Jesse Anderson Corley, a director at RxSight, Inc. (NASDAQ:RXST), has recently acquired a significant amount of the company's common stock. According to a recent filing, Corley purchased a total of 22,476 shares over several transactions. The shares were acquired at prices ranging from $44.5 to $45.3676 per share, amounting to a total investment of approximately $1,014,570.
These transactions were completed on November 12 and 13, 2024, and have increased Corley's direct and indirect ownership of RxSight shares. Following these acquisitions, Corley holds a substantial number of shares in the company, reflecting continued confidence in RxSight's prospects.
In other recent news, RxSight has experienced robust growth in Q3 2024, with a significant revenue increase to $35.3 million, marking a 59% growth from the previous year. This growth was largely driven by substantial gains in its Light Adjustable Lens (LAL) sales and Light Delivery Device (LDD) installations. The company's gross margin also improved to 71.4%, up significantly from the previous year.
The company's performance was further bolstered by strategic moves to expand into global markets. The company successfully rolled out LAL+ in the U.S. and received approval in Canada. Looking ahead, RxSight projects full-year 2024 revenue to be around $140 million, with a gross margin of 70% to 71%.
Despite these positive developments, RxSight reported a GAAP net loss of $6.3 million for Q3, which is something investors should be aware of. However, analysts from various firms remain optimistic about the company's future, citing strong demand for LDD placements and stable pricing for LAL and LDD products. These are recent developments that investors might find useful in their decision-making process.
InvestingPro Insights
The recent insider buying by Jesse Anderson Corley aligns with several positive indicators for RxSight, Inc. (NASDAQ:RXST). According to InvestingPro data, the company has demonstrated impressive revenue growth, with a 67.52% increase in the last twelve months as of Q3 2024. This strong growth trajectory is further supported by a 59.08% quarterly revenue increase in Q3 2024.
Despite the recent stock price decline, with a 8.02% drop in the past week, RxSight has shown remarkable performance over a longer time frame. An InvestingPro Tip highlights that the stock has delivered a strong return over the last year, which is corroborated by the 60.76% one-year price total return as of the latest data.
Another InvestingPro Tip indicates that analysts predict the company will be profitable this year. This optimistic outlook is particularly noteworthy given that RxSight is not currently profitable over the last twelve months. The company's potential for profitability, coupled with its strong revenue growth, may have influenced Corley's decision to increase his stake.
It's worth noting that RxSight holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. These factors contribute to the company's financial stability, which could be reassuring for investors like Corley.
For readers interested in a more comprehensive analysis, InvestingPro offers 6 additional tips for RxSight, providing a deeper understanding of the company's financial health and market position.
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