RxSight falls on pricing $100 mln stock offering

RxSight

09/05/2024 14:15

** RxSight's  RXST.O  shares down 6.2% at $56.90 premarket
after overnight follow-on offering priced
    ** Ophthalmic medical device co late Weds announced ~1.8 mln
shares at $56 for $100 mln gross proceeds with BofA as lead
bookrunner
    ** Offering price represents 7.7% discount to stock's last
sale
    ** Co to use net proceeds for commercial/marketing
expansion, funding of product development, research and clinical
development, and other purposes
    ** With ~37.16 mln shares outstanding, co has ~$2.3 bln
market cap
    ** Late Mon, co said Q1 rev grew 69% yr/yr to $29.5 mln,
driven by 92% increase in its Light Adjustable Lenses (LAL)
sales, topping LSEG consensus
    ** It also raised FY rev guidance to $132-$137 mln,
representing implied growth of 48%-54% compared to 2023, up from
prior guidance of $128-$135 mln
    ** Through Weds, RXST up 50% YTD and has tripled over the
past 12 months. Stock hit record intra-day high of $66.54 on
Tues before finishing session down 1%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))