Sight Sciences Reports Fourth Quarter and Full Year 2022 Financial Results
Sight Sciences, Inc. (Nasdaq: SGHT) reported strong financial results for Q4 and full-year 2022, with total revenue of $71.3 million, a 46% increase year-over-year. Q4 revenue reached $20.5 million, up 40% compared to Q4 2021. Surgical Glaucoma revenue rose to $18.8 million and Dry Eye revenue surged by 135% to $1.8 million. Operating expenses decreased sequentially to $33.9 million from Q3 2022. However, the net loss for Q4 was $16.9 million, while total operating expenses for 2022 increased by 56% year-over-year to $142.9 million. The company projects 2023 revenue between $89 million and $94 million, indicating expected growth of 25% to 32%.
- 2022 total revenue increased by 46%, reaching $71.3 million.
- Fourth quarter revenue grew 40% year-over-year to $20.5 million.
- Surgical Glaucoma revenue increased by 35% to $18.8 million in Q4 2022.
- Dry Eye revenue soared by 135% to $1.8 million in Q4 2022.
- Gross margin improved to 83% in 2022 compared to 82% in 2021.
- 2023 revenue guidance projected between $89 million and $94 million, indicating 25% to 32% growth.
- Net loss for Q4 2022 was $16.9 million, compared to $15.9 million in Q4 2021.
- Operating expenses increased by 56% year-over-year to $142.9 million in 2022.
- Operating expenses as a percentage of revenue increased from 188% in 2021 to 200% in 2022.
MENLO PARK, Calif., March 13, 2023 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) (“Sight Sciences,” or the “Company”), an eyecare technology company focused on creating innovative solutions intended to transform care and improve patients’ lives, today reported financial results for the fourth quarter and year ended December 31, 2022 and issued financial guidance for the year ending December 31, 2023.
Recent Financial Highlights
- Generated 2022 total revenue of
$71.3 million , an increase of46% compared to 2021 - Generated fourth quarter 2022 total revenue of
$20.5 million , an increase of40% compared to the prior year period - Reduced fourth quarter 2022 operating expenses by
$3.7 million versus the third quarter of 2022 - Improved total gross margin to
83% in 2022 versus82% in 2021
Recent Business Highlights
- The number of facilities ordering the OMNI® Surgical System (“OMNI”) increased to 941 in the fourth quarter of 2022 from 913 in the third quarter of 2022, and the installed base of TearCare® System (“TearCare”) facilities grew to 1,042 on December 31, 2022 from 881 on September 30, 2022
- Continued successful introduction of the SION™ Surgical Instrument (“SION”) in over 200 accounts through December 31, 2022
- Announced publications and presentations highlighting the clinical value and expanded use case of OMNI and TearCare:
- TREY study data published in International Ophthalmology demonstrating strong intraocular pressure (“IOP”) reductions following standalone OMNI procedures in open-angle glaucoma patients with a history of implanted trabecular microbypass stents and glaucoma medication treatment whose IOP was not controlled
- Independent data presented at the 2022 American Academy of Optometry Meeting showcased the duration of efficacy of a single, first-time dry eye intervention using TearCare. Patients in the study at the Cleveland Clinic exhibited improved dry eye signs and symptoms for more than 12 months
- Announced partnership with Verana Health, the exclusive data technology partner for the American Academy of Ophthalmology’s IRIS® Registry of real-world data, to study post-surgical outcomes for leading MIGS technologies, including OMNI, iStent Inject® (Glaukos) and Hydrus® Microstent (Alcon), used in combination with cataract surgery in 77,391 patients. Comprehensive plan to present and publish results, including comparative IOP and medication reduction outcomes at one and two years, at multiple medical meetings and in peer reviewed literature in 2023
“We drove strong adoption and increased utilization of all our products to generate substantial revenue growth in 2022,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “Our improved fourth quarter 2022 financial results reflected the impact of the operating expense rationalization initiative we began in the third quarter. In 2023, we plan to generate sustainable growth while continuing to improve operating efficiency and maintain strict financial discipline. This will allow us to further exploit the operating leverage we flexed in the fourth quarter.”
Fourth Quarter 2022 Financial Results
Revenue for the fourth quarter of 2022 was
Gross profit for the fourth quarter of 2022 was
Operating expenses were
Net loss was
2022 Financial Results
Revenue for 2022 was
Gross profit for 2022 was
Operating expenses were
Net loss was
Cash and cash equivalents totaled
2023 Financial Guidance
Sight Sciences projects revenue for the full year 2023 to range from
Conference Call
Sight Sciences’ management team will host a conference call today, March 13, 2023, beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.sightsciences.com, on the Investors page in the News & Events section. The webcast will be available for replay for at least 90 days after the event.
About Sight Sciences
Sight Sciences is an eyecare technology company focused on developing and commercializing innovative solutions intended to transform care and improve patients’ lives. Using minimally invasive or non-invasive approaches to target the underlying causes of the world’s most prevalent eye diseases, Sight Sciences seeks to create more effective treatment paradigms that enhance patient care and supplant conventional outdated approaches. The Company’s OMNI® Surgical System is a minimally invasive glaucoma surgery (MIGS) device indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma (POAG), the world’s leading cause of irreversible blindness. The Company’s TearCare® System is 510(k) cleared for the application of localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland dysfunction (MGD), enabling office-based clearance of gland obstructions by physicians to address the leading cause of dry eye disease. The Company’s SION™ Surgical Instrument is a manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork.
For more information, visit www.sightsciences.com.
OMNI® and TearCare® are registered trademarks of Sight Sciences.
SION™ is a trademark of Sight Sciences.
© 2023 Sight Sciences. All rights reserved.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release or during the earnings call that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions. We base these forward-looking statements on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. These statements are not guarantees of future performance or results. These forward-looking statements include, but are not limited to, statements concerning the following: our clinical data publication strategy; our plan to generate sustainable growth while continuing to improve operating efficiency and maintain strict financial discipline; and our 2023 revenue guidance. These forward-looking statements are subject to and involve numerous risks, uncertainties and assumptions, including those discussed under the caption “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, as may be updated from time to time in subsequent filings, and you should not place undue reliance on these statements. These cautionary statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Investor contact:
Philip Taylor
Gilmartin Group
415.937.5406
Investor.Relations@Sightsciences.com
SIGHT SCIENCES, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
December 31, | December 31, | |||||||
2022 | 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 185,000 | $ | 260,687 | ||||
Accounts receivable, net | 15,148 | 8,709 | ||||||
Inventory, net | 6,114 | 3,475 | ||||||
Prepaid expenses and other current assets | 3,415 | 4,164 | ||||||
Total current assets | 209,677 | 277,035 | ||||||
Property and equipment, net | 1,571 | 1,454 | ||||||
Operating lease right-of-use assets | 1,614 | 1,495 | ||||||
Other noncurrent assets | 211 | 202 | ||||||
Total assets | $ | 213,073 | $ | 280,186 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,688 | $ | 3,351 | ||||
Accrued compensation | 7,352 | 5,987 | ||||||
Accrued and other current liabilities | 7,777 | 4,166 | ||||||
Total current liabilities | 17,817 | 13,504 | ||||||
Long-term debt | 33,313 | 32,656 | ||||||
Other noncurrent liabilities | 1,867 | 1,919 | ||||||
Total liabilities | 52,997 | 48,079 | ||||||
Commitments and contingencies (Note 6) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock par value of | — | — | ||||||
Common stock par value of | 48 | 48 | ||||||
Additional paid-in-capital | 399,271 | 385,060 | ||||||
Accumulated deficit | (239,243 | ) | (153,001 | ) | ||||
Total stockholders’ equity | 160,076 | 232,107 | ||||||
Total liabilities and stockholders’ equity | $ | 213,073 | $ | 280,186 | ||||
SIGHT SCIENCES, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share data)
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue | $ | 20,543 | $ | 14,685 | $ | 71,331 | $ | 48,956 | ||||||||
Cost of goods sold | 3,665 | 1,942 | 12,361 | 8,610 | ||||||||||||
Gross profit | 16,878 | 12,743 | 58,970 | 40,346 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 5,233 | 4,369 | 22,859 | 15,634 | ||||||||||||
Selling, general and administrative | 28,698 | 23,090 | 120,065 | 76,190 | ||||||||||||
Total operating expenses | 33,931 | 27,459 | 142,924 | 91,824 | ||||||||||||
Loss from operations | (17,053 | ) | (14,716 | ) | (83,954 | ) | (51,478 | ) | ||||||||
Interest expense | (1,223 | ) | (1,078 | ) | (4,466 | ) | (4,366 | ) | ||||||||
Other income (expense), net | 1,379 | (44 | ) | 2,225 | (6,928 | ) | ||||||||||
Loss before income taxes | (16,897 | ) | (15,838 | ) | (86,195 | ) | (62,772 | ) | ||||||||
Provision for income taxes | 10 | 98 | 47 | 188 | ||||||||||||
Net loss and comprehensive loss | $ | (16,907 | ) | $ | (15,936 | ) | $ | (86,242 | ) | $ | (62,960 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.35 | ) | $ | (0.34 | ) | $ | (1.80 | ) | $ | (2.36 | ) | ||||
Weighted-average shares outstanding, basic and diluted | 48,205,775 | 47,392,932 | 47,849,058 | 26,734,097 | ||||||||||||
FAQ
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