Sight Sciences (SGHT) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $19.1M, up 2% year-over-year, while full year 2024 revenue declined 1% to $79.9M; company focuses on transformative interventional eyecare technologies for glaucoma and dry eye, with OMNI and TearCare as flagship products.

• OMNI surgical glaucoma revenue grew 9% year-over-year in Q4, with increased ordering accounts and utilization, despite Medicare LCD headwinds restricting multiple MIGS procedures.

• TearCare revenue declined as the company prioritized establishing reimbursed market access, supported by positive clinical and economic data.

• Net loss for Q4 was $11.8M ($0.23/share); full year net loss narrowed to $51.5M ($1.03/share) from $55.5M in 2023; cash and equivalents stood at $120.4M with $40M in debt.

• 2025 is expected to be transformational, with anticipated initial positive coverage/payment decisions for TearCare and the launch of OMNI Edge.

Financial highlights

• FY24 revenue reached $74.3M, with a 30% CAGR from FY20 to FY24; Q4 2024 total revenue: $19.1M (+2% YoY); surgical glaucoma revenue: $18.8M (+9% YoY); dry eye revenue: $0.3M (down from $1.6M YoY).

• Gross margin improved to 87% in Q4 2024 from 85% YoY; full year gross margin was 85.5% overall, 87.6% for Surgical Glaucoma, and 46.2% for Dry Eye.

• Operating expenses: $28.5M in Q4 (+5% YoY); full year operating expenses decreased 6% to $118.8M; adjusted operating expenses for 2024 were $101.3M, down 8% YoY.

• Net loss: $11.8M ($0.23/share) in Q4; full year net loss $51.5M ($1.03/share).

• Cash used in 2024: $17.8M, a 62% reduction from $46.9M in 2023.

Outlook and guidance

• 2025 revenue guidance: $70M–$75M, reflecting MIGS market headwinds from Medicare LCD changes; 2025 revenue expected to decline 6–12% from 2024.

• Dry Eye segment revenue for 2025 expected at ~$1M, not including potential reimbursement wins.

• Q1 2025 revenue expected to decline low to mid double digits YoY due to full-quarter impact of MIGS restrictions.

• Adjusted operating expenses for 2025 guided at $105M–$107M (+4–6% YoY), with investments in glaucoma and dry eye market development and R&D.

• Expects continued revenue growth and high gross margins, with significant investments in R&D and commercial expansion.