Sight Sciences Reports Fourth Quarter and Full Year 2024 Financial Results and Initiates Full Year 2025 Financial Guidance
Rhea-AI Summary
Sight Sciences (SGHT) reported Q4 2024 revenue of $19.1M, up 2% YoY, while full-year 2024 revenue decreased 1% to $79.9M. The company's Surgical Glaucoma segment revenue grew 9% to $18.8M in Q4, while Dry Eye revenue declined to $0.3M from $1.6M YoY.
Q4 gross margin improved to 87% from 85% YoY. Full-year operating expenses decreased 6% to $118.8M, with net loss improving to $51.5M ($1.03 per share) from $55.5M ($1.14 per share) in 2023. Cash position stood at $120.4M as of December 31, 2024.
For 2025, SGHT projects revenue between $70-75M, representing a 6-12% decline, primarily due to Medicare LCD restrictions on multiple MIGS procedures during cataract surgery. The company expects adjusted operating expenses of $105-107M for 2025, a 4-6% increase from 2024.
Positive
- Surgical Glaucoma revenue grew 9% in Q4 2024
- Gross margin improved to 87% in Q4 2024
- Operating expenses reduced by 6% to $118.8M in 2024
- Cash burn reduced 62% to $17.8M in 2024
- Net loss per share improved to $1.03 from $1.14 YoY
Negative
- Full-year 2024 revenue declined 1% to $79.9M
- Dry Eye revenue dropped to $0.3M from $1.6M in Q4
- Projected 6-12% revenue decline for 2025
- Operating expenses expected to increase 4-6% in 2025
- Medicare restrictions impacting MIGS procedures
News Market Reaction 1 Alert
On the day this news was published, SGHT gained 2.89%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MENLO PARK, Calif., March 05, 2025 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) ("Sight Sciences" or the "Company"), an eyecare technology company focused on developing and commercializing innovative, interventional technologies that elevate the standard of care, today reported financial results for the fourth quarter and full year ended December 31, 2024 and initiated financial guidance for full year 2025.
Recent Financial Highlights
- Generated fourth quarter 2024 total revenue of
$19.1 million , an increase of2% compared to the same period in the prior year, and full year 2024 total revenue of$79.9 million , a decrease of1% compared to full year 2023. - Achieved total gross margin of
87% of revenue in the fourth quarter of 2024 compared to85% of revenue in the same period in the prior year, and full year 2024 total gross margin of85% of revenue compared to85% of revenue in full year 2023. - Reduced full year 2024 operating expenses to
$118.8 million , a$7.6 million , or a6% decrease compared to full year 2023, and reduced non-GAAP adjusted operating expenses1,2 to$101.3 million for full year 2024, a$9.0 million , or an8% decrease compared to full year 2023. - Reduced cash used in the year ended December 31, 2024 to
$17.8 million compared to$46.9 million in the year ended December 31, 2023, or a62% decrease compared to full year 2023.
Recent Business and Clinical Highlights
- Announced the publication of a landmark 36-month analysis evaluating the long-term effectiveness of the OMNI® Surgical System in managing primary open-angle glaucoma. This study presented evidence supporting the sustained benefits of standalone OMNI procedures, independent of cataract surgery, including clinically and statistically significant reductions in intraocular pressure through up to 36 months postoperatively, with mean reductions ranging from 5.6 to 7.1 mmHg. The study also reported a statistically significant decrease in eye medication use through 18 months.
- Announced the publication of a Budget Impact Analysis (“BIA”) of the TearCare® System for the treatment of meibomian gland disease (“MGD”) associated dry eye disease in the United States. Key findings indicated that a
20% increase in market share of TearCare compared to prescription dry eye medications would yield an estimated annual savings of$36.87 per member per year across all plan members in a hypothetical health plan with one million covered lives. The study showed a direct relationship between increased utilization of TearCare in place of prescription medications and total costs savings from a U.S. payer perspective.
Management Commentary
“As we turn to 2025, we are focused on advancing our strategic initiatives, which include building commercial momentum in MIGS through a continued commitment to education and engagement with our customers, establishing equitable reimbursement for TearCare, and publishing new clinical and cost data to support the adoption and use of our portfolio of interventional technologies,” said Paul Badawi, Co-Founder and Chief Executive Officer of Sight Sciences. “While the MIGS market has been in flux for the last eighteen months, we believe the comprehensive procedure performed with OMNI, which is supported by our strong commercial presence, will continue to be a market-leading choice for surgeons treating their glaucoma patients. We are also excited about the TearCare market access opportunity for the millions of patients suffering from dry eye disease and our robust pipeline of interventional glaucoma and dry eye technologies, including an upcoming next generation OMNI release expected in the first half of 2025.”
Fourth Quarter 2024 Financial Results
Revenue for the fourth quarter of 2024 was
Gross profit for the fourth quarter of 2024 was
Total operating expenses were
Net loss was
Full Year 2024 Financial Results
Revenue for full year 2024 was
Gross profit for full year 2024 was
Total operating expenses were
Net loss was
Cash and cash equivalents totaled
2025 Financial Guidance
Sight Sciences expects its revenue for full year 2025 to range from
The Company expects adjusted operating expenses1,3 for full year 2025 to range from
The Company's full year 2025 financial guidance is forward-looking in nature, reflecting management’s expectations as of March 5, 2025, and is subject to significant risks and uncertainties that limit its ability to accurately forecast results. This outlook assumes no meaningful changes to the Company's business prospects or risks and uncertainties identified by management that could impact future results, which include, but are not limited to: changes to reimbursement coverage or payment decisions or reimbursement rates for our products, pricing pressure or changes in market share resulting from the evolving competitive landscape; the impact of tariffs on our products and the medical device industry generally; and disruptions to or increased costs associated with our supply chain, including as a result of having a limited number of suppliers.
1 “Adjusted operating expenses” is a financial measure not prepared in accordance with generally accepted accounting principles in the United States (“GAAP”, and therefore such a measure, is a “non-GAAP financial measure”), and is calculated as operating expenses less stock-based compensation expense, depreciation and amortization, restructuring costs, and other one-time costs. Please see the “Non-GAAP Financial Measures” section below for additional information.
2 A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table titled "Non-GAAP to GAAP Reconciliation" attached to this press release.
3 Consistent with Securities and Exchange Commission (“SEC”) regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures.
Non-GAAP Financial Measures
Certain non-GAAP financial measures, including adjusted operating expenses, are presented in this press release to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes these non-GAAP financial measures are important performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial measures are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, it expects to calculate them using a consistent method from period to period.
Conference Call
Sight Sciences' management team will host a conference call today, March 5, 2025, beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.sightsciences.com, on the Investors page in the News & Events section.
About Sight Sciences
Sight Sciences is an eyecare technology company focused on developing and commercializing innovative and interventional solutions intended to transform care and improve patients’ lives. Using minimally invasive or non-invasive approaches to target the underlying causes of the world’s most prevalent eye diseases, Sight Sciences seeks to create more effective treatment paradigms that enhance patient care and supplant conventional outdated approaches. The Company’s OMNI® Surgical System is an implant-free glaucoma surgery technology (i) indicated in the United States to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and (ii) CE Marked for the catheterization and transluminal viscodilation of Schlemm’s canal and cutting of the trabecular meshwork to reduce intraocular pressure in adult patients with open-angle glaucoma. Glaucoma is the world’s leading cause of irreversible blindness. The SION® Surgical Instrument is a bladeless, manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork. The Company’s TearCare® System is 510(k) cleared in the United States for the application of localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland disease (“MGD”), enabling clearance of gland obstructions by physicians to address the leading cause of dry eye disease. Visit www.sightsciences.com for more information.
Sight Sciences, the Sight Sciences logo, TearCare, SmartHub and SmartLids are trademarks of Sight Sciences registered in the United States. OMNI and SION are trademarks of Sight Sciences registered in the United States, European Union and other territories.
© 2025 Sight Sciences. All rights reserved.
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release or during the earnings call that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include, but are not limited to, statements concerning our focus on advancing our strategic initiatives, including building commercial momentum in MIGS through a continued commitment to education and engagement with our customers, establishing equitable reimbursement for TearCare, and publishing new clinical and cost data supporting the adoption and use of our portfolio of interventional technologies; our belief that OMNI will continue to be a market-leading choice for surgeons treating their glaucoma patients; expected release of our next generation OMNI release in the first half of 2025; and our 2025 revenue and adjusted operating expenses guidance, and the primary factors impacting our ability to achieve our guidance.
These statements often include words such as "anticipate," "expect," “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions. We base these forward-looking statements on our current expectations, plans and assumptions we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Although we believe these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition and could cause actual results to differ materially from those expressed in the forward-looking statements. These statements are not guarantees of future performance or results. These forward-looking statements are subject to and involve numerous risks, uncertainties and assumptions, including those discussed under the caption “Risk Factors” in our filings with the SEC, as may be updated from time to time in subsequent filings, and you should not place undue reliance on these statements. These cautionary statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Investor contact:
Philip Taylor
Gilmartin Group
415.937.5406
Investor.Relations@Sightsciences.com
Media contact:
pr@SightSciences.com
| SIGHT SCIENCES, INC. | |||||||
| Consolidated Balance Sheets (Unaudited) | |||||||
| (in thousands, except share and per share data) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 120,357 | $ | 138,129 | |||
| Accounts receivable, net of allowance for credit losses of | 10,786 | 14,289 | |||||
| Inventory, net | 6,325 | 7,849 | |||||
| Prepaid expenses and other current assets | 2,306 | 2,604 | |||||
| Total current assets | 139,774 | 162,871 | |||||
| Property and equipment, net | 1,580 | 1,640 | |||||
| Operating lease right-of-use assets | 935 | 1,458 | |||||
| Other noncurrent assets | 550 | 682 | |||||
| Total assets | $ | 142,839 | $ | 166,651 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,691 | $ | 1,731 | |||
| Accrued compensation | 9,680 | 4,528 | |||||
| Accrued and other current liabilities | 4,097 | 3,774 | |||||
| Current portion - long-term debt, net | — | 2,219 | |||||
| Total current liabilities | 15,468 | 12,252 | |||||
| Long-term debt, net of current portion | 39,356 | 31,708 | |||||
| Other noncurrent liabilities | 492 | 2,476 | |||||
| Total liabilities | 55,316 | 46,436 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Preferred stock, par value | — | — | |||||
| Common stock, par value | 51 | 49 | |||||
| Additional paid-in-capital | 433,769 | 414,956 | |||||
| Accumulated deficit | (346,297 | ) | (294,790 | ) | |||
| Total stockholders’ equity | 87,523 | 120,215 | |||||
| Total liabilities and stockholders’ equity | $ | 142,839 | $ | 166,651 | |||
| SIGHT SCIENCES, INC. | |||||||||||||||
| Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | |||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 19,074 | $ | 18,751 | $ | 79,866 | $ | 81,056 | |||||||
| Cost of goods sold | 2,513 | 2,776 | 11,581 | 11,881 | |||||||||||
| Gross profit | 16,561 | 15,975 | 68,285 | 69,175 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 4,293 | 3,427 | 17,991 | 17,556 | |||||||||||
| Selling, general and administrative | 24,197 | 23,658 | 100,826 | 108,893 | |||||||||||
| Total operating expenses | 28,490 | 27,085 | 118,817 | 126,449 | |||||||||||
| Loss from operations | (11,929 | ) | (11,110 | ) | (50,532 | ) | (57,274 | ) | |||||||
| Investment income | 1,289 | 1,790 | 5,917 | 7,289 | |||||||||||
| Interest expense | (1,161 | ) | (1,351 | ) | (4,662 | ) | (5,408 | ) | |||||||
| Loss on debt extinguishment | — | — | (1,962 | ) | — | ||||||||||
| Other income (expense), net | (7 | ) | (10 | ) | (32 | ) | (44 | ) | |||||||
| Loss before income taxes | (11,808 | ) | (10,681 | ) | (51,271 | ) | (55,437 | ) | |||||||
| Provision for income taxes | 38 | 10 | 236 | 110 | |||||||||||
| Net loss and comprehensive loss | $ | (11,846 | ) | $ | (10,691 | ) | $ | (51,507 | ) | $ | (55,547 | ) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.23 | ) | $ | (0.22 | ) | $ | (1.03 | ) | $ | (1.14 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 50,797,080 | 48,897,261 | 50,134,104 | 48,628,940 | |||||||||||
| SIGHT SCIENCES, INC. | |||||||||||||||
| Gross Margin Disaggregation (Unaudited) | |||||||||||||||
| (in thousands) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | |||||||||||||||
| Surgical Glaucoma | $ | 18,770 | $ | 17,152 | $ | 75,902 | $ | 74,310 | |||||||
| Dry Eye | 304 | 1,599 | 3,964 | 6,746 | |||||||||||
| Total | 19,074 | 18,751 | 79,866 | 81,056 | |||||||||||
| Cost of goods sold | |||||||||||||||
| Surgical Glaucoma | 2,364 | 2,022 | 9,448 | 8,830 | |||||||||||
| Dry Eye | 149 | 754 | 2,133 | 3,051 | |||||||||||
| Total | 2,513 | 2,776 | 11,581 | 11,881 | |||||||||||
| Gross profit | |||||||||||||||
| Surgical Glaucoma | 16,406 | 15,130 | 66,454 | 65,480 | |||||||||||
| Dry Eye | 155 | 845 | 1,831 | 3,695 | |||||||||||
| Total | 16,561 | 15,975 | 68,285 | 69,175 | |||||||||||
| Gross margin | |||||||||||||||
| Surgical Glaucoma | 87.4 | % | 88.2 | % | 87.6 | % | 88.1 | % | |||||||
| Dry Eye | 51.0 | % | 52.8 | % | 46.2 | % | 54.8 | % | |||||||
| Total | 86.8 | % | 85.2 | % | 85.5 | % | 85.3 | % | |||||||
| SIGHT SCIENCES, INC. | |||||||||||||||
| GAAP to Non-GAAP Reconciliation (Unaudited) | |||||||||||||||
| (in thousands) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating expenses: | |||||||||||||||
| Total Operating expenses | $ | 28,490 | $ | 27,085 | $ | 118,817 | $ | 126,449 | |||||||
| Less: Stock-based compensation | (3,915 | ) | (3,378 | ) | (16,763 | ) | (14,293 | ) | |||||||
| Less: Depreciation & amortization | (176 | ) | (190 | ) | (712 | ) | (645 | ) | |||||||
| Less: Restructuring costs | — | (1,187 | ) | — | (1,187 | ) | |||||||||
| Adjusted Operating Expenses (4) | 24,399 | 22,330 | 101,342 | 110,324 | |||||||||||
4 Please see section titled "Non-GAAP Financial Measures" for additional information.
| SIGHT SCIENCES, INC. | |||||
| Supplemental Financial Measures (Unaudited) | |||||
| Three Months Ended December 31, | |||||
| 2024 | 2023 | ||||
| Surgical Glaucoma active customers (5) | 1,138 | 1,064 | |||
| Dry Eye lid treatment units sold (6) | 1,125 | 5,207 | |||
| Dry Eye active customers (7) | 83 | 327 | |||
5 “Surgical Glaucoma active customers” means the number of customers who ordered the OMNI Surgical System or the SION Surgical Instrument during the three months ended December 31, 2024 and 2023.
6 “Dry Eye lid treatment units sold” means the quantity of TearCare SmartLids® sold during the three months ended December 31, 2024 and 2023.
7 “Dry Eye active customers” means the number of customers who ordered lid treatment units during the three months ended December 31, 2024 and 2023.
FAQ
What are Sight Sciences' (SGHT) revenue projections for 2025?
How did SGHT's Surgical Glaucoma segment perform in Q4 2024?
What was SGHT's cash position at the end of 2024?
How much did SGHT reduce its operating expenses in 2024?
What was SGHT's gross margin in Q4 2024?
