Sight Sciences (SGHT) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $17.5M, down 9–9.1% year-over-year, primarily due to new Medicare restrictions on multiple MIGS procedures and lower Surgical Glaucoma and Dry Eye sales.

• Net loss improved to $14.2M ($0.28/share) from $16.3M ($0.33/share) in Q1 2024, reflecting cost controls and lower operating expenses.

• Gross margin remained strong at 86–86.2%, flat or slightly improved year-over-year, with Dry Eye segment margin rising due to price increases.

• Cash and cash equivalents at quarter-end were $108.8M, with $40M in debt, expected to fund operations for at least 12 months.

• Strategic focus remains on commercial momentum in MIGS, reimbursement for TearCare, clinical data publication, and product pipeline advancement, including the launch of OMNI Edge with TruSync technology.

Financial highlights

• Surgical Glaucoma revenue was $17.1M, down 6–6.3% year-over-year, with a 10% decline in account utilization but a 3% increase in ordering accounts.

• Dry Eye revenue was $0.4M, down from $1M year-over-year, due to fewer SmartLids sales after a price increase.

• Gross profit was $15.1M, down 8.4% from Q1 2024.

• Net loss per share improved to $(0.28) from $(0.33) year-over-year.

• Cash used in Q1 was $11.6M; outstanding debt was $40M.

Outlook and guidance

• Full-year 2025 revenue guidance reaffirmed at $70–$75M, factoring in continued MIGS restrictions and modest dry eye revenue until reimbursement decisions are made.

• Adjusted operating expense guidance lowered to $101–$105M, reflecting cost controls to offset tariff impacts.

• Dry Eye revenue guidance for 2025 is $1M, not assuming reimbursement wins.

• Second quarter 2025 surgical glaucoma revenue expected to decline high single to low double digits year-over-year.

• Gross margins in both segments will be negatively impacted by new 145% U.S. tariffs on China imports starting February 2025.