Revenue Performance - Surgical Glaucoma revenue for the nine months ended September 30, 2025, was $56.1 million, down from $57.1 million in the same period of 2024, with gross margins of 86.3% and 87.6% respectively[119]. - Dry Eye revenue for the nine months ended September 30, 2025, was $0.9 million, a decrease from $3.7 million in 2024, with gross margins of 52.1% and 45.8% respectively[119]. - Total revenue for the three months ended September 30, 2025, was $19.9 million, a decrease of $0.3 million, or 1.2%, compared to $20.2 million in the prior year[143]. - Surgical Glaucoma revenue increased by $1.1 million, or 5.8%, to $19.7 million, primarily due to an increase in the number of units sold and average selling prices[143]. - Dry Eye revenue decreased by $1.3 million, or 87.7%, to $0.2 million, attributed to decreased volumes of SmartLids purchased and fewer new customers[144]. - Revenue for the nine months ended September 30, 2025 was $57.0 million, a decrease of $3.8 million, or 6.3%, compared to $60.8 million in the prior year[153]. - Surgical Glaucoma revenue was $56.1 million, a decrease of $1.1 million, or 1.9%, primarily due to a decrease in the number of OMNI units sold[153]. - Dry Eye revenue was $0.9 million, a decrease of $2.7 million, or 75.0%, attributed to decreased volumes of SmartLids purchased and fewer new customers[154]. Financial Position - As of September 30, 2025, the company had cash and cash equivalents of $92.4 million and an accumulated deficit of $380.6 million[124]. - Cash and cash equivalents amounted to $92.4 million as of September 30, 2025, consisting of bank deposits, money market funds, and U.S. treasury bills[188]. - The company expects its cash and cash equivalents will enable it to fund operations for at least the next 12 months[170]. - The Hercules Loan Agreement includes Term Loans with a total credit facility of $65.0 million, with Tranche 2 of $10.0 million not available due to unmet performance milestones[175][177]. - As of September 30, 2025, the interest rate on the Term Loans is 10.35%, with a final payment fee of 5.95% recognized as a debt discount[178][189]. - The company is required to use commercially reasonable efforts to grant lenders the option to invest up to $3.0 million in the next round of equity financing[181]. - The company has complied with all covenants under the Hercules Loan Agreement as of September 30, 2025, including minimum cash and revenue covenants[180]. - The interest-only period of the Hercules Loan Agreement has been extended to February 1, 2027, following a third amendment[177]. Operational Changes - The company implemented a targeted restructuring plan in Q3 2025, reducing headcount by approximately 20% and cutting operating expenses by delaying R&D spending and limiting marketing costs[116]. - The company does not intend to develop internal manufacturing capabilities and relies on third-party manufacturers, with plans to expand manufacturing capacity starting in Q1 2026[118]. - The company has established direct commercial operations in the UK and Germany, selling OMNI directly in these markets[110]. Expenses and Profitability - Total gross profit was $17.2 million, an increase of $0.3 million from the prior year, with a total gross margin of 86.4%, up from 83.9%[146]. - Research and Development (R&D) expenses were $3.4 million, a decrease of $1.4 million from the prior year, including $1.0 million of restructuring costs[147]. - Selling, General and Administrative (SG&A) expenses were $21.8 million, a decrease of $1.6 million from the prior year, including $1.8 million of restructuring costs[148]. - Total gross profit was $48.9 million, a decrease of $2.8 million from the prior year, with a gross margin of 85.8%, up from 85.1%[157]. - Research and Development expenses were $12.2 million, a decrease of $1.5 million, driven by reductions in consulting, clinical studies, and payroll expenses[158]. - Selling, General, and Administrative expenses were $70.1 million, a decrease of $6.5 million, primarily due to lower legal and stock-based compensation expenses[159]. - Investment income was $1.0 million, a decrease of $0.5 million from the prior year, due to lower investment balances and yields[149]. - Investment income was $3.1 million, a decrease of $1.5 million, due to lower investment balances and yields[160]. - Interest expense increased by $0.2 million due to a higher outstanding principal balance under the Hercules Loan Agreement[150]. Future Outlook - The company plans to continue investing in product development, market access, and clinical studies, expecting to incur net losses for several years and may seek additional financing[123]. - The company expects Dry Eye gross margins to improve over time as market access expands, although improvements may be offset by tariffs[123]. - The company expects to continue investing in R&D initiatives and commercial expansion efforts to drive future growth[136][138]. Miscellaneous - Over 350,000 estimated uses of Surgical Glaucoma products occurred in over 2,200 hospitals and ASCs in the U.S. and Europe, while TearCare had over 70,000 estimated uses in over 1,500 eyecare facilities in the U.S. through September 30, 2025[117]. - The company incurred $0.6 million in increased cost of goods sold due to tariff-related expenses for the nine months ended September 30, 2025[121]. - A hypothetical 1.0% change in interest rates would not have a material impact on the company's financial statements[189]. - The company does not have any off-balance sheet arrangements[183]. - There were no changes in internal control over financial reporting that materially affected the company during the quarter ended September 30, 2025[192].

Revenue Performance - Total revenue for Q3 2025 was $19.9 million, a decrease of 1% compared to the same period in the prior year[5] - Total revenue for Q3 2025 was $19.906 million, a decrease of 1.2% from $20.157 million in Q3 2024[32] - The company raised its full year 2025 revenue guidance to $76.0 million to $78.0 million, representing a 2% to 5% decline compared to 2024 revenue[14] Expense Management - Total operating expenses were reduced to $25.1 million, an 11% decrease from $28.1 million in the same period last year[11] - Adjusted operating expenses decreased by 17% to $19.8 million from $23.8 million in the prior year[12] - Adjusted operating expenses guidance for full year 2025 was reduced to $90 million to $92 million, a decrease of 9% to 11% compared to 2024[15] - Selling, general and administrative expenses decreased to $21.750 million in Q3 2025 from $23.390 million in Q3 2024, a decline of 7.0%[32] - Research and development expenses for Q3 2025 were $3.352 million, down from $4.746 million in Q3 2024, reflecting a 29.4% reduction[32] Profitability - Gross profit for Q3 2025 was $17.197 million, compared to $16.907 million in Q3 2024, resulting in a gross margin of 86.4%, up from 83.9% year-over-year[34] - Net loss for Q3 2025 was $8.169 million, an improvement from a net loss of $11.066 million in Q3 2024[32] Customer Metrics - Surgical Glaucoma revenue increased by 6% to $19.7 million, while Dry Eye revenue decreased by 88% to $0.2 million due to a focus on achieving reimbursed market access[9] - Surgical Glaucoma active customers increased to 1,197 in Q3 2025 from 1,107 in Q3 2024, representing an 8.1% growth[39] - Dry Eye active customers dropped to 50 in Q3 2025 from 296 in Q3 2024, a significant decline of 83.1%[39] - Surgical Glaucoma ordering accounts reached an all-time high of 1,197, an 8% increase compared to Q3 2024[5] Financial Position - Cash and cash equivalents totaled $92.4 million as of September 30, 2025, down from $101.5 million as of June 30, 2025[13] - Total current assets decreased to $113.595 million as of September 30, 2025, from $139.774 million at December 31, 2024, a decline of 18.7%[31] - Total liabilities decreased to $51.966 million as of September 30, 2025, down from $55.316 million at December 31, 2024, a reduction of 6.1%[31] - Total stockholders' equity decreased to $64.290 million as of September 30, 2025, compared to $87.523 million at December 31, 2024, a decline of 26.6%[31] Restructuring and Costs - The company incurred $2.8 million in restructuring costs associated with workforce reductions announced in August 2025[11] - The company expects tariff exposure to increase costs by $1.0 million to $1.5 million for the full year 2025[16]

Core Insights - Sight Sciences, Inc. reported a total revenue of $19.9 million for Q3 2025, a decrease of 1% year-over-year, with Surgical Glaucoma revenue increasing by 6% to $19.7 million, while Dry Eye revenue fell by 88% to $0.2 million due to a focus on achieving reimbursed market access for TearCare procedures [6][8][11]. Financial Performance - The gross profit for Q3 2025 was $17.2 million, with a gross margin of 86%, up from 84% in the same period last year [9]. - Total operating expenses decreased by 11% to $25.1 million, including $2.8 million in restructuring costs [10]. - The net loss for Q3 2025 was $8.2 million, or a loss of $0.16 per share, an improvement from a net loss of $11.1 million, or a loss of $0.22 per share, in the prior year [11]. Business Highlights - The company achieved a record high of 1,197 Surgical Glaucoma ordering accounts, an increase of 8% compared to the same period last year [6]. - Recent milestones include the establishment of new fee schedules for TearCare by two Medicare Administrative Contractors, covering approximately 10.4 million lives [6][8]. - UnitedHealthcare expanded coverage for glaucoma surgical treatments, effective October 1, 2025, impacting approximately 30 million covered lives [6][8]. Guidance and Outlook - The company raised its revenue guidance for the full year 2025 to between $76.0 million and $78.0 million, reflecting a 2% to 5% decline compared to 2024 [13]. - Adjusted operating expenses guidance for 2025 was reduced to $90 million to $92 million, representing a decrease of 9% to 11% compared to 2024 [14].

Core Insights - Sight Sciences has appointed Alison Bauerlein as Chief Operating Officer and James Rodberg as Chief Financial Officer, effective November 5, 2025, to enhance its operational capabilities and drive growth in the interventional dry eye market [1][2] Leadership Appointments - The new appointments are aimed at strengthening the company's market leadership in minimally invasive glaucoma surgery (MIGS) and scaling the reimbursed interventional dry eye category [2] - Alison Bauerlein has a proven track record in leading high-growth medtech organizations and will focus on scaling the business [2][4] - James Rodberg brings a strong finance background and will support the company's growth and profitability goals [2][5] Board of Directors Update - Erica Rogers and Brenda Becker have stepped down from the Board of Directors, with acknowledgments of their contributions to the company's vision and mission [3] Company Overview - Sight Sciences is focused on developing innovative interventional solutions to improve patient care in eyecare, targeting prevalent eye diseases with minimally invasive approaches [7] - The company's products include the OMNI® Surgical System and TearCare® System, which address glaucoma and dry eye disease, respectively [7]

Core Insights - Sight Sciences, Inc. is an eyecare technology company focused on developing innovative interventional technologies to transform care and improve patients' lives [1][3] - The company will present at the Stifel 2025 Healthcare Conference on November 11, 2025, and at the Piper Sandler 37th Annual Healthcare Conference on December 2, 2025 [2] Company Overview - Sight Sciences develops and commercializes minimally invasive or non-invasive solutions targeting prevalent eye diseases, aiming to enhance patient care and replace outdated treatment methods [3] - The company's key products include the OMNI Surgical System and OMNI Edge Surgical System, which are implant-free technologies for glaucoma surgery, and the TearCare System for treating evaporative dry eye disease [3] Product Details - The OMNI Surgical System is CE Marked for reducing 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 510(k) cleared for localized heat therapy to clear gland obstructions in patients with meibomian gland disease [3]

Core Viewpoint - Sight Sciences, Inc. is set to report its financial results for Q3 2025 on November 6, 2025, with a conference call scheduled to discuss the results [1]. Company Overview - Sight Sciences is an eyecare technology company focused on developing innovative interventional solutions aimed at transforming patient care and improving lives [3]. - The company utilizes minimally invasive or non-invasive methods to address prevalent eye diseases, aiming to enhance treatment paradigms and replace outdated approaches [3]. - Key products include the OMNI® Surgical System and OMNI® Edge Surgical System, which are implant-free technologies for glaucoma surgery, and the TearCare® System, which is designed for treating evaporative dry eye disease [3]. Upcoming Events - The financial results for the third quarter ending September 30, 2025, will be reported after market close on November 6, 2025 [1]. - A conference call to discuss these results will begin at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time [1]. - Investors can access a live and archived webcast of the conference call on the company's website [2].

Core Insights - Sight Sciences, Inc. (SGHT) shares increased by 32.53 percent to $4.56, gaining $1.11 after the announcement regarding Medicare pricing for CPT code 0563T [1] - The new pricing will be effective from January 1, 2025, across all relevant jurisdictions [1] Stock Performance - The stock traded between $3.89 and $4.80 during the session, compared to a previous close of $3.45 on the Nasdaq [2] - Trading volume surged to 1.30 million shares, significantly higher than the average of 110,412 shares [2] - The 52-week stock price range is between $2.03 and $6.08 [2]

Core Insights - Sight Sciences, Inc. announced that two Medicare Administrative Contractors (MACs), Novitas Solutions and First Coast Service Options, have established pricing for CPT code 0563T, which pertains to the TearCare® System for treating meibomian gland dysfunction [1][2][3] - The local fee schedule for CPT code 0563T will be effective for services on or after January 1, 2025, and will be available for eyecare providers in the respective jurisdictions [2][5] - The regions covered by Novitas and First Coast represent approximately 30% of total Medicare fee-for-service covered lives, amounting to an estimated 10.4 million covered lives [3][4] Company Developments - The CEO of Sight Sciences expressed gratitude for the established pricing, emphasizing the importance of access to the TearCare treatment for Medicare beneficiaries [1][5] - The company has launched the Sight Access Portal to assist providers with patient benefit verifications, prior authorizations, and reimbursement inquiries related to the TearCare System and other surgical systems [5][6] - Sight Sciences plans to provide updated revenue and adjusted operating expenses guidance during its third quarter 2025 earnings call [5] Industry Context - The TearCare® System is designed to address evaporative dry eye disease caused by meibomian gland disease, which is a prevalent condition affecting many patients [6][7] - The company focuses on developing innovative, minimally invasive technologies to improve patient care and transform treatment paradigms in eyecare [6][7]

Core Insights - Sight Sciences (SGHT) published a systematic literature review and meta-analysis in the European Journal of Ophthalmology, confirming the long-term safety and efficacy of the OMNI Surgical System (OMNI) for patients with primary open-angle glaucoma [1][4][9] Company Performance - Following the announcement, SGHT's shares increased by 7.9%, closing at $3.69, with a year-to-date gain of 1.4% compared to the industry's decline of 11.4% [3] - SGHT currently has a market capitalization of $179.1 million and projects an earnings growth of 17.7% for the next year [5] Clinical Evidence - The meta-analysis covered 29 publications across 22 unique studies involving 2,379 eyes, demonstrating that OMNI provides sustained reductions in intraocular pressure (IOP) and medication use while maintaining a favorable safety profile [9] - Nearly 89% of patients achieved at least a 20% reduction in IOP at 6, 12, and 24 months, with approximately 66–68% remaining medication-free at 6 and 12 months [10] Economic Value - The cost-utility analysis indicated that patients treated with OMNI achieved an average of 8.95 quality-adjusted life years (QALYs) over a lifetime horizon, slightly higher than the 8.93 QALYs for the leading market alternative, iStent inject [11]

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].