Sight Sciences' Q2 2025: Navigating Contradictions in TearCare Reimbursement and Market Dynamics

Reimbursement expectations for TearCare, market dynamics and competitive position, payer wins and reimbursement for TearCare, surgical glaucoma market performance and expectations, and TearCare reimbursement and market access are the key contradictions discussed in Sight Sciences' latest 2025Q2 earnings call.



Strong Surgical Glaucoma Revenue and Market Position:
- Sight Sciences reported revenue of $19.6 million for Q2 2025, with Surgical Glaucoma revenue contributing $19.2 million.
- Although Surgical Glaucoma revenue decreased by 5% year-on-year, it increased by 12% sequentially.
- The company's focus on implant-free MIGS and strategic initiatives, such as enhancing competitive positioning and targeting commercial resources, contributed to this performance.

Market Expansion and TearCare Reimbursement Efforts:
- Dry Eye revenue decreased to $0.3 million from $1.1 million in the same period last year.
- The decrease was due to a focus on achieving reimbursed market access for TearCare, which is expected to drive future growth.
- There is a significant unmet need for reimbursed interventional treatment options, and the company is actively engaging commercial and MAC payers to secure coverage for TearCare.

Cost Management and Financial Performance:
- Adjusted operating expenses were $24.4 million, a decrease of 8% compared to the prior year.
- Improved cost management and strategic expense control allowed the company to achieve reduced cash usage and maintained financial stability.

Impact of Tariff Exposure and Financial Guidance:
- Sight Sciences raised its full-year 2025 revenue guidance to $72 million to $76 million, reflecting improved performance in Surgical Glaucoma.
- The company expects tariff exposure to increase Surgical Glaucoma cost of goods sold by $1 million to $1.5 million for the full year, adjusted from the previous estimate of $3.5 million to $4.5 million.