Sight Sciences (SGHT) Company Report

Sight Sciences highlighted recent TearCare market access wins with First Coast and Novitas, with commercialization underway in these covered areas. The company expects $500,000-$1,000,000 in dry eye sales in Q4 2025 from these efforts, with sales ramping in 2026, targeting a large market of 6-8 million moderate to severe MGD patients.
The company is performing well in its surgical glaucoma business, gaining sequential share from Glaukos for the second straight quarter. Q4 2025 glaucoma guidance is for flattish to high single-digit growth year over year.
Sight Sciences reported over $90 million in cash and is confident in its pathway to break-even without needing additional equity capital. The company also underwent restructuring to enhance focus on its two growth opportunities (MIGS and evaporative dry eye disease) and operate more leanly.
Recent management changes include the promotion of Ali to Chief Operating Officer and Jim to Chief Financial Officer.

Nov 11, 2025, 4:20 PM

Transcript

Sight Sciences Reports Q3 2025 Results, Raises Full-Year Revenue Guidance, and Achieves Key Reimbursement Milestone

SGHT

Earnings

Guidance Update

Management Change

Sight Sciences reported Q3 2025 total revenue of $19.9 million, a 1% decrease year-over-year, and a net loss of $8.2 million, or $0.16 per share.
The company raised its full-year 2025 revenue guidance to $76 million-$78 million (from $72 million-$76 million) and reduced its adjusted operating expense guidance to $90 million-$92 million.
Significant progress was made in dry eye reimbursement, with two MACs (Novitas and First Coast) establishing jurisdiction-wide pricing for TearCare CPT code 0563T at approximately $1,142 per procedure, retroactive to January 1, 2025.
The surgical glaucoma segment's Q3 2025 revenue increased by 6% to $19.7 million compared to the prior year, driven by growth in ordering accounts and average selling prices.
Jim Murphy was appointed CFO and Ali Bauerlein was appointed COO.

Nov 6, 2025, 9:30 PM

Transcript

Sight Sciences Reports Q3 2025 Results, Raises Revenue Guidance, and Announces Executive Appointments

SGHT

Earnings

Guidance Update

Management Change

Sight Sciences reported Q3 2025 total revenue of $19.9 million, a 1% decrease compared to the same period in the prior year, and a net loss of $8.2 million, or a loss of $0.16 per share.
The company raised its full year 2025 revenue guidance to $76.0 million to $78.0 million and reduced its adjusted operating expense guidance to $90 million to $92 million.
Alison Bauerlein was promoted to Chief Operating Officer, and James Rodberg was promoted to Chief Financial Officer and Treasurer, both effective November 5, 2025.
Erica Rogers and Brenda Becker stepped down from the Board of Directors, effective November 4, 2025, leading to a reduction in the Board's size from nine to seven members.

Nov 6, 2025, 9:11 PM

8-K

Sight Sciences reports Q3 2025 results and raises full year revenue guidance

SGHT

Earnings

Guidance Update

Management Change

Sight Sciences reported total revenue of $19.9 million for the third quarter ended September 30, 2025, representing a 1% decrease compared to the prior year, with Surgical Glaucoma revenue increasing 6% and Dry Eye revenue decreasing 88%.
Total operating expenses were $25.1 million in the third quarter of 2025, an 11% decrease year-over-year, leading to a net loss of $8.2 million, or $0.16 per share.
The company raised its full year 2025 revenue guidance to $76.0 million to $78.0 million and reduced its adjusted operating expenses guidance to $90 million to $92 million.
Alison Bauerlein was appointed Chief Operating Officer and James Rodberg was appointed Chief Financial Officer, effective November 5, 2025.

Nov 6, 2025, 9:05 PM

Press Release

Sight Sciences Announces Medicare Pricing for TearCare® Procedure and Plans Updated Guidance

SGHT

Guidance Update

Revenue Acceleration/Inflection

Sight Sciences, Inc. announced that two Medicare Administrative Contractors (MACs), Novitas Solutions and First Coast Service Options, have established jurisdiction-wide pricing for CPT code 0563T, which covers the TearCare® interventional dry eye procedure.
The established Medicare fee schedule amount is $1,141.59 per procedure, effective for dates of service on and after January 1, 2025.
These two MACs collectively cover an estimated 10.4 million Medicare fee-for-service covered lives, representing approximately 30% of the total Medicare fee-for-service covered lives.
The company plans to provide updated revenue and adjusted operating expenses guidance during its third quarter 2025 earnings call to reflect the impact of this new market access.
The current 2025 revenue guidance for the Dry Eye segment, which assumes approximately $1.0 million, did not previously account for positive reimbursement coverage or payment decisions for TearCare in 2025.

Oct 17, 2025, 11:05 AM

8-K

Sight Sciences Secures Medicare Fee Schedule for TearCare Procedure

SGHT

Guidance Update

New Projects/Investments

Sight Sciences (SGHT) announced that Novitas Solutions, Inc. and First Coast Service Options, Inc., two Medicare Administrative Contractors (MACs), have established jurisdiction-wide pricing for CPT® code 0563T.
This code describes the procedure performed with the company's TearCare® System and is effective for services rendered on and after January 1, 2025.
The states and regions covered by these two MACs represent an estimated 10.4 million total covered lives, which is approximately 30% of the total Medicare fee-for-service covered lives.
The company plans to provide updated revenue and adjusted operating expenses guidance during its third quarter 2025 earnings call, taking into account these developments.

Oct 17, 2025, 11:00 AM

Press Release

Sight Sciences Discusses MIGS Market Outlook and TearCare Reimbursement Efforts

SGHT

Demand Weakening

New Projects/Investments

The MIGS market is experiencing a headwind in 2025 due to Local Coverage Determinations (LCDs) but is expected to return to growth in 2026. Sight Sciences' surgical glaucoma revenue was down mid-single digits in Q2, outperforming the 15% headwind from multiple MIGS restrictions.
Sight Sciences is actively pursuing reimbursement for its TearCare procedure, aiming for 2025 policy wins. The company has robust clinical evidence, including a two-year randomized controlled trial (RCT) showing superiority to the standard of care and significant durability.
TearCare addresses a large patient population, with over 19 million diagnosed and 19 million undiagnosed dry eye patients in the United States. The company has over 1,500 SmartHubs (TearCare devices) already installed with eye care providers, ready for activation upon securing reimbursement.

Sep 10, 2025, 5:50 PM

Transcript

Sight Sciences Announces Restructuring Plan, Workforce Reduction, and Updated Operating Expense Guidance

SGHT

Layoffs

Management Change

Guidance Update

Sight Sciences, Inc. is implementing a plan to reduce operating expenses and improve cost efficiencies, which includes a 20% reduction of its global workforce, impacting 43 employees.
The company expects to incur a cash restructuring charge of approximately $2.7 million to $3.0 million and a non-cash reduction in stock-based compensation of $0.6 million to $1.0 million in the third quarter of 2025 due to the plan. These workforce reductions are expected to yield annualized savings of approximately $11.9 million.
Matthew Link will step down as Chief Commercial Officer effective August 31, 2025.
Sight Sciences reaffirmed its full-year 2025 revenue guidance of $72.0 million to $76.0 million and updated its adjusted operating expenses guidance for 2025 to $95 million to $99 million from the previous range of $101 million to $105 million.

Aug 27, 2025, 12:00 AM

8-K

Sight Sciences Q1 2025 Results Update and Full Year Guidance

SGHT

Earnings

Guidance Update

Product Launch

Sight Sciences reported Q1 2025 revenue of $17.5 million (a 9% decline YoY) with Surgical Glaucoma revenue at $17.1 million and Dry Eye revenue at $0.4 million .
The company reaffirmed its full year 2025 revenue guidance of $70–$75 million .
Strong financial performance was noted with an 86% gross margin and operating expenses reduced by 7% to $29.0 million, although a net loss of $14.2 million was reported .
Sight Sciences improved its adjusted operating expense outlook to $101.0–$105.0 million .
Key product development included the launch of the next-generation OMNI Edge at the ASCRS Annual Meeting .
Ongoing discussions to secure reimbursement coverage for TearCare continue, with no coverage determinations made yet .
Management also highlighted challenges from new Medicare restrictions and a 145% tariff rate on Chinese imports expected to increase cost of goods sold .

May 8, 2025, 8:31 PM

Transcript 8-K

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