IPO for Cataract Lens Company RxSight (RXST) Opens 9% Higher

July 30, 2021 11:23 AM EDT

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Today's IPO for RxSight, Inc. (NASDAQ: RXST) opened for trading at $17.50 after pricing 7,350,000 shares of common stock at a public offering price of $16.00 per share, the low end of the expected $16-$18 range.

The joint book-runners for the offering were J.P. Morgan Securities LLC and BofA Securities, Inc. SVB Leerink LLC is also acting as a book-running manager of the offering. Wells Fargo Securities, LLC is acting as lead manager for the offering. BTIG, LLC is acting as co-manager for the offering.

RxSight, Inc. is a commercial-stage medical technology company dedicated to improving the vision of patients following cataract surgery. The RxSight Light Adjustable Lens system, comprised of the RxSight Light Adjustable Lens (LAL®), RxSight Light Delivery Device (LDD) and accessories, is the first and only commercially available intraocular lens (IOL) technology that enables doctors to customize and optimize visual acuity for patients after cataract surgery. The LAL now features ActivShield™ technology, a revolutionary UV protection layer built into the lens.

On a preliminary unaudited basis, the company sees sales to be between $4.8 million and $4.9 million, gross margin to be between $(0.5) million and $(1.5) million and operating loss to be between $13.0 million and $14.0 million for the three months ended June 30, 2021.

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