicating a significant market presence in the medical devices sector.
The company has demonstrated impressive revenue growth, with a 71.9% increase in the last twelve months as of Q2 2024, reaching $115.18 million. This strong top-line performance aligns with the company's robust stock performance, as evidenced by a 131.3% price total return over the past year.
Despite the revenue growth, RxSight is not currently profitable, with an operating income of -$42.37 million in the last twelve months. This is reflected in the negative P/E ratio of -56.53, suggesting that investors are valuing the company based on future growth potential rather than current earnings.
InvestingPro Tips highlight that RxSight holds more cash than debt on its balance sheet and has liquid assets exceeding short-term obligations. These factors contribute to the company's financial stability, which may be reassuring for investors despite the current lack of profitability.
The stock is trading at a high Price / Book multiple of 7.3, indicating that the market has high expectations for the company's future performance. This valuation, combined with the strong revenue growth, suggests that investors are optimistic about RxSight's prospects in the medical technology space.
For readers interested in a more comprehensive analysis, InvestingPro offers 8 additional tips for RxSight, providing a deeper understanding of the company's financial health and market position.
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