On August 1, 2024, Sight Sciences Inc (SGHT, Financial) released its 8-K filing reporting financial results for the second quarter ended June 30, 2024. Sight Sciences Inc is an ophthalmic medical device company focused on the development and commercialization of surgical and nonsurgical technologies for the treatment of prevalent eye diseases. The company derives key revenue from its Surgical Glaucoma segment, featuring the OMNI Surgical System, and its Dry Eye segment, featuring the TearCare System.
Performance Overview
For the second quarter of 2024, Sight Sciences Inc reported total revenue of $21.4 million, which aligns closely with the analyst estimate of $21.35 million. This represents an 11% increase compared to the prior quarter but a 9% decrease compared to the same period in the prior year. The company achieved a gross margin of 86%, consistent with the same period in the prior year.
Net loss for the quarter was $12.3 million, or $0.25 per share, which is an improvement from the $14.8 million, or $0.30 per share, reported in the same period last year. This result meets the analyst estimate of -$0.30 per share.
Segment Performance
The Surgical Glaucoma segment generated $20.2 million in revenue, a 5% decrease compared to the same period in the prior year. This decline was primarily driven by lower account utilization and a lower average selling price. The Dry Eye segment reported $1.1 million in revenue, a significant 46% decrease from the same period last year, attributed to fewer new accounts and related SmartHub® sales.
Financial Achievements and Challenges
Sight Sciences Inc reduced its cash usage to $9.1 million, a 29% decrease from $12.8 million in the second quarter of 2023, reflecting continued operational discipline. The company also reported a 12% decrease in total operating expenses to $31.0 million, driven by lower personnel-related expenses.
Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences, commented, "In the second quarter we continued to establish commercial momentum as we drove mid-single digit sequential increases in account utilization and active customers in our Surgical Glaucoma segment, and recovered the net customers lost during the LCD uncertainty period."
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $21.4 million | $23.5 million |
| Gross Profit | $18.3 million | $20.1 million |
| Net Loss | $12.3 million | $14.8 million |
| EPS | -$0.25 | -$0.30 |
Balance Sheet and Cash Flow
As of June 30, 2024, Sight Sciences Inc had cash and cash equivalents totaling $118.2 million, down from $154.5 million as of June 30, 2023. Total long-term debt remained steady at $35.0 million. The company continues to demonstrate operational discipline, reducing cash used in the second quarter to $9.1 million from $12.8 million in the same period last year.
2024 Financial Guidance
Sight Sciences Inc has narrowed its revenue guidance for the full year 2024 to approximately $81.0 million to $83.0 million, representing growth of approximately 0% to 2% compared to 2023. The company also expects adjusted operating expenses for the full year to be approximately $107.0 million to $109.0 million, a decrease of approximately 1% to 3% compared to 2023.
For more detailed information, please refer to the 8-K filing.
Explore the complete 8-K earnings release (here) from Sight Sciences Inc for further details.
