Sight Sciences Announces Preliminary, Unaudited Fourth Quarter and Full Year 2023 Financial Highlights

MENLO PARK, Calif., Jan. 08, 2024 (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 reported preliminary, unaudited financial highlights for the fourth quarter and full year ended December 31, 2023.

Preliminary Financial Highlights

Fourth quarter 2023 total revenue is expected to be in the range of $18.6 million to $18.8 million, a decrease of 9% compared to the prior year period at the estimated midpoint.

• Surgical Glaucoma revenues are expected to be in the range of $17.1 million to $17.2 million, a decrease of 9% compared to the prior year period at the estimated midpoint.
• Dry Eye revenues are expected to be in the range of $1.5 million to $1.6 million, a decrease of 13% compared to the prior year period at the estimated midpoint.

Full year 2023 total revenue is expected to be in the range of $80.9 million to $81.1 million, an increase of 14% compared to the prior year at the estimated midpoint.

• Surgical Glaucoma revenues are expected to be in the range of $74.3 million to $74.4 million, an increase of 13% compared to the prior year at the estimated midpoint.
• Dry Eye revenues are expected to be in the range of $6.6 million to $6.7 million, an increase of 17% compared to the prior year at the estimated midpoint.

The Company’s cash and cash equivalents as of December 31, 2023, was approximately $138 million, compared to $144.5 million as of September 30, 2023. Cash used in the quarter totaled approximately $6.5 million, reflecting continued operational discipline and a sequential improvement from $10.0 million cash used in the third quarter of 2023 and a decrease versus the comparative period in the prior year where cash used in the fourth quarter of 2022 was $14.8 million.

The Company’s fourth quarter and full year 2023 financial results are preliminary and subject to the completion of the Company’s 2023 audit. The Company expects to announce complete fourth quarter and full year 2023 financial results in March 2024.

"We are pleased to see the resilience exhibited in our fourth quarter sales and the double-digit revenue growth achieved for full year 2023 amidst the significant reimbursement uncertainty in our Surgical Glaucoma segment. We believe this is a testament to the differentiated clinical efficacy of the comprehensive outflow procedure performed with our OMNI Surgical System technology, the high number of glaucoma surgeons who have mastered the OMNI procedure and made it an essential component of their glaucoma treatment paradigm, and our exceptional team and their incredibly valuable relationships with esteemed ophthalmologists across the country. We were successful in reducing our cost structure and optimizing our commercial teams organizationally to enhance effectiveness, maintain flexibility in prioritizing our strategic objectives, and extend our cash runway in a more dynamic operating environment," said Paul Badawi, Co-Founder and Chief Executive Officer of Sight Sciences. "We were very happy to see the withdrawal of the local coverage determinations from five Medicare Administrative Contractors, “MACs”, (WPS Government Health Administrators, Palmetto GBA, Celerian Group Company, National Government Services, and Noridian Healthcare Solutions), allowing for continued access to our surgical glaucoma technologies for all Medicare beneficiaries. We look forward to continuing to engage with all of the MACs, CMS, and the national and state societies going forward to ensure glaucoma patients and their physicians maintain appropriate and fair access to medically reasonable and necessary MIGS procedures and technologies."