Sight Sciences (SGHT) Citi’s 2025 Medtech and Life Sciences Access Day summary

Market and regulatory landscape

• New Medicare LCDs confirmed coverage for canaloplasty and goniotomy but restricted stacking multiple MIGS in one procedure, impacting about 15% of the MIGS market.

• OMNI device is designed to offer multiple mechanisms of action in a single procedure, aligning with the new regulatory environment.

• OMNI's exposure to stacking restrictions is slightly higher than the market, with about 20% of its cases affected.

• Company is focusing on educating surgeons about OMNI's comprehensive capabilities and supporting clinical data for future combination coding.

• Ongoing efforts to generate robust clinical evidence to support broader coverage for combination procedures.

Commercial strategy and physician engagement

• Significant investment in physician and patient education to drive adoption of interventional glaucoma procedures.

• Targeting pseudophakic glaucoma patients for standalone MIGS, leveraging recent clinical data to support adoption.

• About half of MIGS-trained surgeons have been trained on OMNI, with plans to deepen engagement and train new surgeons.

• New surgeon training slowed during LCD uncertainty but is expected to recover with reimbursement clarity.

• Adoption is influenced by busy surgery centers and the need to integrate new procedures into existing workflows.

External factors and operational impacts

• China tariffs are the largest external risk due to contract manufacturing, with a 10% incremental impact.

• NIH funding and FDA cuts are not currently material but are monitored for potential future impact.