Sight Sciences, Inc.

Sight Sciences, Inc.

MENLO PARK, Calif., Nov. 10, 2022 (GLOBE NEWSWIRE) — Sight 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 quarter associated with 2022, an increase of 43% compared to the prior year period and 8% from the particular second quarter

  • Achieved total gross margin of 84% in the third quarter of 2022

  • Increased the number of facilities ordering the OMNI® Surgical System in order to 913 within the 3 rd quarter associated with 2022 from 875 within the second one fourth of 2022, and the particular installed base of TearCare® System services to 881 on Sept 30, 2022 from 762 on June 30, 2022

  • Launched the SION™ Medical Instrument, the particular world’s only bladeless goniotomy device, as part of the View Sciences Operative Glaucoma product portfolio among select surgeons in August and initiated a broader commercial launch in the fourth quarter of 2022

  • Announced key publication associated with TREY study data in International Ophthalmology , highlighting strong intraocular pressure (IOP) reductions following standalone OMNI procedures within open-angle glaucoma patients with a history of implanted trabecular microbypass stents and glaucoma medication treatment whose IOP was not controlled

  • Announced publication of OLYMPIA trial data showing superior symptom relief in a subset of advanced dry eye patients who received TearCare treatment in Clinical Ophthalmology

  • Completed enrollment for SAHARA, a randomized clinical trial designed to evaluate the TearCare System procedure versus Restasis eye drops in individuals with chronic dry eye disease, in September

“We are pleased along with our outcomes for the 3rd quarter, which demonstrate increasing adoption associated with OMNI plus TearCare. We continue to execute commercially and operationally to generate market leading growth with both products, while well like our recently launched SION bladeless goniotomy instrument, ” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “Our large plus growing library of test data and real-world evidence provides tangible clinical support to our expansion of the standalone MIGS plus dry vision treatment markets, positioning View Sciences for strong development in the years to come. ”

Third One fourth 2022 Monetary Results
Revenue for that third quarter of 2022 has been $18. seven million, a good increase associated with $5. 6 million, or 43%, compared to the third one fourth of 2021. Surgical Glaucoma revenue was $17. 1 million, a rise of 37% compared in order to the prior year time period and 7% compared to the second quarter. The growth was primarily driven by a boost in each the amount of amenities ordering the particular OMNI Surgical System and utilization per ordering facility. Dry Eye revenue has been $1. six million, an increase of 145% from the previous year and 21% from the second quarter. The growth was primarily driven by increases in sales associated with the Tear Care System to both new plus reordering customers.

Gross profit for the particular third one fourth of 2022 was $15. 7 million compared to $11. 0 million for your third quarter of 2021. Gross margin with regard to the 3rd quarter associated with 2022 was 84%, in line with the same period of the earlier year.

Operating expenses were $37. 6 million regarding the third quarter of 2022 in comparison to $25. one million within the same period the before year, representing a 50. 0% increase. Operating expenses as a percentage of revenues increased through 191. 4% in the 3 rd quarter associated with 2021 in order to 201. 3% within the 3rd quarter of 2022. The particular increase in operating expenses has been primarily powered by additions to personnel and continued investment inside R& D and SG& A to support the Company’s growth, including stock-based compensation associated with $3. 2 million when compared with $1. 9 million in the prior 12 months period.

Net loss had been $22. two million within the third quarter of 2022 ($0. 46 per share), as compared to $17. 2 mil in the particular same previous year time period ($0. 43 per share).

Cash and cash equivalents totaled $199. 8 million and complete debt was $33. 2 million as of September 30, 2022.

2022 Financial Guidance
Sight Sciences now projects revenue for the full yr 2022 in order to range from $70 mil to $72 million, which usually represents development of approximately 43% to 47% compared to 2021. This compares to the prior expectation intended for full season 2022 revenue to range from $68 million to $72 million.

Conference Call
Sight Sciences’ management team will host a conference call today, November ten, 2022, 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 simply by accessing the live plus archived webcast from the event at , on the Investors page in the News & Events section. The webcast will be available for replay for at least 90 days after the event.

About Sight Sciences
View Sciences is an eyecare technology company focused on developing and commercializing revolutionary solutions intended to transform care plus improve patients’ lives. Using minimally invasive or non-invasive approaches in order to target the particular underlying causes of the world’s most prevalent eye diseases, Sight Sciences seeks to create more effective treatment paradigms that enhance patient treatment and supplant conventional outdated approaches. The Company’s OMNI® Surgical System is a minimally intrusive glaucoma surgery (MIGS) device indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma (POAG), the world’s leading cause of irreversible blindness. The SION™ Surgical Instrument is the bladeless, manually operated gadget used within ophthalmic surgical procedures to excise trabecular meshwork. The particular Company’s TearCare® System is 510(k) cleared in the United States to get the application of localized heat therapy in adult sufferers with evaporative dry attention disease due to meibomian gland dysfunction (MGD), enabling office-based clearance of gland obstructions by physicians to address the leading cause of dried out eye disease.

For more information, visit .

OMNI® and TearCare® are usually registered trademarks of Sight Sciences.
SION™ is a trademark associated with Sight Sciences.
© 2022 View Sciences. All rights reserved.
Forward-Looking Statements
This press release, together along with other statements and information publicly disseminated by the Company, contains certain forward-looking claims within the meaning of Section 27A of the Securities Act associated with 1933, seeing that amended, plus 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 particular Private Investments Litigation Reform Act associated with 1995 and includes this statement pertaining to purposes of complying with these safe harbor procedures. Any statements made in this particular pr release or even during the earnings call that are not statements of historical fact, including claims about our beliefs plus expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. 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. All of us base these forward-looking claims on our current expectations, plans and assumptions that we have made in light of our own experience in the industry, as well as the perceptions associated with historical trends, current conditions, expected long term developments plus other factors we believe are appropriate under the circumstances at such time. Although we believe that these types of forward-looking statements are based on reasonable assumptions at the time they are usually made, you should end up being aware that many factors could affect our business, outcomes of operations and financial condition and could cause actual results to differ materially through those expressed in the forward-looking statements. These statements are not guarantees of upcoming performance or even results. The particular forward-looking claims are subject to plus involve risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking claims. These forward-looking statements consist of, but are not limited in order to, statements regarding the following: estimates in our total addressable market, future revenue, costs, capital requirements, and our own needs for additional financing; the ability to enter into plus compete within new marketplaces; execution of our marketplace strategies; the particular impact of the COVID-19 pandemic on our business, our own customers’ and suppliers’ businesses and the general economy; the ability to compete effectively with existing competitors and new market entrants; our ability to scale our infrastructure; our capability to manage plus grow our business simply by expanding our own sales in order to existing clients or introducing our products to new customers; our ability to establish and maintain intellectual property protection for our products or avoid claims of infringement; potential effects of extensive government regulation; the abilities to obtain and maintain regulatory approvals and clearances for the items that assistance our income projections, company strategies and growth; our capability to successfully execute our own clinical demo roadmap; the ability to obtain and keep sufficient reimbursement meant for our products; our abilities to protect and level our intellectual property portfolio; our capability to hire and retain key staff; our capability to obtain financing in future offerings; the volatility from the trading price of our common stock; our expectation regarding the time during which we will be a good emerging growth company underneath the Jumpstart Our Business Startups Act (the “JOBS Act”); our ability to maintain proper and efficient internal controls; and the particular other important factors discussed under the caption “Risk Factors” inside our filings with the particular U. S. Securities plus Exchange Commission, as might be updated from time to period in subsequent filings. These types of cautionary statements should not be construed by a person to be exhaustive and are made just as associated with the date of this press release. We all undertake no obligation to update or even revise any forward-looking claims, whether as a result of new info, future events or otherwise, except because required by applicable law.

Investor contact:
Philip Taylor
Gilmartin Group
415. 937. 5406
Trader. [email protected] com

Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and for each share data)

September thirty,

December 31,




Current assets:

Cash and cash equivalents


199, 819


260, 687

Accounts receivable, net

12, 593

8, 709

Inventory, net

5, 520

3, 475

Prepaid expenses plus other present assets

4, 411

four, 164

Total current property

222, 343

277, 035

Property and equipment, net

1, 568

1, 454

Operating lease right-of-use resources

1, 121

1, 495

Other noncurrent assets



Total assets


225, 234


280, 186

Liabilities, redeemable convertible preferred stock, plus Stockholders’ equity

Current liabilities:

Accounts payable


3, 239


three or more, 351

Accrued compensation

7, 993

five, 987

Accrued and 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 and contingencies (Note 6)

Redeemable convertible favored stock:

Convertible preferred stock par value of $0. 001 per share; 10, 000, 000      
shares authorized; simply no shares issued and outstanding as of September 30,
2022 plus December thirty-one, 2021, respectively

Stockholders’ collateral:

Preferred share par worth of $0. 001 for each share; ten, 000, 500 shares
authorized; no stocks issued and outstanding as of September thirty, 2022
plus December 31, 2021, correspondingly

Common stock par value of $0. 001 per discuss; 200, 000, 000 gives
authorized since September 30, 2022 and December thirty-one, 2021,
respectively; 48, 083, 292 plus 47, 504, 704 shares issued and outstanding
as of September thirty, 2022 plus December 31, 2021, correspondingly



Additional paid-in-capital

395, 227

385, 060

Accumulated deficit

(222, 336


(153, 001


Total stockholders’ equity

172, 939

232, 107

Complete liabilities, redeemable convertible preferred stock and
        stockholders’ equity


225, 234


280, 186

Condensed Consolidated Statements associated with Operations plus Comprehensive Loss (Unaudited)
(in thousands, except share and per share data)

Three Months Ended
Sept 30,

Nine Months Ended
September 30,







18, 677


13, 101


50, 788


34, 271

Cost of goods sold

2, 928

2, 062

8, 696

6, 668

Gross income

15, 749

11, 039

42, 092

27, 603

Operating expenditures:

Research and development

six, 053

4, 279

seventeen, 626

11, 265

Selling, general plus administrative

thirty-one, 541

20, 790

91, 367

53, 100

Overall operating expenses

37, 594

25, 069

108, 993

64, 365

Loss from operations

(21, 845


(14, 030


(66, 901


(36, 762


Interest expense

(1, 131


(1, 122


(3, 243


(3, 288


Some other income (expense), net


(2, 001



(6, 884


Reduction before income taxes

(22, 210


(17, 153


(69, 298


(46, 934


Provision for income taxes





Net loss and comprehensive loss


(22, 229



(17, 169



(69, 335



(47, 024


Net loss per share attributable to common stockholders, basic and diluted


(0. fouthy-six



(0. 43



(1. 45



(2. 38


Weighted-average shares used in computing internet loss for each share owing to common stockholders, basic plus diluted

47, 910, 541

39, 849, 769

forty seven, 728, 845

19, 772, 145

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