Ilya Goldshleger, Co-President and Chief Operating Officer of RxSight, Inc. (NASDAQ:RXST), recently sold 3,100 shares of the company’s common stock. The shares were sold at a weighted average price of $49.68, amounting to a total transaction value of approximately $154,001. This sale was conducted under a pre-established Rule 10b5-1 trading plan.
In addition to the sale, Goldshleger executed a stock option exercise, acquiring 3,100 shares at a price of $15.08 per share. This transaction totaled $46,748 and was part of his compensation package.
Following these transactions, Goldshleger holds 42,246 shares directly, while an additional 1,372 shares are held indirectly by his spouse.
In other recent news, RxSight Inc. reported a significant 68% increase in Q2 2024 revenue, reaching $34.9 million, primarily driven by the successful sales of their Light Adjustable Lens (LAL) units and Light Delivery Devices (LDDs). As a result, the company has increased its full-year revenue guidance for 2024. Analyst firms Stifel, BTIG, and Needham have maintained their Buy ratings on RxSight’s stock, reflecting their confidence in the company’s growth trajectory. Stifel anticipates RxSight will surpass sales estimates, predicting a robust beat with sales ranging between $37 million and $38 million.
RxSight has also achieved FDA approval for an extension of the spherical refractive power range for the LAL+, expected to enhance commercial distribution by the end of 2024. Despite the complexities of different European markets, the company is committed to expanding its international regulatory approvals. These are recent developments surrounding RxSight Inc.
InvestingPro Insights
RxSight, Inc. (NASDAQ:RXST) has been demonstrating strong financial performance, as evidenced by its impressive revenue growth. According to InvestingPro data, the company’s revenue grew by 71.9% over the last twelve months as of Q2 2024, with quarterly revenue growth of 67.65% in Q2 2024. This robust growth aligns with the company’s high return over the last year, which is highlighted as one of the InvestingPro Tips.
Despite the recent insider sale by Co-President and COO Ilya Goldshleger, it’s worth noting that RxSight’s stock has shown significant strength. The company’s one-year price total return stands at an impressive 109.54%, reflecting strong investor confidence. This performance is consistent with another InvestingPro Tip, which indicates a strong return over the last five years.
However, potential investors should be aware that RxSight is currently trading at a high Price / Book multiple of 7.24, as per InvestingPro data. This valuation metric, combined with the InvestingPro Tip that analysts do not anticipate the company to be profitable this year, suggests that investors are pricing in significant future growth expectations.
For a more comprehensive analysis, InvestingPro offers 8 additional tips for RxSight, providing deeper insights into the company’s financial health and market position. These additional tips can be particularly valuable for investors looking to make informed decisions in light of recent insider transactions and the company’s growth trajectory.
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