Sight Sciences (SGHT) Piper Sandler 36th Annual Healthcare Conference summary

Glaucoma market landscape and procedural trends

• Glaucoma remains a major unmet need, with a shift toward earlier procedural intervention and growth in both combo cataract and standalone markets.

• Combo cataract MIGS market is more penetrated (30%-40%), while standalone is a larger, less penetrated, and growing opportunity.

• Education efforts are driving earlier procedural adoption among surgeons and referring providers.

• Recent LCD and reimbursement changes have created near-term headwinds, restricting combination MIGS use and impacting device utilization.

• OMNI is positioned as a comprehensive, dual-indicated MIGS device, well-suited for the new reimbursement environment.

Financial performance and business outlook

• Q3 revenues were below expectations due to lower utilization and account activity, attributed to LCD uncertainty and competitive dynamics.

• Efforts are underway to re-engage lost accounts, train new surgeons, and focus on standalone opportunities, especially for patients years post-cataract with persistent symptoms.

• OMNI is used across all glaucoma severities, with a slight skew toward moderate to advanced cases.

• Competitive products like iDose are capturing mind share, but OMNI is not seeing direct competition in procedural interventions.

• Device-intensive status for OMNI was narrowly missed in the latest CMS rule, but the company remains the market leader in ab interno canaloplasty and will continue efforts to achieve this status.

Growth drivers and future plans

• No specific 2025 guidance was provided, but the standalone market and dry eye (TearCare) are seen as key growth drivers.

• The dry eye opportunity is expected to accelerate growth as market access and reimbursement are achieved.

• TearCare saw Q3 stocking ahead of a price increase, with future revenue expected to remain low until reimbursement wins are secured.

• TearCare is supported by robust clinical data (SAHARA RCT) showing superiority over Restasis, and payer conversations are progressing well.

• Coverage policy wins for TearCare are anticipated in the back half of 2025, with meaningful revenue contribution expected from 2026 onward.