Sight Sciences (SGHT) Stifel 2026 Virtual Ophthalmology Forum summary

Interventional glaucoma market trends and strategy

• Interventional glaucoma is experiencing a shift from education to active adoption, with earlier intervention now widely recognized as beneficial for long-term outcomes.

• The business has maintained stable pricing, high active account levels, and leads in implant-free MIGS, with a dedicated team focused on activating the standalone market.

• The U.S. MIGS market is estimated to be growing at low to mid-single digits, with interventional glaucoma expected to drive further expansion.

• OMNI continues to gain share, especially in combo cataract and standalone markets, supported by a tenured, focused team and ongoing innovation.

• A new generation, OMNI Ultra, is expected later this year, featuring single-pass 360-degree catheterization, automated viscoelastic delivery, and improved ergonomics.

Financial performance and guidance

• Q1 saw strong momentum, particularly in March, setting a positive tone for Q2 and the rest of the year.

• Guidance for glaucoma is mid-single-digit percent year-over-year growth for Q2, reflecting a disciplined and conservative approach.

• The standalone glaucoma strategy is being scaled, with significant revenue uplift expected as the playbook is proven and expanded, likely accelerating in 2027.

• Overall, the business is targeting a return to double-digit growth for the full year, with dry eye representing potential upside if additional market access is achieved.

Dry eye (TearCare) business update

• TearCare sales in Q1 reached $1.4 million, ahead of expectations, with strong performance in five focus states where dedicated resources are deployed.

• Utilization in reimbursed accounts is significantly higher than in previous cash-pay models, with average procedures per account rising and strong reorder trends.

• The addressable market remains limited by current Medicare coverage, but even with 5% serviceable market, utilization is compelling and expected to grow.

• Productive conversations with MACs are ongoing to expand fee schedules, with additional payer wins possible in the next six to seven months.

• Guidance for dry eye is $7 million in 2026, with upside potential if market access expands; the business doubled from Q4 to Q1 and expects continued scaling.