Sight Sciences (SGHT) investor relations material

Key conference themes and industry insights

• Growing interventional mindset in ophthalmology, with increased interest in procedural treatments for glaucoma and dry eye, highlighted by strong engagement at recent conferences like ASCRS.

• Significant overlap in interventional glaucoma and dry eye markets, with practices increasingly adopting both OMNI and TearCare technologies.

• Conferences drive leads, training, and sales, with long-term growth realized as customer engagement is leveraged post-event.

• Early adopters are primarily comprehensive ophthalmology practices with established Medicare billing, but optometry represents a future growth area as commercial coverage expands.

• Reimbursement density, especially commercial coverage, is a key factor for broader adoption of procedural dry eye treatments.

Market opportunity and adoption trends

• Estimated 19 million diagnosed dry eye patients in the U.S., with 7–8 million moderate to severe cases most likely to benefit from procedural intervention.

• About 6,500 target ophthalmology practices identified for dry eye intervention, with early adoption focused on Medicare fee-for-service regions.

• Commercial payers represent 70% of the dry eye market opportunity, with Medicare accounting for 30%; higher prevalence of dry eye in the Medicare-aged population.

• Synergies exist between glaucoma and dry eye teams, leveraging relationships to cross-sell and expand adoption in practices already using OMNI.

• Early TearCare adoption is strong even with limited coverage, as practices build workflows and training around reimbursed procedural dry eye.

Commercial execution and financial outlook

• TearCare sales force started with six reps and four Therapy Development Specialists, with plans to scale as coverage and demand grow.

• Sequential revenue ramp expected for TearCare in 2026, with $1 million guided for Q1 and growth anticipated as more reps are added and utilization increases.

• OMNI and TearCare sales teams operate separately but collaborate to identify and convert high-priority accounts.

• Glaucoma business expects 2–7% growth in 2026, driven by new and reengaged accounts, increased utilization, and foundational investments in standalone market development.

• Gross margins remain strong despite manufacturing shifts outside China; dry eye margins expected to reach 80%+ with scale.

• Cash usage expected to improve in 2026, with disciplined investment in commercial infrastructure and product launches.