RxSight's (RXST) Q1 revenue shortfall and lower 2025 guidance raise concerns about slowing growth and potential market saturation for its light adjustable lenses, BofA Securities said in a note on Thursday.
The company preannounced Q1 revenue of $37.9 million, up 28% from a year earlier, but falling short of analysts' expectations of $39.6 million. RxSight also reduced its 2025 revenue guidance range to $160 million to $175 million, a significant cut from its previous projection of $185 million to $197 million.
BofA highlighted that new light delivery device placements may not be generating the same level of incremental light adjustable lens sales as in previous years, which could signal a longer-term slowdown.
The firm also pointed to the wider guidance range as a sign of increased uncertainty about the remainder of the year, reflecting broader economic headwinds impacting the premium intraocular lens market.
BofA downgraded its rating on RxSight's stock to underperform from buy and reduced the price objective to $22 from $36.
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