Sight Sciences Inc (NAS:SGHT)
$ 6.51 -0.05 (-0.76%) Market Cap: 327.50 Mil Enterprise Value: 246.86 Mil PE Ratio: 0 PB Ratio: 3.21 GF Score: 80/100
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Q2 2024 Sight Sciences Inc Earnings Call Transcript

Aug 01, 2024 / 08:30PM GMT
Release Date Price: $7.42 (-4.63%)

Key Points

Positve
  • Sight Sciences Inc (SGHT) reported total revenue of $21.4 million for Q2 2024, reflecting an 11% sequential growth.
  • The company achieved a significant milestone with the publication of the SAHARA one-year data in the dry eye segment.
  • Quarterly cash usage declined by almost 30% compared to the prior-year period, indicating disciplined expense management.
  • The proposed Medicare payment rules for 2025 could result in a 29% increase in Medicare's ASC facility payment rate for procedures using OMNI technology.
  • Sight Sciences Inc (SGHT) trained over 150 surgeons on OMNI and over 100 surgeons on SION in the first half of 2024, positioning the company for future growth.
Negative
  • Total revenue for Q2 2024 decreased by 9% compared to the second quarter of 2023.
  • Dry eye revenue for Q2 2024 was $1.1 million, down 46% compared to the second quarter of 2023.
  • Gross margin for the dry eye segment declined to 47% in Q2 2024 from 55% in the same period in the prior year.
  • The company expects dry eye revenue to decrease further due to an increase in dry eye pricing effective October 1, 2024.
  • Sight Sciences Inc (SGHT) narrowed its full-year 2024 revenue guidance to $81 million to $83 million, representing growth of approximately 0% to 2% compared to 2023.
Operator

Good day, and thank you for standing by, and welcome to the Sight Sciences second quarter 2024 earning results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to turn it over to your first speaker today, Trip Taylor, Investor Relations. Please go ahead.

Trip Taylor
Sight Sciences Inc - Investor Relations

Thank you for participating in today's call. Presenting today are Sight Sciences' Co-Founder and Chief Executive Officer, Paul Badawi; and Chief Financial Officer, Bauerlein. Also in attendance is Sight Sciences' Chief Commercial Officer, Matt Link.

Earlier today, Sight Sciences released financial results for the three months ended June 30, 2024 and narrowed revenue and adjusted operating expense guidance for full-year 2024. A copy of the press release is available on the company's website at investors.sightsciences.com.

I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements within

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