Rxsight Inc (RXST) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the RxSight second quarter 2025 earnings conference call. (Operator Instructions)

女士們，先生們，感謝各位的收看。我叫 Desiree，今天將擔任各位的會議主持人。現在，我歡迎各位參加 RxSight 2025 年第二季財報電話會議。 （主持人指示）

I would now like to turn the conference over to Oliver Moravcevic, Vice President of Investor Relations. You may begin.

現在，我想將會議交給投資者關係副總裁Oliver Moravcevic。您可以開始發言了。

Thank you, operator. Presenting today are RxSight President and Chief Executive Officer, Dr. Ron Kurtz; and Chief Financial Officer, Shelley Thunen. Earlier today, RxSight released its financial results for the three months ending June 30, 2025, and reiterated its full year guidance. A copy of the press release is available on the company's website.

謝謝接線生。今天出席活動的是 RxSight 總裁兼執行長 Ron Kurtz 博士和財務長 Shelley Thunen。今天早些時候，RxSight 發布了截至 2025 年 6 月 30 日的三個月財務業績，並重申了全年業績指引。新聞稿副本可在公司網站上查閱。

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, August 7, 2025, and will include forward-looking and opinion statements, including predictions, estimates, plans, expectations and other information.

在我們開始之前，我想通知您，今天電話會議上的評論和對問題的回答反映了管理層截至 2025 年 8 月 7 日的觀點，並將包括前瞻性和意見陳述，包括預測、估計、計劃、期望和其他資訊。

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.

由於某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。這些風險和不確定性在我們今天發布的新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中進行了更詳細的描述。我們向SEC提交的文件可在我們的網站或SEC網站上查閱。

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.

敬請投資人避免過度依賴前瞻性陳述，我們不承擔更新或修訂這些前瞻性陳述的任何義務。我們也將討論某些非公認會計準則 (Non-GAAP) 財務指標。

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.

有關非公認會計準則 (Non-GAAP) 財務指標的揭露，包括與最可比較公認會計準則 (GAAP) 指標的調節表，請參閱新聞稿。請注意，本次電話會議的音訊回放將發佈在我們的投資者關係網站上。

With that, I will turn the call over to our President and Chief Executive Officer, Dr. Ron Kurtz. Ron?

說完這些，我將把電話轉給我們的總裁兼執行長 Ron Kurtz 博士。 Ron？

Good afternoon, everyone, and thank you for joining us. On today's call, we will outline the actions we have taken to address recent LAL utilization trends and declining growth in both LAL and LDD sales. Our top priority, of course, is to provide our customers with exceptional support that enables successful adoption and long-term growth with our technology.

大家下午好，感謝大家的參與。在今天的電話會議上，我們將概述我們為應對近期LAL使用趨勢以及LAL和LDD銷售額成長放緩而採取的措施。當然，我們的首要任務是為客戶提供卓越的支持，確保客戶能夠成功採用我們的技術並實現長期成長。

To achieve this, we have unified our LAL sales and clinical support personnel into a single customer success organization. Using a standardized framework to both identify and close any gaps that could limit LAL growth, each regional team is responsible for a defined group of doctors and practices, managing the customer experience from onboarding through long-term utilization growth.

為了實現這一目標，我們將 LAL 銷售和臨床支援人員整合到一個客戶成功組織。我們採用標準化框架來識別並彌補任何可能限制 LAL 成長的差距，每個區域團隊負責特定群體的醫生和診所，管理從入職到長期使用率成長的客戶體驗。

These teams leverage proven best practices derived from customers who have already demonstrated strong clinical and commercial success with our technology. We have paired these changes with coordinated investments in clinical affairs and education to accelerate feedback loops and support the mastery of postoperative vision optimization across the global LAL user base.

這些團隊借鑒了來自客戶的成熟最佳實踐，這些客戶已透過我們的技術取得了顯著的臨床和商業成功。我們將這些變革與臨床事務和教育方面的協調投資相結合，以加速回饋循環，並支持全球 LAL 使用者群體掌握術後視力優化技術。

This includes expanded engagement, not only with RxSight representatives, but also via surgeon, optometric and clinical staff focused peer-to-peer programs. By aligning and redeploying our existing field resources, we have strengthened clinical and practice support for current customers, directly addressing challenges that arose during the rapid growth of our installed base.

這包括擴大與 RxSight 代表的合作，以及透過以外科醫生、驗光師和臨床工作人員為中心的點對點計畫。透過整合和重新部署現有現場資源，我們加強了對現有客戶的臨床和實踐支持，直接應對了客戶群快速成長過程中出現的挑戰。

These expanded in-person and point-of-care interactions make use of new user-friendly education and marketing resources, which were designed by leveraging our experience with more than 1,000 practices. While our immediate focus is on driving adoption and maximizing utilization with existing LAL practices, our LDD sales team remains focused on bringing new high-potential accounts into the platform. Once onboarded, these customers transition to our customer success organization, which drives clinical execution and supports sustained growth across the entire account base.

這些擴展的面對面和即時診療互動利用了全新用戶友好的教育和行銷資源，這些資源是我們基於與1,000多家診所合作的經驗而設計的。雖然我們目前的重點是推動現有LAL診所的採用並最大限度地提高其利用率，但我們的LDD銷售團隊仍致力於將新的高潛力客戶引入平台。這些客戶一旦加入，就會過渡到我們的客戶成功部門，該部門負責推動臨床執行，並支援整個客戶群的持續成長。

With these coordinated efforts, are more than 200 field-facing employees are intensifying RxSight's commitment to execution. Combined with the flexibility to expand specific programs as needed, we are confident these changes will have a positive impact on adoption and unlock the long-term clinical and commercial potential of the LAL platform.

透過這些協調一致的努力，超過 200 名第一線員工正在加強 RxSight 的執行力。結合根據需要擴展特定項目的靈活性，我們相信這些變化將對應用產生積極影響，並釋放 LAL 平台的長期臨床和商業潛力。

With that, I'll turn things over to Shelley to take us through the financial results for the second quarter and reaffirm guidance.

接下來，我將把工作交給雪萊，讓她向我們介紹第二季的財務表現並重申指導。

Thank you, Ron. Good afternoon, everyone. Consistent with our July 8, 2025 pre-announcement, RxSight generated second quarter 2025 revenue of $33.6 million, down 4% compared to $34.9 million in the year ago quarter and down 11% compared to $37.9 million in the first quarter of 2025.

謝謝，Ron。大家下午好。與我們2025年7月8日的預公告一致，RxSight 2025年第二季的營收為3,360萬美元，較去年同期的3,490萬美元下降4%，較2025年第一季的3,790萬美元下降11%。

During the quarter, we sold 27,380 LALs and generated $27 million in LAL revenue, up 13% compared to the second quarter of 2024 and down 1% compared to the first quarter of 2025. In the second quarter of this year, LAL revenue represents 80% of total revenue, an increase from 68% in the second quarter of 2024 and an increase from 72% in the first quarter of 2025.

本季度，我們銷售了 27,380 台 LAL，產生了 2700 萬美元的 LAL 收入，與 2024 年第二季度相比增長了 13%，與 2025 年第一季度相比下降了 1%。今年第二季度，LAL 營收佔總營收的 80%，高於 2024 年第二季的 68%，也高於 2025 年第一季的 72%。

During the second quarter of 2025, we sold 40 LDDs, down 49% from 78 units in the prior period and down 45% from 73 units in the first quarter of 2025. During the quarter, LDD sales generated revenue of $5.1 million, down 50% compared to the second quarter of 2024 and down 45% versus the first quarter of 2025.

2025 年第二季度，我們售出了 40 輛 LDD，較上一季的 78 輛下降 49%，較 2025 年第一季的 73 輛下降 45%。本季度，LDD 銷售收入為 510 萬美元，與 2024 年第二季度相比下降 50%，與 2025 年第一季相比下降 45%。

As of June 30, 2025, our LDD installed base totaled 1,084 units representing a 34% increase year-over-year and a 4% increase quarter-over-quarter. Gross margin in the second quarter of 2025 was 74.9% compared to 69.5% in the year ago period and 74.8% in the first quarter of 2025. The increase primarily reflects a shift in product mix with higher-margin LAL revenue rising to 80% of total revenue, up from 68% in the second quarter of 2024 and 72% in the first quarter of 2025.

截至2025年6月30日，我們的LDD裝機量總計1,084台，較去年同期成長34%，較上季成長4%。 2025年第二季毛利率為74.9%，去年同期為69.5%，2025年第一季為74.8%。這一成長主要反映了產品結構的轉變，利潤率較高的LAL收入佔總營收的比例從2024年第二季的68%和2025年第一季的72%上升至80%。

SG&A expenses in the second quarter of 2025 were $29 million, representing an increase of $4.7 million or 19% versus $24.3 million in the year ago quarter. This year-over-year increase was primarily due to an increase in personnel costs, elevated stock-based compensation expense and additional expenses related to post-market studies.

2025年第二季銷售、一般及行政費用（SG&A）為2,900萬美元，較去年同期的2,430萬美元增加470萬美元，增幅19%。年成長主要由於人員成本增加、股票薪酬費用增加以及與上市後研究相關的額外費用。

During the second quarter of this year, R&D expenses rose 23% to $10.2 million compared to $8.3 million in the second quarter of 2024. This year-over-year comparison primarily reflects an increase in salaries and stock-based compensation. Sequentially, both SG&A and R&D expenses were within 1% of the first quarter levels.

今年第二季度，研發費用成長23%，達到1,020萬美元，而2024年第二季為830萬美元。年增幅主要反映了薪資和股票薪酬的成長。環比來看，銷售、一般及行政費用（SG&A）及研發費用均與第一季水準相差1%以內。

We reported a GAAP net loss in the second quarter of 2025 of $11.8 million or a loss of $0.29 per basic and diluted share using weighted average shares outstanding of 40.7 million shares. This compares to a GAAP net loss of $6.1 million or $0.16 per share on a basic and diluted basis in the second quarter of 2024. Note the stock-based compensation in the second quarter of 2025 was $8.5 million, resulting in a non-GAAP loss of $3.2 million or a loss of $0.08 per basic and diluted share.

我們報告稱，2025年第二季度，以美國通用會計準則（GAAP）計算的淨虧損為1180萬美元，即每股基本虧損和稀釋虧損均為0.29美元（基於4070萬股的加權平均流通股）。相較之下，2024年第二季以美國通用會計準則計算的淨虧損為610萬美元，即每股基本虧損和稀釋虧損均為0.16美元。需要注意的是，2025年第二季的股票薪酬為850萬美元，導致非美國通用會計準則（Non-GAAP）虧損為320萬美元，即每股基本虧損和稀釋虧損均為0.08美元。

Please refer to the unaudited non-GAAP reconciliation and disclosure included in today's press release for more comparative information. We ended the second quarter of 2025 with cash, cash equivalents and short-term investments of $227.5 million, a decrease of approximately $1.8 million compared to $229.3 million as of March 31, 2025.

請參閱今日新聞稿中未經審計的非公認會計準則 (Non-GAAP) 對帳及揭露，以取得更多比較資訊。截至2025年第二季度，我們的現金、現金等價物及短期投資為2.275億美元，較截至2025年3月31日的2.293億美元減少約180萬美元。

Moving on to our 2025 outlook. We are reiterating our full year 2025 guidance for revenue, gross margin and operating expense that we provided on July 8 as follows: revenue of $120 million to $130 million, representing an implied decrease of 14% to 7% from 2024. This outlook assumes a slower second half due to continued softness in LAL adoption and fewer expected new LDD sales.

接下來是我們對2025年的展望。我們重申7月8日發布的2025年全年收入、毛利率和營運費用的預期，具體如下：收入1.2億美元至1.3億美元，較2024年隱含下降14%至7%。由於LAL採用率持續疲軟以及預期新增LDD銷售量減少，此預期假設下半年業績將放緩。

Gross margin of 72% to 74%, representing an implied increase of 130 basis points to 330 basis points compared to 2024. Despite gross margin in the first half approaching 75%, we are not adjusting our gross margin guidance higher because we expect lower gross margin in the second half of this year due to higher costs and lower production volume as we have rightsized production quantities consistent with our lower revenue guidance.

毛利率為 72% 至 74%，與 2024 年相比隱含增加 130 個基點至 330 個基點。儘管上半年毛利率接近 75%，但我們不會上調毛利率指引，因為我們預計今年下半年毛利率會下降，原因是成本上升和產量下降，因為我們已經根據較低的收入指引調整了生產數量。

Operating expense of $145 million to $155 million, representing an implied increase of 7% to 14% over 2024. We remain disciplined in managing operating expenses as we realign resources and sales, customer support and marketing to support long-term growth in LAL adoption and support the continued expansion of our LDD installed base. Also note that the operating expense estimate includes noncash stock-based compensation expense between $27 million and $30 million.

營運費用預計為 1.45 億美元至 1.55 億美元，較 2024 年隱含成長 7% 至 14%。我們將嚴格控制營運費用，並重新調整資源、銷售、客戶支援和行銷，以支援 LAL 應用的長期成長，並支援 LDD 安裝基數的持續擴張。另請注意，營運費用估算包含 2,700 萬美元至 3,000 萬美元的非現金股票薪酬費用。

And with that, I'll turn the call back to Ron.

說完這些，我就把電話轉回給羅恩。

Thank you, Shelley. Our new commercial strategy focuses on maximizing utilization by enhancing every aspect of customer engagement, including support, training and team alignment to ensure that every LAL provider is fully prepared for success.

謝謝你，雪萊。我們新的商業策略致力於透過加強客戶參與的各個方面（包括支援、培訓和團隊協作）來最大化利用率，以確保每家 LAL 供應商都為成功做好充分準備。

We are confident that this approach designed to strengthen same-store performance while also adding new high potential accounts will reaccelerate our growth and positively impact the overall premium IOL market. While we are initially realigning existing assets to ensure that we are fully resourced to support these efforts, we are also actively evaluating where more investment is required to accelerate success.

我們相信，這種旨在提升同店業績並吸引新的高潛力客戶的方法將再次加速我們的成長，並對整個高端人工水晶體市場產生積極影響。我們目前正在初步調整現有資產，以確保擁有充足的資源來支持這些工作，同時也在積極評估哪些方面需要增加投資，以加速成功。

Our strong balance sheet, coupled with this pragmatic approach ensures that every investment is tied to measurable outcomes and long term value creation. While our top priority is delivering on our renewed commercial execution in the US, we are equally focused on enabling future growth through innovation and global expansion.

我們強勁的資產負債表，加上務實的策略，確保每項投資都與可衡量的成果和長期價值創造息息相關。雖然我們的首要任務是在美國實現煥然一新的商業執行力，但我們同樣致力於透過創新和全球擴張來實現未來成長。

Regulatory approvals in key European and Asian markets have opened new doors. Building on our US experience, we are now applying a similar customer success playbook to these geographies, which represent a significant opportunity for disciplined growth and modest revenue contributions over the next year.

歐洲和亞洲主要市場的監管批准為我們打開了新的大門。基於我們在美國市場的經驗，我們目前正在將這些類似的客戶成功策略應用於這些地區，這代表著我們在未來一年實現穩健成長和適度收入貢獻的重要機會。

On the innovation front, we continue to advance our R&D road map to further enhance customer and patient experience, expand the LAL patient profile and elevate the clinical value of our adjustable platform. Our primary initiatives include refining the postoperative workflow and pursuing next-generation platform capabilities to facilitate easier adoption of postoperative adjustability, offer greater flexibility for physicians and extend accessibility to an even broader group of patients.

在創新方面，我們持續推動研發路線圖，以進一步提升客戶和病患體驗，拓展髁上肌注 (LAL) 患者群體，並提升我們可調式平台的臨床價值。我們的主要措施包括優化術後工作流程，並追求下一代平台功能，以更輕鬆地實現術後可調式，為醫生提供更大的靈活性，並擴大其可及性，惠及更廣泛的患者群體。

As we shared earlier this week, we have also strengthened our strategic counsel with the appointment of Raymond Cohen to our Board of Directors. Ray brings decades of experience building and scaling high-growth med tech companies and his insights have already proved invaluable as we execute across the next phase of growth.

正如我們本週早些時候分享的那樣，我們任命雷蒙德·科恩 (Raymond Cohen) 加入董事會，進一步增強了我們的策略顧問團隊。雷擁有數十年創建和拓展高成長醫療科技公司的經驗，他的洞見在我們下一階段的成長中已被證明具有不可估量的價值。

In closing, our conviction in the long-term potential of the LAL platform has never been stronger. With a refined go-to-market strategy and a unified focus on customer success, we believe RxSight is well positioned to drive durable value across clinical, commercial and shareholder dimensions.

最後，我們對 LAL 平台的長期潛力充滿信心，這種信心從未如此強烈。憑藉著完善的市場策略和對客戶成功的持續關注，我們相信 RxSight 已做好準備，在臨床、商業和股東層面創造持久價值。

With that, I'll ask the operator to open the call for questions.

說完這些，我將請接線生開始回答問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員指示）

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Hi, good afternoon. Thanks for taking the questions here. This is Simran Ansari, by the way. Maybe just to start off, a two-parter here. Can you just provide a bit more color on what trends have looked like exiting Q2 and thus far into Q3?

大家下午好。感謝您在這裡回答問題。順便說一下，我是 Simran Ansari。首先，我們先來聊聊兩個部分。您能否詳細介紹一下第二季結束以及第三季到目前為止的趨勢？

I think on the prior call, you had made a comment around June not seeing the usual volume acceleration, which had informed the guide down. So maybe just help us understand how those trends continued into the quarter. And then for the second part of the question there, for the people who have updated their models since the Q2 preannouncement, I'm seeing around [$26 million] for Q3. So are models properly calibrated now?

我想在之前的電話會議上，您曾表示，6月份左右的業績成長並不像往常那樣顯著，這導致業績指引下調。所以，這或許能幫助我們理解這些趨勢是如何延續到本季的。然後，關於問題的第二部分，對於那些自第二季度業績預告發布以來更新了模型的人來說，我預計第三季度的業績約為[2600萬美元]。那麼，現在的模型是否已經校準完畢？

So thank you for your questions. They're good questions, but generally, we don't get that specific in terms of guidance at all. I think that we are still early into the third quarter, but we are also cognizant of the trends that we saw in the second quarter as well as the typical seasonality we see in the third quarter.

感謝您的提問。這些問題很好，但總的來說，我們並沒有給出那麼具體的指引。我認為我們目前還處於第三季初期，但我們也意識到了第二季的趨勢以及第三季的典型季節性。

So I think that -- I don't think I have anything to comment different than that as we are in the third quarter right now in the beginning of the third quarter.

所以我認為——我不認為我有什麼不同的評論，因為我們現在正處於第三季初。

And I would say, while I don't comment on models, I think that we were clear in the second half of the year that revenue would be down significantly from the first half of the year and the third and fourth quarters would be lower than the second quarter. So I think that overall, if I look at the consensus for folks who have updated their models, we guided on the top line between $120 million and $130 million, and consensus right now is sitting mid of that guidance.

我想說的是，雖然我不評論模型，但我認為我們下半年的收入會比上半年大幅下降，第三季和第四季的收入也會低於第二季。所以我認為，總體而言，如果我看看那些更新了模型的分析師的共識，我們預期的營收在1.2億美元到1.3億美元之間，而目前的共識是處於這個預期的中間水平。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Great, thanks for taking the questions. Two for me. First, Ron, you said at the end of your closing remarks, you're in a great spot to take advantage of the premium IOL segment of the market. How do you get confidence that the slowdown you're seeing is market related and not just reaching a ceiling in penetration?

太好了，感謝您回答問題。我有兩個問題。首先，Ron，您在閉幕發言的最後提到，您現在正處於一個絕佳的時機，可以利用高端人工水晶體市場。您如何確信您所看到的成長放緩與市場相關，而不僅僅是滲透率達到上限？

You've had a couple of quarters where the estimates or where the results came in a little bit below the estimates. You have a large installed base now of LDDs. How do you get comfort it's the market and not RxSight?

有幾個季度，你們的預期或實際結果略低於預期。現在你們的LDD安裝基數很大。你們如何確定這是市場因素，而不是RxSight的問題？

Well, I don't think, Robbie, that I -- that we've laid this on the market. We think that the market generally is -- the market is going to do what the market is going to do. It's generally been good. The premium IOL market is an area where doctors are focused. As you know, the cataract reimbursement rates were -- for standard cataract surgery were further reduced recently by anywhere from 11% to 13%.

嗯，羅比，我不認為我們已經把這個消息告訴市場了。我們認為市場整體上會按照市場預期發展。整體來說，市場表現良好。高端人工水晶體市場是醫生關注的領域。如你所知，標準白內障手術的白內障報銷率最近進一步降低了11%到13%。

And the other patient pay procedures that ophthalmologists have relied on such as LASIK are much more sensitive to macro trends. So we think that overall, the premium IOL market over the long term is going to be a positive market.

而眼科醫生所依賴的其他患者付費手術，例如LASIK，對宏觀趨勢的敏感度要高得多。因此，我們認為，總體而言，高端IOL市場長期來看將是一個積極的市場。

And because we have now a very large base -- installed base, we see that we can -- with some of the changes that we've outlined here, we can really leverage that installed base for growth. Again, we don't have to only depend on continued penetration of the market, which we also believe is that we have confidence that we'll be able to do.

而且由於我們現在擁有非常龐大的基數——安裝基數，我們認為，透過我們先前概述的一些變革，我們可以真正利用這個安裝基數來實現成長。同樣，我們不必只依賴持續的市場滲透，我們也相信我們有信心能夠做到這一點。

But we also have a large base of customers who we feel are just based on the distribution that they can continue to grow their utilization of LAL. And that's where we're really focused with some of the changes that we've talked about.

但我們也有大量的客戶，我們認為，僅憑分銷管道，他們就能繼續增加 LAL 的使用率。這正是我們之前談到的一些變革真正關注的重點。

Great. Maybe a quick follow-up. Shelley, with the reduction in sales, how are you thinking about the current pathway to cash flow breakeven and cash flow generation? And at the current run rate, do you think that's still possible? Thanks a lot.

好的。或許可以快速跟進一下。 Shelley，鑑於銷售額的下降，您如何看待目前實現現金流損益兩平和產生現金流的途徑？按照目前的營運速度，您認為這仍然可行嗎？非常感謝。

Yeah. Well, we hadn't previously given guidance on when we would hit cash flow breakeven. We did see that in the second quarter of last year. And even at a little bit lower gross margins, we got there. So I think that, that's kind of a good proxy for when we could get to cash flow breakeven.

是的。我們之前沒有給出何時實現現金流損益平衡的指引。去年第二季我們確實實現了損益平衡。即使毛利率略低，我們也實現了損益兩平。所以我認為這可以很好地反映我們何時能夠實現現金流損益平衡。

But I think we've got some rebuilding to do before that. I think that our most recent stall out and reduction in revenue certainly pushes it out. I haven't quite said so much for yet because we're trying to see how the changes that we're making in our sales and customer support organizations help us recover and get back to high-end growth, but you are correct. But I think that we've got such a nice high gross margin product that it could come pretty quickly once we get back into that kind of level range of revenue.

但我認為在此之前我們還需要做一些重建工作。我認為我們最近的停滯和收入下降肯定會推遲這一時間。我暫時還沒說太多，因為我們正在努力觀察我們在銷售和客戶支援部門所做的改變如何幫助我們恢復並重回高端成長，但你說得對。但我認為，我們擁有一款非常不錯的高毛利率產品，一旦我們回到那種收入水平，這個目標就會很快實現。

Perfect thanks a lot.

非常好，非常感謝。

Tom Stephan, Stifel.

湯姆‧史蒂芬 (Tom Stephan)，Stifel。

Great, hey guys, good afternoon. I'll start with international actually. And Ron or Shelley, can you just talk a bit about the path forward OUS, maybe specifically give us a sense for potential time lines, approvals and launches? And then, Ron, I know you mentioned maybe modest revenue contribution over the next year. But when do we think about revenue OUS starting to pick up in a more meaningful way? Is that later 2026? Is that 2027? If you can kind of just talk about the OUS path forward.

好的，大家下午好。我先從國際業務說起。 Ron 或 Shelley，能否談談 OUS 的未來發展方向，具體介紹可能的時間表、審批和上市情況？ Ron，我知道您提到了 OUS 明年的收入貢獻可能會比較小。但是，我們什麼時候才能認為 OUS 的收入開始以更有意義的方式成長？是 2026 年下半年嗎？還是 2027 年？能否談談 OUS 的未來發展方向？

Yeah. So just for background, the OUS premium market represents about 80% of the overall premium market. So while the US is the largest single market, the OUS, primarily Asia and Europe are very large markets. We've focused over the last couple of years on regulatory approvals.

是的。簡單介紹一下背景，OUS高端市場約佔整體高階市場的80%。雖然美國是最大的單一市場，但OUS市場，尤其是亞洲和歐洲，也是非常大的市場。過去幾年，我們一直專注於監管審批。

In Europe, that has meant going through the new MDR certification, which we completed at the end of Q1. And as we previously said, we've started to started to build out our European team, taking some of the lessons that we've learned in the US to provide those customers with the support that they need. Similarly, in Asia, we've pursued regulatory approval in the major countries of Asia.

在歐洲，這意味著我們需要通過新的MDR認證，我們在第一季末完成了這項認證。正如我們之前所說，我們已經開始組建歐洲團隊，並吸取了我們在美國學到的一些經驗教訓，為這些客戶提供所需的支援。同樣，在亞洲，我們也在爭取亞洲主要國家的監管部門批准。

We received approval in South Korea and launched in the quarter in Q2. That has gone well, and we see that market, which has traditionally been a strong private pay market, both in refractive as well as premium cataract surgery, and we see a strong market potential there as well as some of the countries in Southeast Asia, most recently Singapore.

我們在韓國獲得了批准，並於第二季正式上市。目前進展順利。我們看到韓國市場——傳統上一直是強勁的自費市場，無論是屈光手術還是高端白內障手術——以及一些東南亞國家（最近是新加坡）都擁有強大的市場潛力。

The large countries Japan, China, they have longer regulatory cycles. We're in those regulatory cycles, and we'll certainly update folks as we get additional information. But those are traditionally longer-term plays. So overall, we're quite excited about the OUS opportunity, but we're also realistic that, that will take time and hence, the relatively conservative language with respect to revenues. Do you want to add anything, Shelley?

日本、中國等大國的監理週期較長。我們也處於這些監管週期中，一旦獲得更多信息，我們一定會及時更新。但這些傳統上都是長期投資。所以總的來說，我們對OUS的機會感到非常興奮，但我們也意識到這需要時間，因此在收入方面我們措辭相對保守。雪萊，你還有什麼要補充的嗎？

Yeah, I think in the press release, obviously, we talked about the fact that cases were starting in South Korea as well as Singapore quite recently. And those are nice accounts for us. And we think that, in particular, the South Korean market is an excellent one. But as Ron says, it takes time to develop.

是的，我想在新聞稿中，我們顯然提到了最近韓國和新加坡也出現了病例。這對我們來說是好消息。我們認為韓國市場尤其出色。但正如羅恩所說，發展需要時間。

And would you add anything? I know you've been over to Korea a couple of times, Ron.

還有什麼要補充的嗎？我知道你去過韓國幾次，羅恩。

We're -- the Korean ophthalmologic practice is very sophisticated. It's very much directed to advanced technologies in private pay. We've had a nice reception there to date. But again, the first step in all of these markets after regulatory is KOL development, generation of in-country data, just like we did in the US, where that we're able to establish the combination of high-quality vision that can be customized for that individual patient, which is a unique and disruptive product offering in that market.

韓國的眼科實踐非常成熟，非常注重私人付費的先進技術。到目前為止，我們在那裡受到了良好的歡迎。但同樣，在所有這些市場，監管通過後的第一步是關鍵意見領袖（KOL）的開發，以及國內數據的生成，就像我們在美國所做的那樣，這樣我們才能為每位患者量身定制高質量的視力組合，這在該市場是一項獨特且具有顛覆性的產品。

And we need -- and again, we've learned a lot just as we have in the US on the different facets of gaining that expertise with postoperative adjustment. And certainly, we are translating that to our commercialization efforts outside the US.

我們需要——而且，就像我們在美國一樣，我們在術後調整專業知識的各個方面也學到了很多。當然，我們正在將這些經驗轉化為我們在美國以外的商業化努力。

Thank you.

謝謝。

Got it. That's great. Super helpful. And then a quick follow-up, just pivot to guidance. I think back half revenue implies around $10 million, somewhat wide range, but understandable.

明白了。太好了，非常有幫助。然後快速跟進一下，直接轉到指引。我認為一半的收入意味著大約1000萬美元，這個範圍有點大，但可以理解。

Ron or Shelley, can you just give us a sense for sort of assumptions or what the drivers would be that would either kind of take you to the low end of that 2H implied guide as well as, I guess, more importantly, the high end? And what direction are we kind of trending in within that range just based on what you've seen so far in the quarter? Thanks.

Ron 或 Shelley，您能否告訴我們一些假設，或者說是哪些驅動因素會將您帶到下半年隱含指引的低端，以及，更重要的是，高端？根據您在本季度迄今為止的觀察，我們在這個範圍內的趨勢是什麼樣的？謝謝。

Yeah. I assume when you're talking about $10 million, you're talking about LDD revenue. When you said about $10 million in the second half, I assume you're talking about LDD revenue.

是的。我猜你說的1000萬美元是指LDD的收入。你說下半年1000萬美元左右，我猜你指的是LDD的收入。

Just total -- total revenue, total revenue. Sorry.

只是總額－總收入，總收入。抱歉。

Total revenue.

總收入。

Total revenue, $120 million to $130 million...

總收入，1.2億至1.3億美元......

I misunderstood you. Okay. I'm sorry, the $120 million to $130 million. Yes, I think most people are sitting at the mid of the guidance. I think that where we could have down at the lower end at $120 million, it could be primarily driven by lower LDD sales rather than higher in terms of the mix at the high end of guidance at $130 million, I think it would be probably fourth quarter seasonality driving LAL sales.

我誤解你了。好的。抱歉，1.2億到1.3億美元。是的，我認為大多數人都處於指導區間的中間位置。我認為，如果指導區間的下限是1.2億美元，那麼這主要可能是由於LDD銷售額下降所致；如果指導區間的上限是1.3億美元，那麼我認為可能是第四季度的季節性因素推動了LAL銷售額的成長。

So it's pretty tight guidance, but I think those would be the two factors that might play into low end, high end.

所以這是非常嚴格的指導，但我認為這是可能影響低端和高端的兩個因素。

Got it. That's great. Thanks Shelly. Thanks, Ron.

明白了。太好了。謝謝雪莉。謝謝羅恩。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

There are no further questions at this time. I would like to turn the call back over to our CEO, Ron Kurtz, for closing remarks.

目前沒有其他問題了。我想把電話轉回給我們的執行長羅恩·庫爾茨，請他做最後發言。

Well, thank you all for your time and attention today. We appreciate your interest in RxSight, and we look forward to updating you on our progress in future calls. Goodbye.

好的，感謝大家今天的時間和關注。感謝您對 RxSight 的關注，我們期待在未來的電話會議中與您分享我們的進展。再見。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。