MENLO PARK, Calif.—Sight Sciences, Inc. (Nasdaq: SGHT), an eyecare technology company, reported financial results for the first quarter ended March 31, 2024, and reaffirmed financial guidance for full-year 2024. Revenue for the first quarter of 2024 was $19.3 million, an increase of 2 percent compared with the same period in the prior year. Surgical glaucoma segment revenue was $18.3 million, an increase of 5 percent compared with the same period in the prior year, according to the announcement.

"Our first quarter performance represents an encouraging start to the year, primarily driven by improved customer utilization within our Surgical Glaucoma segment as compared to the prior quarter and the same period in the prior year, and continued operational excellence with our strong gross margins and disciplined expense management," said Paul Badawi, co-founder and chief executive officer of Sight Sciences. "In addition, we are executing on our strategic initiatives to enhance market access to our interventional technologies supported by an expanding body of long-term clinical evidence in both our surgical glaucoma and dry eye segments.”

He continued, “2024 is expected to be a foundational year for the next phase of Sight Sciences’ growth as we continue to penetrate and expand two multi-billion dollar market opportunities in surgical glaucoma and dry eye with our clinically differentiated, interventional technologies.”

Gross profit for the first quarter of 2024 was $16.5 million compared with $15.8 million in the same period in the prior year, the company reported. Gross margin for the first quarter of 2024 was 86 percent, compared with 84 percent in the same period in the prior year. Total operating expenses were $31.2 million in the first quarter of 2024, representing a 6 percent decrease compared with $33.3 million in the same period in the prior year, which reflects reduced selling, general and administrative operating expenses and improved operating expense leverage compared with the same period in the prior year.

Net loss was $16.3 million in the first quarter of 2024, compared with $17.1 million in the same period in the prior year. Cash and cash equivalents totaled $127.3 million and total long-term debt was $35 million as of March 31, 2024, compared with $167.3 million and $35 million, respectively, as of March 31, 2023.

The company reaffirmed revenue guidance expectations for full-year 2024 of approximately $81 million to $85 million, representing growth of approximately 0 percent to 5 percent compared with 2023. The company stated that it continues to expect double-digit revenue growth in the second half of 2024 compared with the same period in the prior year.