MENLO PARK, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) — View Sciences, Inc. (Nasdaq: SGHT), an eyecare technology company focused on creating innovative solutions intended to transform care and improve patients’ lives, today reported financial results for the third quarter ended September 30, 2022.
Recent Business Highlights
- Generated total revenue of $18. 7 million in the third one fourth of 2022, an increase of 43% compared to the particular prior year period plus 8% from the second quarter
- Achieved total gross margin associated with 84% in the third quarter of 2022
- Increased the number of facilities ordering the OMNI® Surgical System to 913 in the third one fourth of 2022 from 875 within the 2nd quarter of 2022, and the installed base associated with TearCare® Program facilities to 881 upon September 30, 2022 through 762 on June thirty, 2022
- Launched the SION™ Surgical Instrument, the world’s only bladeless goniotomy device, as part of the particular Sight Sciences Surgical Glaucoma product portfolio among select surgeons in August plus initiated a broader commercial launch inside the fourth quarter of 2022
- Announced key publication of TREY study data in International Ophthalmology , highlighting strong intraocular pressure (IOP) reductions following standalone OMNI procedures in open-angle glaucoma patients with a history of implanted trabecular microbypass stents and glaucoma medication treatment whose IOP was not controlled
- Introduced publication associated with OLYMPIA trial data showing superior symptom relief in a subset of advanced dry eye patients who received TearCare treatment inside Clinical Ophthalmology
- Completed enrollment for SAHARA, the randomized clinical trial designed to evaluate the TearCare System procedure versus Restasis vision drops in patients with chronic dry eye disease, in Sept
“We are pleased with our results with regard to the third quarter, which demonstrate increasing adoption of OMNI and TearCare. We continue in order to execute commercially and operationally to generate market leading growth with both products, as well as our own recently launched SION bladeless goniotomy instrument, ” said Paul Badawi, co-founder plus Chief Executive Officer associated with Sight Sciences. “Our large and growing library of trial information and real-world evidence provides tangible medical support to our expansion of the particular standalone MIGS and dry eye therapy markets, positioning Sight Sciences for solid growth in the years to come. ”
Third One fourth 2022 Monetary Results
Revenue for the third quarter of 2022 was $18. 7 mil, a rise associated with $5. 6 million, or 43%, in comparison to the particular third quarter of 2021. Surgical Glaucoma revenue was $17. 1 million, an increase of 37% compared to the prior 12 months period and 7% when compared to second fraction. The growth was primarily driven by an increase in both the number associated with facilities purchasing the OMNI Surgical Program and utilization per buying facility. Dry Eye revenue was $1. 6 million, a boost of 145% from the previous year plus 21% from the second one fourth. The development was mainly driven simply by increases within sales of the Tear Care System in order to both new and reordering customers.
Gross profit for that third quarter of 2022 was $15. 7 mil compared to $11. 0 million regarding the third quarter associated with 2021. Gross margin for your third one fourth of 2022 was 84%, in line with the particular same period of the prior year.
Operating expenses were $37. six million for the third quarter of 2022 compared in order to $25. one million in the same period the last year, representing a 50. 0% boost. Operating expenses as a percentage of revenues increased from 191. 4% inside the 3rd quarter associated with 2021 to 201. 3% in the third one fourth of 2022. The enhance in operating expenses has been primarily driven by additions to personnel and continued investment in R& D and SG& A to support the Company’s growth, including stock-based compensation of $3. 2 million compared in order to $1. 9 million within the prior year time period.
Net loss was $22. 2 thousand in the particular third quarter of 2022 ($0. 46 per share), as compared to $17. 2 million in the exact same prior yr period ($0. 43 per share).
Cash and cash equivalents totaled $199. 8 million and total debt was $33. 2 mil as of September 30, 2022.
2022 Financial Guidance
Sight Sciences now projects revenue intended for the full year 2022 to range from $70 million to $72 million, which usually represents development of approximately 43% to 47% compared to 2021. This compares to the earlier expectation to get full season 2022 income to range from $68 million in order to $72 mil.
Sight Sciences’ management team will host the conference call today, November 10, 2022, beginning at 1: 30 p. m. Pacific Time / 4: 30 p. m. Eastern Time. Investors interested in listening to the conference contact may do so by accessing a live plus archived webcast of the particular event in www.sightsciences.com , on the Traders page within the News & Events section. The webcast will be available pertaining to replay meant for at least 90 days after the event.
About View Sciences
Sight Sciences is an eyecare technology company focused on developing and commercializing revolutionary solutions intended to transform care and improve patients’ lives. Using minimally invasive or even 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 particular Company’s OMNI® Surgical System is a minimally invasive glaucoma surgery (MIGS) device indicated to reduce intraocular stress in adult patients along with primary open-angle glaucoma (POAG), 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® Strategy is 510(k) cleared in the United States for that application of localized heat therapy in adult patients with evaporative dried out eye illness due in order to meibomian gland dysfunction (MGD), enabling office-based clearance associated with gland obstructions by physicians to address the particular leading cause of dry attention disease.
For more information, visit www.sightsciences.com .
OMNI® and TearCare® are registered trademarks of Sight Sciences.
SION™ is the trademark associated with Sight Sciences.
© 2022 View Sciences. All rights reserved.
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 from 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 claims to be covered by the particular safe harbor provisions designed for forward-looking statements contained in the Private Securities Litigation Reform Take action 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 claims of historical fact, which includes statements about our beliefs and expectations, are forward-looking statements and should be evaluated as this kind of. Forward-looking statements include info concerning possible or assumed future results of operations, including descriptions of the business plan and strategies. These claims 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 upon our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions associated with historical trends, current conditions, expected future developments and other factors all of us believe are appropriate under the circumstances from such time. Although we all believe that these types of forward-looking statements are based on reasonable assumptions with the time they are produced, you should be aware that many factors could affect our business, results of operations plus financial condition and could trigger actual results to differ materially from those expressed within the forward-looking statements. These statements are not really guarantees associated with future performance or outcomes. The forward-looking statements are usually subject to plus involve risks, uncertainties and assumptions, plus you should not place undue reliance on these forward-looking claims. These forward-looking statements consist of, but are not limited to, statements concerning the following: estimates of our own total addressable market, future revenue, costs, capital requirements, and the needs just for additional financing; our ability to enter into and compete in new markets; execution in our marketplace strategies; the particular impact of the COVID-19 pandemic on our business, our customers’ and suppliers’ businesses and the general economy; our ability to contend effectively along with existing competitors and brand new market entrants; our capability to scale our own infrastructure; the ability to manage plus grow our business simply by expanding our own sales in order to existing customers or introducing our items to new customers; the ability to establish and maintain intellectual property protection for our products or avoid claims of infringement; potential effects of extensive government regulation; our abilities to obtain and maintain regulatory approvals plus clearances for the purpose of our products that support our revenue projections, company strategies and growth; our own ability in order to successfully execute our scientific trial roadmap; our capability to acquire and maintain sufficient reimbursement for our items; our capabilities to protect plus scale the intellectual property portfolio; our ability to hire and retain key staff; our ability to get financing in future offerings; the volatility of the particular trading price of our own common stock; our expectation regarding the time throughout which we will be an emerging growth organization under the particular Jumpstart Our Business Startups Act (the “JOBS Act”); our capability to sustain proper and effective internal controls; and the other important factors discussed under the caption “Risk Factors” in our filings with the U. S. Securities plus Exchange Commission, as may be updated from time to time in subsequent filings. These cautionary statements should not be construed by you to be exhaustive and are usually made only since the date associated with this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new details, future events or otherwise, except as required by applicable law.
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SIGHT SCIENCES, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, other than share and per share data)
|September thirty,||December 31,|
|Cash plus cash equivalents||$||199, 819||$||260, 687|
|Accounts receivable, net||12, 593||8, 709|
|Inventory, net||5, 520||3, 475|
|Prepaid expenses and other present assets||four, 411||4, 164|
|Total current property||222, 343||277, 035|
|Property plus equipment, net||1, 568||1, 454|
|Operating lease right-of-use resources||1, 121||one, 495|
|Other noncurrent assets||202||202|
|Overall assets||$||225, 234||dollar||280, 186|
|Liabilities, redeemable convertible preferred stock, and Stockholders’ equity|
|Accounts payable||$||3, 239||$||3, 351|
|Accrued compensation||7, 993||5, 987|
|Accrued and some other current liabilities||6, 154||4, 166|
|Total current liabilities||17, 386||13, 504|
|Long-term debt||33, 158||32, 656|
|Other noncurrent financial obligations||1, 751||1, 919|
|Total liabilities||52, 295||48, 079|
|Commitments plus contingencies (Note 6)|
|Redeemable convertible preferred stock:|
| Convertible preferred share par value of $0. 001 for each share; 10, 000, 000
shares authorized; no shares issued and outstanding as associated with September 30,
2022 and December 31, 2021, respectively
| Preferred stock par worth of $0. 001 per share; ten, 000, 500 shares
authorized; no stocks issued plus outstanding as of September thirty, 2022
and December thirty-one, 2021, correspondingly
| Common share par value of $0. 001 per discuss; 200, 000, 000 gives
authorized since September 30, 2022 plus December 31, 2021,
respectively; 48, 083, 292 and 47, 504, 704 shares issued plus outstanding
as of September thirty, 2022 and December thirty-one, 2021, correspondingly
|Additional paid-in-capital||395, 227||385, 060|
|Accumulated deficit||(222, 336||)||(153, 001||)|
|Total stockholders’ equity||172, 939||232, 107|
| Total liabilities, redeemable convertible favored stock plus
|dollar||225, 234||$||280, 186|
SIGHT SCIENCES, INC.
Condensed Consolidated Claims of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and for each share data)
| Three Months Ended
| Nine Months Ended
|Income||$||18, 677||$||13, 101||dollar||50, 788||$||34, 271|
|Cost of goods sold||2, 928||2, 062||8, 696||6, 668|
|Gross profit||15, 749||11, 039||42, 092||27, 603|
|Research and development||six, 053||4, 279||seventeen, 626||11, 265|
|Selling, general and administrative||31, 541||20, 790||91, 367||53, 100|
|Total operating expenses||37, 594||25, 069||108, 993||64, 365|
|Loss through operations||(21, 845||)||(14, 030||)||(66, 901||)||(36, 762||)|
|Interest expense||(1, 131||)||(1, 122||)||(3, 243||)||(3, 288||)|
|Some other income (expense), net||766||(2, 001||)||846||(6, 884||)|
|Loss before income taxes||(22, 210||)||(17, 153||)||(69, 298||)||(46, 934||)|
|Provision for income taxes||19||16||37||90|
|Net loss and comprehensive loss||$||(22, 229||)||$||(17, 169||)||$||(69, 335||)||dollar||(47, 024||)|
|Net loss per share attributable to common stockholders, basic plus diluted||$||(0. 46||)||$||(0. 43||)||$||(1. 45||)||dollar||(2. 38||)|
|Weighted-average shares utilized in computing net loss for each share owing to common stockholders, basic and diluted||47, 910, 541||39, 849, 769||forty seven, 728, 845||19, 772, 145|