Business
Sight Sciences Reports Second Quarter 2024 Financial Results and Narrows Full Year 2024 Financial Guidance
MENLO PARK, Calif., Aug. 01, 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., Aug. 01, 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 second quarter ended June 30, 2024, and narrowed financial guidance for full year 2024. Recent Business and Second Quarter 2024 Financial Highlights Generated total revenue of $21.4 million, an increase of 11% compared to the prior quarter and a decrease of 9% compared to the same period in the prior year.Achieved total gross margin of 86% compared to 86% in the same period in the prior year.Reduced cash usage to $9.1 million, a decrease of 29% compared to $12.8 million cash used in the second quarter of 2023, reflecting continued operational discipline.Surgical Glaucoma ordering account utilization increased 5% and the number of active accounts increased 5% compared to the first quarter of 2024. These sequential trends highlight recovery from the LCD uncertainty period and growing momentum within the Surgical Glaucoma segment through the first half of 2024.The Company has recently informed existing TearCare® customers of a future list price increase to $1,200 per set of TearCare SmartLids® effective October 1, 2024. The Company is modifying its pricing structure to more accurately reflect the clinical and health economic value of the TearCare procedure as demonstrated in both Phase 1 and Phase 2 of the SAHARA RCT and its budget impact model. Recent Clinical and Reimbursement Highlights Announced the publication of the Phase Two twelve-month results of the SAHARA RCT demonstrating improved signs and symptoms of dry eye disease for patients crossed over from Restasis® to TearCare. Trial results demonstrated patients treated with a single interventional eyelid procedure enabled by TearCare technology after receiving twice-daily Restasis for six months during Phase One realized further clinically meaningful improvements in the signs and symptoms of dry eye disease at month six through month twelve beyond the improvements seen with Restasis during the first six months.The Centers for Medicare and Medicaid Services (“CMS”) published the 2025 Proposed Medicare Payment Rules for hospital outpatient department and ambulator...