Sight Sciences Q2 Earnings Call Highlights

Sight Sciences (NASDAQ:SGHT) reported second-quarter revenue growth of 20% year over year, supported by gains in its interventional glaucoma and interventional dry eye businesses, while reducing operating expenses and cash usage. The company raised its full-year revenue outlook and lowered its adjusted operating expense guidance.

Total revenue for the quarter ended June 30 was $23.4 million, up from the prior-year period and representing the company’s strongest quarterly growth rate in three years, Chief Financial Officer Jim Rodberg said. Interventional glaucoma revenue rose 8% to $20.7 million, while interventional dry eye revenue reached a record $2.7 million, nearly doubling from $1.4 million in the first quarter.

“We delivered a strong second quarter with revenue growing 20% year-over-year,” Co-founder and Chief Executive Officer Paul Badawi said, citing growth across both business segments and improved operating results.

Dry Eye Business Scales With TearCare Adoption

The company’s interventional dry eye business benefited from increasing adoption of its TearCare treatment platform in reimbursed markets. Ordering accounts increased to 176 during the second quarter from 96 in the first quarter, and those accounts purchased more than 3,000 SmartLids, more than twice the prior-quarter volume.

Average utilization increased to approximately 18 SmartLids per active account, from 16 in the first quarter. Badawi said roughly two-thirds of SmartLids volume came from accounts that also use Sight Sciences’ interventional glaucoma products, with those overlapping accounts showing higher utilization than dry eye-only customers.

During the quarter, the company added approximately 4.1 million patient lives with access to appropriate reimbursement, bringing the total to approximately 14.5 million from 10.4 million. Chief Operating Officer Ali Bauerlein said some Medicare Advantage plans added fee schedules to provider portals during the quarter, and providers have begun submitting claims and receiving payment.

However, Bauerlein said the contribution from those payer developments to second-quarter results was “very modest,” as providers were still testing claims submissions. The company expects the effect to grow during the second half of 2026.

Sight Sciences increased its full-year interventional dry eye revenue guidance to $9 million to $11 million, up from a prior range of $6 million to $8 million. Management said the updated outlook does not assume additional market-access wins, although it continues discussions with Medicare Administrative Contractors and commercial payers regarding coverage policies and fee schedules.

Bauerlein said the company’s payer discussions are supported by clinical data from the SAHARA trial and health economic data that management believes demonstrate benefits relative to prescription eye drops. She cautioned that payer decisions and their timing remain outside the company’s control.

Glaucoma Revenue Rises as OMNI Account Base Expands

Interventional glaucoma revenue of $20.7 million increased 8% from the year-earlier quarter, driven by higher OMNI procedure volumes, a record number of active accounts and stronger utilization. Ordering accounts increased 3% year over year, while utilization returned to its highest level since the fourth quarter of 2024, according to Badawi.

Management said it believes the minimally invasive glaucoma surgery, or MIGS, market has returned to growth, with Badawi characterizing expected market growth as potentially in the mid-single digits. The company continues to focus on surgeon additions and utilization in combination cataract procedures, while developing the standalone glaucoma market.

In July, Aetna expanded coverage of OMNI and SION to approximately 25 million covered lives, the company said. Aetna now recognizes certain implant-free glaucoma procedures as medically necessary for mild to moderate open-angle glaucoma when specified clinical criteria are met. Sight Sciences said it has now secured access for canaloplasty and goniotomy procedures across all major national payers.

The company also is preparing to launch OMNI Ultra, its next-generation glaucoma technology, after receiving FDA 510(k) clearance. The product includes a single-pass canaloplasty capability and TruSync+ technology for automated, controlled viscoelastic delivery. Badawi said the company plans an early release to select surgeons and partners before a broader launch at the American Academy of Ophthalmology meeting later this year, with broad utilization and training expected in 2027.

Sight Sciences narrowed its full-year interventional glaucoma revenue outlook to $79 million to $81 million, compared with its prior range of $77 million to $81 million.

Margins, Cash Use and Outlook

Gross margin was 91% in the second quarter, compared with 85% a year earlier. Rodberg said the result included a one-time $1.4 million benefit from tariff refunds. Excluding tariff refunds, interventional glaucoma gross margin was 86%, in line with the prior-year period, while interventional dry eye gross margin was 80%, up from 38%, primarily due to higher average selling prices.

Total operating expenses declined 11% to $25.3 million, while adjusted operating expenses fell 8% to $22.3 million. Net loss narrowed 63% to $4.4 million, or $0.08 per share, from $11.9 million, or $0.23 per share, in the second quarter of 2025.

The company ended the quarter with $79.8 million in cash and cash equivalents and $40 million of debt, excluding unamortized discount and debt issuance costs. Reported cash use included a one-time $5.4 million success-fee payment related to the company’s litigation against Alcon, partially offset by $1.6 million in tariff refunds. Excluding those items, cash use was $1.4 million, down 81% from the prior-year quarter.

Rodberg said Sight Sciences believes its operating discipline and current cost structure position it to reach cash flow breakeven without raising additional equity capital. The company lowered full-year adjusted operating expense guidance to $92 million to $94 million, from $93 million to $96 million, while noting that it expects to continue investing in TearCare commercialization, market access, glaucoma growth initiatives and its product pipeline.

For 2026, Sight Sciences raised total revenue guidance to $88 million to $92 million, representing projected growth of 14% to 19% from 2025, compared with prior guidance of $83 million to $89 million.

About Sight Sciences (NASDAQ:SGHT)

Sight Sciences, Inc is a medical device company focused on developing and commercializing minimally invasive treatments for chronic eye diseases. The company's flagship products include the OMNI® Surgical System, designed to address multiple points of resistance in the eye's natural drainage pathways to lower intraocular pressure in glaucoma patients, and the TearCare® System, a wearable device for treating meibomian gland dysfunction and dry eye disease through targeted thermal pulsation therapy.

Since its founding in 2012 and subsequent listing on the NASDAQ under the ticker SGHT, Sight Sciences has pursued a strategy of combining research-driven product development with a direct sales force model.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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