Sight Sciences, Inc. reported a total revenue of $79.9 million for the fiscal year ending December 31, 2024, reflecting a decrease of 1.5% from the previous year's revenue of $81.1 million. The company's Surgical Glaucoma segment generated $75.9 million, a 2.1% increase from $74.3 million in 2023, while the Dry Eye segment saw a significant decline, with revenue dropping 41.2% to $4.0 million from $6.7 million. The overall gross profit for the year was $68.3 million, down from $69.2 million in 2023, resulting in a slight increase in gross margin to 85.5% from 85.3%. The company reported a net loss of $51.5 million, an improvement from the $55.5 million loss in the prior year.
The decrease in revenue from the Dry Eye segment was attributed to a strategic shift towards establishing reimbursement for the TearCare procedure, which led to reduced cash-pay sales. The company implemented a price increase for TearCare products in the fourth quarter of 2024, which temporarily impacted demand. In contrast, the Surgical Glaucoma segment's revenue growth was driven by increased unit utilization per account, although this was partially offset by a decrease in the number of ordering facilities and a less favorable product sales mix.
Sight Sciences has focused on expanding its market presence, with direct commercial operations established in the United States, United Kingdom, and Germany. The company has trained over 1,500 eyecare facilities on its TearCare system, which has been used in over 65,000 procedures since its launch. The company aims to enhance its product offerings, including the upcoming launch of the OMNI Edge, designed to improve the delivery of viscoelastic during procedures. The company also holds a robust intellectual property portfolio, with 49 issued U.S. patents and 65 issued patents outside the U.S. as of December 31, 2024.
Looking ahead, Sight Sciences anticipates continued challenges in revenue generation due to reimbursement uncertainties, particularly for its TearCare product. The company is actively pursuing equitable reimbursement coverage and payment determinations, which it expects to begin receiving in 2025. Additionally, the company is navigating increased competition in the market for glaucoma and dry eye treatments, which may impact its growth trajectory. The company’s financial outlook remains cautious, with expectations of ongoing net losses as it invests in product development and market access initiatives.
About Sight Sciences, Inc.
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