Business
Sight Sciences Reports First Quarter 2023 Financial Results and Reaffirms Guidance for Full Year 2023
MENLO PARK, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) (“Sight Sciences,” or the “Company”), an eyecare technology company
About this update from Sight Sciences, Inc.
[{"type":"text","content":"MENLO PARK, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) (“Sight Sciences,” or the “Company”), an eyecare technology company focused on creating innovative solutions intended to transform care and improve patients’ lives, today reported financial results for the first quarter ended March 31, 2023 and reaffirmed guidance for full year 2023. Recent Business and Financial Highlights Generated first quarter revenue of $18.8 million, an increase of 26% compared to the prior year periodAchieved gross margin of 84% in the first quarter of 2023 versus 80% in the first quarter of 2022Completed the commercial launch of the Ergo-Series OMNI® Surgical System “Our first quarter results represent continued adoption of our surgical glaucoma and dry eye technologies and reflect their strong clinical efficacy and usability,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “We are driving momentum in our commercial, clinical and market access initiatives, which we designed to demonstrate the proven clinical benefits of our products, grow our customer base and increase utilization. We believe we are well positioned to drive significant revenue growth and improved operating leverage.” First Quarter 2023 Financial ResultsRevenue for the first quarter of 2023 was $18.8 million, an increase of $3.9 million, or 26%, compared to the first quarter of 2022. Surgical Glaucoma revenue was $17.3 million, an increase of 25% compared to the prior year period. The growth was primarily driven by an increase in both the number of ordering facilities and utilization per ordering facility. Dry Eye revenue was $1.5 million, an increase of 47% from the prior year period. This growth was primarily driven by an increase in sales of TearCare® to new and existing customers. Gross profit for the first quarter of 2023 was $15.8 million compared to $11.8 million for the first quarter of 2022. Gross margin for the first quarter was 84%, compared to 80% in the prior year period. Gross margin improvement was primarily attributed to the margin impact from our voluntary replacement of TearCare SmartHubs® in the first quarter of 2022. Operating expenses were $33.3 million for the first quarter of 2023 representing a 2% decrease compared to $34.0 million in the first quarter of 2022, reflecting improved operating expense ...