Sight Sciences (SGHT) expects its revenue for full year 2025 to range from $70M to $75M, representing a 6% to 12% decline compared to full year 2024 revenue. This guidance range reflects the expected impacts to the MIGS market associated with the new Medicare LCDs that became effective in most states in mid-November 2024, which restrict Medicare coverage for multiple MIGS procedures when performed at the same time as a cataract procedure. This guidance range also assumes revenue of approximately $1.0 million for the full year 2025 for the Dry Eye segment and does not contemplate achievement of positive reimbursement coverage or payment decisions for Dry Eye in full year 2025. The Company expects adjusted operating expenses1,3 for full year 2025 to range from $105.0 Mto $107M , representing an increase of 4% to 6% compared to adjusted operating expenses for full year 2024. The estimated 2025 adjusted operating expenses reflect plans to invest in standalone pseudophakic Surgical Glaucoma market development, expand TearCare market access, and increase research and development, and do not assume expansion of the commercial Dry Eye team with achievement of positive reimbursement coverage or payment decisions.
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