The non-exclusive pact pairs RxSight's light-adjustable technology with Alcon's global reach. Alcon's Q1 sales rose 10% to $2.7B; RxSight revenue fell 18.5%.
Alpha Score of 50 reflects moderate overall profile with moderate momentum, moderate value, weak quality. Based on 3 of 4 signals — score is capped at 90 until remaining data ingests.
Alcon Inc. and RxSight Inc. entered a non-exclusive collaboration on July 6 to co-develop post-operatively adjustable intraocular lenses. The deal pairs RxSight's light-adjustable lens technology, which allows surgeons to fine-tune vision using UV light after cataract surgery, with Alcon's commercial infrastructure and surgical equipment portfolio.
Alcon also opened a second training center in India with the Aravind Eye Care System on July 24, expanding phacoemulsification training.
The partnership comes after both companies reported first-quarter results. Alcon posted $2.7 billion in net sales, up 10% year over year. Surgical sales rose 10% to $1.5 billion; Vision Care sales rose 9% to $1.2 billion. Core diluted earnings per share rose 16% to $0.85. The company generated $279 million in free cash flow and authorized a $1.5 billion share buyback. AlphaScala's proprietary model gives Alcon a score of 50 out of 100, a Mixed rating in the Healthcare sector. ALC stock page
RxSight reported a tougher quarter. Revenue fell 18.5% to $30.9 million, driven by lower Light Delivery Device sales. Procedure volume for its Light Adjustable Lens held roughly flat at 27,472 units. The company placed 20 new LDDs, bringing the installed base to 1,154. Gross margin improved to 76.1% from 74.8%, helped by a shift toward higher-margin lens sales. Operating expenses rose to $41.3 million. The net loss widened to $15.9 million, or $0.38 a share. Management kept full-year revenue guidance at $120 million to $135 million. RxSight held $217.9 million in cash.
Institutional interest was steady in the first quarter. Alcon was held by 46 hedge funds, up from 44 in the prior quarter, according to Insider Monkey's analysis of 13F filings. RxSight was held by 33 funds, unchanged. Among the largest RxSight holders, Millennium Management trimmed its position by 4% to about 2.06 million shares. No Street Capital increased its stake by 2% to 2 million shares.
The collaboration is non-exclusive. RxSight continues to sell its LAL system independently, and Alcon can pursue other adjustable lens technologies.
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