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Sight Sciences (SGHT) investor relations material
Sight Sciences Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Third quarter 2025 revenue was $19.9 million, down 1% year-over-year, driven by growth in the surgical glaucoma segment and early momentum in reimbursed dry eye treatments, but offset by a sharp decline in Dry Eye revenue.
Revenue for the nine months ended September 30, 2025, was $57.0 million, down 6.3% year-over-year, with Surgical Glaucoma accounting for 98.4% of total revenue and Dry Eye for 1.6%.
Net loss improved to $8.2 million ($0.16 per share) in Q3 and $34.3 million for the nine months, both better than prior year periods.
Raised full-year 2025 revenue guidance to $76–$78 million and lowered adjusted operating expense guidance to $90–$92 million.
Announced executive promotions: Ali Bauerlein to COO and Jim Rodberg to CFO, supporting operational scale-up and financial discipline.
Financial highlights
Total Q3 revenue was $19.9 million, with surgical glaucoma revenue up 6% to $19.7 million and dry eye revenue down 88% to $0.2 million.
Gross margin improved to 86% from 84% year-over-year; surgical glaucoma gross margin was 87%, dry eye gross margin was 38%.
Adjusted operating expenses fell 17% to $19.8 million; total operating expenses decreased 11% to $25.1 million.
Cash and cash equivalents were $92.4 million as of September 30, 2025; long-term debt was $40.0 million.
Net loss per share for the nine months was $(0.66), compared to $(0.79) in the prior year.
Outlook and guidance
Full-year 2025 revenue guidance raised to $76–$78 million, with Q4 dry eye revenue expected at $500,000–$1 million.
Adjusted operating expense guidance for 2025 reduced to $90–$92 million, reflecting a 9–11% decrease from 2024.
Tariff exposure for surgical glaucoma expected at $1–$1.5 million for 2025; new manufacturing sites outside China to begin production in Q1 2026.
Cash and liquidity are expected to be sufficient for at least the next 12 months based on current operations.
Dry eye gross margin anticipated to improve in Q4 and expand further with increased volumes in 2026.
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Next Sight Sciences earnings date
Stifel 2025 Healthcare Conference11 Nov, 2025
Next Sight Sciences earnings date
Stifel 2025 Healthcare Conference11 Nov, 2025
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Frequently asked questions
Sight Sciences, Inc. is a medical technology company focused on developing and commercializing treatments for eye diseases. The company's main business is centered around creating devices that address conditions affecting the eye, particularly in the areas of glaucoma and dry eye disease. Sight Sciences' products are designed to improve patient outcomes by offering minimally invasive solutions that target the underlying causes of these conditions. It serves the ophthalmology and optometry sectors, providing tools for healthcare professionals to enhance the treatment of common but serious eye health issues. The company is headquartered in Menlo Park, California, and its shares are listed on the NASDAQ.
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