Sight Sciences, Inc.
- Open
- 5.13
- Day high
- 5.18
- Day low
- 4.92
- Prev close
- 5.20
- Volume
- 129K
- Mkt cap
- $274M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.1
- P/S
- 3.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$445K over the last 3 months (1 open-market buy, 7 sales)
- 🏛Institutions accumulating (13F)
Sight Sciences, Inc. (SGHT) is a Healthcare company listed on NASDAQ. The stock is up 44% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 7 sales (SEC Form 4).
Sight Sciences, Inc. (SGHT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SGHT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.19 | $-0.16 | +15.8% | $20M | +6.7% |
| Mar 4, 2026 | $-0.15 | $-0.08 | +46.7% | $20M | +7.6% |
| Nov 6, 2025 | $-0.26 | $-0.16 | +38.5% | $20M | -2.2% |
| Aug 7, 2025 | $-0.25 | $-0.23 | +8.0% | $20M | +10.3% |
| May 8, 2025 | $-0.29 | $-0.28 | +3.4% | $18M | -5.3% |
| Mar 5, 2025 | $-0.22 | $-0.23 | -4.5% | $19M | +3.1% |
| Nov 7, 2024 | $-0.23 | $-0.22 | +4.3% | $20M | -0.6% |
| Aug 1, 2024 | $-0.31 | $-0.25 | +19.4% | $21M | +3.2% |
| May 2, 2024 | $-0.29 | $-0.33 | -13.8% | $19M | -9.8% |
| Mar 7, 2024 | $-0.35 | $-0.22 | +37.1% | $19M | -0.9% |
| Aug 3, 2023 | $-0.35 | $-0.30 | +14.3% | $23M | +8.7% |
| May 4, 2023 | $-0.41 | $-0.35 | +14.6% | $19M | -0.2% |
SGHT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Badawi Daviddirector, officer: Chief Technology Officer | Sell | 7,418 | $5.51 |
| Jul 6, 2026 | HAYDEN JEREMY B.officer: Chief Legal Officer | Sell | 12,733 | $5.51 |
| Jul 6, 2026 | Rodberg Jamesofficer: Chief Financial Officer | Sell | 6,902 | $5.36 |
| Jul 6, 2026 | Badawi Pauldirector, 10 percent owner, officer: President and CEO | Sell | 28,684 | $5.42 |
| Jul 6, 2026 | Taylor Brentonofficer: EVP, Operations & R&D | Sell | 2,829 | $5.42 |
| Jul 6, 2026 | Bauerlein Alisonofficer: Chief Operating Officer | Sell | 24,184 | $5.36 |
| Jun 11, 2026 | Encrantz Staffandirector, 10 percent owner: | Buy | 14,100 | $4.88 |
| Jun 5, 2026 | Mazzacco Catherinedirector | Grant | 28,261 | — |
| Jun 5, 2026 | Fountain Tamaradirector | Grant | 28,261 | — |
| Jun 5, 2026 | Encrantz Staffandirector, 10 percent owner: | Grant | 28,261 | — |
| Jun 5, 2026 | Burbach Gerhard Fdirector | Grant | 28,261 | — |
| Jun 5, 2026 | Zurbay Donalddirector | Grant | 28,261 | — |
| May 19, 2026 | Bauerlein Alisonofficer: Chief Operating Officer | Sell | 12,728 | $5.12 |
| Apr 9, 2026 | Rodberg Jamesofficer: Chief Financial Officer | Sell | 7,231 | $3.55 |
| Apr 9, 2026 | HAYDEN JEREMY B.officer: Chief Legal Officer | Sell | 13,761 | $3.55 |
Source: SGHT SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full SGHT insider & 13F page →Sight Sciences, Inc. company profile
Overview
Sight Sciences, Inc. (NASDAQ:SGHT) is a medical device company founded in 2010 and headquartered in Menlo Park, California. The company went public in July 2021 and specializes in developing and commercializing surgical and non-surgical technologies for treating eye diseases. Sight Sciences operates in two primary segments: surgical glaucoma treatment through its OMNI Surgical System and dry eye disease treatment via its TearCare System. The company has faced significant challenges in recent years, including regulatory changes affecting Medicare reimbursement for its glaucoma procedures and ongoing efforts to establish insurance coverage for its dry eye treatments.
Business
Sight Sciences operates in the ophthalmic medical device industry, developing technologies to treat two major eye conditions that affect millions of Americans. The company's business is divided into two main segments with distinct products and market approaches. The Surgical Glaucoma segment represents approximately 95% of total revenue and centers around the OMNI Surgical System. Glaucoma is a group of eye diseases that damage the optic nerve, often due to elevated intraocular pressure (pressure inside the eye). If left untreated, glaucoma can lead to irreversible vision loss and blindness. The OMNI system is used in minimally invasive glaucoma surgery (MIGS), a category of procedures designed to reduce intraocular pressure with less trauma than traditional glaucoma surgeries. The system allows surgeons to perform comprehensive treatment of the eye's drainage system during cataract surgery or as a standalone procedure. The company also offers SION, a bladeless goniotomy technology that complements OMNI for specific surgical approaches. The Dry Eye segment accounts for approximately 5% of revenue and features the TearCare System. Dry eye disease (DED) is a chronic condition where the eyes don't produce enough tears or the tears evaporate too quickly, causing discomfort, vision problems, and potential eye surface damage. TearCare is a wearable eyelid technology that applies controlled heat to the eyelids to treat meibomian gland dysfunction, a leading cause of dry eye. The treatment involves warming the eyelids to liquefy blocked oils in the meibomian glands, followed by manual expression to clear the blockages. Both products are sold through direct sales representatives and distributors to hospitals, medical centers, and eye care professionals throughout the United States, with some international expansion in Europe.
Revenue model
Sight Sciences generates revenue primarily through product sales of single-use medical devices and related equipment. The company follows a traditional medical device business model where hospitals, surgery centers, and eye care practices purchase the devices for use in patient procedures. For the Surgical Glaucoma segment, revenue comes from sales of OMNI and SION systems to ophthalmic surgeons who perform the procedures on glaucoma patients. The procedures are typically reimbursed by Medicare and private insurance, making the treatment accessible to patients while ensuring payment to healthcare providers. However, the company's revenue has been significantly impacted by changes in Medicare Local Coverage Determinations (LCDs) that restricted the ability to perform multiple MIGS procedures simultaneously, which was a common practice that drove higher device utilization. The Dry Eye segment faces different reimbursement challenges, as TearCare procedures currently lack standardized insurance coverage. Patients often pay out-of-pocket for treatments, which limits market penetration. The company has been working to establish reimbursement through clinical trials and health economic studies, with the goal of demonstrating the treatment's value to insurance payers. Several factors influence the company's margins and revenue potential. Positive factors include an aging population increasing demand for both glaucoma and dry eye treatments, growing awareness of MIGS procedures among surgeons, and potential reimbursement approval for TearCare. Negative factors include regulatory changes affecting reimbursement policies, competition from other MIGS device manufacturers, the challenge of establishing new reimbursement categories for innovative treatments, and manufacturing cost pressures including potential tariff impacts on Chinese-manufactured components. The company also faces the typical challenges of medical device commercialization, including the need for extensive surgeon training and the time required to change clinical practice patterns.
Competitive moat
Sight Sciences operates in a competitive medical device market with limited sustainable competitive advantages. The company's primary moat lies in its established clinical relationships and surgeon training programs, having trained approximately half of US surgeons on its OMNI and SION technologies and engaged with over 1,500 eye care facilities for TearCare. This creates switching costs and familiarity barriers that can help retain market share. The company also benefits from regulatory approvals and clinical evidence, particularly for its OMNI system which has established efficacy data and Medicare reimbursement status. For TearCare, the ongoing SAHARA clinical trial represents a potential differentiation factor if it successfully demonstrates superiority over existing treatments like Restasis. However, these moats are relatively weak in the medical device industry. Competitive threats are significant, as the MIGS market has attracted multiple established medical device companies with greater resources and broader product portfolios. New entrants can develop competing technologies, and surgeons may switch to alternative devices based on clinical outcomes, ease of use, or cost considerations. The company acknowledges that competition is actually beneficial for expanding the overall MIGS market, suggesting limited pricing power or differentiation. The dry eye treatment market faces even greater competitive pressure from pharmaceutical treatments, other device-based therapies, and the fundamental challenge of establishing reimbursement for a new treatment category. Without strong intellectual property barriers or unique technological advantages, Sight Sciences must rely primarily on execution, clinical evidence, and market development to maintain its position. The company's small size relative to major medical device manufacturers also limits its ability to invest in R&D and compete on multiple fronts simultaneously.
Risks & safety
The company maintains a relatively strong financial position despite ongoing losses, though cash burn remains a concern. • Liquidity and Solvency: Strong cash position with $108.8 million in cash and short-term investments as of Q1 2025, providing substantial runway. Current ratio of 10.5x indicates excellent short-term liquidity. Minimal debt burden with debt-to-equity ratio near zero. • Cash Burn: Negative free cash flow of $11.6 million in Q1 2025, though this has improved from historical levels. Management targets achieving cash flow breakeven without additional equity capital, though timeline remains uncertain given revenue headwinds. • Valuation Metrics: Trading at negative P/E ratios due to losses, but Graham net-net ratio of 1.3x suggests stock trades below liquidation value. Price-to-book ratio of 1.6x appears reasonable given asset base. • Other Considerations: Revenue guidance of $70-75 million for 2025 represents a decline from 2024 levels, indicating near-term growth challenges. Potential tariff impacts of $3.5-4.5 million on cost of goods sold add margin pressure. Company's ability to achieve profitability depends heavily on successful reimbursement establishment for TearCare and recovery in MIGS market dynamics.
Recent development
Over the past few years, Sight Sciences has navigated significant regulatory and market challenges while advancing its product pipeline and clinical evidence. The most impactful development was the implementation of new Medicare Local Coverage Determinations (LCDs) that restricted multiple MIGS procedures, forcing the company to pivot toward developing standalone glaucoma procedures and rebuilding commercial momentum with existing accounts. In response to these challenges, the company launched the next-generation OmniEdge product in early 2025 and continued expanding its surgeon training programs. The company has also been developing its international presence, launching direct operations in Germany and preparing for broader European expansion. For the dry eye business, Sight Sciences completed the SAHARA randomized controlled trial comparing TearCare to Restasis, with results showing superiority of TearCare treatment. The company published clinical data and developed health economic models to support reimbursement discussions with payers. Despite these efforts, establishing insurance coverage has proven more challenging than anticipated, leading to reduced revenue expectations for the dry eye segment. The company has also made strategic leadership changes, appointing new executives for research and development and operations to strengthen its capabilities. Additionally, Sight Sciences is addressing potential tariff impacts by planning to establish manufacturing operations outside China within 9-12 months, demonstrating proactive supply chain management. Recent quarters have shown mixed results, with surgical glaucoma revenue experiencing volatility due to the LCD changes while dry eye revenue has declined significantly as the company focuses on reimbursement rather than direct-pay procedures. Management has maintained disciplined cost management while continuing to invest in clinical development and market access initiatives.
SGHT company profile · for informational purposes only — not investment advice.
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