Sight Sciences Reports Third Quarter 2024 Financial Results and Updates its Full Year 2024 Adjusted Operating Expense Guidance
Sight Sciences reported its Q3 2024 financial results and updated its full-year 2024 adjusted operating expense guidance. The company generated total revenue of $20.2 million, a 1% increase year-over-year, and achieved a positive cash flow of $0.4 million compared to a $10.0 million cash usage in Q3 2023. Gross profit was $16.9 million with a gross margin of 84%. The net loss was reduced to $11.1 million ($0.22 per share) from $13.0 million ($0.27 per share) in Q3 2023. Operating expenses decreased by 8% to $28.1 million. The company also announced the Final LCDs that confirm Medicare coverage for certain glaucoma procedures, effective November 17, 2024. Sight Sciences maintains its revenue guidance of $81.0-$83.0 million for 2024 but revises its adjusted operating expenses guidance to $104.0-$106.0 million.
Sight Sciences ha riportato i suoi risultati finanziari del Q3 2024 e ha aggiornato la sua previsione di spesa operativa rettificata per l'intero anno 2024. L'azienda ha generato un fatturato totale di 20,2 milioni di dollari, con un aumento dell'1% rispetto all'anno precedente, e ha ottenuto un flusso di cassa positivo di 0,4 milioni di dollari rispetto a un utilizzo di cassa di 10,0 milioni di dollari nel Q3 2023. Il profitto lordo è stato di 16,9 milioni di dollari con un margine lordo dell'84%. La perdita netta è stata ridotta a 11,1 milioni di dollari (0,22 dollari per azione) rispetto ai 13,0 milioni di dollari (0,27 dollari per azione) del Q3 2023. Le spese operative sono diminuite dell'8% a 28,1 milioni di dollari. L'azienda ha anche annunciato i LCD finali che confermano la copertura di Medicare per alcuni interventi di glaucoma, a partire dal 17 novembre 2024. Sight Sciences mantiene la sua previsione di fatturato di 81,0-83,0 milioni di dollari per il 2024, ma rivede la sua previsione di spese operative rettificate a 104,0-106,0 milioni di dollari.
Sight Sciences reportó sus resultados financieros del Q3 2024 y actualizó su guía de gastos operativos ajustados para todo el año 2024. La compañía generó ingresos totales de 20,2 millones de dólares, un aumento del 1% interanual, y logró un flujo de caja positivo de 0,4 millones de dólares en comparación con un uso de caja de 10,0 millones de dólares en el Q3 2023. El beneficio bruto fue de 16,9 millones de dólares con un margen bruto del 84%. La pérdida neta se redujo a 11,1 millones de dólares (0,22 dólares por acción) desde 13,0 millones de dólares (0,27 dólares por acción) en el Q3 2023. Los gastos operativos disminuyeron un 8% a 28,1 millones de dólares. La compañía también anunció los LCD finales que confirman la cobertura de Medicare para ciertos procedimientos de glaucoma, que entrarán en vigor el 17 de noviembre de 2024. Sight Sciences mantiene su guía de ingresos de 81,0-83,0 millones de dólares para 2024, pero revisa su guía de gastos operativos ajustados a 104,0-106,0 millones de dólares.
Sight Sciences는 2024년 3분기 재무 결과를 보고하고 2024년 전체 연도 조정 운영 비용 가이드라인을 업데이트했습니다. 이 회사는 총 수익 2020만 달러를 기록했으며, 전년 대비 1% 증가했으며, 40만 달러의 긍정적인 현금 흐름을 달성했습니다. 이는 2023년 3분기 1000만 달러의 현금 사용에 비해 개선된 성과입니다. 총 이익은 1690만 달러이며, 총 이익률은 84%입니다. 순손실은 1110만 달러(주당 0.22 달러)로, 2023년 3분기 1300만 달러(주당 0.27 달러)에서 감소했습니다. 운영 비용은 8% 감소하여 2810만 달러가 되었습니다. 이 회사는 또한 2024년 11월 17일부터 발효되는 특정 녹내장 절차에 대한 Medicare 보장을 확인하는 최종 LCDs를 발표했습니다. Sight Sciences는 2024년 매출 가이드를 8100만-8300만 달러로 유지하지만, 조정된 운영 비용 가이드를 1억 400만-1억 600만 달러로 수정합니다.
Sight Sciences a publié ses résultats financiers du T3 2024 et a mis à jour sa prévision des dépenses opérationnelles ajustées pour l'année entière 2024. L'entreprise a généré un chiffre d'affaires total de 20,2 millions de dollars, ce qui représente une augmentation de 1 % par rapport à l'année précédente, et a atteint un flux de trésorerie positif de 0,4 million de dollars comparé à une utilisation de trésorerie de 10,0 millions de dollars au T3 2023. Le bénéfice brut était de 16,9 millions de dollars avec une marge brute de 84 %. La perte nette a été réduite à 11,1 millions de dollars (0,22 dollar par action) contre 13,0 millions de dollars (0,27 dollar par action) au T3 2023. Les dépenses opérationnelles ont diminué de 8 % pour atteindre 28,1 millions de dollars. L'entreprise a également annoncé les LCD finaux qui confirment la couverture Medicare pour certaines procédures de glaucome, à compter du 17 novembre 2024. Sight Sciences maintient sa prévision de revenus de 81,0 à 83,0 millions de dollars pour 2024, mais révise sa prévision des dépenses opérationnelles ajustées à 104,0-106,0 millions de dollars.
Sight Sciences berichtete über seine Finanzergebnisse für Q3 2024 und aktualisierte seine gesamte angepasste Betriebskostenprognose für das Jahr 2024. Das Unternehmen erzielte einen Gesamtumsatz von 20,2 Millionen Dollar, was einem Anstieg von 1% im Vergleich zum Vorjahr entspricht, und erreichte einen positiven Cashflow von 0,4 Millionen Dollar im Vergleich zu einer Nutzung von 10,0 Millionen Dollar im Q3 2023. Der Bruttogewinn betrug 16,9 Millionen Dollar bei einer Bruttomarge von 84%. Der Nettoverlust wurde auf 11,1 Millionen Dollar (0,22 Dollar pro Aktie) gesenkt, nachdem er im Q3 2023 bei 13,0 Millionen Dollar (0,27 Dollar pro Aktie) lag. Die Betriebskosten sanken um 8% auf 28,1 Millionen Dollar. Das Unternehmen gab außerdem die finalen LCDs bekannt, die die Medicare-Abdeckung für bestimmte Glaukomverfahren ab dem 17. November 2024 bestätigen. Sight Sciences hält an seiner Umsatzprognose von 81,0-83,0 Millionen Dollar für 2024 fest, überarbeitet jedoch seine Prognose für die angepassten Betriebskosten auf 104,0-106,0 Millionen Dollar.
- Revenue increased by 1% to $20.2 million.
- Positive cash flow of $0.4 million compared to $10.0 million cash used in Q3 2023.
- Net loss reduced to $11.1 million from $13.0 million.
- Operating expenses decreased by 8% to $28.1 million.
- Final LCDs confirm Medicare coverage for certain glaucoma procedures.
- Gross profit decreased to $16.9 million from $17.3 million.
- Dry Eye revenue decreased by 4% to $1.5 million.
- Gross margin declined to 84% from 87%.
- Surgical Glaucoma gross margin decreased to 87% from 89%.
- Dry Eye gross margin dropped to 48% from 57%.
- Research and development expenses increased by 12% to $4.7 million.
- Adjusted operating expenses guidance revised down to $104.0-$106.0 million.
MENLO PARK, Calif., Nov. 07, 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 third quarter ended September 30, 2024, and updated its adjusted operating expenses guidance for full year 2024.
Third Quarter 2024 Financial and Business Highlights
- Generated total revenue of
$20.2 million , an increase of1% compared to the same period in the prior year. - Generated positive cash flow of
$0.4 million , a substantial improvement compared to$10.0 million cash used in the third quarter of 2023, reflecting continued operational discipline and significant working capital improvements. Cash used in the nine months ended September 30, 2024 was$19.6 million compared to$40.5 million in the same period in the prior year. - Five Medicare Administrative Contractors (“MACs”), each individually published final local coverage determinations and related final local coverage articles (collectively, the “Final LCDs”) regarding Micro-Invasive Glaucoma Surgery (“MIGS”). The Final LCDs confirm Medicare coverage for phacoemulsification / intraocular lens placement procedures (each, a “cataract surgery”) performed with a single MIGS procedure, including both canaloplasty and goniotomy procedures. Accordingly, Medicare coverage for canaloplasty and goniotomy procedures will continue in the states administered by these MACs. The anticipated effective date of the Final LCDs is November 17, 2024.
Management Commentary
"In the third quarter, our Surgical Glaucoma revenue improved slightly but our recovery did not meet our growth expectations, while our Dry Eye revenue outperformed our expectations ahead of our price increase, which was a testament to the importance of TearCare in the treatment paradigm for dry eye patients,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “The LCDs that will be effective later this month will provide clarity with continued Medicare coverage for cataract surgery procedures performed with a single MIGS procedure and restrictions on multiple MIGS procedures performed in a single surgery. Surgical glaucoma reimbursement coverage clarity coupled with the continued optimization of our commercial organization and strategy position us for stronger performance and predictability. With our procedurally comprehensive OMNI technology, and an increasing interventional surgeon mindset, we remain confident in the growth trajectory for OMNI in both combination cataract and standalone use cases in 2025 and beyond.”
“We also remain focused on establishing equitable market access for TearCare and are working towards positive coverage policies and payment schedules in 2025,” Paul Badawi continued. “We believe these developments help lay the foundation to establish Sight Sciences as a leading interventional eye care company and position us for growth in 2025 and beyond.”
Third Quarter 2024 Financial Results
Revenue for the third quarter of 2024 was
Gross profit for the third quarter of 2024 was
Total operating expenses were
Net loss was
Cash and cash equivalents totaled
2024 Financial Guidance
Sight Sciences maintains its revenue guidance expectations for full year 2024 of approximately
The Company continues to expect double-digit Surgical Glaucoma revenue growth in the fourth quarter of 2024 compared to the same period in the prior year as it regains commercial momentum and expands utilization and its customer base. However, the Company also acknowledges headwinds to growth in the total number of MIGS devices used in MIGS procedures due to the Final LCDs’ limitations on multiple MIGS used in a single surgery effective mid-quarter, and the slower than expected recovery in Surgical Glaucoma utilization and active accounts experienced in the third quarter of 2024.
The Company expects Dry Eye revenue for the fourth quarter 2024 to be less than
The Company revises its 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 November 7, 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 to coverage decisions or reimbursement rates for our products, pricing pressure or loss of market share resulting from the evolving competitive landscape; and disruptions to or increased costs associated with our supply chain, including as a result of having a limited number of suppliers.
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, November 7, 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.
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.
© 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 impact of our dry eye pricing strategy; our ability to achieve our 2024 revenue guidance and updated adjusted operating expenses guidance; our ability to achieve Surgical Glaucoma revenue growth in the fourth quarter of 2024; our estimated Dry Eye revenue and growth prospects in the segment in 2025; the impact of the adoption of the Final LCDs on our growth; and optimization of our commercial organization to help drive stronger performance and predictability.
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)
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 118,564 | $ | 138,129 | ||||
Accounts receivable, net of allowance for credit losses of | 12,929 | 14,289 | ||||||
Inventory, net | 6,091 | 7,849 | ||||||
Prepaid expenses and other current assets | 2,885 | 2,604 | ||||||
Total current assets | 140,469 | 162,871 | ||||||
Property and equipment, net | 1,448 | 1,640 | ||||||
Operating lease right-of-use assets | 1,100 | 1,458 | ||||||
Other noncurrent assets | 580 | 682 | ||||||
Total assets | $ | 143,597 | $ | 166,651 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,297 | $ | 1,731 | ||||
Accrued compensation | 7,889 | 4,528 | ||||||
Accrued and other current liabilities | 4,613 | 3,774 | ||||||
Current portion - long-term debt, net | — | 2,219 | ||||||
Total current liabilities | 13,799 | 12,252 | ||||||
Long-term debt, net | 34,152 | 31,708 | ||||||
Other noncurrent liabilities | 689 | 2,476 | ||||||
Total liabilities | 48,640 | 46,436 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, par value | — | — | ||||||
Common stock, par value | 50 | 49 | ||||||
Additional paid-in-capital | 429,358 | 414,956 | ||||||
Accumulated deficit | (334,451 | ) | (294,790 | ) | ||||
Total stockholders’ equity | 94,957 | 120,215 | ||||||
Total liabilities and stockholders’ equity | $ | 143,597 | $ | 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue | $ | 20,157 | $ | 20,009 | $ | 60,792 | $ | 62,305 | ||||||||
Cost of goods sold | 3,250 | 2,677 | 9,068 | 9,105 | ||||||||||||
Gross profit | 16,907 | 17,332 | 51,724 | 53,200 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 4,746 | 4,239 | 13,698 | 14,129 | ||||||||||||
Selling, general and administrative | 23,390 | 26,504 | 76,629 | 85,235 | ||||||||||||
Total operating expenses | 28,136 | 30,743 | 90,327 | 99,364 | ||||||||||||
Loss from operations | (11,229 | ) | (13,411 | ) | (38,603 | ) | (46,164 | ) | ||||||||
Investment income | 1,454 | 1,897 | 4,628 | 5,499 | ||||||||||||
Interest expense | (1,151 | ) | (1,432 | ) | (3,501 | ) | (4,057 | ) | ||||||||
Loss on debt extinguishment | — | — | (1,962 | ) | — | |||||||||||
Other income (expense), net | 26 | (11 | ) | (25 | ) | (34 | ) | |||||||||
Loss before income taxes | (10,900 | ) | (12,957 | ) | (39,463 | ) | (44,756 | ) | ||||||||
Provision for income taxes | 166 | 78 | 198 | 100 | ||||||||||||
Net loss and comprehensive loss | $ | (11,066 | ) | $ | (13,035 | ) | $ | (39,661 | ) | $ | (44,856 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.22 | ) | $ | (0.27 | ) | $ | (0.79 | ) | $ | (0.92 | ) | ||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 50,340,603 | 48,671,049 | 49,911,655 | 48,538,517 |
SIGHT SCIENCES, INC.
Gross Margin Disaggregation (Unaudited)
(in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Revenue | |||||||||||||||||
Surgical Glaucoma | $ | 18,632 | $ | 18,425 | $ | 57,132 | $ | 57,158 | |||||||||
Dry Eye | 1,525 | 1,584 | 3,660 | 5,147 | |||||||||||||
Total | 20,157 | 20,009 | 60,792 | 62,305 | |||||||||||||
Cost of goods sold | |||||||||||||||||
Surgical Glaucoma | 2,453 | 2,002 | 7,084 | 6,808 | |||||||||||||
Dry Eye | 797 | 675 | 1,984 | 2,297 | |||||||||||||
Total | 3,250 | 2,677 | 9,068 | 9,105 | |||||||||||||
Gross profit | |||||||||||||||||
Surgical Glaucoma | 16,179 | 16,423 | 50,048 | 50,350 | |||||||||||||
Dry Eye | 728 | 909 | 1,676 | 2,850 | |||||||||||||
Total | 16,907 | 17,332 | 51,724 | 53,200 | |||||||||||||
Gross margin | |||||||||||||||||
Surgical Glaucoma | 86.8 | % | 89.1 | % | 87.6 | % | 88.1 | % | |||||||||
Dry Eye | 47.7 | % | 57.4 | % | 45.8 | % | 55.4 | % | |||||||||
Total | 83.9 | % | 86.6 | % | 85.1 | % | 85.4 | % |
SIGHT SCIENCES, INC.
Non-GAAP to GAAP Reconciliation (Unaudited)
(in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Total Operating Expenses | $ | 28,136 | $ | 30,743 | $ | 90,327 | $ | 99,364 | |||||||||||||||
Less: Stock-based Compensation | (4,225 | ) | (3,779 | ) | (12,848 | ) | (10,915 | ) | |||||||||||||||
Less: Depreciation and Amortization | (158 | ) | (160 | ) | (536 | ) | (455 | ) | |||||||||||||||
Less: Restructuring Costs | — | — | — | — | |||||||||||||||||||
Adjusted Operating Expenses(4) | 23,753 | 26,804 | 76,943 | 87,994 | |||||||||||||||||||
4 Please see the section titled "Non-GAAP Financial Measures" for additional information.
SIGHT SCIENCES, INC.
Supplemental Financial Measures (Unaudited)
Three Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Surgical Glaucoma active customers (5) | 1,107 | 1,108 | ||||||
Dry Eye lid treatment units sold (6) | 5,379 | 5,090 | ||||||
Dry Eye active customers (7) | 296 | 318 | ||||||
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 September 30, 2024 and 2023.
6 “Dry Eye lid treatment units sold” means the quantity of TearCare® SmartLids® sold during the three months ended September 30, 2024 and 2023.
7 “Dry Eye active customers” means the number of customers who ordered lid treatment units during the three months ended September 30, 2024 and 2023.
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