RxSight, Inc. is an ophthalmic medical technology company based in Aliso Viejo, California, founded in 1997. The company specializes in the development and commercialization of the Light Adjustable Lens (LAL) and the accompanying Light Delivery Device (LDD). The LAL is the first and only FDA-approved intraocular lens that can be ...RxSight, Inc. is an ophthalmic medical technology company based in Aliso Viejo, California, founded in 1997. The company specializes in the development and commercialization of the Light Adjustable Lens (LAL) and the accompanying Light Delivery Device (LDD). The LAL is the first and only FDA-approved intraocular lens that can be customized after cataract surgery, allowing ophthalmologists to precisely adjust the lens's power and correct residual refractive errors non-invasively. This innovation significantly improves patient satisfaction and visual outcomes. The company's products are sold to eye surgeons and cataract treatment centers in the U.S. and internationally. RxSight's business model focuses on recurring revenue through the sale of LAL lenses and LDD devices, followed by the consumable LAL lenses used in each procedure. Financially, the company has shown strong gross profit margins of approximately 77.5% due to its proprietary technology and market leadership. However, as a growth-stage company, it has reported net losses, with a net profit margin of -36.8% in the trailing twelve months. The company invests heavily in research and development (28.7% of revenue) and sales and marketing (92% of revenue) to drive adoption. Its market cap is around $264 million, with a price-to-sales ratio of 2.07, indicating investor optimism about future growth. Key leadership includes CEO Aziz Mottiwala, appointed in July 2026, and former CEO Ron Kurtz, M.D., now Chief Medical Officer. RxSight continues to expand its product portfolio, including the LAL+ lens, and aims to become the standard of care in cataract surgery. With a strong patent portfolio and growing clinical evidence, RxSight is positioned for long-term growth in the medical devices industry.
Operator: Thank you for standing by, and welcome to the RxSight Second Quarter 2026 Earnings Conference. [Operator Instructions] I would now like to turn the conference over to Oliver Moravcevic, VP of Investor Relations.
Oliver Moravcevic: Thank you, operator. With me on the call today are RxSight President and Chief Executive Officer, Aziz Mottiwala, and Chief Financial Officer, Mark Wilterding. Earlier today, RxSight released financial results for the 3 months ended June 30, 2026. A copy of the press release is available now on the company's website. Before we begin, I would like to remind you that comments and responses to questions during today's call reflect management's views as of today and will include forward-looking and opinion statements, including predictions, estimates, plans, and expectations. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued today and in our filings with the Securities and Exchange Commission or SEC. Our SEC filings can be found on our website or the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements, and we disclaim any obligation to update or revise these forward-looking statements except as may be required by law. We'll also discuss certain non-GAAP financial measures. Disclosures regarding non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, which can be found in the press release. Please note that this conference call will be available for audio replay on our Investor Relations website. With that, I will turn the call over to Aziz.
Aziz Mottiwala: Thank you, Oliver, and thank you, and good afternoon, everyone. I'm delighted to be at RxSight and to be speaking with you today. I've spent most of my career in eye care, an area of health care that represents a significant opportunity to make life-changing differences in the quality of patients' lives. Joining a company dedicated to improving people's vision is a tremendous privilege, and in a large part is what attracted me to RxSight. Most recently, as Chief Commercial Officer of Tarsus Pharmaceuticals, I helped build and lead the commercial strategy for one of the most important category-creating products in eye care. That experience reinforced the importance of differentiated innovation, disciplined execution, and strong customer engagement. I look forward to leveraging those experiences as we work to strengthen execution and create value for physicians, patients, employees, and shareholders. I'd like to thank the board of directors for placing its confidence in me, and I also want to acknowledge the entire RxSight team. Over the past 2 weeks, everyone has been incredibly welcoming, and I've been impressed by the spirit of innovation, level of commitment, and problem-solving mindset across the organization. That doesn't …