10 Most Promising Small-Cap Stocks According to Hedge Funds

5. RxSight, Inc. (NASDAQ:RXST)

Number of Hedge Fund Holders: 34

Market Capitalization as of October 10, 2024: $1.96 Billion

RxSight, Inc. (NASDAQ:RXST) ranks fifth on our list of the most promising small-cap stocks according to hedge funds. The ophthalmic medical device company develops light-adjustable lenses (LAL) and devices for patients with a cataract who require surgery.

The lenses developed by RxSight, Inc. (NASDAQ:RXST) are adjustable, meaning they can meet the unique needs of a patient. Using UV light treatments, the adjustable lenses are fine-tuned, providing customized care to a patient. 96% of surgeons were willing to recommend LAL and 80% stated they would choose the LAL for themselves.

In the second quarter of 2024, the company logged revenue worth $34.9 million, up by 68% year-over-year. During the quarter, RxSight, Inc. (NASDAQ:RXST) sold 78 light delivery devices and over 24,000 light adjustable lenses, representing an increase of 16% in sales and 92% in procedure volume, respectively.

Overall, the company is striving to establish adjustable procedures as a common treatment for patients. RxSight, Inc. (NASDAQ:RXST) is confident in the sustainable adoption of its treatment, positioning it as a revolutionary in the healthcare industry.