RxSight, Inc. (RXST) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the RxSight first-quarter 2026 earnings conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

各位好。感謝各位參與，歡迎加入 RxSight 2026 年第一季財報電話會議。在今天的預先準備發言結束後，我們將進行問答環節。（接線員指示）

I will now hand the conference over to Oliver Moravcevic, VP, Investor Relations. Please go ahead.

現在我將把會議交給投資人關係副總裁 Oliver Moravcevic。請開始。

Thank you, operator. With me on the call today are RxSight President and Chief Executive Officer, Dr. Ron Kurtz; and Chief Financial Officer, Mark Wilterding. Earlier today, RxSight released financial results for the three months ended March 31, 2026. A copy of the press release is available on the company's website.

謝謝，接線員。今天與我一同參與電話會議的有 RxSight 總裁兼執行長 Ron Kurtz 醫師，以及財務長 Mark Wilterding。今天稍早，RxSight 已公布截至 2026 年 3 月 31 日止三個月的財務結果。新聞稿副本可於公司網站取得。

Before we begin, I would like to remind you that the comments and responses to questions during today's call reflect management's views as of today and will include forward-looking and opinion statements, including predictions, estimates, plans, and expectations. 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.

在開始之前，我想提醒各位，今天電話會議中管理層的評論與對提問的回應，均反映截至今日的管理層觀點，並將包含前瞻性及意見性陳述，包括預測、估計、計畫與預期。由於某些風險與不確定性，實際結果可能與明示或暗示的內容有重大差異。這些風險與不確定性已在我們今日發布的新聞稿以及向美國證券交易委員會（SEC）提交的文件中更完整地說明。

Our SEC filings can be found on the website or on 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 except as may be required by law. 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.

我們的 SEC 申報文件可在公司網站或 SEC 網站查閱。提醒投資人勿過度依賴前瞻性陳述；除法律要求外，我們不承擔更新或修訂此等前瞻性陳述的任何義務。我們也將討論若干非 GAAP 財務衡量指標。有關非 GAAP 財務衡量指標的揭露（包括與最可比 GAAP 指標的調節表）可於新聞稿中查閱。請注意，本次財報電話會議將於我們的投資人關係網站提供音訊重播。

With that, I'll turn the call over to Ron. Ron?

接下來，我把電話交給 Ron。Ron？

Good afternoon, everyone, and thank you for joining us today. Before Mark takes us through the Q1 numbers, I'd like to provide an overview of our commercial progress, starting with the annual meeting of the American Society of Cataract and Refractive Surgery, held just a few weeks ago in Washington, DC. As the largest US meeting focused on refractive and premium cataract surgery, RxSight's Light Adjustable Lens technology continued to be a key focus for doctors. Over 30 papers and posters were presented and numerous podium discussions highlighted the consistency, precision, and versatility that the LAL brings to cataract surgeons and their patients.

各位下午好，感謝今天加入我們。在 Mark 帶我們回顧第一季數字之前，我想先概述我們的商業進展，從幾週前在華盛頓特區舉行的美國白內障與屈光手術學會（ASCRS）年會談起。作為美國規模最大的、聚焦屈光與高階白內障手術的會議，RxSight 的可調式光學人工水晶體（Light Adjustable Lens, LAL）技術持續成為醫師關注的重點。會中發表了 30 多篇論文與海報，並在多場講台討論中強調 LAL 為白內障手術醫師及其病患帶來的一致性、精準度與多樣性。

At the meeting, we also marked an important milestone: 300,000 LAL implants since commercialization in the US. In addition, we launched our I Trust It With My Own Eyes campaign, featuring ophthalmologists who have chosen the Light Adjustable Lens for their own eyes. These doctor-as-patient stories reinforce what our survey data already shows. Nearly 80% of ophthalmologists and optometrists say they would choose the LAL for themselves or a loved one, highlighting the level of confidence doctors have in the LAL's ability to deliver high-quality, customized binocular vision.

在會議上，我們也達成一項重要里程碑：自 LAL 在美國商業化以來，累計已完成 300,000 例 LAL 植入。此外，我們推出「I Trust It With My Own Eyes」活動，邀請選擇可調式光學人工水晶體用於自己眼睛的眼科醫師現身分享。這些「醫師也是病患」的故事，進一步印證我們的調查數據所顯示的結果。近 80% 的眼科醫師與驗光師表示，他們會為自己或摯愛選擇 LAL，凸顯醫師對 LAL 提供高品質、客製化雙眼視覺能力的高度信心。

Our experiences at ASCRS reinforce what we are seeing in the real-world practices. Namely, that when doctors experience firsthand how they can predictably leverage postoperative adjustability to achieve such outcomes, it translates into greater confidence and drives the premium revenue that is critically important for the health of the practice, especially given recent reimbursement pressures.

我們在 ASCRS 的經驗也再次印證了我們在實際臨床院所所看到的情況。也就是說，當醫師親身體驗到如何可預期地運用術後可調性來達成這些成果時，將轉化為更高的信心，並帶動對院所營運健康至關重要的高階（premium）收入，尤其是在近期給付（reimbursement）壓力之下。

Entering the year, a key priority for our team was to continue to refine the customer re-engagement programs launched in the second half of 2025 and to accelerate these efforts in 2026 and beyond. While we still have work to do, we're encouraged by the progress we have made so far this year. LAL volumes were consistent with prior year levels, and utilization has now stabilized for the third consecutive quarter. More importantly, we're starting to see clear early signs that these efforts are working, particularly in practices where we've re-engaged with physicians and staff through clinical outcome reviews, targeted IOL counseling training, refresher education, and in-person workflow support.

進入今年，我們團隊的一項關鍵優先事項，是持續精進於 2025 年下半年推出的客戶再互動（re-engagement）計畫，並在 2026 年及之後加速推進。雖然仍有工作要做，但我們對今年迄今的進展感到鼓舞。LAL 量體與前一年水準一致，且使用率已連續第三季趨於穩定。更重要的是，我們開始看到這些努力正在奏效的明確早期跡象，特別是在我們透過臨床結果回顧、針對性的人工水晶體（IOL）諮詢訓練、複訓教育，以及到院流程支援等方式，重新與醫師與院所人員建立互動的院所。

Internationally, we remain committed to take a measured and thoughtful approach to expansion with the goal of building a durable foundation for long-term growth outside the US. We are focused on establishing the optimal clinical, commercial, and operational infrastructure in each market and on building relationships with leading surgeons who can help support adoption over time. As part of that effort, we were pleased to receive approval in New Zealand last month, which represents another step in expanding the global reach of the LAL system. While we expect international contributions to remain modest in the near term, the opportunity outside the US is significant and will become a more meaningful driver of growth in 2027 and beyond.

在國際市場方面，我們仍致力於以審慎且周延的方式推動擴張，目標是在美國以外建立可長期成長的穩固基礎。我們專注於在各市場建立最佳的臨床、商業與營運基礎設施，並與領先的手術醫師建立關係，以支持長期採用。作為該努力的一部分，我們很高興於上月取得紐西蘭核准，這代表 LAL 系統全球觸及範圍擴大的又一步。雖然我們預期短期內國際市場貢獻仍將有限，但美國以外的機會相當可觀，並將在 2027 年及之後成為更具意義的成長驅動力。

With that, I'll turn the call over to Mark, who will now go through our first-quarter financials and guidance for the remainder of the year.

接下來我把電話交給 Mark，他將說明我們第一季財務表現以及今年剩餘期間的財測指引。

Thanks, Ron. Q1 sales of $30.9 million declined 18%, reflecting a year-over-year step down in LDD unit volumes consistent with expectations. During the quarter, we sold 20 LDDs, which accounted for approximately $2 million of quarterly sales. We exited the quarter with an installed base of 1,154 LDD units.

謝謝，Ron。第一季銷售額為 3,090 萬美元，年減 18%，反映 LDD 設備出貨量年對年下滑，符合預期。本季我們售出 20 台 LDD，約貢獻本季 200 萬美元的銷售額。季末我們的 LDD 裝機量（installed base）為 1,154 台。

Q1 LAL unit volumes of 27,472 were in line with the year-ago period and down 4% sequentially. This sequential decline was consistent with typical first-quarter seasonality. LAL procedure volumes translated into Q1 sales of approximately $27 million, which represented 88% of total company sales in the first quarter.

第一季 LAL 鏡片出貨量為 27,472 片，與去年同期持平，較前一季下降 4%。此一季對季下滑符合第一季典型的季節性。LAL 手術量對應第一季約 2,700 萬美元的銷售額，占公司第一季總銷售額的 88%。

Higher LAL revenue mix contributed to a gross margin of 76.1% compared to 74.8% in the prior-year period. First quarter 2026 SG&A expenses were $31.9 million, up 11% compared to the prior-year period, driven by personnel-related expenses as we continue to prioritize investments in new hires and ongoing expansion of our global commercial and support teams.

較高的 LAL 營收占比帶動毛利率達 76.1%，高於去年同期的 74.8%。2026 年第一季銷售、一般及行政（SG&A）費用為 3,190 萬美元，較去年同期增加 11%，主要由人員相關費用所帶動，因我們持續優先投入新進人員招募，以及全球商業與支援團隊的持續擴編。

First-quarter research and development expenses were $9.5 million, down 9% year over year. We reported a net loss in the first quarter of $15.9 million, or $0.38 per basic and diluted share, based on 41.3 million weighted average shares outstanding. Stock-based compensation was $7.9 million, resulting in an adjusted net loss of $7.9 million, or $0.19 per share.

第一季研發費用為 950 萬美元，年減 9%。我們第一季淨損為 1,590 萬美元，按 4,130 萬股加權平均流通在外股數計算，每股基本及稀釋淨損為 0.38 美元。以股份為基礎的薪酬費用為 790 萬美元，因此調整後淨損為 790 萬美元，或每股 0.19 美元。

Turning to 2026 guidance. We are reiterating our full-year 2026 revenue guidance of $120 million to $135 million. Consistent with our February commentary, we anticipate that quarterly sales growth rates should improve throughout the year based on our assumption of improving fundamentals and easing year-over-year comparisons. As Ron discussed, we expect our international business to be a modest contributor to sales in 2026, primarily driven by early capital placements.

接著談 2026 年財測指引。我們重申 2026 年全年營收指引為 1.2 億至 1.35 億美元。與我們 2 月的評論一致，我們預期在基本面改善以及年對年比較趨於和緩的假設下，季度銷售成長率將在全年逐步改善。如 Ron 所述，我們預期 2026 年國際業務對銷售的貢獻將屬溫和，主要由早期資本設備布建所帶動。

We will continue to expand outside the US in a measured and deliberate way to position the company for sustainable long-term growth. 2026 gross margin guidance of 70% to 72% also remains unchanged. As previously communicated, the anticipated step down from Q1 gross margin reflects the flow-through of higher cost inventory manufactured in 2025.

我們將以審慎且有計畫的方式持續拓展美國以外市場，以使公司具備可持續的長期成長定位。2026 年毛利率指引 70% 至 72% 亦維持不變。如先前所溝通，毛利率自第一季下滑的預期，反映的是 2025 年製造之較高成本庫存的成本傳導。

Over time, we expect manufacturing absorption to improve as production levels normalize. We are forecasting 2026 operating expenses to be at the high end of our previous $150 million to $160 million range, reflecting accelerated investments in our global commercial organization.

隨著時間推移，我們預期隨著產量水準正常化，製造吸收率將改善。我們預估 2026 年營業費用將落在先前 1.5 億至 1.6 億美元區間的高端，反映我們對全球商業組織加速投資。

From a phasing perspective, we expect quarterly operating expenses to follow a pattern similar to 2025, with more pronounced spend in the first half of the year. Included in our costs, primarily in operating expenses, we continue to expect non-cash stock-based compensation in the range of $30 million to $32 million.

就費用分期而言，我們預期季度營業費用將呈現與 2025 年類似的模式，上半年支出更為明顯。在我們的成本中（主要在營業費用內），我們仍預期非現金的股票基礎薪酬約為 3,000 萬至 3,200 萬美元。

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

接下來，我把電話交回給 Ron。

Thank you, Mark. In summary, the core clinical value proposition of LAL remains strong and clearly differentiated in the premium IOL market, with the ability to customize vision after surgery, delivering superior patient outcomes and compelling economic benefits for practices. Despite the introduction of numerous me-too fixed IOLs, nothing we are seeing changes our conviction that adjustability represents the next meaningful step forward. When I look at where we are today, the business appears to be stabilizing and our customer engagement programs are beginning to show initial progress, giving us confidence to continue refining the model and expanding it globally in a measured way.

謝謝你，Mark。總結來說，LAL 的核心臨床價值主張依然強勁，且在高階 IOL 市場具備明確差異化：可在術後客製化視力，帶來更優異的病患結果，並為診所提供具吸引力的經濟效益。儘管市場上推出了許多同質化的固定式 IOL，我們目前所見並未改變我們的信念：可調整性代表下一個重要的實質進步。就我對當前狀況的觀察，業務似乎正在趨於穩定，而我們的客戶互動計畫也開始展現初步進展，讓我們有信心持續優化模式，並以審慎方式在全球擴張。

At the same time, we're focusing on strengthening our team, improving execution, and driving technical innovations that further simplify implementation while delivering best-in-class outcomes. We look forward to sharing additional details on these planned commercial introductions that can help reduce adoption friction for both clinicians and patients by streamlining the clinical workup for post-op adjustments, reducing the number of required LDD treatments, and extending the range of correction.

同時，我們也專注於強化團隊、提升執行力，並推動技術創新，以進一步簡化導入流程，同時提供同級最佳的臨床結果。我們期待分享更多關於這些規劃中的商業導入細節；這些措施可透過精簡術後調整的臨床評估流程、降低所需的 LDD 治療次數，以及擴大矯正範圍，來降低臨床醫師與病患的採用摩擦。

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

接下來，我請接線員開放提問。

We will now begin the question-and-answer session. (Operator Instructions) Robert Marcus, JPMorgan.

我們現在開始問答環節。(接線員指示) Robert Marcus，摩根大通。

Great. Good afternoon, and thank you very much for taking the questions. It was good to see that you were able to kind of find footing and deliver a modest beat against consensus here. Maybe speak to what you're seeing in the field and how some of the elements of the turnaround are taking, how the reception is, and do you see any green shoots maybe into second quarter of continued improvement here? And then I have a quick follow-up.

很好。下午好，也非常感謝讓我提問。很高興看到你們能夠算是站穩腳步，並且相較市場共識繳出小幅優於預期的表現。或許談談你們在第一線看到的情況，以及這些扭轉措施的各個要素推進得如何、外界反應如何；你們是否看到一些正向訊號，可能延續到第二季並持續改善？然後我還有一個簡短的追問。

Yeah. Thank you, Robbie. So I would say that without commenting on Q2, which we're obviously in, we're -- the feedback that we're getting, both from our customers and just as importantly from our team, is very positive, as we continue to roll out re-engagement programs as I described. Around some very specific actions, we're able to review clinical outcomes and pearls that have been gained over the past several years as the technology's been rolled out across the US. And we now have confidence that continued refinement and expansion of those programs can result in further turnaround in terms of utilization with our customer base, which is quite large, as you know.

是的。謝謝你，Robbie。我先不評論第二季，畢竟我們現在正處於第二季；但我們從客戶、以及同樣重要的內部團隊所收到的回饋都非常正面，因為我們正如我所描述的持續推出再互動計畫。透過一些非常具體的行動，我們能夠回顧臨床結果，以及在過去幾年技術於全美推廣過程中累積的臨床要點與經驗。我們現在有信心，持續精進並擴大這些計畫，能在使用率方面帶來進一步的扭轉，尤其是針對我們相當龐大的客戶基礎，如你所知。

And as I look through the year, it implies basically modest sequential improvement. How do you feel about your ability to grow in 2027? And beyond some of the changes, what are you doing to really reinvigorate interest in LALs to return to a material growth rate to generate profitability again? Thanks a lot.

而我看你們對今年的展望，基本上意味著逐季小幅改善。你們對 2027 年的成長能力有何看法？除了部分變革之外，你們具體在做哪些事情，來真正重新點燃市場對 LAL 的興趣，使其回到具實質性的成長速度，並再次帶來獲利？非常感謝。

Yeah, Robbie, it's Mark. Thanks for the question. We said that our expectation is for growth rates to improve over the course of the year. And it's a reflection of both our belief that fundamentals will improve based on some of the things that Ron just talked through, as well as easing comparisons.

是的，Robbie，我是 Mark。謝謝你的問題。我們說過，我們預期成長率會在今年過程中逐步改善。這反映了兩點：一是我們相信基本面會因 Ron 剛才提到的一些事項而改善；二是比較基期將趨於有利。

With respect to growth in 2027, we haven't, as you know, given guidance, that far out. But we think of ourselves as a growth company. We invest for long-term sustainable growth, and that includes 2027 and beyond. Ron, anything else to add on that?

至於 2027 年的成長，如你所知，我們尚未提供那麼遠期的指引。但我們將自己視為成長型公司。我們為長期可持續成長而投資，其中也包括 2027 年及之後。Ron，你還有什麼要補充的嗎？

Yeah, I think the things that we've commented on, continued technological innovation, which will continue to simplify implementation of the LAL, both in the US, and then increasingly outside the US where we're starting to establish ourselves. So I think both of those will be growth drivers.

是的，我認為我們已經評論過的幾點——持續的技術創新——將會進一步簡化 LAL 的導入，不論是在美國，或是在我們開始逐步建立據點的美國以外市場。所以我認為這兩者都會是成長驅動因素。

I would also say that it's not that -- I wouldn't characterize what we've experienced as a lack of interest in the LAL. I think there's still quite a bit of interest in the LAL, and we saw that as I mentioned at the ASCRS meeting, where it continues to be a high area of interest in the medical community, but also at our booth with a lot of activity. So I think that it's focusing that interest into a growth through the programs that we've talked about.

我也想說，並不是——我不會把我們的經驗描述為市場對 LAL 缺乏興趣。我認為市場對 LAL 仍然有相當高的興趣；正如我在 ASCRS 會議上提到的，它在醫療社群中仍是高度關注的領域，而我們的攤位也有很多活動與人潮。所以我認為重點在於，透過我們所談到的計畫，把這份興趣轉化為成長。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Thank you. And good afternoon, Ron, Mark, Oliver. Good to speak with you. I want to follow up on Robbie's question a little bit. I'm curious this is, this is a tough question, but how much do you think the stabilization in your -- in the LAL adoption is a reflection of just the cataract market holding steady, particularly on the [AT IOL] side not deteriorating versus what it we saw maybe a year ago relative to the efforts you're making in turning around commercial adoption? And I don't know if you can parse it out, but I'm hoping you can kind of take a swing at that, Ron.

謝謝。下午好，Ron、Mark、Oliver。很高興與你們交流。我想稍微延伸追問 Robbie 的問題。我很好奇——這是個難題——你們在 LAL 採用上的穩定，究竟有多少是因為白內障市場本身維持穩定，特別是在 [AT IOL] 端並未惡化（相較於我們可能在一年前看到的情況），又有多少是來自你們為扭轉商業採用所做的努力？我不知道你是否能拆解，但希望你能大致談談，Ron。

Well, I -- it's always -- as you indicate in your question, it's always hard to parse out what are all the contributors. I believe based on the responses that we've gotten to date, that the actions that we're taking, all things being equal, are positive and are having an impact. Of course, it's always great when the market is working in your direction as well, and we certainly hope that to be the case. But under the things that we can control, we think that we're having a positive impact, and we'll continue to do so as we expand and refine these programs.

嗯——正如你在問題中所指出的，通常很難拆解所有貢獻因素各占多少。根據我們迄今收到的回應，我相信在其他條件相同下，我們正在採取的行動是正面的，並且正在產生影響。當然，如果市場也朝有利於你的方向發展，那總是更好，我們也希望如此。但就我們可控的部分而言，我們認為我們正在帶來正向影響，並且會在擴大與精進這些計畫的同時持續做到。

And just to follow up, are you gating LDD sales at this point? I mean, is there interest from customers that you're holding off on, when you think about your LDD sales, or is it just not prioritized amongst the sales force at this point?

再追問一下，你們目前是否在限制（gating）LDD 的銷售？我的意思是，從客戶端是否有需求但你們先暫緩、在思考 LDD 銷售時先不接，還是說目前在銷售團隊中並非優先事項？

I don't think that we are -- I would characterize it as gating. I think that we are taking a more measured approach where we want customers to be fully ready to adopt the technology and to be successful with it. You know that -- not that we weren't doing that before, but I think that just the novelty of the LAL in those initial several years, just drove a faster pace. So now we're into a more gradual, but still a lot of strong interest and we anticipate continuing to add LDDs obviously OUS, but also in the US.

我不認為我們——我會把它形容為在做「把關」。我認為我們採取了更審慎的做法，希望客戶在完全準備好採用這項技術、並能成功使用它之後再導入。你知道——並不是說我們以前沒有這麼做，但我認為在最初那幾年，LAL 的新穎性確實推動了更快的節奏。所以現在我們進入較為循序漸進的階段，但仍然有很強的興趣，我們預期會持續新增 LDD，顯然包括美國以外（OUS），也包括美國。

David Saxon, Needham.

David Saxon，Needham。

Great. Hi, Ron and Mark and Oliver. Thanks for taking my questions. Maybe one on guidance for Mark. I think last quarter you talked about expectations for low single-digit LAL volume growth for the year. You came in above consensus here in the first quarter. So is low single digits a good way to think about 2026 or could we be pushing mid-singles?

很好。嗨，Ron、Mark 和 Oliver。謝謝你們回答我的問題。我想先問一個關於指引的問題給 Mark。我記得上季你們談到今年 LAL 銷量成長預期為低個位數。你們第一季的表現高於市場共識。那麼，低個位數是否仍是看待 2026 年的好方式，還是有可能推進到中個位數？

And then kind of the second part of the question is where does that get us in terms of flushing out the higher cost inventory? Like at low single digits, does that get us through all of that inventory that's on the balance sheet?

然後問題的第二部分是，這對於消化較高成本庫存而言意味著什麼？例如在低個位數成長下，是否足以把資產負債表上的那批庫存全部消化完？

Yeah. Thanks for the question. I think it was, like I said, a little bit better than expected, but not to the degree where we felt like taking up guidance was warranted. So I think your assumption, based on what we said in February, is still accurate with respect to LAL growth being in that low single-digit range for the full year. Again, we expect growth rates to improve sequentially by quarter as we go through the year, as I mentioned earlier. But at this point in the year too, it's always tricky given where we're at, kind of early to go out any further than that. So I think it's good to take a more prudent approach, and that's what we've done there with that LAL guidance.

是的。謝謝你的問題。我認為確實如我所說，表現比預期稍好一些，但還不到讓我們覺得需要上調指引的程度。因此，我認為你基於我們 2 月所說的假設仍然正確，也就是全年 LAL 成長仍在低個位數區間。再次強調，正如我先前提到的，我們預期隨著年度推進，各季的成長率會逐季改善。但在一年中的這個時間點，考量我們目前仍在年初階段，要再往更遠的期間給出判斷總是比較棘手。所以我認為採取更審慎的做法是好的，而這也是我們在 LAL 指引上所採取的做法。

With respect to the inventory, no change to our assumptions there either. And you see it primarily in that gross margin guidance that we gave. We continue to believe that we'll finish the year in that 70% to 72% range. Q1, as expected and as communicated back in February, was not really impacted by some of those absorption issues, but we do expect them to show up in Q2 and for the remainder of this year. And we're monitoring it closely. We haven't said in terms of when that will lift and how that might look next year. But when we get closer to being in position to give guidance longer term, we'll update that as well.

至於庫存方面，我們的假設也沒有改變。你主要會在我們給出的毛利率指引中看到這一點。我們仍然相信今年年底會落在 70% 到 72% 的區間。第一季如預期、也如我們在 2 月所溝通的，並未真正受到部分吸收（absorption）問題的影響，但我們確實預期這些影響會在第二季以及今年剩餘期間顯現。我們正在密切監控。我們尚未說明何時這些影響會消退，以及明年可能會呈現什麼樣貌。但當我們更接近能提供較長期指引的時點，我們也會更新。

Okay. Thanks for that. And then the second question is just on the commercial pivot or re-engagement strategy. Would love to understand what percent of accounts or territories you've gone out and actually implemented that. And then once you do that and get buy-in from the account, how should we think about the resulting utilization in the months or quarters to follow? Thanks so much.

了解。謝謝你的說明。第二個問題是關於商業端的轉向或重新接觸（re-engagement）策略。我想更了解你們已經實際推行到多少比例的客戶或銷售區域。另外，一旦推行並取得客戶端的認同後，我們應該如何看待接下來幾個月或幾季的使用率變化？非常感謝。

Yeah. I would say that we're still in early innings of reaching, through the installed base, which is, as you know, quite large, about 1,150 LDDs, 2,500 surgeons. So that will continue throughout the year and into 2027. In terms of the results that we're seeing and what you would expect of course, it'll be -- in the numbers that you'll see, it'll be more gradual because it has to extend through the installed base. But on an individual basis, we are certainly seeing the impact and feel as though as we continue to make refinements to both the programs and how we implement them, I think that that'll continue to accelerate.

是的。我會說我們仍處於初期階段，正透過既有裝機基礎（installed base）來觸及市場；如你所知，這個基礎相當龐大，大約有 1,150 台 LDD、2,500 位外科醫師。因此這項工作會持續到今年並延伸到 2027 年。就我們看到的成果以及你可以預期的情況而言——在你會看到的數字上，它會更為漸進，因為必須擴展到整個裝機基礎。但就個別客戶而言，我們確實看到了影響；而且我們覺得，隨著我們持續在方案本身以及落地執行方式上做精進，這個效果會持續加速。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，Wells Fargo。

Good afternoon. Thanks for taking the question. Ron, one domestic question, one international question. How are you thinking about increasing competition from premium IOLs? We know of a few more coming this year. You have PureSee, obviously from J&J. There's a BVI product. I think Rayner's coming out. I think how have you incorporated that into the guidance? And then I had one follow-up.

午安。謝謝讓我提問。Ron，我有一個美國國內問題、一個國際問題。你們如何看待高階 IOL（人工水晶體）競爭加劇？我們知道今年還會有幾款推出。你們有 PureSee，當然還有來自 J&J 的產品。也有一個 BVI 的產品。我想 Rayner 也要推出。你們如何把這些因素納入指引？然後我還有一個追問。

Good question, Larry. So I think that fundamentally, there's not a lot new under the sun in terms of these new product introductions. Of course, having multiple players in the marketplace, even if they have undifferentiated product, it still means that there's more voices out there. So we're watching it, but we feel strongly that the clinical outcomes that are achievable with adjustability are superior and ultimately will win the day -- though there can be, as there have been with past introductions, some transient impact from these efforts and the overall impact they have on other competitors as well.

好問題，Larry。我認為從根本上說，就這些新產品上市而言，並沒有太多前所未見的新東西。當然，市場上有多個玩家，即使產品沒有明顯差異化，也意味著外部會有更多聲音在推廣。所以我們會關注，但我們非常有信心：可調式（adjustability）所能達成的臨床結果更優，最終會勝出——儘管如同過去一些產品導入時一樣，這些推廣努力以及它們對其他競爭者的整體影響，可能會帶來一些短暫的影響。

Okay. And then regarding international, yeah, I'd love to get an update on your international efforts. Where are you starting to see some early kind of traction, if you will? And when you say modest contribution, I think I heard modest contribution earlier on this call in '26. Is that like $5 million to $10 million? Thanks for taking the question.

了解。那關於國際方面，我也想請你們更新一下國際推進的進展。你們開始在哪些地方看到一些早期的動能（traction）？另外，當你們說 2026 年會有「溫和的貢獻」（modest contribution），我想我稍早在這通電話中有聽到這個說法。那大概是像 500 萬到 1,000 萬美元這樣的量級嗎？謝謝讓我提問。

I'll let Mark comment on the dollar figure. But in terms of where we've previously said where we've gotten approvals. Obviously, that's the first step before you have commercial introduction and then traction. We've had the most recent approvals kind of in the -- and where we've been able to start, have primarily been in Asia, with Korea and smaller markets, Singapore, but an important market. We just we got approval in Europe more recently. Those efforts are starting as well, beginning to get gain traction, especially in awareness, across the many -- the larger countries in Europe. And then most -- even more recently in Australia and now New Zealand.

我讓 Mark 來回應金額的部分。但就我們先前提到已取得核准的地區而言——顯然，在商業導入與後續動能之前，核准是第一步。當然，這是你進行商業導入、然後取得動能之前的第一步。我們最近取得的核准，以及我們能夠開始推進的地區，主要在亞洲，包括韓國以及一些較小的市場，例如新加坡（雖然市場較小，但很重要）。我們也在較近期取得了歐洲的核准。這些工作也已開始，並且開始在歐洲多個——較大的國家——在認知度方面取得動能。另外，最近也在澳洲，以及現在的紐西蘭。

And those -- I would say that those countries pretty well mirror where the premium IOL business has had the most success. And we often see new product introductions follow a very similar pattern of introduction in countries like the major countries of Europe, Korea, Australia, et cetera. Obviously, the countries with longer regulatory cycles that are still important, Japan, China, and India, those -- we're working through those processes.

而我會說，這些國家大致上也反映了高階 IOL 業務最成功的市場分布。我們也常看到新產品上市會遵循非常相似的導入路徑，例如歐洲主要國家、韓國、澳洲等等。當然，對於監管週期較長但仍然重要的國家——日本、中國與印度——我們正在推進這些流程。

And just with respect to quantifying it, Larry, I know this is a question you've asked in the past. The team is working and driving hard there. Great team in place, but it's not yet in terms of dollar amounts at a point where we feel like it's material enough to break out. When that changes, and it will, at some point in the future, we'll be sure to give you an update.

就量化而言，Larry，我知道這是你過去問過的問題。團隊正在努力推進並全力以赴。我們有一支很強的團隊到位，但就美元金額來看，目前還沒到我們覺得重要到足以單獨揭露的程度。當情況改變時——而且未來某個時間點一定會改變——我們一定會向你更新。

Stephanie Elghazi, Bank of America.

Stephanie Elghazi，美國銀行。

Hi. Thanks for taking the question. A competitor just reported recently and noted softness in the cataracts market. So curious if that's something you're seeing in the market overall. Maybe you see less of an impact given your premium offering. Just curious any thoughts there?

嗨。謝謝讓我提問。有一家競爭對手最近剛公布財報，並提到白內障市場出現疲軟。所以想請教你們是否也在整體市場看到類似情況。也許因為你們主打高階產品，所以受到的影響較小。想聽聽你們對此有何看法？

Well, I think that the size of that competitor relative to ours gives them a lot of visibility on the overall market. But I do think that their comments were more towards the non-premium segment of the market, the traditional cataract surgery portion of the market, and that they also noted continued growth in the premium segment, both in the US and internationally. And those would be consistent with our long-term view as well based on the both clinical and economic benefits of premium IOL technology generally and more specifically, the LAL.

我認為，該競爭對手的規模相對於我們而言，使他們對整體市場有很高的能見度。但我也認為，他們的評論更多是針對市場中的非高階區隔，也就是傳統白內障手術那一部分；同時他們也提到高階區隔在美國及國際市場仍持續成長。這也與我們的長期觀點一致，因為高階 IOL 技術整體而言、以及更具體地說 LAL，在臨床與經濟效益上都具備優勢。

So I don't think that we're seeing anything inconsistent. We saw some softness of the overall cataract market a year ago as well. And at that time, I think some people postulated whether those were some more macro affected because the patients in that subgroup do still have to pay co-pays, which can be relatively expensive depending on the demographic. And so it's possible that that's impacting that segment first.

所以我不認為我們看到任何不一致的情況。我們在一年前也看到整體白內障市場有些疲軟。當時我想有些人推測，這可能更受到總體環境影響，因為該族群的病患仍需要支付自付額（co-pay），而依不同族群結構，自付額可能相對昂貴。因此有可能是先影響到那個區隔。

Got it. Thank you. Then wanted to follow up on the OpEx guide now pointing more towards the higher end of the range. Just curious, what are the main areas of investment that are increasing, and how do you think about OpEx and time to benefit the top line? Thank you.

了解。謝謝。接著想追問一下，目前營業費用（OpEx）指引看起來更偏向區間的高端。想請教主要增加投資的領域是哪些？以及你們如何看待 OpEx 與帶動營收（top line）受益的時間點？謝謝。

I think I'd just reiterate a little bit of what Ron had mentioned earlier with respect to the OpEx guide. We are very focused on providing what I'd say are the highest levels of clinical training and field support, both here in the US and also abroad. And that requires investment. Supporting new and existing customers focused on penetrating these accounts is really key.

我想我會稍微重申 Ron 先前提到、關於 OpEx 指引的部分。我們非常專注於提供我所說的最高水準臨床訓練與前線支援，不論是在美國本土或海外。而這需要投入資源。支援新舊客戶、並聚焦於滲透這些客戶帳戶，是非常關鍵的。

And so as a result, we're definitely focused on directing more resources towards things like that, in addition to customer support, education, sales and marketing, and also advancing our R&D pipeline, something that we've invested in for some time and not letting up there either. So those are the primary avenues of investment, I'd say, as you see that OpEx trend towards the higher end of the range.

因此，我們確實把更多資源導向這類事項，另外也包括客戶支援、教育訓練、銷售與行銷，以及推進我們的研發（R&D）產品線；這些我們已投入一段時間，也不會在此放鬆。所以當你看到 OpEx 朝區間高端移動時，我會說這些就是主要的投資方向。

Adam Maeder, Piper Sandler.

Adam Maeder，Piper Sandler。

Hi, this is Kyle Winborne on for Adam. Thanks for taking the questions. I guess first, maybe just to continue on that thread with OpEx, maybe could this be a good opportunity for you to just remind us where the company sits today from a commercial headcount standpoint? It sounds like the plan is to maybe continue adding headcount if I'm correct there. And then should we kind of just think about OpEx kind of running at this pace for the foreseeable future while these efforts continue? And I'd follow up. Thanks.

嗨，我是代 Adam 提問的 Kyle Winborne。謝謝讓我提問。我想先延續 OpEx 的話題，或許這是個好機會請你們提醒一下，公司目前在商業端人力編制（commercial headcount）方面的狀況。聽起來計畫是可能會持續增加人力，如果我理解正確的話。那我們是否可以把 OpEx 理解為在可預見的未來，隨著這些工作持續推進，會大致維持在目前這樣的速度？我後面還有一題。謝謝。

Yeah, we have about 150 fields, 130 to 150 field-facing employees. And we anticipate that -- and that's continued to grow with our installed base, as well as with the more recent initiatives that we've talked about. And certainly, we'll be making decisions based on both the success of those initiatives as well as other priorities in the business as to where we prioritize the additional spending. But that's always an ongoing decision that we have to manage.

是的，我們大約有 150 名前線人員，約 130 到 150 名面向現場（field-facing）的員工。我們預期——而且隨著我們的裝機基礎（installed base）成長，以及我們近期談到的各項新計畫推進，這個數字也持續增加。當然，我們會根據這些計畫的成效以及公司其他業務優先事項，來決定額外支出的優先順序。但這一直都是我們需要持續管理的決策。

That's helpful color. Thank you. Can I get to the second question? You talked about innovation a little bit and gave some helpful color there for things on the come. Just wondering if you could double-click on any of those, anything that's particularly meaningful. And you mentioned that we might hear about some of those from later this year, so should we -- it sounds like we should think about this as more having impact as we look into 2027?

這些補充很有幫助。謝謝。我可以問第二個問題嗎？你剛才談到一些創新，也提供了對未來項目的有用補充。想請你更深入談談其中任何一項，是否有特別重要、特別有意義的？你也提到我們可能在今年稍晚會聽到其中一些消息，所以我們——聽起來我們應該把它視為對 2027 年以後才會有較大影響嗎？

Yeah. I would say that the things that I've mentioned are all things that have been seen as benefits to the technology moving for quite some time, and they're areas that we've been working on. Those efforts take time. We're a Class III device, so we have to go through the PMA supplement process, which we are. But as we have visibility to commercialization, we will certainly share that and give visibility both to the investor community as well as to our customers.

是的。我會說，我提到的這些方向，長期以來都被視為推動技術進步的好處，也是我們一直在努力的領域。這些工作需要時間。我們是第三類醫療器材（Class III device），因此必須走 PMA 補充申請（PMA supplement）的流程，而我們正在進行中。但當我們對商業化時程有能見度時，我們一定會分享，並同時向投資人社群以及客戶提供更清楚的能見度。

Young Li, Jefferies.

Young Li，Jefferies。

Great. Thanks for taking the questions. I guess first one, just on the customer re-engagement programs. I was wondering if you can share a bit more about what you're doing there with the practices. You called out a few examples, but what's resonating more with the surgeons and their staff and what are the key issues that practices need your help in solving?

很好。謝謝讓我提問。第一個問題是關於客戶再互動（re-engagement）計畫。想請問你能否多分享一些你們在診所端（practices）具體做了哪些事情？你提到了一些例子，但哪些做法更能引起外科醫師及其團隊的共鳴？而診所最需要你們協助解決的關鍵問題是什麼？

Well, I think it is variable, of course, depending on the practice and that's where our team is really key in assessing and discussing with the practice what are the most likely measures that are going to make them more successful, which is going to help them both clinically and financially. So it has to be viewed as a mutual benefit, and that's how it -- that's how I think it is being viewed and appreciated by our customer base that we're continuing to invest in their success.

我想這當然會因診所而異，而我們團隊的關鍵就在於評估並與診所討論：哪些措施最可能讓他們更成功，進而在臨床與財務上都受益。因此必須把它視為互利，這也是——我認為我們的客戶群正是以這種方式看待並肯定：我們持續投資在他們的成功上。

The specific measures that I mentioned, some are -- we have this unique ability to be able to track clinical results on essentially every patient. But that information is sometimes siloed in the practice. And so making clear to the entire practice, both optometrists who might be doing the LDD treatment, ophthalmologists who may not be seeing that postoperative patient as frequently, as well as the staff who may not be into the details, the clinical staff and the surgery counselors -- just making that information more widely available, which we can uniquely do, is very motivating to see how impactful adjustability is to the lives of their patients. They see that anecdotally, but to see that in a quantitative way, which again no other IOL really can do, other than doing a clinical study, which is typically not practical.

我提到的具體措施中，有些是——我們具備一項獨特能力，幾乎可以追蹤每一位病患的臨床結果。但這些資訊有時會在診所內部各自分散（siloed）。因此，讓整個診所都能清楚掌握這些資訊——包括可能負責進行 LDD 治療的驗光師、可能不會那麼頻繁看到術後病患的眼科醫師，以及可能不會深入細節的行政與臨床人員、臨床團隊與手術諮詢師——把這些資訊更廣泛地提供給他們，而這是我們能獨特做到的，會非常有激勵效果，因為他們能看到「可調性」對病患生活帶來多大的影響。他們在經驗上（anecdotally）能感受到，但若能以量化方式看到——同樣地，除了做臨床研究（通常不太實際）之外，沒有其他 IOL 真正能做到這點。

The other things that we're doing really depend on the practice. So it can be workflow pearls that are -- that have been gleaned from peer practices that may be similar size, similar makeup, similar socioeconomic base and how do they have the postoperative visits flow, the division of labor, how patients are -- expectations are set and handled throughout the process. These are all clinical skills and practice skills that didn't exist five years ago. And we and our customers have figured a lot of this stuff out. And now we have to go back and disseminate that information in various ways, whether that's through our direct interactions with the practices, or whether it's through peer-to-peer interactions or digital media. Those are all ways that we're engaging with our customers.

我們正在做的其他事情其實很大程度取決於各個診所的實務情況。因此，這可能是一些工作流程的訣竅——這些訣竅是從同業診所的實務中萃取出來的；那些診所可能規模相近、組成相似、社經背景類似，並且他們如何安排術後回診的流程、如何分工、以及在整個過程中如何設定並管理病患的期待。這些都是臨床技能與診所營運技能，而在五年前其實還不存在。而我們以及我們的客戶已經把其中很多事情摸索清楚了。現在我們必須回過頭，以各種方式把這些資訊擴散出去，不論是透過我們與診所的直接互動，或是透過同業之間的交流，或是數位媒體。這些都是我們與客戶互動、投入的方式。

All right, great. That's very helpful. And then I guess another question, just wanted to hear a little bit on the accounts that bought LDDs in the past year or past three quarters, the ones with the 20 to 25 LDDs, versus prior periods that bought like 70 plus per quarter. I'm just kind of curious just given there's sort of less of them, presumably more focused or more motivated buyers, do you see any differences in their utilization or adoption curves from prior periods or cohorts?

好的，很好。這非常有幫助。接著我想再問一個問題：想聽聽過去一年或過去三個季度購買 LDD 的客戶帳戶——也就是那些購買 20 到 25 台 LDD 的——相較於先前期間那種每季購買 70 台以上的帳戶。我只是有點好奇，考量到這類帳戶數量似乎比較少，推測買方可能更聚焦或更有動機，你們是否看到他們在使用率或採用曲線上，與先前期間或先前批次（cohort）有任何差異？

So it's a good question. I think it's a little early to -- we're dealing, as you said, with a smaller end, and so we'll continue to track that. Of course, we are incorporating all the things that we're doing with the re-engaged practices in our onboarding as well. So hopefully, we'll see that those benefits in that group as well as we as we progress with their onboarding.

這是個好問題。我認為現在要下結論還稍早——如你所說，我們面對的是較小的一端，因此我們會持續追蹤。當然，我們也把針對重新啟動合作的診所所做的所有事情，納入我們的導入（onboarding）流程中。所以希望隨著他們的導入推進，我們也能在這一群體上看到同樣的效益。

Tom Stephan, Stifel.

Tom Stephan，Stifel。

Great. Hey, guys. Thanks for taking the questions. Apologies if any of this has been asked. Just jumping between calls. I'll start off on kind of competitive landscape but more specific to adjustable. Ron, what's the latest you're hearing around adjustable competition? Any incremental updates we should be aware of? Curious if you can touch on Perfect Lens which I think is expanding in Europe, and then I'll have a follow-up.

很好。嗨，各位。謝謝讓我提問。如果其中有些問題已經被問過，先說聲抱歉。我在不同電話會議之間切換。我先從競爭態勢談起，但更聚焦在可調式（adjustable）這一塊。Ron，你最近聽到關於可調式競爭的最新情況是什麼？有沒有我們需要注意的任何新增更新？也想請你談談 Perfect Lens，我記得他們正在歐洲擴張，之後我還有一個追問。

I don't have any specific updates. Obviously, we follow the field. I would say that to my knowledge, there's nothing getting close to a regulatory process, certainly not in the US. We know how high the bar is, and we've continued to raise that bar. And then in addition to that, of course, we've got a large installed base, and have got a lot of knowledge that has been developed in the community, based on our technology. So I don't want to be dismissive of competition. I just also think people should be realistic about what the timescale of any potential competition could be.

我沒有任何具體更新。顯然我們會持續關注市場動態。就我所知，目前沒有任何項目接近進入法規審查流程，尤其是在美國更是如此。我們知道門檻有多高，而我們也持續把門檻拉得更高。此外，當然我們也擁有龐大的已安裝基礎（installed base），並且社群基於我們的技術累積了大量知識。所以我不想對競爭不以為意。但我也認為大家應該務實看待任何潛在競爭者可能出現的時間尺度。

Got it. That's great. And then maybe to pivot a bit to, I'll call it sort of the long term, but as you look at or think about utilization curves, adoption interest, how re-engagement is going here in the US, Ron, talk about your level of confidence today that LAL isn't niche in the US, and more importantly, can perhaps durably grow above market over time and continue to gain share long term. Thanks.

了解。很好。接著也許換個角度，談談我稱之為較長期的部分：當你觀察或思考使用率曲線、採用意願、以及在美國這邊重新啟動合作的進展時，Ron，請談談你目前對於 LAL 在美國不只是利基市場（niche）的信心程度；更重要的是，它是否可能在時間推移下持續、穩健地跑贏市場成長，並在長期持續提升市占。謝謝。

Yeah. Well, I guess we referred earlier -- I don't know if you were on the call, Tom, but somebody referred to one of the large competitor who also reported today. Of course, we listened to that call as well. And I think that it was instructive in that they pointed out again, and they've done that before, that the premium market is incredibly important to ophthalmology. Just the time spent on the premium market was impressive, even though it's a relatively small portion of the business for them. And they projected that their view is that that premium market is going to go from the current 15% to 20%, depending on geography to maybe the 30% to 40%.

是的。我想我們先前有提到——我不確定你當時是否在線上，Tom——有人提到一家大型競爭對手，他們今天也公布了。當然，我們也聽了那通電話會議。我認為那很有啟發性，因為他們再次指出——而且之前也提過——高階（premium）市場對眼科非常重要。他們在高階市場上花的時間之多令人印象深刻，即便對他們而言那只占業務中相對較小的一部分。他們預測，依其觀點，高階市場將從目前依地區不同約 15% 到 20%，提升到可能 30% 到 40%。

I think that that's probably accurate that they have good view on that. But then where is that growth going to come from? We've had the multifocal technology and standard toric technology for 20 years. It's got to come from somewhere, and I think that the LAL is unique in that it's broadly applicable to patients because it does preserve quality of vision. It's very flexible, and it appeals intuitively to this next generation of patients who not only are very -- want to maintain their function throughout many conditions, but they also want to have control and an input in the process. And those are all things that I think play well to the LAL and will help the field drive growth into that higher number.

我認為那大概是準確的，他們對此應該有不錯的掌握。但接著問題是：那樣的成長要從哪裡來？我們已經有多焦（multifocal）技術與標準散光（toric）技術 20 年了。成長必須來自某個地方，而我認為 LAL 的獨特之處在於它對病患具有廣泛適用性，因為它能保留視覺品質。它非常有彈性，而且對下一代病患有直覺性的吸引力：他們不僅非常——希望在多種情境下維持功能表現，同時也希望在過程中擁有控制權與參與感。我認為這些特點都很契合 LAL，並將有助於整個領域把成長推升到更高的水準。

There are no further questions at this time. I will now turn the call back over to Ron Kurtz for closing remarks.

目前沒有進一步的問題。我現在把電話會議交回給 Ron Kurtz 進行結語。

Well, thank you all for your interest in RxSight. We certainly look forward to updating you on our progress in future quarters. Good-bye and good evening.

好的，感謝各位對 RxSight 的關注。我們也非常期待在未來幾個季度向各位更新我們的進展。再見，祝各位晚安。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。