What factors drove the changes in Sight Sciences's revenue and profit?

What does Sight Sciences do and what are its main business segments?

What is the revenue and EPS growth rate for Sight Sciences year over year?

What guidance did Sight Sciences's management provide for the next earnings period?

What is the market's earnings forecast for Sight Sciences next quarter?

Did Sight Sciences beat or miss consensus estimates last quarter?

What were the key takeaways from Sight Sciences’s earnings call?

What were the key takeaways from Sight Sciences's earnings call?

- **Revenue Guidance Raised**: 2025 revenue now $76-$78M, up from $72-$76M, driven by TearCare's reimbursed market access.
- **TearCare Momentum**: 10.4M Medicare lives covered by new fee schedules, with early Q4 claims processed at $1,142 rate.
- **Surgical Glaucoma Growth**: Q3 2025 revenue up 6% YoY, with OMNI Edge ASP growth offsetting $0.4M tariffs.
- **Cost Efficiency**: 17% YoY OpEx reduction to $19.8M, with $12M annualized savings from workforce restructuring.
- **2026 Outlook**: Both segments poised for growth, with focus on stand-alone OMNI procedures and TearCare's recurring revenue model.

**【CEO Summary Section】**
- Q3 2025 revenue of $19.9 million, up 6% YoY in Surgical Glaucoma segment, driven by OMNI Edge adoption and higher average selling prices.
- Raised full year 2025 revenue guidance to $76-$78 million, reflecting TearCare's reimbursed market access expansion.
- Promoted Ali Bauerlein to COO to scale TearCare franchise, and Jim Rodberg to CFO to optimize financial operations.
- Emphasized 2026 growth potential in both Surgical Glaucoma and Dry Eye segments, with focus on stand-alone OMNI procedures and TearCare's recurring revenue model.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net loss of $8.2 million ($0.16/share), improved 22% YoY due to $12 million annualized OpEx savings from workforce reduction.
- Adjusted operating expenses down 17% YoY to $19.8 million, with gross margin at 86% (up 200bps YoY in Surgical Glaucoma).
- Full year 2025 guidance: $76-$78 million revenue (vs prior $72-$76M), $90-$92 million adjusted OpEx (down 9-11% YoY).
- Projected $1 million-$1.5 million tariff impact in 2025, with new manufacturing lines to begin production in Q1 2026.

**【Q&A Key Highlights】**
- TearCare: 10.4 million Medicare lives covered by Novitas/First Coast fee schedules, with $1,142 procedure rate. Early Q4 2025 claims processed at these rates, with 6,500 potential providers in target geographies.
- Surgical Glaucoma: Q3 2025 ordering accounts up 8% YoY, utilization flat QoQ vs seasonal decline. OMNI Edge ASP growth offset tariff costs.
- Cost Structure: $2.8 million Q3 2025 restructuring costs, with $12 million annualized savings from workforce reduction. No plans for further headcount reductions.
- Pipeline: Investing in stand-alone OMNI procedures for pseudophakic patients, and expanding TearCare's clinical evidence base.


Sight Sciences, Inc. (SGHT) Q3 2025 Earnings Call Transcript

- **Surgical Glaucoma Resilience**: Q2 revenue up 12% sequentially, driven by OMNIEdge adoption and record ordering accounts. Full-year guidance raised to $72-76 million.
- **Dry Eye Focus Shift**: TearCare reimbursement efforts delay revenue, but 24-month clinical data and cost analysis strengthen case for coverage.
- **Financial Discipline**: Adjusted operating expenses down 8% YoY, cash position stable at $101.5 million.
- **Key Risks**: Tariff exposure ($1-1.5M/2025), Medicare LCD headwinds, and reimbursement timing uncertainty.
- **Growth Catalysts**: Standalone OMNI adoption, OMNIEdge innovation, and potential 2026 Surgical Glaucoma recovery.

**【CEO Summary Section】**
- Q2 2025 revenue of $19.6 million, driven by Surgical Glaucoma segment growth (+12% sequentially). OMNIEdge launch contributed to sequential utilization increase and higher ASPs.
- Surgical Glaucoma revenue $19.2 million (-5% YoY, +12% QoQ), outperforming expectations despite Medicare LCD headwinds. Record ordering accounts (+6% QoQ) and standalone OMNI adoption progress noted.
- Dry Eye revenue $0.3 million (-72% YoY) due to focus on TearCare reimbursement. 24-month SAHARA trial data and cost utility analysis published, supporting long-term clinical and economic value.
- Full-year 2025 revenue guidance raised to $72-76 million, reflecting Surgical Glaucoma resilience and cautious Dry Eye outlook.

**【CFO Financial Commentary】**
- Q2 2025 GAAP net loss $11.9 million (-3% YoY). Surgical Glaucoma gross margin 86% (down 2% YoY due to tariffs and COGS mix). Dry Eye gross margin 38% (down 9% YoY).
- Adjusted operating expenses $24.4 million (-8% YoY), benefiting from lower legal fees. Full-year 2025 guidance reaffirmed at $101-105 million.
- Cash position $101.5 million, with $7.3 million Q2 cash usage. Tariff exposure for Surgical Glaucoma estimated at $1-1.5 million for 2025 (down from prior $3.5-4.5 million estimate).

**【Q&A Highlights】**
- **Surgical Glaucoma Performance**: Team execution and OMNIEdge adoption drove mid-single-digit Q3 decline vs. prior year, with Q4 expected to lap toughest comps. Share gains in combo MIGS procedures (+>50% win rate) and standalone market expansion.
- **TearCare Reimbursement**: 2025 payer wins still possible but timing uncertain. Conversations supported by 24-month SAHARA data and cost utility analysis. Provider base of 1,500+ facilities ready to scale upon coverage.
- **Competitive Dynamics**: Stable MIGS market with Sight Sciences maintaining leadership. New competitors entering, but OMNI's comprehensive profile and team execution maintain advantage.
- **2026 Outlook**: Surgical Glaucoma growth resuming post-LCD lapping. Dry Eye potential for significant upside if reimbursement achieved.


Sight Sciences, Inc. (SGHT) Q2 2025 Earnings Call Transcript

- **Resilient Q1 Performance**: $17.5 million revenue despite MIGS restrictions; Surgical Glaucoma down 6% YoY, Dry Eye down 60% YoY due to pricing adjustments.
- **OMNI Edge Momentum**: Early surgeon feedback positive; manufacturing outside China to begin in 9-12 months.
- **Dry Eye Market Access**: 1,500+ trained facilities; 2025 reimbursement decisions critical for growth.
- **Financial Discipline**: Adjusted OPEX down 7% YoY; $101-105 million 2025 guidance reflects tariff mitigation efforts.
- **Tariff Impact**: $3.5-4.5 million Surgical Glaucoma COGS increase in 2025, offset by OPEX reductions.
- **Q2 Outlook**: Surgical Glaucoma down low double digits YoY; Q2/Q3 growth from pseudophakic stand-alone and OMNI Edge.


**【CEO Summary Section】**
- **Revenue Performance**: Q1 2025 total revenue of $17.5 million, with Surgical Glaucoma revenue at $17.1 million (down 6% YoY) and Dry Eye revenue at $0.4 million (down 60% YoY). Despite Medicare MIGS restrictions, account utilization remained stable.
- **Strategic Initiatives**: 
  - **OMNI Edge Launch**: New product with TruSync technology for enhanced viscodilation, showing strong surgeon engagement post-ASCRS launch.
  - **Dry Eye Market Access**: Focused on TearCare reimbursement with 1,500+ trained facilities and 65,000+ procedures; Q1 2025 Dry Eye revenue reflects pricing adjustments.
  - **Tariff Mitigation**: Planning to establish third-party manufacturing outside China to offset 145% tariffs, with OMNI Edge production starting in 9-12 months.
- **Pipeline Progress**: OMNI Edge early adoption positive; Dry Eye SAHARA RCT 24-month durability data expected in 2025.

**【CFO Financial Commentary】**
- **Q1 2025 Financials**: 
  - Gross margin: 86% (flat YoY), unaffected by tariffs due to pre-tariff inventory.
  - Operating expenses: $29 million (down 7% YoY) driven by lower legal fees; adjusted OPEX: $24.7 million (down 7% YoY).
  - Net loss: $14.2 million ($0.28 per share), narrower than Q1 2024 ($16.3 million loss).
- **2025 Guidance**: 
  - Revenue: $70-75 million (includes $1 million Dry Eye); Surgical Glaucoma Q2 down low double digits YoY.
  - Adjusted OPEX: $101-105 million (0-4% YoY growth), offsetting $3.5-4.5 million tariff impact.
  - Cash: $108.8 million; no patent infringement damages received yet.
- **Tariff Impact**: Surgical Glaucoma COGS increase of $3.5-4.5 million in 2025, with larger H2 impact; Dry Eye COGS also affected by new inventory purchases.

**【Q&A Highlights】**
- **MIGS Share Dynamics**: OMNI maintains strong position in 1-MIGS environment due to multimodal functionality; SION revenue remains modest (~low single digits of Surgical Glaucoma).
- **Competitive Landscape**: New entrants (e.g., New World via360) not disruptive; OMNI Edge innovation keeps Sight Sciences ahead.
- **Reimbursement Progress**: TearCare coverage decisions expected in 2025; no lives covered yet, but claims processing underway.
- **Revenue Cadence**: Q2 2025 Surgical Glaucoma down low double digits YoY; Q3/Q4 growth driven by pseudophakic stand-alone and OMNI Edge adoption.
- **Tariff Mitigation Timeline**: New manufacturing lines for OMNI Edge in 9-12 months, others phased in over 6-9 months.


Sight Sciences (SGHT)-8 May 25-2025 Q1 Earnings call transcript

- **Surgical Glaucoma resilience**: 9% YoY revenue growth despite Medicare LCD headwinds, 7% account expansion and 6% utilization improvement.
- **OMNIEdge innovation**: Upcoming product launch to enhance procedure safety and efficacy in evolving MIGS market.
- **TearCare reimbursement momentum**: 1,500+ trained facilities, 65,000+ procedures, early commercial claims paid, targeting 2025 coverage decisions.
- **2025 financial outlook**: $70-75M revenue guidance reflects MIGS market contraction, with focus on standalone glaucoma and dry eye reimbursement expansion.

**【CEO Summary Section】**
- Total Q4 2024 revenue: $19.1 million (2% YoY growth). Surgical Glaucoma revenue up 9% YoY, driven by 7% increase in ordering accounts and 6% utilization growth.
- Key initiatives: 
  - OMNIEdge launch planned for H1 2025 to enhance viscoelastic delivery and safety.
  - Pseudophakic standalone glaucoma market development with 3-year clinical data showing long-term OMNI effectiveness.
  - TearCare reimbursement progress: 1,500+ facilities trained, 65,000+ procedures performed, early claims paid under commercial plans.
- 2025 guidance: $70-75 million revenue, $105-107 million adjusted operating expenses, focusing on MIGS market stabilization and dry eye reimbursement.

**【CFO Financial Commentary】**
- Q4 2024 financials: 
  - Gross margin: 87% (up from 85% YoY), driven by Surgical Glaucoma mix.
  - Operating expenses: $28.5 million (5% YoY increase), $24.4 million adjusted (9% YoY increase).
  - Net loss: $11.8 million ($0.23 per share), cash balance: $120.4 million.
- 2025 risks: 
  - 20% China tariff impact on OMNI/SION production costs.
  - MIGS market decline due to Medicare LCD restrictions (est. 15% reduction in stacked claims).
- Cash flow: $1.8 million Q4 cash generation, full-year 2024 cash used: $17.8 million (vs. $46.9 million in 2023).

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