Sight Sciences sees Q4 revenue $18.9M-19.1M, consensus $20.29M

Fourth quarter 2024 total revenue is expected to be in the range of $18.9 million to $19.1 million, an increase of 1% at the estimated midpoint compared to the prior year period. Surgical Glaucoma revenues are expected to be in the range of $18.7 million to $18.8 million, an increase of 9% at the estimated midpoint compared to the prior year period. Dry Eye revenues are expected to be in the range of $0.2 million to $0.3 million, compared to $1.6 million in the prior year period. Full year 2024 total revenue is expected to be in the range of $79.7 million to $79.9 million, a decrease of 2% at the estimated midpoint compared to the prior year. Surgical Glaucoma revenues are expected to be in the range of $75.8 million to $75.9 million, an increase of 2% at the estimated midpoint compared to the prior year. Dry Eye revenues are expected to be in the range of $3.9 million to $4.0 million, compared to $6.7 million in 2023. The Company’s cash and cash equivalents as of December 31, 2024, were approximately $120 million, compared to $118.6 million as of September 30, 2024. Cash generated in the quarter totaled approximately $1.4 million, reflecting continued operational discipline versus cash used in the same period of the prior year of $6.4 million. Cash generated in the quarter included a $5.0 million drawdown under our term loan with Hercules Capital, Inc. and certain affiliates of Hercules. Cash used during the year totaled approximately $18.1 million, down from $46.9 million cash used in the prior year. The Company plans to achieve cash flow breakeven without the need to raise additional equity capital. “Our fourth quarter Surgical Glaucoma revenue increased 9% at the estimated midpoint versus the fourth quarter of 2023. Our results were below our expectations primarily due to impacts of the new LCDs by five Medicare contractors that became effective in mid-November and restrict Medicare coverage for multiple MIGS procedures when performed at the same time as a cataract procedure. Despite these headwinds, we prioritized effective cash management in 2024 while continuing to invest in our key long-term value drivers, and we delivered on this goal by significantly reducing our cash usage compared to the prior year,” said Paul Badawi, CEO. “Heading into 2025, we believe we are well-positioned to execute on our long-term vision with a strong cash position, clinically differentiated interventional glaucoma and dry eye technologies with OMNI and TearCare, an increasing interventional surgeon mindset to drive standalone MIGS procedures, and continued progress towards establishing equitable reimbursed market access for TearCare.”