Sight Sciences (SGHT) Stifel 2025 Virtual Ophthalmology Forum summary

Surgical glaucoma market dynamics

• Recent MIGS restrictions reduced stacked procedures from 15% to 5% of volume in Q1 2025, with Omni and Scion performing above expectations in this new environment.

• Omni's multimodal design and strong clinical efficacy have helped it gain share as surgeons adapt to single MIGS procedures, while stents and goniotomy have lost some share.

• The headwind from LCD changes is expected to persist through Q4 2025, with a return to normal year-over-year comparisons in Q1 2026; overall MIGS visits remain stable with mid to high single-digit growth.

• Market remains underpenetrated, especially in combination cataract procedures, with significant opportunity to expand MIGS adoption among eligible patients.

• Guidance for Q2 2025 is conservative due to seasonal factors, competitive launches, and the peak impact of stacking headwinds expected in Q3 2025.

Product innovation and competitive landscape

• Omni Edge, a new iteration of the Omni platform, has been well received, with ongoing innovation planned to maintain competitive advantage.

• VIA 360, a new competitor, is being trialed in the market, causing some disruption as expected, but prior similar products have not achieved mainstream adoption.

• A pilot study for the Helix micro stent has commenced, aiming to combine procedural ease with circumferential efficacy for improved outcomes.

Dry eye (TearCare) market and reimbursement outlook

• TearCare is positioned as a leading interventional dry eye treatment, with robust RCT data and over 65,000 cash-pay procedures performed to date.

• Productive payer discussions are ongoing, with expectations for initial coverage or payment decisions in 2024 or 2025, which would mark a significant milestone.

• A lean but experienced sales force and an installed base of over 1,500 smart hubs position the company for rapid ramp-up once reimbursement is secured.

• The U.S. dry eye market is large and underpenetrated, with up to 17 million MGD patients and 7–8 million moderate to severe cases; reimbursement could significantly expand the addressable market.