Business
Sight Sciences Reports Third Quarter 2021 Financial Results
MENLO PARK, Calif., Nov. 10, 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., Nov. 10, 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 September 30, 2021. Recent Business Highlights Generated record third quarter 2021 total revenue of $13.1 million, an increase of 51% compared to the prior year periodExpanded gross margin to 84% in the third quarter 2021 versus 70% in the prior year periodReceived FDA Investigational Device Exemption (IDE) approval for PRECISION, a three-armed combination cataract MIGS randomized controlled trial (RCT) to assess the safety and effectiveness of canaloplasty-alone procedures using the OMNI® Surgical SystemSubmitted 510(k) seeking expanded indication for use of TearCare® System for dry eye disease due to meibomian gland dysfunctionPeer-reviewed publications in Clinical Ophthalmology reported favorable two-year outcomes of standalone use of the OMNI® Surgical System in mild to moderate open-angle glaucoma; and in Cornea reported that a single TearCare® treatment significantly alleviated the signs and symptoms of dry eye disease in patients with meibomian gland dysfunction based on results from the OLYMPIA RCTThe Centers for Medicare and Medicaid Services (CMS) published the final reimbursement rules for CPT code 66174, which is used to report OMNI procedures performed as a standalone (without concomitant cataract surgery) or in combination with cataract surgery, to take effect January 1, 2022. The final rules establish national unadjusted rates for CPT code 66174 of $739 for the physician fee for standalone OMNI procedures, $1,003 for the physician fee for combination cataract OMNI procedures, $1,919 for the facility fee for standalone OMNI procedures in ambulatory surgery centers (ASCs), $2,450 for the facility fee for combination cataract OMNI procedures in ASCs, and $4,000 for the facility fee for OMNI in hospital outpatient departments (HOPDs), standalone or with cataract surgery. “We are very pleased with our outstanding performance in the third quarter, driven by strong surgeon adoption and utilization of OMNI®,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “We made significant progress expanding OMNI’s adoption an...