Sight Sciences, Inc. Q2 FY2025 earnings call

• Strong second quarter performance driven by Surgical Glaucoma, with sequential growth in ordering accounts and surgical glaucoma utilization.
• Launch of OMNIEdge, the latest evolution of the OMNI platform, with positive surgeon response.
• Focus on educating surgeons on standalone OMNI procedures for pseudophakic patients to improve long-term clinical outcomes.
• Dry Eye business focused on TearCare reimbursement, with positive clinical data from the SAHARA 24-month RCT and cost utility analysis demonstrating TearCare's durability and cost-effectiveness compared to cyclosporine.

Surgical Glaucoma: In the second quarter of 2025, revenue was $19.2 million, down 5% compared to the second quarter of 2024 but up 12% compared to the first quarter of 2025. It contributed significantly to total revenue. Dry Eye: Revenue was $0.3 million in the second quarter of 2025, a decrease from $1.1 million in the same period of 2024, primarily due to the focus on achieving reimbursed market access for TearCare procedures.

• Raised full-year 2025 revenue guidance to $72 million to $76 million from prior guidance of $70 million to $75 million.
• Surgical Glaucoma expected to be down mid-single digits in Q3 2025, with Q4 likely to show improvement due to easier year-ago comparisons.
• Dry Eye revenue expected to remain modest until TearCare reimbursement is achieved, with full-year 2025 Dry Eye segment revenue expected to be approximately $1 million.

• Uncertainty regarding patent reexaminations by Alcon and potential impact on ability to collect past damages and ongoing royalties.
• Tariff exposure on imported products, though expectations for tariff impact on cost of goods sold have been revised downward.
• Timing of TearCare reimbursement decisions being out of control, though confidence remains high in TearCare's clinical and economic value.

Q: Congrats on a good quarterly beat here. I wanted to first touch on the Surgical Glaucoma business and a pretty strong quarter relative to your expectations...

A: Matt Link discussed Surgical Glaucoma performance, noting a stable market environment allowing focus on customers and the introduction of OMNIEdge providing tailwinds.

Q: Can you talk a little bit more about how conversations with payers are going for TearCare?

A: Alison Perry Bauerlein mentioned positive tone of discussions with payers, high respect for clinical and health economic data, but timing of reimbursement decisions is uncertain.

Q: I'll start with MIGS. First question just on share. Paul, maybe if you can talk a bit about share dynamics in MIGS...

A: Matt Link stated they believe they are winning at a rate higher than 50% in MIGS procedures, with increased number of active accounts and sequential growth in utilization suggesting share gains.

Q: I wanted to start with a follow-up related to guidance for the second half of the year...

A: Alison Perry Bauerlein explained that guidance is set to be achievable and accounts for market factors and potential headwinds.

Q: I feel like we've been hearing or talking about standalone MIGS for quite some time...

A: Paul Badawi discussed the challenges of identifying and integrating standalone MIGS patients into workflows, focusing on targeted patient populations and programmatic approaches to adoption