Sight Sciences Reports Fourth Quarter and Full Year 2025 Financial Results and Initiates Full Year 2026 Financial Guidance
Rhea-AI Summary
Sight Sciences (Nasdaq: SGHT) reported Q4 2025 revenue of $20.4M (+7% YoY) and full-year 2025 revenue of $77.4M (‑3% YoY). Gross margin was 87% in Q4 and 86% for FY2025. Adjusted operating expenses fell 13% year-over-year. Cash totaled $92.0M at year-end. The company provided 2026 guidance of $82M–$88M revenue and adjusted operating expenses of $93M–$96M.
Management cited commercial traction in glaucoma and dry eye and a pathway toward cashflow breakeven.
Positive
- Q4 revenue of $20.4M, up 7% year-over-year
- Full-year 2025 adjusted operating expenses down 13%
- Year-end cash balance of $92.0M
- 2026 revenue guidance of $82M–$88M (6%–14% growth)
Negative
- Full-year 2025 revenue declined 3% to $77.4M
- Interventional Dry Eye revenue fell to $1.6M in 2025
- Full-year net loss of $38.4M (loss per share $0.74)
News Market Reaction – SGHT
On the day this news was published, SGHT declined 26.80%, reflecting a significant negative market reaction. Argus tracked a trough of -25.8% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $105M from the company's valuation, bringing the market cap to $286.04M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SGHT fell 6.41% while key peers like ARAY, BSGM, CVRX, and ELMD were all up on the day, and only MGRM was down. With no peers in the momentum scanner and mixed peer moves, trading appears stock-specific rather than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 13 | Prelim 2025 results | Negative | -7.8% | Preliminary Q4 and 2025 revenue down YoY with dry eye weakness outlined. |
| Nov 06 | Q3 2025 earnings | Positive | +16.4% | Q3 results with higher glaucoma revenue and raised 2025 revenue guidance. |
| Aug 07 | Q2 2025 earnings | Positive | +19.4% | Q2 results showing revenue decline but raised full-year 2025 guidance and cost cuts. |
| May 08 | Q1 2025 earnings | Neutral | +1.6% | Q1 revenue decline with high gross margin, lower opex, and reaffirmed guidance. |
| Mar 05 | FY 2024 earnings | Negative | +2.9% | 2024 results and 2025 guidance calling for revenue decline due to Medicare limits. |
Earnings-related headlines have generally produced positive price reactions for SGHT, with four of the last five earnings events showing aligned moves and an average move of +6.51%. The current -6.41% reaction contrasts with this pattern, especially given prior positive responses to guidance updates and cost controls.
Over the past year, SGHT’s earnings cycle has featured declining 2025 revenue versus 2024 but consistent improvements in gross margin and operating cost discipline. Starting with Q1 2025 on May 8, the company reported revenue declines yet maintained high margins and lowered expenses, then repeatedly raised or reaffirmed revenue guidance through Q2 and Q3 (Aug 7 and Nov 6). Preliminary Q4 and full-year 2025 results on Jan 13, 2026 telegraphed the figures now finalized, so today’s report largely confirms earlier numbers and adds 2026 guidance.
Historical Comparison
Past 5 earnings-related releases for SGHT averaged a +6.51% move, mostly positive. Today’s -6.41% reaction to finalized 2025 results and 2026 guidance runs counter to that typical earnings pattern.
Earnings releases across 2025 showed revenue pressure from 2024 levels but steady gross margins and progressively tighter operating expenses, with management repeatedly updating and then meeting or refining full-year guidance into the final audited 2025 results.
Market Pulse Summary
The stock dropped -26.8% in the session following this news. A negative reaction despite improving margins and lower operating expenses fits a market focus on SGHT’s revenue contraction and continued net losses. While 2025 revenue fell to $77.4M (‑3% vs 2024), prior earnings headlines historically averaged a +6.51% move, making a -6.41% decline an outlier. The finalized numbers largely match January’s preliminaries, so attention may center on execution risk around 2026 guidance of $82M–$88M and the rebound planned in Interventional Dry Eye.
Key Terms
non-GAAP financial measure financial
GAAP financial
AI-generated analysis. Not financial advice.
MENLO PARK, Calif., March 04, 2026 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) ("Sight Sciences" or the "Company"), an eyecare technology company focused on developing and commercializing innovative, interventional technologies intended to transform care and improve patients’ lives, today reported financial results for the fourth quarter and full year ended December 31, 2025 and initiated financial guidance for full year 2026.
Recent Financial Highlights
- Generated fourth quarter 2025 total revenue of
$20.4 million , an increase of7% compared to the same period in the prior year, and full year 2025 total revenue of$77.4 million , a decrease of3% compared to full year 2024. - Achieved total gross margin of
87% in the fourth quarter of 2025 compared to87% in the same period in the prior year, and full year 2025 total gross margin of86% compared to85% in full year 2024. - Achieved a full year 2025 operating expense reduction of
13% compared to full year 2024 and a full year 2025 non-GAAP adjusted operating expense1,2 reduction of13% compared to full year 2024. - Reduced cash usage to
$0.4 million in the fourth quarter 2025, reflecting continued operating discipline. Cash and cash equivalents totaled$92.0 million as of December 31, 2025.
Management Commentary
“We closed the year with a solid fourth quarter, where we returned to growth in Interventional Glaucoma, demonstrated encouraging commercial traction following significant reimbursement milestones in Interventional Dry Eye, and continued our disciplined expense and cash management,” said Paul Badawi, Co-Founder and CEO of Sight Sciences. “These achievements underscore the strength of our interventional technologies and commercial infrastructure in the large and growing glaucoma and dry eye markets. In 2026, we remain focused on building a leading interventional eye care company and leveraging the complementary nature of our two interventional businesses to drive synergistic growth with a pathway toward cashflow breakeven.”
Fourth Quarter 2025 Financial Results
Revenue for the fourth quarter of 2025 was
Gross profit for the fourth quarter of 2025 was
Total operating expenses were
Net loss was
Full Year 2025 Financial Results
Revenue for full year 2025 was
Gross profit for full year 2025 was
Total operating expenses were
Net loss was
Cash and cash equivalents totaled
2026 Financial Guidance
Sight Sciences expects its revenue for full year 2026 to range from
The Company expects adjusted operating expenses1,3 for full year 2026 to range from
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
Adjusted operating expenses, a non-GAAP financial measure, is presented in this press release to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes this non-GAAP financial measure is an important performance indicator because it excludes items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. This non-GAAP financial measure, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be an appropriate measure for comparing the performance of other companies relative to the Company. This non-GAAP financial measure is not intended to represent, and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measure in the future, it expects to calculate it using a consistent method from period to period.
Conference Call
Sight Sciences' management team will host a conference call today, March 4, 2026, 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 and OMNI® Edge Surgical System are implant-free, minimally invasive glaucoma surgery technologies indicated in the United States to reduce intraocular pressure in adult patients with primary open-angle glaucoma. The OMNI Surgical System is 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 System 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, 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.
© 2026 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 our focus in 2026 on building a leading interventional eye care company and leveraging the complementary nature of our two interventional businesses to drive synergistic growth with a pathway toward cashflow breakeven; 2026 revenue guidance; and 2026 adjusted operating expenses guidance, including primary factors impacting this 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, including without limitation 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. Should our underlying assumptions prove incorrect, actual results may 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, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 91,965 | $ | 120,357 | ||||
| Accounts receivable, net of allowance for credit losses of | 9,745 | 10,786 | ||||||
| Inventory, net | 7,767 | 6,325 | ||||||
| Prepaid expenses and other current assets | 3,257 | 2,306 | ||||||
| Total current assets | 112,734 | 139,774 | ||||||
| Property and equipment, net | 1,610 | 1,580 | ||||||
| Operating lease right-of-use assets | 438 | 935 | ||||||
| Other noncurrent assets | 518 | 550 | ||||||
| Total assets | $ | 115,300 | $ | 142,839 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,343 | $ | 1,691 | ||||
| Accrued compensation | 6,074 | 9,680 | ||||||
| Accrued and other current liabilities | 3,610 | 4,097 | ||||||
| Total current liabilities | 11,027 | 15,468 | ||||||
| Long-term debt | 40,300 | 39,356 | ||||||
| Other noncurrent liabilities | 31 | 492 | ||||||
| Total liabilities | 51,358 | 55,316 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, par value | — | — | ||||||
| Common stock, par value | 54 | 51 | ||||||
| Additional paid-in-capital | 448,611 | 433,769 | ||||||
| Accumulated deficit | (384,723 | ) | (346,297 | ) | ||||
| Total stockholders’ equity | 63,942 | 87,523 | ||||||
| Total liabilities and stockholders’ equity | $ | 115,300 | $ | 142,839 | ||||
| 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, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 20,385 | $ | 19,074 | $ | 77,363 | $ | 79,866 | ||||||||
| Cost of goods sold | 2,597 | 2,513 | 10,697 | 11,581 | ||||||||||||
| Gross profit | 17,788 | 16,561 | 66,666 | 68,285 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,437 | 4,293 | 14,606 | 17,991 | ||||||||||||
| Selling, general and administrative | 19,020 | 24,197 | 89,159 | 100,826 | ||||||||||||
| Total operating expenses | 21,457 | 28,490 | 103,765 | 118,817 | ||||||||||||
| Loss from operations | (3,669 | ) | (11,929 | ) | (37,099 | ) | (50,532 | ) | ||||||||
| Investment income | 834 | 1,289 | 3,973 | 5,917 | ||||||||||||
| Interest expense | (1,289 | ) | (1,161 | ) | (5,142 | ) | (4,662 | ) | ||||||||
| Loss on debt extinguishment | — | — | — | (1,962 | ) | |||||||||||
| Other expense, net | (30 | ) | (7 | ) | (148 | ) | (32 | ) | ||||||||
| Loss before income taxes | (4,154 | ) | (11,808 | ) | (38,416 | ) | (51,271 | ) | ||||||||
| Provision for income taxes | 8 | 38 | 10 | 236 | ||||||||||||
| Net loss and comprehensive loss | $ | (4,162 | ) | $ | (11,846 | ) | $ | (38,426 | ) | $ | (51,507 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.74 | ) | $ | (1.03 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 53,082,214 | 50,134,104 | 52,148,543 | 50,134,104 | ||||||||||||
| SIGHT SCIENCES, INC. | |||||||||||||||||
| Gross Margin Disaggregation (Unaudited) | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Revenue | |||||||||||||||||
| Interventional Glaucoma | $ | 19,661 | $ | 18,770 | $ | 75,724 | $ | 75,902 | |||||||||
| Interventional Dry Eye | 724 | 304 | 1,639 | 3,964 | |||||||||||||
| Total | 20,385 | 19,074 | 77,363 | 79,866 | |||||||||||||
| Cost of goods sold | |||||||||||||||||
| Interventional Glaucoma | 2,368 | 2,364 | 10,030 | 9,448 | |||||||||||||
| Interventional Dry Eye | 229 | 149 | 667 | 2,133 | |||||||||||||
| Total | 2,597 | 2,513 | 10,697 | 11,581 | |||||||||||||
| Gross profit | |||||||||||||||||
| Interventional Glaucoma | 17,293 | 16,406 | 65,694 | 66,454 | |||||||||||||
| Interventional Dry Eye | 495 | 155 | 972 | 1,831 | |||||||||||||
| Total | $ | 17,788 | $ | 16,561 | $ | 66,666 | $ | 68,285 | |||||||||
| Gross margin | |||||||||||||||||
| Interventional Glaucoma | 88.0 | % | 87.4 | % | 86.8 | % | 87.6 | % | |||||||||
| Interventional Dry Eye | 68.4 | % | 51.0 | % | 59.3 | % | 46.2 | % | |||||||||
| Total | 87.3 | % | 86.8 | % | 86.2 | % | 85.5 | % | |||||||||
| SIGHT SCIENCES, INC. | |||||||||||||||||
| GAAP to Non-GAAP Reconciliation (Unaudited) | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Total Operating expenses | $ | 21,457 | $ | 28,490 | $ | 103,765 | $ | 118,817 | |||||||||
| Less: Stock-based compensation | (2,472 | ) | (3,915 | ) | (12,717 | ) | (16,763 | ) | |||||||||
| Less: Depreciation & amortization | (108 | ) | (176 | ) | (487 | ) | (712 | ) | |||||||||
| Less: Restructuring costs | — | — | (2,803 | ) | — | ||||||||||||
| Adjusted Operating Expenses(4) | $ | 18,877 | $ | 24,399 | $ | 87,758 | $ | 101,342 | |||||||||
4 Please see section titled "Non-GAAP Financial Measures" for additional information.
| SIGHT SCIENCES, INC. | ||||||||
| Supplemental Financial Measures (Unaudited) | ||||||||
| Three Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Interventional Glaucoma active customers (5) | 1,164 | 1,138 | ||||||
| Interventional Dry Eye lid treatment units sold (6) | 713 | 1,125 | ||||||
| Interventional Dry Eye active customers (7) | 81 | 83 | ||||||
5 “Interventional 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, 2025 and 2024.
6 “Interventional Dry Eye lid treatment units sold” means the quantity of TearCare SmartLids® sold during the three months ended December 31, 2025 and 2024.
7 “Interventional Dry Eye active customers” means the number of customers who ordered lid treatment units during the three months ended December 31, 2025 and 2024.
