Sight Sciences, Inc. Q1 FY2026 earnings call

We delivered a strong start to 2026 with first quarter results showing return to double-digit revenue growth, continued strength in gross margin, and disciplined operating expense and cash management. Drove solid execution across both segments. For interventional dry eye, drove expanded traction in reimbursed dry eye business and increased customer adoption of TierCare technology. For interventional glaucoma, Omni technology demonstrated clinical value and generated third consecutive quarter of year-over-year growth. Strategy is to advance interventional care earlier in the treatment paradigm of both glaucoma and dry eye disease, leveraging the overlap of two interventional business segments called the intersection of intervention.

Total revenue was $19.7 million, a 13% increase driven by growth in both interventional segments. Interventional glaucoma revenue was $18.3 million, an increase of 7%, with ordering accounts growing 6% compared to the prior year period. Interventional dry eye revenue was $1.4 million, up from $0.4 million, and nearly doubling from the fourth quarter of 2025. Interventional glaucoma contributed $18.3 million to total revenue, accounting for a significant portion, and interventional dry eye contributed $1.4 million.

Raising revenue guidance to 83 to 89 million for full year 2026, reflecting growth of 7 to 15% compared to 2025. Reaffirming adjusted operating expense guidance of 93 to 96 million for full year 2026. Expect total revenue to grow low double digits in second quarter compared to second quarter of 2025. Expect interventional glaucoma to grow mid-single digits in second quarter compared to second quarter of 2025. Interventional dry eye revenue expected to be in the range of 1.5 to 2 million in second quarter and to continue to scale throughout the year.

Patent infringement case against Alcon: court issued final judgment upholding willful infringement by Alcon and confirming past damages and interest totaling approximately $55 million, as well as ongoing royalties of 10% of HIDRIS revenue through patent expiration, and this ruling is subject to appeal. Actual results could differ materially from projected results due to a number of risks and uncertainties.

Q: Frank Takenen of Lake Street Capital Markets asked about smart lids utilization and interventional dry eye team size.

A: Nelson responded about early stages of utilization curves and that the interventional dry eye team is small and growing.

Q: Adam Mater of Piper Sandler asked about interventional glaucoma market trends and dry eye market access.

A: Paul and Jim talked about tailwind in interventional glaucoma and that there are additional payer wins expected in 2026 but exact timing hard to predict.

Q: Steve Lichtman of William Blair asked about dry eye customer accounts and patent suit next steps.

A: Ali talked about ECPs and Paul/Jim provided update on patent suit with no cash received yet.

Q: Tom Steffen of Stiefel asked about dry eye upside surprises and playbook.

A: Ali and Paul discussed synergies with IG business and workflow activation.

Q: Joanne Wunsch of Citi asked about balancing investments.

A: Jim talked about disciplined high return investments.

Q: David Saxon of Needham and Company asked about dry eye state presence and OmniUltra.

A: Paul talked about OmniUltra clearance timing and that it's accounted for in guidance