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Sight Sciences Q1 2025 Earnings Report
Sight Sciences reported its first quarter 2025 financial results, reaffirming full year 2025 revenue guidance and announcing improved adjusted operating expenses guidance.
Key Takeaways
Sight Sciences reported a total revenue of $17.5 million for the first quarter of 2025, a 9% decrease year-over-year, primarily due to lower Surgical Glaucoma revenue. Despite the revenue decline, the company maintained an 86% gross margin and reduced total operating expenses by 7%.
Total revenue for Q1 2025 was $17.5 million, a 9% decrease compared to the prior year, mainly due to lower Surgical Glaucoma revenue.
Gross margin remained strong at 86% of revenue in Q1 2025, consistent with the prior year.
Total operating expenses decreased by 7% to $29.0 million in Q1 2025, driven by lower legal expenses.
The company launched OMNI Edge with TruSync™ technology at ASCRS, aiming to enhance viscodilation while maintaining safety.
Sight Sciences
Sight Sciences
Sight Sciences Revenue by Segment
Revenue by Segment
Surgical Glaucoma Revenue
CapyFin.comDry Eye Revenue
CapyFin.com Forward Guidance
Sight Sciences reaffirms its full year 2025 revenue guidance of $70.0 million to $75.0 million, representing a 6% to 12% decline from 2024, and improved its adjusted operating expenses guidance to $101.0 million to $105.0 million.
Positive Outlook
- Reaffirmed full year 2025 revenue guidance, indicating stability in expectations.
- Improved adjusted operating expenses guidance, reflecting ongoing expense controls.
- Assumes approximately $1.0 million in revenue for the Dry Eye segment for the full year.
- Commitment to effectively serving interventional eyecare providers and patients.
- Progressing strategic initiatives including building commercial momentum in MIGS and advancing product pipeline.
Challenges Ahead
- Revenue guidance reflects a 6% to 12% decline compared to full year 2024.
- Expected impacts to the MIGS market due to new Medicare LCDs restricting coverage for multiple MIGS procedures.
- Guidance does not contemplate achievement of positive reimbursement coverage or payment decisions for TearCare in 2025.
- Unmitigated tariff exposure on Surgical Glaucoma segment's cost of goods sold is expected to increase by $3.5 million to $4.5 million for full year 2025.
- Tariff impact is expected to be larger in the second half of 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income