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].

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]