Sight Sciences (SGHT) 24th Annual Needham Virtual Healthcare Conference summary

Financial outlook and guidance

• Revenue guidance for 2024 is $70–$75 million, factoring in surgical glaucoma segment headwinds and flat dry eye sales; upside possible with positive reimbursement decisions.

• Sequential improvements expected through the year, with Q1 down from Q4 due to full impact of MIGS restrictions; Q4 expected to show strongest recovery.

• Street revenue expectations are appropriately bracketed around guidance.

• Gross margins in surgical glaucoma are strong (87%+), with potential for further expansion in dry eye as reimbursement and volume increase.

• Tariffs on China manufacturing could impact gross margin, especially in Q3 and Q4; mitigation strategies are being evaluated.

Market dynamics and reimbursement

• MIGS market faces a 15% headwind from new LCD restrictions, with company impact estimated at 20–25%.

• Guidance assumes winning about 50% of stent procedure conversions.

• Combination procedure coding changes may occur by 2027 as thresholds are met.

• Interventional glaucoma mindset is gaining traction, supporting earlier procedural intervention.

• Drug-eluting stents and new technologies are seen as market tailwinds, not direct threats.

Product and pipeline updates

• Omni remains the core product, with SION as a complementary option for less complex cases; SION revenue remains in the mid-single-digit millions.

• Pipeline includes a helical canalicular scaffold and sustained-release technology, with human trials anticipated soon.

• Dry eye segment (TearCare) is positioned for growth with expected reimbursement policy wins in 2025.

• Sahara trial data supports TearCare’s efficacy and durability, aiding payer discussions.

• Over 1,500 accounts trained and 65,000 cash pay procedures completed, providing a strong base for rapid adoption post-reimbursement.