Thank you for standing by, and welcome to the RxSight second quarter 2026 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 withdraw your question, press star one again. I would now like to turn the conference over to Oliver Moravcevic, VP of Investor Relations. Please go ahead. Thank you, operator. With me on the call today are RxSight President and Chief Executive Officer, Aziz Mottiwala, and Chief Financial Officer, Mark Wilterding. Earlier today, RxSight released financial results for the three months ended June 30th, 2026. A copy of the press release is available on the company's website. Before we begin, I would like to remind you that 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 Security 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 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. With that, I will turn the call over to Aziz. Thank you, Oliver, and thank you and good afternoon, everyone. I'm delighted to be at RxSight and to be speaking with you today. I've spent most of my career in eye care, an area of healthcare that represents a significant opportunity to make life-changing differences in the quality of patients' lives. Joining a company dedicated to improving people's visions is a tremendous privilege, and in a large part is what attracted me to RxSight. Most recently, as chief commercial officer of Tarsus Pharmaceuticals, I helped build and lead the commercial strategy for one of the most important category-creating products in eye care. That experience reinforced the importance of differentiated innovation, disciplined execution, and strong customer engagement. I look forward to leveraging those experiences as we work to strengthen execution and create value for physicians, patients, employees, and shareholders. I'd like to thank the board of directors for placing its confidence in me, and I also want to acknowledge the entire RxSight team. Over the past two weeks, everyone has been incredibly welcoming, and I've been impressed by the spirit of innovation, level of commitment, and problem-solving mindset across the organization. That doesn't surprise me given what this team has accomplished, but it's reinforced my excitement about the opportunity ahead. I also want to take a moment to recognize Ron Kurtz for his leadership in helping to build RxSight and establish the only commercially available adjustable IOL platform in the world. I'm pleased that Ron will continue to contribute his clinical expertise, product knowledge, and physician relationships as chief medical officer, and I look forward to working closely with him as we advance the platform. The RxSight team has developed a highly differentiated technology and pioneered an entirely new category in cataract surgery. The ability to adjust and personalize a patient's vision post-surgery is truly unique and addresses one of the most important goals in cataract treatment, helping patients achieve the visual outcomes they desire. Along the way, the company has developed a robust base of dedicated physicians and practices that strongly believe in our technology and have experienced firsthand the benefit it provides to the patients. Having only been with RxSight for a short period of time, I want to offer some initial thoughts and observations. Over the last few weeks, I've spent considerable time listening, learning, and meeting with leaders across the organization, as well as key customers in the ophthalmic community. Before I can drive change, I need to develop a thorough understanding of the business, identify the underlying challenges, and determine where we can have the greatest impact. With that said, my initial conversations have reinforced that the value of adjustability remains compelling and that physicians recognize the technology's differentiation and its ability to deliver more precise and personalized vision for their patients. I've also learned that most surgeons prefer LAL for their most important patients, including members of their own family. For example, at a recent dinner here in Orange County, an ophthalmologist shared that she had chosen LAL for both her brother and her sister. I also recently spoke to another ophthalmologist in Florida who implanted LAL in both of his parents. To me, those decisions reflect the high level of confidence physicians across the ophthalmic community have in our technology. This level of physician confidence is supported by an extensive body of clinical and real-world evidence demonstrating the precision, consistency, and versatility of our technology. One recent example is a phase IV registry published in the Journal of Cataract & Refractive Surgery. The study involved more than 1,100 patients across 126 sites and reported strong refractive and visual outcomes in patients with and without prior corneal refractive surgery. The breadth and consistency of findings like this reinforce the strength of RxSight's clinical proposition and the value that adjustability offers to physicians and patients. In addition, our recently announced collaboration with Alcon is a major milestone for the company. It provides further external validation of the technology and its broader potential. It also provides meaningful non-dilutive capital through the $200 million in upfront and potential future milestone payments, along with the potential of significant long-term royalties. Most importantly, this collaboration reinforces our belief that adjustability is the future of cataract surgery. Nevertheless, we have considerable work ahead of us to translate this opportunity into broader adoption. As I continue my assessment, I want to ensure that we have the flexibility to evaluate the business thoroughly and to make the decisions we believe are in the best long-term interest of the company and our shareholders. While underlying trends remain generally consistent with what we've previously guided, this work will require time, and we should not allow our prior outlook to constrain actions we may ultimately determine are appropriate. For that reason, we have decided to withdraw our previously issued full-year financial guidance. We recognize the guidance was provided recently, and we did not make this decision lightly. We believe that this is the appropriate step while we complete our assessment. We will resume formal guidance in early 2027. Before sharing my initial priorities and perspectives on the path forward, I will turn the call over to Mark to review our second quarter financial results and provide some directional commentary on the remainder of the year. Mark? Thanks, Aziz, and good afternoon, everyone. Consistent with the revenue range we pre-announced last month, second quarter total company revenue was $33.7 million, including $6.5 million recognized in connection with our strategic collaboration agreement with Alcon. This amount represents the portion of the initial milestone payment allocated to our licensed intellectual property. Excluding revenue related to Alcon, our second quarter product sales were $27.2 million, down 19% compared to the prior-year period, reflecting heightened competitive trialing as well as broader marketplace headwinds. Second quarter LAL unit volumes were 24,917, down 9% compared to the prior-year period. LAL procedure volume translated into second quarter sales of $24.5 million, representing 90% of our RxSight product revenue. During the quarter, we placed 12 LDD units, which accounted for $1.3 million of quarterly revenue. We exited the quarter with an installed base of 1,166 LDD units. Excluding the benefit from the partnership, second quarter gross margin was 71.2%, compared with 74.9% in the prior-year period. The year-over-year decline primarily reflected higher inventory-related costs due to slower than expected inventory flow-through. Including the favorable contribution of collaboration revenue, second quarter gross margin was 76.7%. Second quarter 2026 SG&A expense were $30.4 million, up 5% compared to the prior-year period, primarily reflecting legal and consulting expenses associated with the collaboration. Second quarter research and development expenses were $9.2 million, compared to $10.2 million in the prior-year period. This year-over-year decline was primarily due to lower personnel-related expenses. We reported a net loss in the second quarter of $12.1 million or $0.29 per basic and diluted share, based on 41.5 million weighted average shares outstanding. Stock-based compensation was $7.5 million, resulting in an adjusted net loss of $4.6 million or $0.11 per share. We ended the second quarter with cash equivalents, and short-term investments of approximately $209 million. This amount does not include the $60 million upfront payment related to the partnership agreement that was received after quarter end. As Aziz Mottiwala previously mentioned, while current business trends remain generally consistent with our previous expectations, we have decided to withdraw our formal full-year 2026 financial guidance as we complete our assessment of the business. That said, we would like to provide some directional commentary on the key factors we expect to influence performance over the remainder of the year. We continue to expect to recognize between $30 million-$40 million of revenue associated with the Alcon strategic agreement. Revenue will be recognized as certain performance obligations are achieved, so the timing by quarter will be variable. Based on our current expectations, we anticipate limited revenue contribution in Q3 with the balance of the $30 million-$40 million recognized in Q4. With respect to the core business, we are encouraged by quarter to date trends, particularly the continued confidence physicians have expressed in our technology. At the same time, we expect continued competitive activity and ongoing product trialing along with typical Q3 seasonality and broader market trends to influence performance through the remainder of the year. As Aziz noted earlier, we will resume providing formal financial guidance when we report our fourth quarter 2026 results in early 2027. With that, I'll turn the call back to Aziz. Thanks, Mark. Our second quarter results underscore the work we have ahead of us. Competitive launches, market conditions, seasonality, and patient affordability are all real factors, and each can affect quarterly performance. However, based on what I've seen so far, I believe there's an opportunity to significantly enhance our strategy and execution. We've built a substantial install base and established strong belief in the value of the technology among our customers. However, we are not yet driving the level of procedure volume and utilization that we believe this platform is capable of achieving. We need to ensure that we have the right commercial strategy, customer support model, and capabilities to help practices more fully integrate the Light Adjustable Lens into their workflows and make adjustability an increasingly prominent component of their cataract surgery offering. My immediate priorities are straightforward. First, we'll complete a thorough assessment of our business and commercial model. Second, we'll work to strengthen our commercial team and build higher utilization across the install base. As part of this growth strategy, we've approved plans to double our U.S. sales team over time, allowing us to expand our reach while continuing to support existing customers. We expect to fund this expansion primarily by reallocating resources within the organization and without meaningfully increasing overall operating expenses. Third, we will elevate execution and operating discipline. This includes improved forecasting, driven by greater visibility into the underlying drivers of the business, in addition to enhanced agility needed to adapt quickly to changes in the marketplace. Finally, we will continue to advance our internal pipeline of next-generation adjustable lenses, which are designed to improve workflow, enhance performance, and expand the range of patients who may benefit from adjustability. We will also establish the processes and capabilities to advance our collaboration with Alcon, which represents important strategic validation of our platform. Our focus will be on achieving the development milestones and advancing these next-generation products to commercialization. The collaboration is expected to generate meaningful long-term value through future royalties and bring the power of adjustability to as many cataract patients as possible. This work will take time. Completing the assessment is the first step. We must then translate those insights into actions, execute them consistently across the organization, and ultimately influence physician and practice behavior. We'll make disciplined decisions, establish clear priorities, and deliver measurable progress. As this work advances, we will provide greater clarity regarding our strategic priorities, the actions we're taking, and the milestones we will use to evaluate progress. We will also communicate openly about what is working, what requires further attention, and how our perspective is evolving. We expect to provide more specificity in our next quarterly update. I knew when I joined RxSight there would be significant work ahead. I joined because our technology matters. The market opportunity is significant, and I believe we can translate the potential into meaningful results for patients, customers, and shareholders. With that, I'll ask the operator to open it for questions. Thank you. Thank you. We will now begin the question and answer session. To ask a question, you will need to press star then the number one on your telephone keypad. If you would like to withdraw your question, press star one again. We do request for today's session that you please limit to one question and one follow-up. Thank you. Your first question comes from the line of Robbie Marcus with JP Morgan. Your line is open. Oh, great. Aziz, welcome and congratulations on the new role. You've touched on this a little bit, but two from me. First off, if you could give a little bit of what made you step in here. What was it about RxSight and the company and the product and the opportunity that made you step in here? I have a follow-up. Sure. Thank you for that. RxSight's a really unique company. I've been in the eye care space for quite some time, and one of the things I always consistently hear is that this is one of the biggest breakthroughs in cataract surgery technology. I've talked to a lot of thought leaders, key opinion leaders, and you hear this very consistently. That was very intriguing. As I've dug into the business and obviously assumed the role, it's really solidified my belief that this is the future of cataract surgery. The other aspects I looked at is there's a lot of similarities to what I've recently done. Spent a lot of time building a new category in eye care, and this is still a nascent category in my mind in eye care. An area where we're building the value of adjustability, the ability to tailor results for patients, and really transform cataract surgery. If you think about it, there's a lot of things that are similar. We're changing physician behavior. We have to adjust practice workflow. We're dealing with a technology that delivers great outcomes. There's a lot of similarities between what's going on here at RxSight and my past experience, and it's an area that if I'm in eye care, I'm hearing my physician colleagues really excited about, and that gets me excited about the future potential here as well. I know it's still very early days. We're talking days into the role here. Any preliminary views on what do you think happened that led to the deceleration in growth and the lower utilization? Any early thoughts on how you might be able to go and address this and restimulate the business after a slowdown? Thanks a lot. No, it's the right question to ask. Obviously, we're in the process of doing a thorough business assessment to really come back with what is the right strategy and direction to guide the company to really maximize what we think the long-term value of this is. Maybe I'll start with a couple of things I'm hearing from physician colleagues. I'm spending a lot of time talking to doctors to really understand the dynamics. What I can tell you is doctors continue to believe that this is one of the best technologies. Nobody I've talked to has said that they've capped out their ability to do LALs. They've all said they could do more. It's really about us putting the right strategy forward. I think, what happened, I believe that you go into a market like this, you establish that initial user base, candidly, I think what we're doing is pivoting now to drive depth. We've established a broad user base, and pivoting to depth takes a little bit of time, takes a different strategy. I think what you're going to hear from us is an assessment that gives us what are the levers, what are the strategies we can employ, and how we can execute to really drive that depth of utilization. The short answer to your question is this pivot from breadth to depth? What really encourages me about what we can do here is the feedback we're hearing from doctors that they still believe this is the best technology and that not a single doctor I've talked to said that they've capped out on what they can do with LALs. It's just a matter of us working with those practices to improve workflow, help identify the right patients, and really partner and get the education out there on the results that this technology delivers, which it does very consistently. Thank you very much. Thank you. Your next question comes from the line of Ryan Zimmerman with BTIG. Your line is open. Hi, this is Jacqueline on for Ryan. Thank you for taking the questions. LDD placements came in at 12 units in Q2. With the placement of your first LDD rental unit, moving forward, how much of your LDD pipeline do you anticipate shifting toward rental units versus capital purchases, particularly as you target international markets to lower the barrier to entry? Hey, Jacqueline. It's Mark. Thanks for the question. Yeah, we were excited about our first rental contract in the second quarter, and it's something we'd be open to more of, especially as, like you said, we look to go more into the international markets. I don't have a figure for you or a level that we're targeting, per se. I think what we want to do is offer a range of solutions and opportunities for customers and really allow them to partner with us and pick the direction that makes the most sense and that's mutually beneficial. It's something we'll continue to pursue. I don't have a way to, like I said, put an exact number behind it, though. We're excited about the potential of them. Thank you. Also with the recent regulatory approvals in markets like New Zealand and ongoing commercial efforts in Europe and Asia, has the Alcon collaboration altered your standalone OUS commercial strategy at all? No. I think the way I think about that is broadly. When we look across the world, the value of cataract surgery continues to be high. Adjustability continue a technology that we're hearing from thought leaders and surgeons from around the world that they're very interested in. We see that as a continued opportunity. I think we need to be really thoughtful about going into markets where there's real potential, where we have access to customers, where we can get real traction. We're being thoughtful about how we expand in a really thoughtful and methodical way. That's really a unique and separate strategy than what we see with Alcon, which is to really expand the offering of adjustability across a wider range of lenses. Of course, what that means is being able to offer to a broader array of patients. In my mind, there's a world where every premium lens has the value of adjustability, which would be tremendous. I'd look at those as connected, but sort of discreet in how we approach it from a strategy perspective. Thank you. Your next question comes from the line of Larry Biegelsen with Wells Fargo. Your line is open. Good afternoon. Thanks for taking the question. Welcome and congratulations, Aziz. What can you share about your success in your prior roles or the key success factors or your prior companies in the ophthalmology space that you think might be applicable to RxSight? Thank you for that question, and thank you for the kind words. There's a few things I think really help us here. I think there's some things in terms of how we operate. I think operating discipline, which I know Mark has started to institute in his tenure here so far, we continue to refine that. I think getting really close to the customer as well, creating that connectivity. It's one of the things we really prided ourselves on in multiple areas I've spent my career in eye care. The connection with eye care doctors tends to be very collegial. They tend to be very collaborative, and as I mentioned earlier, they love this technology, and they really want to find ways to expand utilization, and it's incumbent upon us to channel that enthusiasm. Operating discipline, customer connectivity is two, and then third is just a really thoughtful way of continuing to educate and propagate the data and real-world results the technology offers. In every market that I've helped build in my career, education and thoughtful education to the community has always been a critical pillar, and I think we can do a lot more here to extol the virtues of adjustability. Doctors have case studies. They have real-world experience. This is done exceptionally well in the real world as well as in the clinic. I think there's opportunities to expand and double-click on the value of education. I think how we operate, getting really close to the customer and really leveraging the surround sound education and experience doctors have are some examples. There's probably more, we're obviously assessing where else we can leverage things and do what's right for this business because there's a lot of translatable things, this is also a unique opportunity. We want to be thoughtful about tailoring our approach to what's going to maximize the value for LAL. That's helpful. Just one on the Alcon collaboration. It's actually not on the Alcon, the Alcon deal was non-exclusive. Could you envision doing similar agreements with other companies? Thanks for taking the question. I think we've been very thoughtful. The management team work with Alcon. Alcon is a leader in the industry. They have great capabilities. Certainly, we bring a lot to the table here when it comes to adjustability. Our focus right now is how do we make this partnership really come to fruition, realize the milestones, which are very significant for us in terms of the cash value that it can add over the next few years, the royalty. It's not exclusive, as we sit today, I like to focus on what's right in front of us, which is a really valuable opportunity with a great partner to expand the use of this technology to a broad base of patients and across multiple platforms in IOL. It's not exclusive. Obviously, that gives us options long term. If you ask what our focus is today, it is to maximize the value of our relationship with a great partner today. Great. Thanks for taking the questions. Your next question comes from the line of Stephanie Elghazi with Bank of America. Your line is open. Hi, thanks for taking the question. I have a question for Aziz, and I'll echo congrats on the new role. You laid out some of your areas of focus, which sounded aligned with some of the recent initiatives that have been talking about for a few quarters, like improving utilization and expanding the sales force. Maybe you can just help with your vision or plan for the company and what's similar and/or different. I guess I'll just ask my second question up front, just how you're thinking about that in the context of the guide being withdrawn to maintain flexibility, and if that suggests some bigger changes on the horizon. Thank you. Sure. Let's maybe just talk about the guide first, right? I think you heard Mark say in the prepared comments, the overall business is doing a little bit better than the prior quarters. The beginning of third quarter, we're seeing some better trends. I think that's great. Fundamentally, that tells me, hey, we're making some right moves. With that said, I want to make sure that we're able to do a thoughtful assessment, and if we do need to make decisions, we can do them in a very quick time period here, and course-correct the business, not just to hit the end of the year, but really to orient the business for the next several years of growth. Dovetails into your next question is what's the same and what's different? I think fundamentally, you're hearing a strategy here, right? We're going into depth with the accounts. We're going to get closer to the customer. We're going to have a broader sales force to get in front of the customer often. These are fundamentals. I think there's a lot more to peel back here to really elevate this organization to drive the full potential of LAL. Sort of goes back to why I decided to come here. I really believe that this has tremendous potential and that we've just scratched the surface. It's really about orienting a bigger overarching strategy. I think there's things that we're doing that are right on the path. I think that there's more that we can do, and I think you hit the nail on the head with this is not about any signal around how the business is performing today, vis-a-vis the prior guidance. This is really about us saying, "Hey, look, we may need to make some more changes, and we just want to account for any disruption in the business that might happen in that acute period." The ideal is that we do that in the acute period, orient the business back on track, get it to a growth trajectory for the long term, and then give you guys and gals a good visible line of where we're headed in 2027. Again, everyone, if you would like to ask a question, press star, then the number one on your telephone keypad. Your next question comes from the line of Young Li with Jefferies. Your line is open. All right, great. Thanks for taking the questions. Welcome, Aziz. Looking forward to working with you and congrats on the new role. I guess, first question, just in terms of your assessment, do you have a sense, when you think you'd be able to finish it? I know we'll hear more on the next earnings call. Do you think you'll largely be finished by then? Then if you can, just in general, if you can talk a little bit about the type of KPIs you focus on, as well as your approach to guidance. Sure thing. Obviously we want to be thoughtful about how we do the assessment, we want to be pretty thoughtful about doing it quickly and in a really disciplined manner we can get past that and move to orienting the business to growth. In terms of a specific timeline, I think you'll hear updates on the next quarter. I think a good way to think about this is we're committing to giving 2027 guidance, when we do year-end earnings. That's a great point to say, "Hey, here's all the changes we made. Here's how we're orienting the business for the targets for 2027." That's likely going to have some implications of how we think about the business in the future as well. I think that that's kind of the timeline and framework we're thinking. In terms of KPIs, the obvious one is the number of LALs we can get in the patient's eyes. That's obviously the first and foremost, and in terms of other indicators, part of the assessment is, are there other KPIs that really align to where we're heading the business? That's part of the assessment, will be part of the plan. You can think about, hey, here's the strategy, here's how we're going to execute, here's how we're going to measure, and here's what you can expect to see. That's sort of the recipe we want to deliver externally over the coming months, and certainly as we get in line to give guidance again for 2027. Yeah. All right, great. That's pretty helpful. You met with some of the surgeon customers already. It sounds like there's been a lot of positive feedback on the opportunities and the potential there. Just maybe on the flip side, what were some of the issues or frictions or challenges they highlighted to you? Sure. I think this is an area where it's been really remarkable because we're hearing a lot of positive feedback and even some of the challenges we hear from physician colleagues, some I've known for many, many years. Almost all of them are approaching it with a very solution-oriented attitude, right? "Hey, I want to use more LALs. I'm just trying to figure out how to optimize workflow," for instance. "Hey, I would love to use more. Let's figure out who are the ideal patients. Where do I use a multifocal? Where do I use this, and how can I expand my utilization to a broader patient offering?" Right? These are the things we're hearing. Who's the ideal patient? How do we integrate it into workflow? Those are really easily addressable over time, right? This is about education, this is about sharing best practices across clinics, and these are areas that I think you're going to see a lot more depth of from us in terms of a broader strategy. To me, it's actually very reassuring, right? There's not a significant major obstacle to opening this up. It will take some time to make sure we get those messages right, the positioning right, we get buy-in from the physicians and really understand what's going to resonate with them. I think that's where, when we mentioned earlier in one of the prior questions, the value of education, educating them on this is how you can maximize it in your practice. This is how you pick the right patients. I talked to one doctor who's done his 3,000th eye. There are people that have gotten this down to a science, and if we can leverage those experiences and replicate those more broadly, I think that's going to address a lot of these perceived barriers. All right, great. Thank you. Your next question comes from the line of Tom Stephan with Stifel. Your line is open. Great. Hey, guys. Thanks for taking the questions, Aziz, congrats on the new role. Aziz, just one question for you. Sort of as we think about your pharma experience, would be great if you can talk about just the anterior segment landscape more broadly from a physician or from a practice standpoint. Would love to hear your views on, call it the intersection between drugs and devices in cataract and refractive surgery and for these anterior segment surgeons. What areas is focus increasing at the practice level? Where is kind of the puck going as we think about the customer? Thanks. It's a great question and one I'm really passionate about, having been in this space for so long and really purposely thinking about where areas I can contribute to exactly where the puck is going, right? That's part of the science and the art here. I'd say the biggest overall trend I'm seeing, and this is relevant to my prior experience and I think is highly relevant here at RxSight is patients are becoming more and more demanding, and the expectation is the physician's able to deliver real results. Good enough is no longer good enough, if that makes sense, right? People want perfect vision. They don't want any aspects to come in the way. Think about the demographic of a person getting cataract surgery today versus, say, 15 years ago. It's very different. People are living much more active lifestyles. They want to be able to do everything that they were able to do in their younger years as they're in their post-cataract years. I think the physicians are looking for ways to optimize that value to the patient. The satisfaction expectation is increasing. The doctors want to meet that need. They really genuinely want to deliver amazing outcomes. I think there's a higher premium in terms of technologies and products, whether it be on the pharma or device side, that offer real meaningful outcomes. If you're thinking about therapeutics, marginal therapeutic benefit, unless it's a very sight-threatening disease, obviously, is not going to cut it, right? They're really looking for products that really make a difference, and I think the same thing on the surgical realm, right? A little bit better is not going to cut it. They're looking for, "Hey, can I get out of glasses? Can I really nail the outcomes?" That's where, when I looked at the opportunity here, I said, "This is the technology that does this in surgery." We have that ability, and I think we can really double-click on the trend of patients wanting better and better outcomes and demanding perfection, and our ability with our technology to actually meet that need. I think that intersection is somewhere we can play really, really nicely. That's great. Thanks, Aziz. Congrats again. Thank you. There are no further questions at this time, that concludes today's call. Thank you all for joining. You may now disconnect.