Sight Sciences Reports Mixed Q3 Results, Net Loss Improves by 15.1%

Sight Sciences, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance in revenue and losses compared to the previous fiscal period. The company generated total revenue of $20.2 million for the three months ended September 30, 2024, a slight increase of $0.1 million (0.7%) from $20.0 million in the same period of 2023. For the nine months, revenue decreased by $1.5 million (2.4%) to $60.8 million from $62.3 million year-over-year.

The Surgical Glaucoma segment, which includes the OMNI® Surgical System and SION® Surgical Instrument, contributed $18.6 million in revenue for the third quarter, up from $18.4 million in the prior year, driven by increased unit sales. However, the Dry Eye segment saw a significant decline, with revenue dropping 28.9% to $3.7 million from $5.1 million, attributed to fewer new customers and lower sales of related products.

Operating expenses for the third quarter decreased to $28.1 million, down $2.6 million (8.5%) from $30.7 million in the same quarter of 2023. This reduction was primarily due to lower selling, general, and administrative expenses, which fell by $3.1 million. The company reported a loss from operations of $11.2 million for the third quarter, an improvement of $2.2 million from the loss of $13.4 million in the same period last year. The net loss for the third quarter was $11.1 million, a decrease of $2.0 million (15.1%) compared to the previous year.

For the nine months ended September 30, 2024, the company recorded a net loss of $39.7 million, an improvement of $5.2 million (11.6%) from a net loss of $44.9 million in the same period of 2023. The accumulated deficit as of September 30, 2024, stood at $334.5 million.

Sight Sciences' cash and cash equivalents decreased to $118.6 million as of September 30, 2024, from $138.1 million at the end of 2023. The company has a long-term debt of $34.2 million, up from $31.7 million at the end of the previous fiscal year. The company entered into a Loan and Security Agreement with Hercules Capital, Inc., securing a senior secured term loan facility of up to $65 million, with an initial tranche of $35 million funded in January 2024.

Strategically, the company is focused on enhancing its market presence in the Surgical Glaucoma and Dry Eye segments while managing costs. The company anticipates continued losses and may seek additional funding to support its operations and growth initiatives.