Core Insights - Sight Sciences reported strong third-quarter results, raising its revenue guidance for 2025 to $76 million to $78 million, driven by growth in its surgical glaucoma segment and advancements in its dry eye business [4][9][30] - The company is focusing on expanding its Tiered Care franchise, which aims to establish a new category of reimbursed interventional dry eye treatments, following the establishment of fee schedules by First Coast Service Options and Novitas Solutions [8][10][22] Financial Performance - Total revenue for Q3 2025 was $19.9 million, a 1% decrease year-over-year, while surgical glaucoma revenue increased by 6% to $19.7 million [27][28] - Dry eye revenue fell to $200,000 from $1.5 million, aligning with expectations as the company prioritized achieving reimbursed market access for Tiered Care procedures [28] - Gross margin improved to 86%, up from 84%, with surgical glaucoma gross margin remaining stable at 87% [28][29] Market Opportunities - The company estimates approximately 10.4 million Medicare-covered lives in regions where new fee schedules for Tiered Care have been established, indicating a significant market opportunity [10][12] - There are around 6,500 eye care providers identified as potential adopters of Tiered Care procedures, with an existing customer base of about 200 providers who have previously purchased related products [12][13] Strategic Initiatives - The management team is focused on securing additional reimbursement coverage and payment decisions for Tiered Care, accelerating commercial momentum in both surgical glaucoma and dry eye segments, and deepening customer engagement through education initiatives [25][66] - The company has made significant progress in reengaging dormant accounts and expanding its customer base, particularly in the context of the new reimbursement environment for Tiered Care [58][66] Management Changes - Recent management changes include the promotion of Ali Bauerlein to Chief Operating Officer and Jim Rodberg to Chief Financial Officer, aimed at enhancing operational execution and strategic focus [21][23][24]