RxSight, Inc.

Good day, and thank you for standing by. Welcome to the RxSite fourth quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone, and then you will hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. Now, we'll hand the conference over to our speaker today, Oliver Moravchivich. Please go ahead.

Oliver Moravchivich Thank you, operator. Presenting today are RxSight President and Chief Executive Officer Ron Kurtz and Chief Financial Officer Shelley Tunin. Earlier today, RxSight released financial results for the three months and a full year end of December 31st, 2023. 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 views as of today, February 28, 2024, and will include forward-looking 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, or SEC. 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 this non-GAAP financial measures, including reconciliations to 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 investor website. With that, I will turn the call over to our President and CEO, Dr. Ron Kurtz. Ron?

Good afternoon, and thank you for joining us. In a moment, Shelley will be giving an update on RxSight's financial performance for both Q4 and full year 2023. For context, I wanted to discuss key factors that we believe underlie the market success of the light-adjustable lens and can drive RxSight's performance over a sustained period. The eye care field is at the forefront of many of the change drivers in medicine, most notably reduced reimbursements to doctors and practices from third-party payers who are facing rising costs from an aging population. For ophthalmic practices, the major opportunity to offset these cuts began in 2005 when ophthalmologists were first able to charge patients directly for the additional costs associated with so-called premium intraocular lenses or IOLs that can reduce a person's dependence on glasses after cataract surgery. Growing from very low levels, premium cataract surgery now represents about 20% of the overall U.S. cataract market and about 10% of the global market. with premium procedures projected to double over the next 10 years. By providing anywhere from $1,500 to $5,000 in additional revenue per eye above and beyond the approximately $500 reimbursed by third-party payers, participation in the premium eye well market has become essential for ophthalmic practices to remain viable and continue to serve all their patients. Our sales efforts are concentrated on the roughly 4,000 U.S. cataract surgeons who perform 70 to 80% of all premium IOL procedures, though the percentage of premium cases varies widely from doctor to doctor and practice to practice. One reason for this variability lies in the challenging clinical requirements for a broadly successful premium cataract procedure, namely the ability to deliver consistent high-quality vision across a range of distances. With the commercial growth of the LAL and early introduction of LAL+, an increasing number of doctors recognize the power of adjustability to achieve this level of performance in a way that has not been possible with fixed optic non-adjustable intraocular lenses. With both the LAL and LAL+, doctors treat the actual refraction that is measured postoperatively, rather than trying to predict a result preoperatively for the first time achieving LASIK-level refractive results after cataract surgery. The LAL platform of lenses delivers equivalent quality of vision to the gold standard monofocal IOLs, something that may not be possible with multifocal eye wells that reduce contrast vision and increase rates of visual symptoms such as glare and halo. In fact, over the past 20 years, doctors have moved away from higher levels of multifocality, limiting the improvement in near vision for patients. In contrast, using the LAL platform, doctors and patients can customize vision in both eyes to optimize the quality of vision over a range of distances. We believe that by tapping into these fundamental market forces, the LAL enables doctors to meet the vision goals of more of their patients, as well as the financial goals of their practices. In turn, driving RxSight's superior performance in Q4 and full year 2023, as Shelley will now review.