Sight Sciences(SGHT) - 2025 Q3 - Quarterly Results

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]