RxSight, Inc.

Thank you for standing by. At this time, I would like to welcome everyone to the RxSight first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to redraw your question, press star one again. I would now like to turn the conference over to Oliver Moravcevic, Vice President of Investor Relations. Please go ahead, sir.

Thank you, Operator. Presenting today are RxSight President and Chief Executive Officer, Dr. Ron Kurtz, and Chief Financial Officer, Shelley Tunin. Earlier today, RxSight released its financial results for the three months ending March 31, 2025, and reiterated its full-year guidance. 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 questions during today's call reflect management's view as of today, May 7, 2025, 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 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. We will also discuss certain non-GAAP financial measures. Disclosures regarding 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 Investor Relations website. With that, I'll turn the call over to our President and Chief Executive Officer, Dr. Ron Kurtz.

Ron? Good afternoon, everyone, and thank you for joining us. As we discussed during our pre-announcement just over a month ago, the first quarter brought an unusual combination of macroeconomic headwinds and competitive disruptions that led to our first top-line miss since becoming a public company in Q3 2021. Although interest in our technology remains high as evidenced by continued strong LDD demand, we experienced a first-time year-over-year drop in the LALs per LDD metric. I'd like to now share some of our recent analysis, which has helped us develop targeted programs focused on same-store procedure growth while also continuing to develop the broader opportunity via the addition of new customers and markets. Unsurprisingly, the vast majority of respondents to our customer survey conducted in early April cited negative macroeconomic headwinds as the key reason for reduced LAL procedure volumes in Q1. These findings are consistent with preliminary reports from third-party data aggregators that also suggested reductions in overall cataract procedures and trade-downs to lower-priced premium procedures. Given that approximately 75% of LAL patients are drawn from candidates who would otherwise consider lower-cost options like monofocal or toric lenses, it's not surprising that LALs were also affected by temporary negative wealth effects and uncertainty. While macro trends worsened in early April, there were signs of improved stabilization later in the month, which were also observed in our procedure volumes. Competitive trialing was also commonly cited by customers, with many commenting that the major multifocal offerings were now essentially equivalent across manufacturers. Even though we expect these competitive pressures to persist over the next several months, We also believe they signal an opportunity for the LAL to offer a compelling alternative to what is rapidly becoming a plethora of undifferentiated multifocal offerings. Finally, even though almost all practices expressed a desire to expand their LAL and LAL Plus volumes, workload challenges and a desire for additional clinical and marketing guidance were also noted. To address this, we are refining our clinical education and marketing support to better meet existing practice and doctor requirements to drive procedure growth. As we invest in these efforts, we also remain focused on advancing innovation to drive greater clinical value and customer engagement. We are pleased to share that we are ahead of schedule in launching a previously announced software update that includes both a unique Sphera Collaboration treatment option as well as new LDD procedure monitoring features both of which support our enhanced clinical education and marketing efforts. While the ability to customize spherical aberration and other so-called higher order aberrations has been available in corneal refractive surgery for nearly two decades, this new LDD capability represents the first such application in cataract surgery, opening the door for further improvements in clinical results compared to fixed IOL technology. Although perhaps less groundbreaking, The additional LDD procedure monitoring features provide surgeons with new tools to ensure adherence to best clinical practices. Such upgrades enable us to not only to reconnect with our customers and showcase new functionalities, but also deepen relationships, identify growth opportunities within existing practices, and embed our technology more fully in their clinical workflows. Looking ahead, our product innovation pipeline remains robust. Recently, we secured approval for very low-diopter LAL powers that will now match those already available for LAL+. We look forward to continuing to develop the LAL family of lenses, along with continued software and LDD enhancements that broaden the patient populations that can benefit from customized visual outcomes. We believe these innovations are also key to enhancing productivity at new customer sites, as surgeons and practices are more likely to recognize RxSight's adjustable technology as a significant long-term growth driver. By capturing these strategic placements promptly, RxSight ensures a strong foundation for sustained future growth, while the practice sees faster revenue and practice appreciation. Though these placements have traditionally been to individual offices, we are also encouraged by the growing third-party light treatment service center business models that those still modest contributors to our total procedures have significant potential to expand access and utilization of our technology, ultimately benefiting more surgeons and patients. On the international front, we recently received full regulatory approval for our LAL, LAL+, and LDD products in South Korea, a market we believe can become highly engaged with our technology. Additionally, following last month's announcement of EU, LDD, and LAL approvals, we now expect UK approval in the second quarter and have multiple additional international regulatory submissions in process. As always, the near-term focus remains on delivering excellent clinical outcomes, laying the groundwork for expanded commercialization both internationally and in the U.S. With that, I'll turn things over to Shelly to take us through the financial results for the quarter and reaffirm guidance.