Sight Sciences backs FY24 revenue view, sees operating expenses down 4%-6%

Sight Sciences (SGHT) maintains its revenue guidance expectations for full year 2024 of approximately $81.0 million to $83.0 million. The Company continues to expect double-digit Surgical Glaucoma revenue growth in the fourth quarter of 2024 compared to the same period in the prior year as it regains commercial momentum and expands utilization and its customer base. However, the Company also acknowledges headwinds to growth in the total number of MIGS devices used in MIGS procedures due to the Final LCDs’ limitations on multiple MIGS used in a single surgery effective mid-quarter, and the slower than expected recovery in Surgical Glaucoma utilization and active accounts experienced in the third quarter of 2024. The Company expects Dry Eye revenue for the fourth quarter 2024 to be less than $0.5 million. Dry Eye revenue is still expected to decrease following the implementation of an increase in dry eye pricing effective October 1, 2024, which is expected to have a significant negative impact on cash-pay procedure volumes in the fourth quarter of 2024, before the Company expects a return to growth in 2025 with market access wins. The Company revises its guidance expectations for adjusted operating expenses for full year 2024 to approximately $104.0 million to $106.0 million from $107.0 million to $109.0 million previously reported, representing a decrease of approximately 4% to 6% compared to 2023.