Did Sight Sciences beat or miss consensus estimates last quarter?

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

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SGHT

SGHT fundamentals

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