Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $20.4 million, a 7% increase year-over-year [17] - Interventional glaucoma revenue was $19.7 million, up 5% year-over-year, while interventional dry eye revenue was $0.7 million, up from $0.3 million [17][19] - Gross margin was 87%, consistent with the prior year, with interventional glaucoma gross margin at 88% and interventional dry eye gross margin improved to 68% from 51% [18] - Total operating expenses decreased by 25% to $21.5 million compared to $28.5 million in the prior year [18] - Net loss was $4.2 million or $0.08 per share, compared to a net loss of $11.8 million or $0.23 per share in the previous year [19] Business Line Data and Key Metrics Changes - Interventional dry eye revenue in Q4 was driven by the sale of approximately 700 Smart Lids to about 80 accounts, with 30 being new engagements [9][10] - Interventional glaucoma revenue growth was supported by a 2% increase in ordering accounts and higher average selling prices [14] - The company is focused on expanding the interventional dry eye market through investments in commercial infrastructure and provider engagement [11][12] Market Data and Key Metrics Changes - The interventional glaucoma market is expected to grow in the low to mid-single digits, while the interventional dry eye segment is projected to reach $5 million-$7 million in revenue for 2026 [20][26] - The company estimates that the current MIGS market is approximately 90% combo cataract and 10% standalone, with expectations for a shift towards standalone procedures [37] Company Strategy and Development Direction - The company aims to return to double-digit growth while maintaining operational rigor and financial discipline [5] - A focus on interventional solutions is expected to create multiple durable growth drivers across glaucoma and dry eye categories [7] - The company is investing in targeted commercial resources to drive education and activation in the standalone glaucoma market [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow breakeven without raising additional equity capital, supported by a strong balance sheet [17] - The company is optimistic about the growth potential in both interventional glaucoma and interventional dry eye markets, with a focus on disciplined execution [22] - Management highlighted the importance of expanding market access and engaging with additional MACs and commercial payers throughout 2026 [12][22] Other Important Information - The company has established pricing for CPT code 0563T associated with the TearCare procedure, marking a significant milestone for the interventional dry eye business model [9] - The company ended Q4 with $92 million in cash and cash equivalents, down from $120.4 million at the end of 2024 [19] Q&A Session Summary Question: Guidance assumptions for interventional glaucoma and interventional dry eye - Management indicated a stable market for interventional glaucoma and expressed excitement about growth in both segments for 2026 [25][26] Question: Underlying market growth assumptions for interventional glaucoma - Management estimates low to mid-single digit market growth for interventional glaucoma [27] Question: Standalone glaucoma market evolution and obstacles - Management discussed the need for education and activation to convert understanding of interventions into actual cases, with a focus on procedural workflows [34][36] Question: Operating expenses and investment balance - Management emphasized a focus on commercial infrastructure investments while maintaining financial discipline [44][46] Question: Revenue opportunity in MACs for dry eye - Management highlighted a significant market opportunity in MACs with 10.4 million covered lives and a high prevalence of dry eye disease [47][49] Question: Peak sales potential for TearCare - Management acknowledged the large market opportunity for TearCare but refrained from quantifying peak sales potential at this time [55][56] Question: Impact of new goniotomy codes on reimbursement - Management discussed potential changes in reimbursement for goniotomy and its implications for OMNI technology [69][70]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $20.4 million, a 7% increase year-over-year [17] - Interventional glaucoma revenue was $19.7 million, up 5% year-over-year, driven by increases in ordering accounts and average selling prices [17] - Interventional dry eye revenue was $0.7 million, up from $0.3 million, reflecting positive traction in the reimbursed interventional dry eye business model [17] - Gross margin was 87%, consistent with the prior year, while interventional glaucoma gross margin improved to 88% from 87% [18] - Total operating expenses decreased by 25% to $21.5 million compared to $28.5 million in the prior year [18] - Net loss was $4.2 million or $0.08 per share, compared to a net loss of $11.8 million or $0.23 per share in the previous year [19] Business Line Data and Key Metrics Changes - Interventional dry eye segment achieved a significant reimbursement milestone with established pricing for CPT code 0563T, associated with the TearCare procedure [9] - Revenue from interventional dry eye in Q4 was driven by the sale of approximately 700 SmartLids to about 80 accounts, with around 30 being new engagements [9][10] - Interventional glaucoma revenue growth was supported by a 2% increase in ordering accounts year-over-year, with utilization remaining healthy [14] Market Data and Key Metrics Changes - The interventional glaucoma market is expected to grow in the low to mid-single digits, while the interventional dry eye market is anticipated to grow significantly due to new reimbursement opportunities [25][26] - The current MIGS market is estimated to be 90% combo cataract and 10% standalone, with expectations for a shift towards standalone procedures [36] Company Strategy and Development Direction - The company aims to return to double-digit growth while maintaining operational rigor and financial discipline [5] - A focus on interventional solutions is expected to create multiple durable growth drivers across glaucoma and dry eye treatments [7] - Investments in commercial infrastructure and market access are planned to support growth in both interventional dry eye and interventional glaucoma segments [22][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow breakeven without raising additional equity capital, emphasizing operational discipline [17] - The company is optimistic about the growth potential in both segments, particularly with the recent reimbursement milestones for interventional dry eye [22] - Management highlighted the importance of educating eye care providers on the benefits of earlier intervention with minimally invasive solutions for glaucoma [33] Other Important Information - The company ended Q4 2025 with $92 million in cash and cash equivalents, down from $120.4 million at the end of 2024 [19] - The company initiated revenue guidance for 2026 of $82 million to $88 million, reflecting growth of 6% to 14% compared to 2025 [20] Q&A Session Summary Question: Guidance assumptions for interventional glaucoma and interventional dry eye - Management indicated a stable market for interventional glaucoma and emphasized prudent guidance for interventional dry eye, which is still early in its reimbursement journey [25][26] Question: Standalone glaucoma market evolution and obstacles - Management noted that activating the standalone market requires education and a structured workflow similar to cataract surgery, with ongoing investments to facilitate this transition [33][36] Question: Operating expenses and investment balance - Management confirmed that investments in commercial infrastructure will focus on both interventional dry eye and glaucoma, while maintaining financial discipline [42][44] Question: TearCare peak sales potential - Management acknowledged the large market opportunity for TearCare but refrained from quantifying peak sales potential at this time, emphasizing the need for market access [52][54] Question: First quarter outlook for interventional glaucoma - Management cited weather-related disruptions as a factor impacting the first quarter outlook, but did not foresee other significant headwinds [59]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $20.4 million, a 7% increase year-over-year [17] - Interventional glaucoma revenue was $19.7 million, up 5% year-over-year, while interventional dry eye revenue was $0.7 million, up from $0.3 million [17] - Gross margin was 87%, consistent with the prior year, with interventional glaucoma gross margin at 88% and interventional dry eye gross margin improved to 68% from 51% [18] - Total operating expenses decreased by 25% to $21.5 million compared to $28.5 million in the prior year [18] - Net loss was $4.2 million or $0.08 per share, compared to a net loss of $11.8 million or $0.23 per share in the previous year [19] - Cash and cash equivalents at the end of the quarter were $92 million, down from $120.4 million at the end of 2024 [19] Business Line Data and Key Metrics Changes - Interventional dry eye revenue in Q4 was $0.7 million, driven by the sale of approximately 700 Smart Lids to about 80 accounts, with 30 being new engagements [9][10] - Interventional glaucoma revenue was $19.7 million, with ordering accounts increasing by 2% year-over-year [13] - Utilization in interventional glaucoma remained healthy, down slightly after a strong Q3 [13] Market Data and Key Metrics Changes - The interventional dry eye market is expected to grow significantly, with a focus on expanding market access and engaging new eye care providers [11][12] - The interventional glaucoma market is projected to grow in the low to mid-single digits, with a focus on expanding the combo cataract segment and standalone market opportunities [25][27] Company Strategy and Development Direction - The company aims to return to double-digit growth while maintaining operational rigor and financial discipline [5] - A shift in terminology from surgical glaucoma and dry eye to interventional glaucoma and interventional dry eye reflects a focus on earlier procedure-based interventions [6] - Investments are being made in commercial infrastructure to support growth in both interventional dry eye and interventional glaucoma segments [21][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity within the interventional markets for glaucoma and dry eye, emphasizing the importance of their proprietary technologies [5][6] - The company is focused on pioneering the reimbursed interventional dry eye treatment market and enhancing customer engagement [11][12] - Management expects revenue guidance for 2026 to be between $82 million and $88 million, reflecting growth of 6% to 14% compared to 2025 [19][20] Other Important Information - The company has established pricing for CPT code 0563T associated with the TearCare procedure, marking a significant milestone for the interventional dry eye business model [9] - The company is actively engaging with additional MACs and commercial payers to accelerate adoption and expand access for patients [12][63] Q&A Session Summary Question: Can you provide color on low-end versus high-end assumptions for guidance? - Management indicated a stable market for interventional glaucoma and emphasized prudent guidance for interventional dry eye, which is still early in its market access journey [25][26] Question: What are the assumptions for underlying market growth in interventional glaucoma? - Management estimates low to mid-single digit market growth for interventional glaucoma [27] Question: How do you see the standalone glaucoma market evolving? - Management highlighted the importance of educating eye care providers on earlier interventions and activating the standalone market through targeted investments [34][36] Question: What is the revenue opportunity for dry eye in the two MACs? - Management noted a significant opportunity with 10.4 million covered lives and approximately 700,000 patients with moderate to severe MGD in those markets [46] Question: Can you discuss the peak sales potential of TearCare? - Management acknowledged the large market opportunity for TearCare but refrained from quantifying peak sales potential at this time [51][54] Question: What is the expectation for reimbursement with new goniotomy codes? - Management is aware of the potential impact of new goniotomy codes and expects some pressure on utilization but believes it could also create a tailwind for their OMNI technology [66]

Core Insights - Sight Sciences, Inc. appointed Gerhard (Gary) F. Burbach to its Board of Directors, effective April 21, 2025, serving as a Class II director until the 2026 Annual Meeting of Stockholders [1] - The appointment is expected to enhance the company's strategic direction in the surgical glaucoma and dry eye segments, which are significant growth areas in eye care [2] Company Overview - Sight Sciences is focused on developing and commercializing innovative interventional technologies aimed at transforming eye care and improving patient outcomes [3] - The company's key products include the OMNI® Surgical System for glaucoma surgery and the TearCare® System for treating evaporative dry eye disease [3] Leadership Background - Gary Burbach has extensive experience in the medtech industry, having previously served as CEO of Thoratec Corporation and held leadership roles in various medical device companies [2] - His expertise in market development and operational leadership is anticipated to be beneficial for Sight Sciences as it seeks to maintain its leadership position in the surgical glaucoma segment and expand market access in the dry eye segment [2]