Sight Sciences (SGHT) Morgan Stanley 23rd Annual Global Healthcare Conference summary

Market overview and trends

• Glaucoma remains a leading cause of irreversible blindness, with a growing need for minimally invasive treatments like MIGS despite current reimbursement headwinds expected to subside by Q4, with market growth anticipated to resume in 2026.

• Patient visits for glaucoma are increasing, and the disease is expected to remain highly prevalent globally due to structural drivers like aging and diabetes.

• The future of glaucoma treatment is expected to become more interventional, with a range of best-in-class, less invasive options tailored to disease severity.

• Early intervention and education for both providers and patients are emphasized as critical for improving outcomes in glaucoma and dry eye.

Company performance and strategy

• Despite mid-single digit declines in surgical glaucoma revenue, performance outpaced the 15% headwind from new MIGS restrictions, with record ordering accounts and 12% sequential utilization growth.

• Focus remains on positioning for growth as the market recovers, with a strong commercial team and ongoing engagement with accounts.

• OMNI is highlighted as a comprehensive MIGS procedure addressing all resistance areas, and SION plus pipeline projects are in development.

Regulatory and payer environment

• The MIGS category faces scrutiny from payers due to rapid growth, with ongoing changes in LCDs and Medicare policies impacting reimbursement.

• Payers demand robust clinical evidence, especially for combination procedures; ongoing efforts aim to generate data supporting OMNI’s efficacy and safety.