Sight Sciences(SGHT)2025-05-27 17:00Summary of the Conference Call Company and Industry Overview - The conference call involved Site Sciences, focusing on the surgical glaucoma and dry eye treatment markets, particularly the minimally invasive glaucoma surgery (MIGS) segment and the TearCare product for dry eye treatment [1][2][18]. Key Points on Surgical Glaucoma - First Quarter Performance: Surgical glaucoma revenue was initially guided to decline by 10-15% year-over-year but only decreased by 6%, indicating better-than-expected performance [2][26]. - MIGS Environment: The company is navigating a dynamic MIGS environment due to new restrictions limiting the combination of multiple MIGS procedures during cataract surgery, which has led to a decline in claims for these devices [3][4]. - Product Performance: Both Omni and Scion devices are performing slightly better than expected, with Omni's strong clinical efficacy and surgeon preference contributing to its market share [4][10]. - Market Dynamics: The transition to a one MIGS world is ongoing, with Omni positioned well due to its comprehensive functionality, allowing it to address multiple points of resistance in the outflow pathway [6][7]. - Claims Data: The volume of visits involving multiple MIGS procedures has dropped from 15% to 5%, indicating a significant shift in the market [11][12]. - Long-term Growth Potential: The market for MIGS is not fully penetrated, with significant opportunities in the combination cataract segment, as many patients undergoing cataract surgery are not receiving MIGS [18][19]. Key Points on Dry Eye Treatment - TearCare Opportunity: The company is focused on pioneering a new category of interventional dry eye treatment, addressing the underlying causes of dry eye disease, particularly obstructed meibomian glands [42][45]. - Payer Discussions: Productive conversations with payers are ongoing, with expectations for coverage policies and payment decisions to begin in 2025 [45][46]. - Market Size: There are over 19 million diagnosed patients with dry eye disease in the U.S., with a significant portion suffering from moderate to severe conditions, representing a large market opportunity [55][57]. - Procedure Volume Potential: The company estimates a potential for 7-8 million patients to undergo one or two procedures annually, depending on reimbursement rates [56][57]. - Existing Infrastructure: Site Sciences has a lean but experienced sales team ready to ramp up once reimbursement decisions are made, with over 1,500 trained smart hubs in place [49][50]. Additional Insights - Competitive Landscape: The introduction of new competitors, such as the Via 360 device, is acknowledged, but the company remains confident in the Omni product line and its ongoing innovations [31][34]. - Market Education: There is a need for continued education among surgeons regarding the importance of MIGS in the treatment paradigm to increase adoption rates [25][24]. - Long-term Confidence: The company expresses confidence in the long-term growth of both the MIGS and dry eye markets, emphasizing the importance of addressing unmet patient needs [20][21].