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Sep 30, 2024
Sight Sciences Q3 2024 Earnings Report
Reported financial results for the third quarter of 2024 and updated its adjusted operating expenses guidance for full year 2024.
Key Takeaways
Sight Sciences reported a 1% increase in revenue to $20.2 million for Q3 2024. Surgical Glaucoma revenue increased by 1%, while Dry Eye revenue decreased by 4%. The company generated positive cash flow of $0.4 million and updated its full year adjusted operating expenses guidance to $104.0 million - $106.0 million.
Total revenue reached $20.2 million, a 1% increase compared to the same period last year.
Positive cash flow of $0.4 million was generated, a significant improvement from the $10.0 million cash used in Q3 2023.
Five MACs published Final LCDs confirming Medicare coverage for cataract surgery performed with a single MIGS procedure.
Company maintains its revenue guidance expectations for full year 2024 of approximately $81.0 million to $83.0 million.
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 maintains its revenue guidance expectations for full year 2024 of approximately $81.0 million to $83.0 million. The Company revises its guidance expectations for adjusted operating expenses for full year 2024 to approximately $104.0 million to $106.0 million.
Positive Outlook
- Company continues to expect double-digit Surgical Glaucoma revenue growth in the fourth quarter of 2024 compared to the same period in the prior year as it regains commercial momentum and expands utilization and its customer base.
Challenges Ahead
- Company acknowledges headwinds to growth in the total number of MIGS devices used in MIGS procedures due to the Final LCDs’ limitations on multiple MIGS used in a single surgery effective mid-quarter.
- Company acknowledges the slower than expected recovery in Surgical Glaucoma utilization and active accounts experienced in the third quarter of 2024.
- Company expects Dry Eye revenue for the fourth quarter 2024 to be less than $0.5 million.
- Dry Eye revenue is still expected to decrease following the implementation of an increase in dry eye pricing effective October 1, 2024, which is expected to have a significant negative impact on cash-pay procedure volumes in the fourth quarter of 2024, before the Company expects a return to growth in 2025 with market access wins.
Revenue & Expenses
Visualization of income flow from segment revenue to net income