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Sight Sciences (NasdaqGS:SGHT) FY Conference Transcript

2025-09-10 18:52

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]