Sight Sciences Q4 Earnings Call Highlights

Core Insights - The company achieved a significant reimbursement milestone in Q4 with the establishment of pricing for CPT code 0563T related to the TearCare procedure, marking a turning point in its strategy to lead the reimbursed interventional dry eye treatment market [1] - The business segments have been redefined from "surgical glaucoma" and "dry eye" to "interventional glaucoma" and "interventional dry eye," reflecting a focus on earlier procedure-based interventions [2] Financial Performance - In Q4 2025, total revenue was $20.4 million, representing a 7% year-over-year increase, with adjusted operating expenses down 23% to $18.9 million and a net loss narrowed to $4.2 million [3][13] - Interventional glaucoma revenue was $19.7 million, up 5% year-over-year, while interventional dry eye revenue was $0.7 million, showing growth from $0.3 million in the prior year [4][5] - The company has provided 2026 revenue guidance of $82 million to $88 million, indicating a growth of 6% to 14% compared to 2025 [11] Strategic Focus - Management is emphasizing operational discipline and cash management, with a cash position of $92 million at the end of Q4 [3][13] - The company is targeting high-volume dry eye prescribers and engaging new providers in states with established fee schedules, leveraging existing glaucoma customers for TearCare adoption [6] - An "interventional glaucoma evaluation workflow" is being developed to enhance standalone adoption in the glaucoma market [9][10] Market Dynamics - The interventional glaucoma segment is expected to grow low single digits in Q1 2026, with a stronger performance anticipated in the second half of the year [11] - The company is focusing on expanding the standalone glaucoma market and investing in targeted commercial resources [9]