Q3 2024 Sight Sciences Inc Earnings Call Transcript
Key Points
- Sight Sciences Inc (SGHT) reaffirmed its revenue guidance for the full year 2024, indicating confidence in its financial outlook.
- The company has developed two market-evaluated interventional technologies, OMNI and TearCare, which have been used in over 200,000 glaucoma and 60,000 dry eye procedures, respectively.
- OMNI's differentiated clinical profile is supported by high-quality long-term peer-reviewed data, which is expected to continue supporting market access.
- The company has made key organizational changes to enhance commercial execution and territory performance, which are already showing positive impacts.
- Sight Sciences Inc (SGHT) ended the quarter with $118.6 million in cash and cash equivalents, reflecting financial stability and operational discipline.
- Revenue growth was only 1% compared to the same period in the prior year, falling short of expectations due to underperformance in surgical glaucoma revenue.
- The final 2025 Medicare payment rule did not assign device-intensive status to procedures performed with OMNI technology, which was a disappointment for the company.
- The company experienced a slower than expected recovery from the LCD's, impacting surgical glaucoma revenue and utilization.
- There was elevated trialing of lower-priced devices during the LCD process, which affected competitive positioning.
- Dry eye revenue for the third quarter was down 4% compared to the third quarter of 2023, and the company expects a significant negative impact on cash pay procedure volumes in the fourth quarter due to a price increase.
Thank you for standing by my name is Janine and I will be your conference operator for today.
(Operator Instructions)
I would like to turn the conference over to Philip from investor relations. Please go ahead.
Thank you for participating in today's call presenting today are Site Sciences, co-founder and Chief Executive Officer, Paul Badawi and Chief Financial Officer Ali Baller Line. Also in attendance is site sciences Chief Commercial Officer Matt Link earlier today, site Sciences released financial results for the three months ended, September 30th, 2024, and reaffirmed revenue guidance and updated 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'd like to remind everyone that comments made by management today and answers to questions will include forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include statements
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