Sight Sciences, Inc. Q4 FY2025 earnings call

• Firm ended 2025 with solid execution, fourth quarter revenue growth in both segments, strong gross margins, and operating expense discipline. • Updated business description to interventional glaucoma and interventional dry eye, highlighting overlap in patients and practices. • Interventional Dry Eye achieved reimbursement milestone with Novitas Solutions and First Coast Service Options establishing pricing for CPT code 0563T. Made investments in commercial organization. • Interventional Glaucoma fully lapped LCD changes restricting mixed procedures, built on third quarter performance, focused on standalone market development and combo cataract segment.

Interventional Glaucoma: Fourth quarter revenue was $19.7 million, up 5% year over year and flat sequentially. Ordering accounts increased 2% year over year. Interventional Dry Eye: Fourth quarter revenue was $0.7 million, up from $0.3 million sequentially and year over year. Driven by sale of approximately 700 smart lids to ~80 accounts, ~30 of which were new. Interventional Glaucoma gross margin was 88%, Interventional Dry Eye gross margin improved to 68% from 51%.

• Initiated 2026 revenue guidance of $82 to $88 million, reflecting 6 to 14% growth from 2025. Interventional Glaucoma: $77 to $81 million, 2 to 7% growth. Interventional Dry Eye: $5 to $7 million, up from $1.6 million in prior year. • First quarter: Interventional Glaucoma expected low single digit growth year over year, expected to be lowest quarter of year; Interventional Dry Eye expected ~$1 million in first quarter, revenue to ramp throughout year. • Initiated 2026 adjusted operating expenses guidance of $93 to $96 million, increase of 6% to 9% from 2025, driven by targeted market access and commercial investments in both segments.

Q: Color on low-end vs high-end assumptions for guidance, and market growth for interventional glaucoma and ASP for dry eye.

A: On interventional glaucoma, in stable market, focused on expanding combo cataract and standalone; on interventional dry eye, early, Q4 was milestone with MACV schedules, guidance prudent. Glaucoma market growth low to mid single digits. ASP for dry eye includes mix of smart lids and hubs, specific info not provided.

Q: Standalone glaucoma market evolution, penetration ramp, obstacles.

A: Exciting time, spent time educating on earlier intervention. Current MIGS market ~90% combo cataract, 10% standalone. Estimate mid-80s combo, mid-teens standalone for firm. Made dedicated commercial investments, excited about growth over years.

Q: Balancing operating expenses with opportunity in dry eye, focus on MAC areas.

A: Investments in 2026 on commercial infrastructure, bulk on interventional dry eye market access and commercial infrastructure. Early traction validates opportunity, expect to grow team as move forward.

Q: Dry eye revenue opportunity in two Macs.

A: Still large opportunity, 10.4 million covered lives, ~700,000 patients with moderate to severe MGE. Revenue guidance prudent, bigger constraint is commercial infrastructure.

Q: Tier care peak sales potential, inputs.

A: Dry eye disease prevalent, ~7-8 million with moderate to severe MGD. Compelling tool, early traction validated. Market adoption early, not quantifying peak sales today, but large opportunity.

Q: First quarter outlook for glaucoma, headwinds.

A: First quarter low single digit year over year due to storms in Jan and Feb.

Q: Dry eye conversations with other MACs, payer dominoes.

A: Active engaging with other MACs, conversations progressing, expect more MACs to join and establish fee schedules this year.

Q: Glaucoma reimbursement with new goniotomy codes.

A: AMA moving forward with new goniotomy codes effective Jan 2028. Split into adult and pediatric. Expect pediatric economics maintained, adult goniotomy possibly reduced. OMNI could be tailwind.

Q: Selling interventional dry eye to Omni customers vs optometrists.

A: Early days, accounts are visionaries. Synergies with ophthalmology practices existing interventional glaucoma accounts. Revenue mix includes new and existing accounts. Too early to call specific trends.

Q: IG business ordering facility count and pricing uplift.

A: Utilization flat Q3 to Q4, account growth year over year but Q3 to Q4 slightly down. No specific pricing uplift for ULTRA baked into 2026 guidance.