Sight Sciences (SGHT) said Tuesday it is returning to growth across both of its interventional platforms, pointing to accelerating revenue and an upward revision to full-year guidance at the Morgan Stanley 24th Annual Global Healthcare Conference.
Chief Executive Officer Paul said the company is "back in growth mode" with both its OMNI glaucoma surgery system and its TearCare dry-eye treatment. "OMNI is back in growth," he said. "The MIGS market is back in growth."
The company reported 13% revenue growth in the first quarter of 2024 and 20% growth in the second quarter. Full-year 2024 guidance calls for mid-to-high teens revenue growth and mid-single-digit growth in adjusted operating expenses.
TearCare revenue nearly doubled quarter over quarter in the first two quarters of 2024, reaching $2.7 million in Q2, according to the company. More than 3,000 lids were treated in the second quarter. Chief Financial Officer Jim said confidence in the trajectory was rooted in underlying fundamentals and market expansion.
TearCare addresses meibomian gland dysfunction, affecting an estimated 7 million to 8 million Americans with moderate to severe disease out of roughly 19 million total dry-eye patients. About 70% of dry-eye patients hold commercial insurance. Medicare reimbursement now covers 13 states across the First Coast and Novitas administrative contractor regions, with commercial coverage focused in about five states.
The TearCare MGX model variant is set to launch in 2025. Human clinical trials for a sustained-release medication delivery platform for glaucoma are expected within about 12 months.
On the OMNI side, the company described a shift in procedure mix away from combination cataract cases toward standalone procedures. Historical mix ran approximately 85% combination and 15% standalone; Paul said the ratio has moved closer to 75% to 80% combination and 20% to 25% standalone. A broader commercial launch for OMNI Ultra is planned for the American Academy of Ophthalmology meeting in mid-October 2024, following a trial with 20 to 30 surgeons across the U.S. Scaling of OMNI Ultra is expected through 2027.
Sight Sciences trades with a market capitalization of $441 million, a gross profit margin of 88% over the last twelve months and a current ratio of 4.95, according to InvestingPro data.
Paul highlighted the dual-platform strategy as a competitive differentiator. "I think we're one of the few companies that has two leading interventional technologies in two of these big categories that has this kind of synergy," he said. "What is the long-term impact? I think it makes us far more commercially effective, commercially more efficient and capable."
