Recent Financial and Business Highlights
- Generated total revenue of
$19.7 million in the first quarter of 2026, an increase of 13% compared to the same period in the prior year. - Drove Interventional Glaucoma revenue growth of 7% in the first quarter of 2026, with revenue of
$18.3 million compared to$17.1 million in the same period in the prior year. - Attained Interventional Dry Eye revenue of
$1.4 million in the first quarter of 2026, representing a 244% increase from the same period in the prior year and an 87% increase from the fourth quarter of 2025. - Achieved total gross margin of 86% in the first quarter of 2026, flat compared to the same period in the prior year.
- Reduced cash usage to
$7.0 million in the first quarter 2026, representing a 40% improvement compared to the same period in the prior year. Cash and cash equivalents totaled$85.0 million as ofMarch 31, 2026 . - Announced that the
U.S. District Court for the District of Delaware issued its final judgment on post-trial motions in the Company’s patent infringement case against Alcon Inc.,Alcon Vision, LLC ,Alcon Research, LLC , andIvantis, Inc. (collectively, Alcon), preserving the jury’s verdict of willful infringement and awarding the Company past monetary damages of$55.4 million and an ongoing royalty of 10% of Hydrus® Microstent revenue through expiration of the patents-in-suit. This judgment is subject to appeal.
“We delivered a strong start to 2026, with first quarter results reflecting a return to double-digit revenue growth, sustained gross margin strength, and disciplined operating expense and cash management,” said
First Quarter 2026 Financial Results
Revenue for the first quarter of 2026 was
Gross profit for the first quarter of 2026 was
Total operating expenses were
Net loss was
Cash and cash equivalents totaled
2026 Financial Guidance
The Company reaffirms its full year 2026 adjusted operating expenses1,3 guidance range of
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.
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About
Hydrus® is a registered trademark of
© 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 the award of ongoing royalties in our ongoing litigation with Alcon; potential appeals or other post-judgment proceedings; our focus in 2026 on continued growth in combination-cataract procedures and activating standalone interventions in glaucoma, and accelerating growth and expanding access to reimbursed interventional TearCare treatments; 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
Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) | ||||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 84,962 | $ | 91,965 | ||||
| Accounts receivable, net of allowance for credit losses of | 10,595 | 9,745 | ||||||
| Inventory, net | 7,007 | 7,767 | ||||||
| Prepaid expenses and other current assets | 3,948 | 3,257 | ||||||
| Total current assets | 106,512 | 112,734 | ||||||
| Property and equipment, net | 1,618 | 1,610 | ||||||
| Operating lease right-of-use assets | 1,202 | 438 | ||||||
| Other noncurrent assets | 370 | 518 | ||||||
| Total assets | $ | 109,702 | $ | 115,300 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,486 | $ | 1,343 | ||||
| Accrued compensation | 3,691 | 6,074 | ||||||
| Accrued and other current liabilities | 9,189 | 3,610 | ||||||
| Short-term debt, net | 3,797 | — | ||||||
| Total current liabilities | 18,163 | 11,027 | ||||||
| Long-term debt, net | 36,736 | 40,300 | ||||||
| Other noncurrent liabilities | 900 | 31 | ||||||
| Total liabilities | 55,799 | 51,358 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, par value | — | — | ||||||
| Common stock, par value | 54 | 54 | ||||||
| Additional paid-in-capital | 451,552 | 448,611 | ||||||
| Accumulated deficit | (397,703 | ) | (384,723 | ) | ||||
| Total stockholders’ equity | 53,903 | 63,942 | ||||||
| Total liabilities and stockholders’ equity | $ | 109,702 | $ | 115,300 | ||||
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per share data) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 19,698 | $ | 17,508 | ||||
| Cost of goods sold | 2,720 | 2,414 | ||||||
| Gross profit | 16,978 | 15,094 | ||||||
| Operating expenses: | ||||||||
| Research and development | 2,546 | 4,430 | ||||||
| Selling, general and administrative | 26,845 | 24,523 | ||||||
| Total operating expenses | 29,391 | 28,953 | ||||||
| Loss from operations | (12,413 | ) | (13,859 | ) | ||||
| Investment income | 741 | 1,148 | ||||||
| Interest expense | (1,268 | ) | (1,263 | ) | ||||
| Other expense, net | (29 | ) | (139 | ) | ||||
| Loss before income taxes | (12,969 | ) | (14,113 | ) | ||||
| Provision for income taxes | 11 | 41 | ||||||
| Net loss and comprehensive loss | $ | (12,980 | ) | $ | (14,154 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.24 | ) | $ | (0.28 | ) | ||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 53,943,085 | 51,290,665 | ||||||
Gross Margin Disaggregation (Unaudited) (in thousands) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Revenue | ||||||||
| Surgical Glaucoma | $ | 18,344 | $ | 17,114 | ||||
| Dry Eye | 1,354 | 394 | ||||||
| Total revenue | 19,698 | 17,508 | ||||||
| Cost of goods sold | ||||||||
| Surgical Glaucoma | 2,342 | 2,298 | ||||||
| Dry Eye | 378 | 116 | ||||||
| Total cost of goods sold | 2,720 | 2,414 | ||||||
| Gross profit | ||||||||
| Surgical Glaucoma | 16,002 | 14,816 | ||||||
| Dry Eye | 976 | 278 | ||||||
| Total gross profit | 16,978 | 15,094 | ||||||
| Gross margin | ||||||||
| Surgical Glaucoma | 87.2 | % | 86.6 | % | ||||
| Dry Eye | 72.1 | % | 70.6 | % | ||||
| Total gross margin | 86.2 | % | 86.2 | % | ||||
GAAP to Non-GAAP Reconciliation (Unaudited) (in thousands) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Operating Expenses: | ||||||||
| Total Operating Expenses | $ | 29,391 | $ | 28,953 | ||||
| Less: Stock-based Compensation | (2,732 | ) | (4,128 | ) | ||||
| Less: Depreciation and Amortization | (103 | ) | (158 | ) | ||||
| Less: Restructuring Costs | — | — | ||||||
| Less: Success Fee | (5,393 | ) | — | |||||
| Adjusted Operating Expenses(4) | 21,163 | 24,667 | ||||||
4 Please see section titled "Non-GAAP Financial Measures" for additional information.
Supplemental Financial Measures (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Interventional Glaucoma active customers(5) | 1,175 | 1,108 | ||||||
| Interventional Dry Eye lid treatment units sold(6) | 1,534 | 1,029 | ||||||
| Interventional Dry Eye active customers(7) | 96 | 75 | ||||||
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
