Sight Sciences Reports Second Quarter 2024 Financial Results and Narrows Full Year 2024 Financial Guidance
Sight Sciences (Nasdaq: SGHT) reported its second quarter 2024 financial results with a total revenue of $21.4 million, an 11% increase from the prior quarter but a 9% decrease year-over-year. Gross margin remained stable at 86%. The company reduced cash usage to $9.1 million, a 29% decrease from the same period in 2023. Surgical Glaucoma revenue fell 5% to $20.2 million, and Dry Eye revenue declined 46% to $1.1 million. Total operating expenses were reduced by 12% to $31.0 million. Net loss was $12.3 million ($0.25 per share), down from $14.8 million ($0.30 per share) year-over-year. The company narrows its full-year 2024 revenue guidance to $81.0-$83.0 million, indicating 0% to 2% growth, and adjusted operating expenses to $107.0-$109.0 million. Notably, CMS proposed increased Medicare payment rates for OMNI procedures, effective January 1, 2025, which could benefit the company.
Sight Sciences (Nasdaq: SGHT) ha riportato i suoi risultati finanziari del secondo trimestre 2024 con un fatturato totale di 21,4 milioni di dollari, un aumento dell'11% rispetto al trimestre precedente ma una diminuzione del 9% rispetto allo scorso anno. Il margine lordo è rimasto stabile all'86%. L'azienda ha ridotto l'uso di cassa a 9,1 milioni di dollari, una diminuzione del 29% rispetto allo stesso periodo del 2023. I ricavi da glaucoma chirurgico sono scesi del 5% a 20,2 milioni di dollari, mentre i ricavi da occhi secchi sono diminuiti del 46% a 1,1 milioni di dollari. Le spese operative totali sono state ridotte del 12% a 31,0 milioni di dollari. La perdita netta è stata di 12,3 milioni di dollari (0,25 dollari per azione), in calo rispetto ai 14,8 milioni di dollari (0,30 dollari per azione) dell'anno precedente. L'azienda ha rivisto al ribasso la propria guida sui ricavi per l'intero anno 2024 a 81,0-83,0 milioni di dollari, indicando una crescita dello 0% al 2%, e le spese operative rettificate a 107,0-109,0 milioni di dollari. È significativo che il CMS abbia proposto di aumentare le tariffe di pagamento Medicare per le procedure OMNI, a partire dal 1° gennaio 2025, il che potrebbe avvantaggiare l'azienda.
Sight Sciences (Nasdaq: SGHT) reportó sus resultados financieros del segundo trimestre de 2024 con ingresos totales de 21,4 millones de dólares, un aumento del 11% en comparación con el trimestre anterior, pero una disminución del 9% interanual. El margen bruto se mantuvo estable en el 86%. La compañía redujo el uso de efectivo a 9,1 millones de dólares, una disminución del 29% respecto al mismo período de 2023. Los ingresos por glaucoma quirúrgico cayeron un 5% a 20,2 millones de dólares, y los ingresos por ojo seco disminuyeron un 46% a 1,1 millones de dólares. Los gastos operativos totales se redujeron en un 12% a 31,0 millones de dólares. La pérdida neta fue de 12,3 millones de dólares (0,25 dólares por acción), frente a los 14,8 millones de dólares (0,30 dólares por acción) del año anterior. La compañía ajustó su pronóstico de ingresos para todo el año 2024 a 81,0-83,0 millones de dólares, indicando un crecimiento del 0% al 2%, y los gastos operativos ajustados a 107,0-109,0 millones de dólares. Notablemente, el CMS propuso aumentar las tarifas de pago de Medicare para los procedimientos OMNI, lo que podría beneficiar a la compañía, a partir del 1 de enero de 2025.
Sight Sciences (Nasdaq: SGHT)는 2024년 2분기 재무 결과를 발표했으며, 총 매출은 2천140만 달러로, 전 분기 대비 11% 증가했지만, 전년 동기 대비 9% 감소했습니다. 총 마진은 86%로 안정세를 유지했습니다. 회사는 현금 사용량을 910만 달러로 줄였으며, 이는 2023년 같은 기간보다 29% 감소한 수치입니다. 수술적 녹내장 매출은 5% 감소하여 2천200만 달러가 되었고, 건조증 매출은 46% 감소하여 110만 달러에 이르렀습니다. 총 운영 비용은 12% 감소하여 3천100만 달러였습니다. 순손실은 1천230만 달러(주당 0.25달러)로, 전년의 1천480만 달러(주당 0.30달러)보다 감소했습니다. 회사는 2024년 전체 연도 매출 가이드를 8천100만-8천300만 달러로 좁혔으며, 이는 0%에서 2% 성장할 것으로 예상하고 있으며, 조정된 운영 비용은 1억700만-1억900만 달러로 설정했습니다. 특히, CMS는 OMNI 절차에 대한 Medicare 지불 비율을 2025년 1월 1일부터 인상할 것을 제안했으며, 이는 회사에 유리할 수 있습니다.
Sight Sciences (Nasdaq: SGHT) a annoncé ses résultats financiers pour le deuxième trimestre 2024 avec un chiffre d'affaires total de 21,4 millions de dollars, soit une augmentation de 11% par rapport au trimestre précédent mais une baisse de 9% par rapport à l'année précédente. La marge brute est restée stable à 86%. L'entreprise a réduit l'utilisation de la trésorerie à 9,1 millions de dollars, soit une diminution de 29% par rapport à la même période en 2023. Les revenus de la chirurgie du glaucome ont diminué de 5% pour atteindre 20,2 millions de dollars, tandis que le chiffre d'affaires des yeux secs a chuté de 46% à 1,1 million de dollars. Les dépenses opérationnelles totales ont été réduites de 12% à 31,0 millions de dollars. La perte nette s'est chiffrée à 12,3 millions de dollars (0,25 dollar par action), en baisse par rapport à 14,8 millions de dollars (0,30 dollar par action) l'année précédente. L'entreprise a réduit ses prévisions de chiffre d'affaires pour l'ensemble de l'année 2024 à 81,0-83,0 millions de dollars, indiquant une croissance de 0% à 2%, et a ajusté ses dépenses opérationnelles à 107,0-109,0 millions de dollars. Notamment, le CMS a proposé d'augmenter les taux de remboursement Medicare pour les procédures OMNI, à compter du 1er janvier 2025, ce qui pourrait être bénéfique pour l'entreprise.
Sight Sciences (Nasdaq: SGHT) berichtet über seine Finanzergebnisse für das zweite Quartal 2024 mit einem Gesamtumsatz von 21,4 Millionen Dollar, was einem Anstieg von 11% im Vergleich zum Vorquartal, jedoch einem Rückgang von 9% im Jahresvergleich entspricht. Die Bruttomarge blieb stabil bei 86%. Das Unternehmen reduzierte den Bargeldverbrauch auf 9,1 Millionen Dollar, ein Rückgang von 29% im Vergleich zum selben Zeitraum des Jahres 2023. Die Einnahmen aus chirurgischem Glaukom fielen um 5% auf 20,2 Millionen Dollar, und die Einnahmen aus trockenen Augen gingen um 46% auf 1,1 Millionen Dollar zurück. Die Gesamtausgaben wurden um 12% auf 31,0 Millionen Dollar gesenkt. Der Nettoverlust betrug 12,3 Millionen Dollar (0,25 Dollar pro Aktie), im Vergleich zu 14,8 Millionen Dollar (0,30 Dollar pro Aktie) im Vorjahr. Das Unternehmen schränkt die Umsatzprognose für das Gesamtjahr 2024 auf 81,0-83,0 Millionen Dollar ein, was ein Wachstum von 0% bis 2% anzeigt, und die bereinigten Betriebsausgaben auf 107,0-109,0 Millionen Dollar. Bemerkenswert ist, dass CMS eine Erhöhung der Medicare-Zahlungsraten für OMNI-Verfahren vorgeschlagen hat, die ab dem 1. Januar 2025 wirksam werden, was dem Unternehmen zugutekommen könnte.
- Total revenue increased by 11% compared to the prior quarter.
- Gross margin remained stable at 86%.
- Cash usage reduced by 29% year-over-year, reflecting operational discipline.
- Total operating expenses decreased by 12%.
- Net loss decreased to $12.3 million from $14.8 million year-over-year.
- CMS proposed increased Medicare payment rates for OMNI procedures, effective January 1, 2025.
- Total revenue decreased by 9% year-over-year.
- Surgical Glaucoma revenue fell by 5% year-over-year.
- Dry Eye revenue declined by 46% year-over-year.
- Narrowed full-year 2024 revenue guidance to $81.0-$83.0 million, indicating 0% to 2% growth.
- Narrowed full-year 2024 adjusted operating expenses to $107.0-$109.0 million.
Sight Sciences' Q2 2024 results paint a mixed picture. The company reported total revenue of
However, there are some positive signs. The company maintained a strong gross margin of
The Surgical Glaucoma segment shows promise with
The planned price increase for TearCare to
The proposed CMS rule changes for 2025, particularly the potential device-intensive status for canaloplasty procedures, could significantly boost the company's revenue in the ASC setting if finalized.
Looking ahead, the narrowed full-year 2024 revenue guidance of
Overall, while facing some headwinds, Sight Sciences is showing resilience and strategic planning for future growth. Investors should closely monitor the company's ability to execute on its market access initiatives and capitalize on potential reimbursement improvements.
The publication of the SAHARA RCT Phase Two twelve-month results is a significant development for Sight Sciences' TearCare technology. The study demonstrated improved signs and symptoms of dry eye disease in patients who switched from Restasis® to TearCare, with continued improvements from month six through twelve. This data provides strong clinical evidence supporting TearCare's efficacy.
The results suggest that TearCare could offer a valuable alternative or complementary treatment to traditional pharmacological approaches for dry eye disease. This is particularly important given the chronic nature of the condition and the need for long-term management strategies.
However, it's important to note that while these results are promising, they represent a specific patient population - those who had previously been on Restasis®. Further studies may be needed to establish TearCare's efficacy in broader patient groups or as a first-line treatment.
The company's decision to increase TearCare pricing based on this clinical data and a budget impact model is a strategic move. It reflects confidence in the technology's value proposition but may face challenges in market acceptance, especially in the short term.
From a research perspective, the next critical steps would be:
- Conducting larger-scale, long-term studies to further validate these results
- Investigating TearCare's efficacy compared to other dry eye treatments
- Exploring potential synergies with other treatment modalities
- Assessing the technology's impact on quality of life measures and healthcare resource utilization
These research directions could further strengthen TearCare's position in the dry eye treatment landscape and support the company's market access initiatives.
Sight Sciences' Q2 2024 results reveal intriguing market dynamics in both the Surgical Glaucoma and Dry Eye segments. In Surgical Glaucoma, the
However, the
The Dry Eye segment presents a more complex picture. The planned price increase for TearCare to
The company's pivot towards achieving market access for interventional dry eye procedures is a long-term play. Success here could revolutionize the dry eye treatment landscape, but it's a challenging path that requires convincing both payers and providers of the technology's value.
Looking at the broader market:
- The aging population continues to drive demand for both glaucoma and dry eye treatments
- Increasing awareness of eye health is expanding the potential patient pool
- However, economic pressures and healthcare cost containment efforts could impact adoption of new technologies
Sight Sciences' success will largely depend on its ability to navigate these market forces, effectively communicate the value of its technologies and secure favorable reimbursement policies. The company's narrowed guidance suggests cautious optimism, but also acknowledges the challenges ahead in this dynamic market landscape.
MENLO PARK, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) ("Sight Sciences" or the "Company"), an eyecare technology company focused on developing and commercializing innovative, interventional technologies that elevate the standard of care, today reported financial results for the second quarter ended June 30, 2024, and narrowed financial guidance for full year 2024.
Recent Business and Second Quarter 2024 Financial Highlights
- Generated total revenue of
$21.4 million , an increase of11% compared to the prior quarter and a decrease of9% compared to the same period in the prior year. - Achieved total gross margin of
86% compared to86% in the same period in the prior year. - Reduced cash usage to
$9.1 million , a decrease of29% compared to$12.8 million cash used in the second quarter of 2023, reflecting continued operational discipline. - Surgical Glaucoma ordering account utilization increased
5% and the number of active accounts increased5% compared to the first quarter of 2024. These sequential trends highlight recovery from the LCD uncertainty period and growing momentum within the Surgical Glaucoma segment through the first half of 2024. - The Company has recently informed existing TearCare® customers of a future list price increase to
$1,200 per set of TearCare SmartLids® effective October 1, 2024. The Company is modifying its pricing structure to more accurately reflect the clinical and health economic value of the TearCare procedure as demonstrated in both Phase 1 and Phase 2 of the SAHARA RCT and its budget impact model.
Recent Clinical and Reimbursement Highlights
- Announced the publication of the Phase Two twelve-month results of the SAHARA RCT demonstrating improved signs and symptoms of dry eye disease for patients crossed over from Restasis® to TearCare. Trial results demonstrated patients treated with a single interventional eyelid procedure enabled by TearCare technology after receiving twice-daily Restasis for six months during Phase One realized further clinically meaningful improvements in the signs and symptoms of dry eye disease at month six through month twelve beyond the improvements seen with Restasis during the first six months.
- The Centers for Medicare and Medicaid Services (“CMS”) published the 2025 Proposed Medicare Payment Rules for hospital outpatient department and ambulatory surgery center (“ASC”) settings, along with the proposed 2025 Medicare physician fee schedule. The ASC payment rule for 2025 includes a proposal to grant device-intensive status and adopt a related proposed increase in Medicare’s facility payment rate for canaloplasty procedures reported with CPT code 66174, a code that is currently used to report the Company’s comprehensive OMNI® Surgical System (“OMNI”) procedure. If the rule is finalized with device-intensive status for CPT code 66174, it will result in an increased ASC facility payment compared to 2024 Medicare payment amounts, per the table below, effective January 1, 2025. These proposed rules are not considered final until the final rule is published, which we expect to occur in the fourth quarter of 2024.
| Facility Fee – ASC (rounded to nearest $) | ||||||||
| HCPCS Code | Description | 2024 | 2025 Proposed | $ Difference | % Difference | |||
| 66174 | Canaloplasty (standalone) | |||||||
| 66174 + 66984 ( | Canaloplasty + Routine Cataract | |||||||
Management Commentary
Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences commented, "In the second quarter we continued to establish commercial momentum as we drove mid-single digit sequential increases in account utilization and active customers in our Surgical Glaucoma segment, and recovered the net customers lost during the LCD uncertainty period. With increasing clarity on coverage eligibility, thousands of surgeons can continue to routinely use our OMNI technology for glaucoma patient management, and this allows us to focus on supporting expanded use cases for the technology, reengaging existing customers who were awaiting coverage clarity, and training new surgeons who would like to perform the procedure enabled by OMNI.”
Mr. Badawi continued, “In parallel, we continue to advance our Dry Eye business with further clinical and market access progress. The recent publication of the twelve-month SAHARA results and the soon to be published budget impact model more accurately demonstrate the true value of the TearCare technology. We intend to ensure this value is appropriately distributed across stakeholders by pioneering market access for interventional dry eye procedures. Reimbursement at the levels supported by our evidence shows compelling economics and value to patients, payors, and eyecare providers. We are inspired by the opportunities in front of us and remain steadfast in our commitment to elevating the standards of care in eyecare.”
Second Quarter 2024 Financial Results
Revenue for the second quarter of 2024 was
Gross profit for the second quarter of 2024 was
Total operating expenses were
Net loss was
Cash and cash equivalents totaled
2024 Financial Guidance
The Company continues to expect double-digit surgical glaucoma revenue growth in the second half of 2024 compared to the same period in the prior year as it regains commercial momentum and expands its customer base and account utilization. However, the Company expects Dry Eye revenue to decrease as it implements an increase in dry eye pricing effective October 1, 2024, which it believes will have a significant negative impact on cash-pay procedure volumes in the second half of 2024, before it expects a return to growth in 2025 with market access wins.
As a result, Sight Sciences narrows revenue guidance expectations for full year 2024 to approximately
The Company narrows guidance expectations for adjusted operating expenses1,3 for full year 2024 to approximately
The Company's full year 2024 financial guidance is forward-looking in nature, reflecting management’s expectations as of August 1, 2024, and is subject to significant risks and uncertainties that limit its ability to accurately forecast results. This outlook assumes no meaningful changes to the Company's business prospects or risks and uncertainties identified by management that could impact future results, which include, but are not limited to: changes in the reimbursement environment, including coverage decisions and reimbursement rates; the outcome of clinical trials; the outcome of legal proceedings or regulatory matters; changes in economic conditions, including discretionary spending and inflationary pressures; and supply chain disruptions, constraints and related expenses.
1 “Adjusted operating expenses” is a financial measure not prepared in accordance with the generally accepted accounting principles in the United States (“GAAP,” and such measure, a “non-GAAP financial measure”), and is calculated as operating expenses less stock-based compensation expense, depreciation and amortization, and restructuring costs. Please see the “Non-GAAP Financial Measures” section below for additional information.
2 A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table titled "Non-GAAP to GAAP Reconciliation" attached to this press release.
3 Consistent with Securities and Exchange Commission regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures.
Non-GAAP Financial Measures
Certain non-GAAP financial measures, including adjusted operating expenses, are presented in this press release to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes these non-GAAP financial measures are important performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial measures are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, it expects to calculate them using a consistent method from period to period.
Conference Call
Sight Sciences' management team will host a conference call today, August 1, 2024, 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 and interventional 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 an implant-free glaucoma surgery technology (i) indicated in the United States to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and (ii) CE Marked for the catheterization and transluminal viscodilation of Schlemm’s canal and cutting of the trabecular meshwork to reduce intraocular pressure in adult patients with open-angle glaucoma. Glaucoma is the world’s leading cause of irreversible blindness. The SION® Surgical Instrument is a bladeless, manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork. The Company’s TearCare® System is 510(k) cleared in the United States for the application of localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland dysfunction (“MGD”), enabling clearance of gland obstructions by physicians to address the leading cause of dry eye disease. Visit www.sightsciences.com for more information.
Sight Sciences, TearCare, SmartHub and SmartLids are trademarks of Sight Sciences registered in the United States. OMNI and SION are trademarks of Sight Sciences registered in the United States, European Union and other territories.
Restasis is a registered trademark of Allergan, an AbbVie company.
© 2024 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, but are not limited to, statements concerning our clinical and market access progress; our ability to support expanded use cases for our products and reengage existing customers; the timing and impact of the ASC payment rule on payment rates for our OMNI procedure; the impact of our dry eye pricing strategy; the timing and impact of the publication of our budget impact model; our ability to achieve our updated 2024 revenue and adjusted operating expenses guidance; and our ability to achieve surgical glaucoma revenue growth in the second half of 2024.
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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 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 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 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
Media contact:
pr@SightSciences.com
| SIGHT SCIENCES, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 118,177 | $ | 138,129 | ||||
| Accounts receivable, net of allowance for credit losses of | 19,919 | 14,289 | ||||||
| Inventory, net | 6,781 | 7,849 | ||||||
| Prepaid expenses and other current assets | 1,452 | 2,604 | ||||||
| Total current assets | 146,329 | 162,871 | ||||||
| Property and equipment, net | 1,489 | 1,640 | ||||||
| Operating lease right-of-use assets | 1,257 | 1,458 | ||||||
| Other noncurrent assets | 640 | 682 | ||||||
| Total assets | $ | 149,715 | $ | 166,651 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,923 | $ | 1,731 | ||||
| Accrued compensation | 5,394 | 4,528 | ||||||
| Accrued and other current liabilities | 5,971 | 3,774 | ||||||
| Current portion - long-term debt, net | — | 2,219 | ||||||
| Total current liabilities | 13,288 | 12,252 | ||||||
| Long-term debt, net | 33,770 | 31,708 | ||||||
| Other noncurrent liabilities | 1,019 | 2,476 | ||||||
| Total liabilities | 48,077 | 46,436 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, par value | — | — | ||||||
| Common stock, par value | 50 | 49 | ||||||
| Additional paid-in-capital | 424,973 | 414,956 | ||||||
| Accumulated deficit | (323,385 | ) | (294,790 | ) | ||||
| Total stockholders’ equity | 101,638 | 120,215 | ||||||
| Total liabilities and stockholders’ equity | $ | 149,715 | $ | 166,651 | ||||
| SIGHT SCIENCES, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 21,370 | $ | 23,471 | $ | 40,635 | $ | 42,296 | ||||||||
| Cost of goods sold | 3,025 | 3,381 | 5,819 | 6,429 | ||||||||||||
| Gross profit | 18,345 | 20,090 | 34,816 | 35,867 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 4,316 | 5,221 | 8,952 | 9,890 | ||||||||||||
| Selling, general and administrative | 26,680 | 30,056 | 53,239 | 58,731 | ||||||||||||
| Total operating expenses | 30,996 | 35,277 | 62,191 | 68,621 | ||||||||||||
| Loss from operations | (12,651 | ) | (15,187 | ) | (27,375 | ) | (32,754 | ) | ||||||||
| Investment income | 1,526 | 1,793 | 3,174 | 3,602 | ||||||||||||
| Interest expense | (1,145 | ) | (1,349 | ) | (2,350 | ) | (2,625 | ) | ||||||||
| Loss on debt extinguishment | — | — | (1,962 | ) | — | |||||||||||
| Other expense, net | (44 | ) | (3 | ) | (50 | ) | (22 | ) | ||||||||
| Loss before income taxes | (12,314 | ) | (14,746 | ) | (28,563 | ) | (31,799 | ) | ||||||||
| Provision for income taxes | 15 | 8 | 32 | 22 | ||||||||||||
| Net loss and comprehensive loss | $ | (12,329 | ) | $ | (14,754 | ) | $ | (28,595 | ) | $ | (31,821 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.25 | ) | $ | (0.30 | ) | $ | (0.58 | ) | $ | (0.66 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 49,903,386 | 48,536,310 | 49,694,825 | 48,471,153 | ||||||||||||
| SIGHT SCIENCES, INC. Gross Margin Disaggregation (Unaudited) (in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Surgical Glaucoma | $ | 20,244 | $ | 21,398 | $ | 38,501 | $ | 38,733 | ||||||||
| Dry Eye | 1,126 | 2,073 | 2,134 | 3,563 | ||||||||||||
| Total | 21,370 | 23,471 | 40,635 | 42,296 | ||||||||||||
| Cost of goods sold | ||||||||||||||||
| Surgical Glaucoma | 2,423 | 2,444 | 4,632 | 4,806 | ||||||||||||
| Dry Eye | 602 | 937 | 1,187 | 1,623 | ||||||||||||
| Total | 3,025 | 3,381 | 5,819 | 6,429 | ||||||||||||
| Gross profit | ||||||||||||||||
| Surgical Glaucoma | 17,821 | 18,954 | 33,869 | 33,927 | ||||||||||||
| Dry Eye | 524 | 1,136 | 947 | 1,940 | ||||||||||||
| Total | 18,345 | 20,090 | 34,816 | 35,867 | ||||||||||||
| Gross margin | ||||||||||||||||
| Surgical Glaucoma | 88.0 | % | 88.6 | % | 88.0 | % | 87.6 | % | ||||||||
| Dry Eye | 46.5 | % | 54.8 | % | 44.4 | % | 54.4 | % | ||||||||
| Total | 85.8 | % | 85.6 | % | 85.7 | % | 84.8 | % | ||||||||
| SIGHT SCIENCES, INC. Non-GAAP to GAAP Reconciliation (Unaudited) (in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Total Operating Expenses | $ | 30,996 | $ | 35,277 | $ | 62,191 | $ | 68,621 | ||||||||
| Less: Stock-based Compensation | (4,223 | ) | (3,671 | ) | (8,623 | ) | (7,135 | ) | ||||||||
| Less: Depreciation and Amortization | (186 | ) | (146 | ) | (378 | ) | (295 | ) | ||||||||
| Adjusted Operating Expenses(4) | 26,587 | 31,460 | 53,190 | 61,191 | ||||||||||||
4 Please see the section titled "Non-GAAP Financial Measures" for additional information.
| SIGHT SCIENCES, INC. Supplemental Financial Measures (Unaudited) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Surgical Glaucoma active customers (5) | 1,131 | 1,134 | ||||||
| Dry Eye lid treatment units sold (6) | 4,088 | 5,934 | ||||||
| Dry Eye active customers (7) | 277 | 370 | ||||||
5 “Surgical Glaucoma active customers” means the number of customers who ordered the OMNI Surgical System or the SION Surgical Instrument during the three months ended June 30, 2024 and 2023.
6 “Dry Eye lid treatment units sold” means the quantity of TearCare SmartLids® sold during the three months ended June 30, 2024 and 2023.
7 “Dry Eye active customers” means the number of customers who ordered lid treatment units during the three months ended June 30, 2024 and 2023.
FAQ
What were Sight Sciences' second quarter 2024 revenue results?
How did Sight Sciences' gross margin perform in the second quarter of 2024?
What was the net loss for Sight Sciences in the second quarter of 2024?
What is the full-year 2024 revenue guidance for Sight Sciences?
What changes has CMS proposed for Medicare payment rates related to Sight Sciences' OMNI procedures?
