Ilya Goldshleger, Co-President and Chief Operating Officer of RxSight, Inc. (NASDAQ:RXST), executed a series of stock transactions on November 12, as disclosed in a recent SEC filing. Goldshleger sold 1,330 shares of common stock at an average price of $46.1325, amounting to a total of $61,356. These sales were carried out under a pre-established Rule 10b5-1 trading plan.
In addition, Goldshleger acquired 1,330 shares through stock option exercises at a price of $15.08 per share. After these transactions, he directly owns 42,246 shares of RxSight. The filing also indicates indirect ownership of 1,372 shares by his spouse.
In other recent news, RxSight has reported significant growth in its Q3 2024 earnings call. The medical technology company's revenue soared to $35.3 million, marking a 59% increase from the previous year, primarily driven by substantial gains in its Light Adjustable Lens (LAL) sales and Light Delivery Device (LDD) installations. The gross margin improved to 71.4%, and the GAAP net loss narrowed to $6.3 million. Looking forward, the company projects full-year 2024 revenue to be around $140 million, with a gross margin of 70% to 71%. RxSight also has plans to expand into global markets in 2025 following successful rollout of LAL+ in the U.S. and approval in Canada. Despite these positive developments, the company noted some practices are experiencing slower adoption rates for LAL technology.
InvestingPro Insights
RxSight, Inc. (NASDAQ:RXST) has been experiencing significant growth, as evidenced by its impressive revenue growth of 67.52% over the last twelve months. This robust growth aligns with the insider trading activity we've observed, suggesting confidence in the company's trajectory.
According to InvestingPro Tips, RxSight holds more cash than debt on its balance sheet, indicating a strong financial position. This liquidity strength is further supported by the fact that the company's liquid assets exceed its short-term obligations. These factors may provide RxSight with the financial flexibility to invest in growth opportunities and navigate market challenges.
Despite the recent insider sale, it's worth noting that RxSight has delivered a strong return over the last year, with a 60.76% price total return. This performance suggests that the market has been responding positively to the company's growth story.
However, investors should be aware that RxSight is currently trading at a high Price / Book multiple of 6.49, which may indicate that the stock is priced at a premium compared to its book value. Additionally, the company is not yet profitable over the last twelve months, with a negative P/E ratio of -58.63.
On a positive note, analysts predict that RxSight will become profitable this year, which could be a significant catalyst for the stock if realized. This expectation aligns with the company's strong revenue growth and may explain the insider's decision to exercise stock options.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for RxSight, providing a deeper understanding of the company's financial health and market position.
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