Business
Sight Sciences Reports First Quarter 2024 Financial Results and Reaffirms Full Year 2024 Financial Guidance
MENLO PARK, Calif., May 02, 2024 (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 02, 2024 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) (\"Sight Sciences\" or the \"Company\"), an eyecare technology company focused on developing and commercializing innovative, interventional technologies that elevate the standard of care, today reported financial results for the first quarter ended March 31, 2024, and reaffirmed financial guidance for full year 2024. Recent Business and Financial Highlights Generated first quarter 2024 total revenue of $19.3 million, an increase of 2% compared to the same period in the prior year.Achieved total gross margin of 86% in the first quarter of 2024 compared to 84% in the same period in the prior year.Reduced cash used to $10.8 million in the first quarter of 2024, which included $3.2 million in debt financing restructuring costs, compared to $17.7 million used in the first quarter of 2023, a decrease of 39%, reflecting continued operational discipline. On April 26, 2024, the Company received a positive jury trial verdict associated with the patent infringement case against Alcon Inc., Alcon Vision, LLC, Alcon Research, LLC, and Ivantis, Inc (collectively, \"Alcon\") that Sight Sciences initiated on September 16, 2021 in the U.S. District Court for the District of Delaware (the “Court”), concerning the Hydrus® Microstent. The jury found that Sight Sciences’ asserted patents were willfully infringed, and awarded monetary damages for past infringement. The monetary damages included $5.5 million in lost profits and $28.5 million in royalty damages for sales of the Hydrus Microstent covering the period from its commercial launch through trial. The Court will entertain post-trial briefings by both parties, including with respect to potential enhancements to the damages and other remedies, and the Court’s final judgment will be subject to appeal. Recent Clinical Highlights Announced the publication of results of a large-scale, real world minimally invasive glaucoma surgery (“MIGS”) study demonstrating the comprehensive outflow procedures performed with the OMNI® Surgical System (“OMNI”) technology were effective at lowering both intraocular pressure (“IOP”) and the need for IOP-reducing medications among study patients, when evaluated at two years post-surgery. The other two most commonly used FDA-approved MIGS devices combined with cataract surgery, and...