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Sep 30, 2021
Sight Sciences Q3 2021 Earnings Report
Sight Sciences' performance was driven by strong surgeon adoption and utilization of OMNI, with revenue increasing and gross margin expanding.
Key Takeaways
Sight Sciences reported a strong third quarter with record revenue of $13.1 million, a 51% increase compared to the prior year. The company saw significant growth in surgical glaucoma revenue and expanded its gross margin to 84%. However, operating expenses also increased, resulting in a net loss of $17.2 million.
Total revenue reached a record $13.1 million, a 51% increase year-over-year.
Gross margin expanded to 84% compared to 70% in the prior year period.
Surgical Glaucoma revenue increased by 58% year-over-year, driven by increased adoption and utilization of OMNI.
The Centers for Medicare and Medicaid Services (CMS) published the final reimbursement rules for CPT code 66174, which is used to report OMNI procedures.
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 projects revenue for the full year 2021 to range from $47.5 million to $48.5 million, which represents approximately 74% growth compared to 2020.
Positive Outlook
- Projected full year revenue growth of approximately 74% compared to 2020.
- Strong surgeon adoption and utilization of OMNI.
- Continued development of the Standalone MIGS segment.
- Submitted a 510(k) for TearCare® seeking an expanded indication for use for dry eye disease due to MGD.
- Advancing clinical studies to support market access initiatives among Medicare and commercial payors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income