Recent Financial Highlights
- Generated fourth quarter 2025 total revenue of
$20.4 million , an increase of 7% compared to the same period in the prior year, and full year 2025 total revenue of$77.4 million , a decrease of 3% compared to full year 2024. - Achieved total gross margin of 87% in the fourth quarter of 2025 compared to 87% in the same period in the prior year, and full year 2025 total gross margin of 86% compared to 85% in full year 2024.
- Achieved a full year 2025 operating expense reduction of 13% compared to full year 2024 and a full year 2025 non-GAAP adjusted operating expense1,2 reduction of 13% compared to full year 2024.
- Reduced cash usage to
$0.4 million in the fourth quarter 2025, reflecting continued operating discipline. Cash and cash equivalents totaled$92.0 million as ofDecember 31, 2025 .
Management Commentary
“We closed the year with a solid fourth quarter, where we returned to growth in Interventional Glaucoma, demonstrated encouraging commercial traction following significant reimbursement milestones in Interventional Dry Eye, and continued our disciplined expense and cash management,” said
Fourth Quarter 2025 Financial Results
Revenue for the fourth quarter of 2025 was
Gross profit for the fourth quarter of 2025 was
Total operating expenses were
Net loss was
Full Year 2025 Financial Results
Revenue for full year 2025 was
Gross profit for full year 2025 was
Total operating expenses were
Net loss was
Cash and cash equivalents totaled
2026 Financial Guidance
The Company expects adjusted operating expenses1,3 for full year 2026 to range from
1 “Adjusted operating expenses” is a financial measure not prepared in accordance with generally accepted accounting principles in
2 A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table titled "Non-GAAP to GAAP Reconciliation" attached to this press release.
3 Consistent with
Non-GAAP Financial Measures
Adjusted operating expenses, a non-GAAP financial measure, is presented in this press release to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes this non-GAAP financial measure is an important performance indicator because it excludes items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. This non-GAAP financial measure, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be an appropriate measure for comparing the performance of other companies relative to the Company. This non-GAAP financial measure is not intended to represent, and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measure in the future, it expects to calculate it using a consistent method from period to period.
Conference Call
About
© 2026
Forward-Looking Statements
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release or during the earnings call that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include, but are not limited to, statements concerning our focus on advancing our strategic initiatives, including our focus in 2026 on building a leading interventional eye care company and leveraging the complementary nature of our two interventional businesses to drive synergistic growth with a pathway toward cashflow breakeven; 2026 revenue guidance; and 2026 adjusted operating expenses guidance, including primary factors impacting this guidance.
These statements often include words such as "anticipate," "expect," “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions. We base these forward-looking statements on our current expectations, plans and assumptions we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Although we believe these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our business, results of operations and financial condition, including without limitation changes to reimbursement coverage or payment decisions or reimbursement rates for our products; pricing pressure or changes in market share resulting from the evolving competitive landscape; the impact of tariffs on our products and the medical device industry generally; and disruptions to or increased costs associated with our supply chain, including as a result of having a limited number of suppliers. Should our underlying assumptions prove incorrect, actual results may differ materially from those expressed in the forward-looking statements. These statements are not guarantees of future performance or results. These forward-looking statements are subject to and involve numerous risks, uncertainties and assumptions, including those discussed under the caption “Risk Factors” in our filings with the
Investor contact:
415.937.5406
Investor.Relations@Sightsciences.com
Media contact:
pr@SightSciences.com
| Consolidated Balance Sheets (Unaudited) | ||||||||
| (in thousands, except share and per share data) | ||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 91,965 | $ | 120,357 | ||||
| Accounts receivable, net of allowance for credit losses of | 9,745 | 10,786 | ||||||
| Inventory, net | 7,767 | 6,325 | ||||||
| Prepaid expenses and other current assets | 3,257 | 2,306 | ||||||
| Total current assets | 112,734 | 139,774 | ||||||
| Property and equipment, net | 1,610 | 1,580 | ||||||
| Operating lease right-of-use assets | 438 | 935 | ||||||
| Other noncurrent assets | 518 | 550 | ||||||
| Total assets | $ | 115,300 | $ | 142,839 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,343 | $ | 1,691 | ||||
| Accrued compensation | 6,074 | 9,680 | ||||||
| Accrued and other current liabilities | 3,610 | 4,097 | ||||||
| Total current liabilities | 11,027 | 15,468 | ||||||
| Long-term debt | 40,300 | 39,356 | ||||||
| Other noncurrent liabilities | 31 | 492 | ||||||
| Total liabilities | 51,358 | 55,316 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, par value | — | — | ||||||
| Common stock, par value | 54 | 51 | ||||||
| Additional paid-in-capital | 448,611 | 433,769 | ||||||
| Accumulated deficit | (384,723 | ) | (346,297 | ) | ||||
| Total stockholders’ equity | 63,942 | 87,523 | ||||||
| Total liabilities and stockholders’ equity | $ | 115,300 | $ | 142,839 | ||||
| Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 20,385 | $ | 19,074 | $ | 77,363 | $ | 79,866 | ||||||||
| Cost of goods sold | 2,597 | 2,513 | 10,697 | 11,581 | ||||||||||||
| Gross profit | 17,788 | 16,561 | 66,666 | 68,285 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,437 | 4,293 | 14,606 | 17,991 | ||||||||||||
| Selling, general and administrative | 19,020 | 24,197 | 89,159 | 100,826 | ||||||||||||
| Total operating expenses | 21,457 | 28,490 | 103,765 | 118,817 | ||||||||||||
| Loss from operations | (3,669 | ) | (11,929 | ) | (37,099 | ) | (50,532 | ) | ||||||||
| Investment income | 834 | 1,289 | 3,973 | 5,917 | ||||||||||||
| Interest expense | (1,289 | ) | (1,161 | ) | (5,142 | ) | (4,662 | ) | ||||||||
| Loss on debt extinguishment | — | — | — | (1,962 | ) | |||||||||||
| Other expense, net | (30 | ) | (7 | ) | (148 | ) | (32 | ) | ||||||||
| Loss before income taxes | (4,154 | ) | (11,808 | ) | (38,416 | ) | (51,271 | ) | ||||||||
| Provision for income taxes | 8 | 38 | 10 | 236 | ||||||||||||
| Net loss and comprehensive loss | $ | (4,162 | ) | $ | (11,846 | ) | $ | (38,426 | ) | $ | (51,507 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.08 | ) | $ | (0.24 | ) | $ | (0.74 | ) | $ | (1.03 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 53,082,214 | 50,134,104 | 52,148,543 | 50,134,104 | ||||||||||||
| Gross Margin Disaggregation (Unaudited) | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Revenue | |||||||||||||||||
| Interventional Glaucoma | $ | 19,661 | $ | 18,770 | $ | 75,724 | $ | 75,902 | |||||||||
| Interventional Dry Eye | 724 | 304 | 1,639 | 3,964 | |||||||||||||
| Total | 20,385 | 19,074 | 77,363 | 79,866 | |||||||||||||
| Cost of goods sold | |||||||||||||||||
| Interventional Glaucoma | 2,368 | 2,364 | 10,030 | 9,448 | |||||||||||||
| Interventional Dry Eye | 229 | 149 | 667 | 2,133 | |||||||||||||
| Total | 2,597 | 2,513 | 10,697 | 11,581 | |||||||||||||
| Gross profit | |||||||||||||||||
| Interventional Glaucoma | 17,293 | 16,406 | 65,694 | 66,454 | |||||||||||||
| Interventional Dry Eye | 495 | 155 | 972 | 1,831 | |||||||||||||
| Total | $ | 17,788 | $ | 16,561 | $ | 66,666 | $ | 68,285 | |||||||||
| Gross margin | |||||||||||||||||
| Interventional Glaucoma | 88.0 | % | 87.4 | % | 86.8 | % | 87.6 | % | |||||||||
| Interventional Dry Eye | 68.4 | % | 51.0 | % | 59.3 | % | 46.2 | % | |||||||||
| Total | 87.3 | % | 86.8 | % | 86.2 | % | 85.5 | % | |||||||||
| GAAP to Non-GAAP Reconciliation (Unaudited) | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Total Operating expenses | $ | 21,457 | $ | 28,490 | $ | 103,765 | $ | 118,817 | |||||||||
| Less: Stock-based compensation | (2,472 | ) | (3,915 | ) | (12,717 | ) | (16,763 | ) | |||||||||
| Less: Depreciation & amortization | (108 | ) | (176 | ) | (487 | ) | (712 | ) | |||||||||
| Less: Restructuring costs | — | — | (2,803 | ) | — | ||||||||||||
| Adjusted Operating Expenses(4) | $ | 18,877 | $ | 24,399 | $ | 87,758 | $ | 101,342 | |||||||||
4 Please see section titled "Non-GAAP Financial Measures" for additional information.
| Supplemental Financial Measures (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| 2025 | 2024 | |||||||
| Interventional Glaucoma active customers (5) | 1,164 | 1,138 | ||||||
| Interventional Dry Eye lid treatment units sold (6) | 713 | 1,125 | ||||||
| Interventional Dry Eye active customers (7) | 81 | 83 | ||||||
5 “Interventional Glaucoma active customers” means the number of customers who ordered the OMNI Surgical System or the SION Surgical Instrument during the three months ended
6 “Interventional Dry Eye lid treatment units sold” means the quantity of TearCare SmartLids® sold during the three months ended
7 “Interventional Dry Eye active customers” means the number of customers who ordered lid treatment units during the three months ended
