Key Takeaways SGHT announced a published meta-analysis validating OMNI's long-term safety and efficacy.SGHT's OMNI was shown to reduce IOP and medication use with durable outcomes.SGHT reported that nearly 89% of patients achieved at least 20% IOP reduction at 6, 12 and 24 months.Sight Sciences (SGHT) recently announced the publication of a systematic literature review and meta-analysis in the European Journal of Ophthalmology, highlighting the long-term safety and efficacy of the OMNI Surgical System (OMNI ...

Core Viewpoint - The systematic review and meta-analysis published in The European Journal of Ophthalmology indicates that the OMNI Surgical System is a beneficial treatment option for patients with primary open-angle glaucoma due to its favorable long-term safety and efficacy profiles [1][3]. Group 1: Study Overview - The study included 29 publications, assessing the OMNI system and its predecessors, Visco360 and Trab360, for treating open-angle glaucoma [2][4]. - A total of 2,379 eyes were analyzed across 22 unique studies, focusing on both clinical and economic outcomes [4]. Group 2: Key Findings - Approximately 89% of patients achieved treatment success (IOP reduction ≥20% from baseline) after 6, 12, and 24 months [5]. - After 6 and 12 months, 66–68% of patients remained medication-free [5]. - Mean intraocular pressure (IOP) was significantly reduced to below 18 mmHg at 12 months for patients with baseline IOP ≥18 mmHg and continued to show improvement at 24 months [5]. - The meta-analysis confirmed comparable IOP reductions for both standalone and combination therapies at multiple time points [5]. - Average IOP-lowering medication use decreased from a range of 0.9 to 3.4 at baseline to 0.1 to 2.2 at month 12 [5]. - Patients with baseline IOP ≥18 mmHg experienced a mean IOP reduction of 6.4 to 10.0 mmHg at 12 months [5]. - Adverse events were generally mild and transient [5]. - Economic analyses indicated that OMNI is cost-effective compared to the market leader, iStent inject, with slightly higher quality-adjusted life years (QALYs) attributed to OMNI's favorable adverse event profile [5][6]. Group 3: Company Commitment - The company emphasizes its commitment to generating strong clinical evidence to demonstrate the safety, effectiveness, and durability of the OMNI system [7]. - The findings aim to reinforce surgical confidence among healthcare providers and support reimbursement decisions [7].

Industry Overview - Glaucoma is the leading cause of irreversible blindness globally, highlighting the critical need for effective treatment options [1] - The market for Minimally Invasive Glaucoma Surgery (MIGS) is expected to return to growth by 2026, despite current challenges [2] Market Dynamics - There has been significant progress in MIGS, improving clinical outcomes for patients with glaucoma [1] - The industry is currently facing headwinds due to changes in Local Coverage Determinations (LCDs), but these challenges are anticipated to ease by Q4 [1]

Summary of Sight Sciences FY Conference Call (September 10, 2025) Company Overview - **Company**: Sight Sciences (NasdaqGS:SGHT) - **Industry**: Interventional Glaucoma and Dry Eye Treatment Key Points on the MIGS Market - **Market Growth**: The MIGS (Minimally Invasive Glaucoma Surgery) market is expected to return to growth in 2026 after facing headwinds due to LCD (Local Coverage Determinations) and payment changes in 2025 [3][4] - **Clinical Need**: Glaucoma is the leading cause of irreversible blindness globally, necessitating more interventional options for patients [3][5] - **Patient Visits**: There is a continuous increase in patient visits, indicating a growing demand for glaucoma treatments [3][4] - **Commercial Strategy**: The company aims to position itself strongly to capture growth when the MIGS market rebounds, emphasizing the importance of innovation and effective commercial execution [4][10] Insights on Glaucoma Treatment - **Interventional Approaches**: The future of glaucoma treatment is expected to be more interventional, with a focus on sustained release interventions and early use of SLT (Selective Laser Trabeculoplasty) [7][9] - **Patient Compliance**: The company recognizes the challenges of patient compliance with traditional treatments like eye drops, advocating for more effective interventional methods [6][9] Performance Metrics - **Q2 Performance**: Surgical glaucoma revenue was down mid-single digits, significantly better than the anticipated 15% decline due to MIGS restrictions. The company reported a 12% sequential increase in utilization [10][11] - **Surgeon Engagement**: The company has seen record numbers of ordering accounts, indicating strong engagement with its commercial team [10][11] Regulatory and Payer Dynamics - **Payer Scrutiny**: The rapid growth of the MIGS segment has led to increased scrutiny from payers, necessitating robust clinical evidence to support reimbursement [14][15] - **Clinical Evidence**: The company is focused on generating compelling clinical evidence to demonstrate the efficacy of its products, particularly the OMNI platform [16][50] OMNI Platform Innovations - **OMNI Edge**: The latest iteration of the OMNI platform, which enhances the volume of viscoelastic delivered during procedures, has received positive feedback from surgeons [17][18] - **Competitive Landscape**: The company believes it is ahead of competitors in technology and usability, which are critical factors for success in the market [20][21] Dry Eye Treatment Insights - **TearCare Development**: The company has developed TearCare to address the root causes of dry eye disease, focusing on meibomian gland dysfunction rather than tear insufficiency [25][28] - **Clinical Trials**: TearCare has completed two randomized controlled trials (RCTs) demonstrating its superiority over standard care, which is crucial for gaining reimbursement [29][50] - **Market Potential**: There are over 19 million diagnosed and an additional 19 million undiagnosed patients with dry eye disease in the U.S., indicating a significant market opportunity [43] Reimbursement Strategy - **Payer Engagement**: The company is actively engaging with payers to secure reimbursement for TearCare, leveraging strong clinical evidence and economic analyses [30][50] - **Future Goals**: The company aims for policy wins by 2025, with ongoing discussions and positive feedback from payers regarding the Sahara RCT [51][55] Conclusion - **Overall Outlook**: Sight Sciences is well-positioned in the interventional glaucoma and dry eye markets, with a strong focus on innovation, clinical evidence, and strategic payer engagement to drive future growth [4][50]

Core Insights - UnitedHealthcare (UHC) has updated its policy to cover specific glaucoma surgical treatments, including goniotomy, trabeculotomy, canaloplasty (ab interno), and combined canaloplasty and trabeculotomy for adults aged 19 and older, when medically necessary for treating mild to moderate open-angle glaucoma and cataract [1][2][3] Group 1: Company Overview - Sight Sciences, Inc. is an eyecare technology company focused on developing and commercializing innovative interventional technologies aimed at transforming care and improving patients' lives [1][4] - The company's OMNI Surgical System is FDA-cleared for canaloplasty followed by trabeculotomy to reduce intraocular pressure in adult patients with primary open-angle glaucoma [3][4] - Sight Sciences also offers the TearCare System, which is cleared for localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland disease [4] Group 2: Market Impact - The updated coverage policy by UHC, effective October 1, 2025, will apply to UHC's commercial and individual exchange benefit plans, which cover approximately 30 million of the over 50 million total covered lives under UHC [2] - This expanded coverage for minimally invasive glaucoma surgery (MIGS) procedures, including the OMNI technology, is expected to enhance access for UHC members when deemed medically necessary by their ophthalmologist [3]

Core Insights - The TearCare System by Sight Sciences has been included in the new Dry Eye Workshop (DEWS) III report, which is a significant validation of its clinical efficacy in managing dry eye disease (DED) [1][2] - The DEWS III report is recognized as a primary standard in evidence-based management of DED, highlighting the importance of TearCare in treating meibomian gland disease (MGD) [2][3] Company Overview - Sight Sciences is an eyecare technology company focused on developing innovative interventional solutions aimed at transforming patient care and improving lives [4] - The company offers minimally invasive technologies, including the OMNI Surgical System and SION Surgical System, targeting prevalent eye diseases such as glaucoma and dry eye disease [4] Clinical Evidence - The six-month SAHARA randomized controlled trial demonstrated that two treatments with the TearCare system were clinically superior in improving Tear Breakup Time (TBUT) and gland function compared to Restasis, while being non-inferior in Ocular Surface Disease Index (OSDI) [6] - The OLYMPIA randomized controlled trial showed that a single TearCare treatment significantly alleviated signs and symptoms of DED, with greater improvements noted in subjects with more severe disease compared to LipiFlow [6]

Core Insights - Sight Sciences, Inc. is an eyecare technology company focused on developing innovative interventional technologies to improve patient care and transform treatment paradigms [1][3] - The company will present at the Morgan Stanley Global Healthcare Conference on September 10, 2025, at 10:50 am PT / 1:50 pm ET [2] Company Overview - Sight Sciences develops minimally invasive or non-invasive solutions targeting prevalent eye diseases, aiming to enhance patient care and replace outdated treatment methods [3] - The OMNI® Surgical System and OMNI® Edge Surgical System are implant-free technologies for glaucoma surgery, indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma [3] - The SION® Surgical System is a bladeless device for excising trabecular meshwork in ophthalmic procedures [3] - The TearCare® System is cleared for localized heat therapy in adult patients with evaporative dry eye disease, addressing meibomian gland disease [3]

Group 1 - Sight Sciences, Inc. reported $19.56 million in revenue for the quarter ended June 2025, reflecting a year-over-year decline of 8.5% and an EPS of -$0.23 compared to -$0.25 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $18.11 million by 8.06%, while the EPS surprise was 8% over the consensus estimate of -$0.25 [1] - The stock has returned +4.6% over the past month, outperforming the Zacks S&P 500 composite's +1.2% change, and currently holds a Zacks Rank 2 (Buy) [3] Group 2 - Revenue from Dry Eye was $0.33 million, surpassing the two-analyst average estimate of $0.23 million, but showing a significant year-over-year decline of 70.4% [4] - Revenue from Surgical Glaucoma was $19.23 million, exceeding the average estimate of $17.88 million, with a year-over-year change of -5% [4] - Gross Profit for Dry Eye was $0.13 million, slightly above the estimated $0.11 million, while Gross Profit for Surgical Glaucoma was $16.46 million, exceeding the average estimate of $15.15 million [4]

Financial Data and Key Metrics Changes - Total revenue for the second quarter of 2025 was $19,600,000, an 8% decrease compared to the same period in the prior year [19] - Surgical glaucoma revenue was $19,200,000, a decrease of 5%, primarily due to an 11% decrease in account utilization [19] - Dry eye revenue was $300,000, down from $1,100,000 in 2024, attributed to fewer SmartLid sales [19] - Gross margin was 85%, down from 86%, with surgical glaucoma gross margin at 86% compared to 88% [20] - Net loss was $11,900,000 or $0.23 per share, compared to a net loss of $12,300,000 or $0.25 per share in the prior year [21] Business Line Data and Key Metrics Changes - Surgical glaucoma segment showed a sequential growth in ordering accounts, up 6% sequentially and 4% year-over-year [11] - Surgical glaucoma utilization increased by 4% sequentially, contributing to strong quarterly performance [11] - Dry eye segment revenue decreased significantly due to a focus on achieving reimbursed market access for tear care procedures [13][20] Market Data and Key Metrics Changes - The company is experiencing a stable market environment despite headwinds from Medicare coverage restrictions [32] - The demand for minimally invasive glaucoma treatments is expected to grow, representing a significant long-term market opportunity [8] Company Strategy and Development Direction - The company is focused on securing equitable reimbursement for tier care and driving commercial momentum in MIGS through the rollout of OmniEdge [18] - Strategic initiatives include enhancing competitive positioning, investing in commercial resources, and expanding the pseudophakic standalone omni market [10] - The company aims to build on early traction with OmniEdge and improve surgeon education on standalone procedures [12][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive adoption of the Omni procedure, citing a shift in surgeon mindset towards interventional glaucoma [9] - The company remains optimistic about achieving reimbursement coverage for tier care, despite delays [38][40] - Future growth is anticipated in the surgical glaucoma segment, with expectations of mid-single-digit declines in the near term [25] Other Important Information - The company has not yet received monetary damages from a patent infringement case against Alcon, and ongoing legal proceedings may impact future revenue [23][24] - The company is exploring additional third-party manufacturing locations to enhance production capabilities starting in 2026 [26] Q&A Session Summary Question: What is driving the strength in the surgical glaucoma business? - Management noted stability in the market and effective execution by the sales team, contributing to better-than-expected performance [32][34] Question: When can reimbursement wins for tier care be expected? - Management indicated that while they are working towards reimbursement wins in 2025, the timing is uncertain [38][40] Question: How is the competitive landscape evolving? - Management acknowledged ongoing competition but emphasized their strong performance and market position, particularly with the Omni product line [46][48] Question: What is the outlook for the second half of the year? - Management expects a mid-single-digit decline in surgical glaucoma revenue for Q3, with potential for growth in Q4 as they lap previous restrictions [52][53] Question: What are the obstacles to standalone MIGS adoption? - Management highlighted the need for a prescriptive approach to identify and treat specific patient populations, emphasizing the importance of education and workflow integration [92][96]

Company Mission and Vision - Sight Sciences' mission is to develop transformative technologies that empower eyecare providers to elevate standards of care [5] - The company aims to transform chronic eye disease treatment by reducing patient burden, slowing disease progression, and improving outcomes [9] Glaucoma Market and Technology (OMNI) - The addressable U S glaucoma market is estimated at over $6 billion with over 4 million patients diagnosed [17] - OMNI is a comprehensive MIGS technology designed to treat the full spectrum of primary open-angle glaucoma (POAG) [28] - OMNI has demonstrated consistent efficacy in both combination cataract and standalone clinical trials [32] Dry Eye Disease Market and Technology (TearCare) - The addressable U S dry eye disease market is approximately $3 billion with over 19.4 million patients diagnosed [61] - TearCare is an FDA-cleared interventional therapy designed to treat MGD by restoring gland functionality [76] - Clinical trials (SAHARA RCT) have shown TearCare to be superior to Restasis in tear break-up time improvement [84] Financial Performance and Strategy - The company projects full year 2025 revenue between $72 million and $76 million and adjusted operating expenses between $101 million and $105 million [96] - Strategic initiatives focus on expanding OMNI utilization and TearCare access and adoption [98]