RxSight, Inc.

Good day, ladies and gentlemen, and welcome to the RxSite Incorporated first quarter 2022 earnings conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Philip Taylor. Sir, the floor is yours.

Thank you, Operator. Presenting today are RxSite President and Chief Executive Officer Ron Kurtz and Chief Financial Officer Shelley Toonan. Earlier today, RxSight released financial results for the three months ended March 31st, 2022. A copy of the press release is available on the company's website. Before we begin, I would like to inform you that comments and responses to your questions during today's call reflect management's views as of today, May 5th, 2022 only, and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other information. 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 earlier today and in our filings with the Securities and Exchange Commission. Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. We will also discuss certain non-GAAP financial measures. Disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press release. Please note that this conference call will be available for audio replay on our website at rxsite.com on the investor calendar page of the news and events section on our investor relations page. With that, I will turn the call over to CEO, Dr. Ron Kurtz.

Good afternoon, and thank you all for joining us. RxSight delivered strong results in the first quarter of 2022 with revenue of $8.9 million, representing an increase of 157% versus the year-ago quarter and 6% versus the seasonably strong fourth quarter of 2021. Our performance reflects continued robust demand for the light delivery device and accelerating utilization of our light-adjustable lens. Given this performance, we are raising our 2022 full-year revenue guidance to a range of $41.5 million to $45.5 million, which implies an 84 to 101 percent growth rate versus 2021. During the quarter, we focused primarily on three growth strategies. First, building a broad installed base of light delivery devices, or LDDs, to establish a durable foundation of our Razor razor blade commercial model. Second, driving adoption of our unique light adjustable lens, or LAL, the first and only premium IOL that individually customizes vision after cataract surgery. And third, growing the body of clinical evidence that further validates our system's reliably superior performance and helps to increase doctor awareness, confidence, and peer-to-peer endorsements. Let's start with our progress building the installed base. In the first quarter, we added 40 new LDDs to the network of clinical sites offering postoperative LAL treatments. As a result, our installed base rose to 246 units, up 134% versus the year-ago quarter, and 19% versus the fourth quarter of 2021. LDD placements are, of course, a leading indicator of future LAL sales, and we work closely with new sites to train doctors and staff to ensure they are proficient providers who can begin confidently offering the LAL to patients as soon as possible. The strength in new LDD placements reflects, in part, the increasing productivity of our expanded LDD sales force. We now have 18 sales professionals, which represents a threefold increase since our July 2021 IPO. Importantly, our team is comprised of experienced ophthalmic sales professionals who already have productive, long-standing relationships with doctors in their regions, including many of the 3,000 U.S. cataract surgeons who perform 70% to 80% of premium IOL procedures. I'll now turn to our progress-driving adoption of the LAL, our unique premium IOL that is customized via in-office light treatments administered by our LDD beginning two to three weeks after cataract surgery. The LDD induces precise changes to the lens focusing power, providing LASIK-like refractive correction that is specific to the patient's individual needs and is not associated with increased halos, glare, starbursts, or loss of contrast sensitivity. In our FDA clinical trials, 70% of patients achieved 20-20 vision without glasses, compared to roughly 40% in similar FDA trials of other premium IOLs. Our more recent Phase IV data has seen that number increase to approximately 80%. This outstanding clinical performance is helping to fuel LAL adoption. During the first quarter of 2022, doctors implanted 4,166 new LALs, an increase of 166% versus the year-ago quarter and 41% versus the fourth quarter of 2021. We believe the sharp rise in procedures reflects an increase in the number of doctors embracing the RxSight system and recommending it to a greater proportion of their patients. Supporting this conversion process is our field support team of clinical trainers and field service engineers, as well as our recently established 18-person LAL account management team, which has been ramping up in recent months and is charged with engaging doctors and staff within our Excite accounts on patient awareness and education programs, development of efficient patient flow processes, LAL outcomes, and other initiatives designed to achieve successful and growing LAL utilization. Doctor feedback and implanting trends also suggest that our new LAL ActiveShield technology, which provides an extra layer of UV protection on the surface of the lens, is driving procedure growth. We introduced ActiveShield last September, and all LALs now include this technology. For doctors and patients, ActiveShield provides redundant protection from ambient UV light, reducing dependence on patient compliance with UV protective glasses. Compelling real-world clinical data is another powerful growth driver, and as I mentioned in the fourth quarter call, we are now collaborating with more than 80 RxSight practices to collect and share a wealth of useful clinical data stored on practice LDDs. We are the only cataract company that can readily build and maintain a large-scale, real-time clinical database, which will be a valuable asset as we work to penetrate and expand the premium IOL market. At the recent American Society of Cataract and Refractive Surgery meeting, multiple doctor presentations highlighted the ability of our system to deliver superior results. Dr. Kerry Solomon presented early results from a multicenter phase four data collection of patients who received bilateral implantation of the LAL with ActiveShield. In the initial readout of 102 eyes from 51 bilateral LAL patients, Refractive accuracy was at a level typically only seen in LASIK, the standard for refractive procedures, with 92.2% of LALIs within one-half diopter of sphere and 94.1% within one-half diopter of cylinder. These refractive results produced 20-20 distance visual acuity without glasses in 82.4% of eyes, an astounding percentage for cataract surgery in which this number typically hovers around 40%. A smaller study of 45 LAIs presented by Dr. Netanikpour demonstrated similar results with 75% of patients achieving 20-20 visual acuity and 100% 20-25 without glasses. In both studies, approximately 75% of patients elected to customize both eyes for optimal binocular vision across a range of distances, an option many cataract patients seek to address presbyopia. For both the doctor and patient, our system is particularly well-suited for success using this blended vision approach for at least two reasons. First, the LAL is uniquely effective at reducing refractive error, including astigmatism, which improves blended vision performance. Second, the LAL allows patients to test drive their vision with both eyes before and between light treatments and to make fine adjustments in one or both eyes as if they were being fitted for glasses or contact lenses. These and a host of other presentations and panel discussions during the annual meeting helped to boost awareness and enthusiasm around our technology. As a result, we had a very productive ASCRS. Activity at our booth was brisk, with RxSight sales professionals busy discussing and demonstrating our technology to potential new customers. I'll sum up by saying that RxSight believes that every cataract patient deserves the highest quality vision, and we're focused every day on making that happen. Our technology is unlike any other IOL on the market today, and with our customers, we are working to establish a new standard that meets the exacting and progressively higher expectations of premium cataract patients. Real-world data continues to validate our system's ability to achieve superior visual outcomes across a wide range of patient needs and without compromises, offering doctors a valuable new tool to grow and strengthen their practices. Our team possesses deep experience in the ophthalmic private pay market, having led development and launch of major refractive technologies. We continue to utilize this knowledge and expertise to communicate the significant advantages of our technology and drive adoption. While we're still in the early days of adoption, and challenged by the same macro headwinds affecting other companies, the positive momentum we're seeing in LDD placements and LAL procedures indicates to us that we're off to a solid start with tremendous opportunity ahead. With that, I'll turn the call over to Shelly for an overview of our first quarter 2022 financial results and full year guidance.