Company Mission and Vision - Sight Sciences' mission is to develop transformative technologies that empower eyecare providers to elevate standards of care [5] - The company aims to transform chronic eye disease treatment by reducing patient burden, slowing disease progression, and improving outcomes [9] Glaucoma Market and Technology (OMNI) - The addressable U S glaucoma market is estimated at over $6 billion with over 4 million patients diagnosed [17] - OMNI is a comprehensive MIGS technology designed to treat the full spectrum of primary open-angle glaucoma (POAG) [28] - OMNI has demonstrated consistent efficacy in both combination cataract and standalone clinical trials [32] Dry Eye Disease Market and Technology (TearCare) - The addressable U S dry eye disease market is approximately $3 billion with over 19.4 million patients diagnosed [61] - TearCare is an FDA-cleared interventional therapy designed to treat MGD by restoring gland functionality [76] - Clinical trials (SAHARA RCT) have shown TearCare to be superior to Restasis in tear break-up time improvement [84] Financial Performance and Strategy - The company projects full year 2025 revenue between $72 million and $76 million and adjusted operating expenses between $101 million and $105 million [96] - Strategic initiatives focus on expanding OMNI utilization and TearCare access and adoption [98]

Core Insights - Sight Sciences, Inc. reported a revenue of $17.5 million for Q1 2025, a 9% decrease compared to the same period in the previous year, primarily due to lower Surgical Glaucoma revenue and fewer Dry Eye product sales [4][7][10] - The company reaffirmed its revenue guidance for the full year 2025, expecting approximately $70.0 million to $75.0 million, reflecting a 6% to 12% decline compared to 2024 [10] - Adjusted operating expenses guidance for 2025 has improved, now expected to be approximately $101.0 million to $105.0 million, representing a 0% to 4% increase compared to 2024 [11] Financial Performance - Surgical Glaucoma revenue was $17.1 million, down 6% year-over-year, attributed to a 10% decrease in account utilization due to Medicare restrictions [4][10] - Dry Eye revenue decreased to $0.4 million from $1.0 million in the prior year, mainly due to a focus on reimbursed market access for TearCare [4][10] - Gross profit for Q1 2025 was $15.1 million, with a gross margin of 86%, unchanged from the previous year [5][7] Operating Expenses - Total operating expenses were $29.0 million, a 7% decrease from $31.2 million in the prior year, driven by lower legal expenses [6][7] - Research and development expenses were $4.4 million, down 4% year-over-year, while selling, general, and administrative expenses decreased by 8% to $24.5 million [6][7] Net Loss and Cash Position - The net loss for Q1 2025 was $14.2 million, or $0.28 per share, an improvement from a net loss of $16.3 million, or $0.33 per share, in the same period last year [8][29] - As of March 31, 2025, cash and cash equivalents totaled $108.8 million, down from $120.4 million at the end of 2024 [9][26] Strategic Initiatives - The company is focused on building commercial momentum in minimally invasive glaucoma surgery (MIGS) and establishing equitable reimbursement for TearCare, alongside advancing its product pipeline [3][10] - The recent launch of OMNI Edge at the ASCRS Annual Meeting is part of the company's strategy to enhance its product offerings [7][10]