Business
Sight Sciences Reports Second Quarter 2021 Financial Results
MENLO PARK, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT), an eyecare technology company focused on creating innovative
About this update from Sight Sciences, Inc.
[{"type":"text","content":"MENLO PARK, Calif., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT), an eyecare technology company focused on creating innovative solutions intended to transform standards of care and improve patients’ lives, today reported financial results for the quarter ended June 30, 2021. Recent Business Highlights Generated second quarter 2021 total revenue of $12.5 million, an increase of 258% compared to the prior year period, including; Surgical Glaucoma sales of $12.0 million, an increase of 263% compared to the prior year periodDry Eye sales of $0.5 million, an increase of 169% compared to the prior year period Expanded gross margin to 82% in the second quarter 2021 versus 40% in the prior year periodCompleted an initial public offering in July raising approximately $253 million of net proceeds after deducting underwriting discounts and commissions and estimated offering expenses “We are excited by our strong second quarter growth in both our Surgical Glaucoma and our Dry Eye segments, which include the sales of our OMNI Surgical System and TearCare System, respectively,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “The successful completion of our IPO provides us with additional resources to continue to execute the primary initiatives in our strategic plan to improve patient treatment and build shareholder value: (i) continuing to gain share and grow OMNI’s market presence in the existing combination cataract segment of the MIGS market; (ii) developing and growing the substantially larger, and largely underserved, standalone segment of the MIGS market; and (iii) expanding our labeling and indications for use for TearCare for the treatment of evaporative dry eye disease while also advancing market access among Medicare and commercial payors. To support these efforts, we intend to continue to demonstrate the differentiated effectiveness and safety of our unique solutions in real-world settings and in our multitude of ongoing and planned clinical trials.” Second Quarter 2021 Financial ResultsRevenue for the second quarter of 2021 was $12.5 million, an increase of $9.0 million, or 258%, compared to the second quarter of 2020. The growth was primarily driven by significant growth in the number of facilities ordering both OMNI and TearCare during the second quarter of 2021 as compared ...