Sight Sciences Provides Revenue Guidance for the Third Quarter of 2023 and Updates Revenue Guidance for Full Year 2023

MENLO PARK, Calif., Sept. 11, 2023 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) (“Sight Sciences,” or the “Company”), an eyecare technology company focused on developing and commercializing innovative technology intended to transform care and improve patients’ lives, today announced third quarter 2023 revenue guidance and updated its revenue guidance for full year 2023.

Third Quarter 2023 Revenue Guidance
The Company expects third quarter 2023 total revenue to be in the range of $19.0 million to $20.0 million. While account retention remains high for our Surgical Glaucoma segment, the Company has seen reductions in new account additions, and expects year-over-year utilization to decrease in the third quarter, which the Company believes is primarily due to the transitory uncertainty for glaucoma customers caused by proposed local coverage determinations (“LCDs”). In June 2023, five of the seven Medicare Administrative Contractors (“MACs”) published LCDs that, if finalized as proposed, could identify many non-implantable micro-invasive glaucoma surgery (“MIGS”) procedures, including the Company’s surgical glaucoma technologies, as investigational and non-covered for Medicare beneficiaries in the states covered by these five MACs. The Company expects revenue from its Dry Eye segment to be slightly down sequentially primarily due to typical seasonality patterns, coupled with the evolution of the Company’s go-to-market strategy which emphasizes higher utilization within existing accounts as part of its focused reimbursement strategy. Thze Company is focused on building a higher utilization, recurring revenue business model with a durable repeat customer base and broad market access. While this is expected to result in relatively fewer new accounts added in the period, the Company has seen positive trends in recurring revenue from existing customers in the third quarter.

“We typically see a strong second quarter followed by a slower start to the third quarter given traditional seasonality patterns. While we had a strong second quarter prior to the LCD proposals, we have faced a lower cadence of new account additions and relatively flat utilization and we have not experienced the expected increase in commercial activity thus far in August and early September. While we are actively managing the proposed LCDs and their impacts on our business and customers, we believe that the ongoing uncertainty from the proposed LCDs has affected the ordering activity of certain customers in the third quarter. We expect this impact to continue until there is clarity on longer-term coverage by the MACs. We are taking steps intended to mitigate these effects and believe they will prove to be transitory if our products, especially our OMNI Surgical System technology, maintain their current broad coverage upon finalization of the LCDs,” said Paul Badawi, Founder and Chief Executive Officer of Sight Sciences. “Notably, our account retention remains high, evidencing OMNI’s clinical importance to the glaucoma treatment paradigm. We expect that revenue will normalize and return to growth should the MACs clarify that OMNI procedures are to remain covered for Medicare beneficiaries in the affected jurisdictions.”