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Dec 31, 2023
Sight Sciences Q4 2023 Earnings Report
Reported financial results for the fourth quarter and full year ended December 31, 2023, and initiated financial guidance for full year 2024.
Key Takeaways
Sight Sciences reported a decrease in fourth-quarter revenue by 9% compared to the same period in the prior year, while full-year revenue increased by 14%. The company reduced operating expenses and cash used in the quarter, and secured a new credit facility. They maintained Medicare patient access to their surgical systems and saw positive clinical trial results for their technologies.
Generated fourth quarter 2023 total revenue of $18.8 million, a decrease of 9% compared to the same period in the prior year.
Reduced fourth quarter 2023 operating expenses to $27.1 million, a reduction of $6.8 million, or 20%, compared to the same period in the prior year.
Reduced cash used to $6.4 million in the fourth quarter of 2023, a decrease of 57% compared to the same period in the prior year.
Maintained Medicare patient access to the OMNI® Surgical System and the SION® Surgical Instrument after withdrawal of final local coverage determinations.
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 full year 2024 revenue to range from approximately $81.0 million to $85.0 million, representing a range of 0% to 5% growth compared to 2023. The Company expects full year 2024 adjusted operating expenses of approximately $107.0 million to $110.0 million, representing a range of 0% to 3% decline compared to 2023.
Positive Outlook
- Expects double-digit revenue growth in the second half of 2024.
- Regaining commercial momentum.
- Expanding utilization.
- Expanding customer base.
- Adjusted operating expenses expected to decline by 0% to 3% compared to 2023.
Challenges Ahead
- Revenue growth for full year 2024 is projected to be between 0% and 5%.
- Guidance is subject to significant risks and uncertainties.
- Assumes no meaningful changes to the Company's business prospects.
- Higher first quarter adjusted operating expenses expected primarily due to higher legal expenses for pending litigation.
- Changes in the reimbursement environment, including coverage decisions and reimbursement rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income