MENLO PARK, Calif.—Sight Sciences, Inc. (Nasdaq: SGHT) an eyecare technology company, has announced its financial results for the second quarter ended June 30, 2024, and narrowed financial guidance for full year 2024. Revenue for the second quarter of 2024 was $21.4 million, the company reported, a decrease of 9 percent compared with the same period in the prior year. Surgical glaucoma segment revenue was $20.2 million, a decrease of 5 percent compared with the same period in the prior year.

This decrease was primarily driven by lower account utilization and a lower average selling price in the second quarter versus the same period in the prior year, the company said. Dry eye segment revenue was $1.1 million, a decrease of 46 percent compared with the same period in the prior year.

"In the second quarter, we continued to establish commercial momentum as we drove mid-single digit sequential increases in account utilization and active customers in our surgical glaucoma segment, and recovered the net customers lost during the LCD uncertainty period,” said Paul Badawi, co-founder and chief executive officer of Sight Sciences. “With increasing clarity on coverage eligibility, thousands of surgeons can continue to routinely use our OMNI technology for glaucoma patient management, and this allows us to focus on supporting expanded use cases for the technology, reengaging existing customers who were awaiting coverage clarity, and training new surgeons who would like to perform the procedure enabled by OMNI.”

Badawi continued, “In parallel, we continue to advance our Dry Eye business with further clinical and market access progress. The recent publication of the 12-month SAHARA results and the soon to be published budget impact model more accurately demonstrate the true value of the TearCare technology. We intend to ensure this value is appropriately distributed across stakeholders by pioneering market access for interventional dry eye procedures. Reimbursement at the levels supported by our evidence shows compelling economics and value to patients, payors and eyecare providers. We are inspired by the opportunities in front of us and remain steadfast in our commitment to elevating the standards of care in eyecare.”

The company said that gross profit for the second quarter of 2024 was $18.3 million, compared with $20.1 million in the same period in the prior year. Gross margin for the second quarter of 2024 was 86 percent, compared with 86 percent in the same period in the prior year. Net loss was $12.3 million in the second quarter of 2024, compared with $14.8 million in the same period in the prior year, the announcement said.

Cash and cash equivalents totaled $118.2 million and total long-term debt was $35.0 million (before debt discount and amortized debt issuance costs) as of June 30, 2024, compared with $154.5 million and $35.0 million, respectively, as of June 30, 2023.

The company said it continues to expect double-digit surgical glaucoma revenue growth in the second half of 2024 compared with the same period in the prior year as it regains commercial momentum and expands its customer base and account utilization. However, the company said it expects dry eye revenue to decrease as it implements an increase in dry eye pricing, effective October 1, 2024, which it believes will have a significant negative impact on cash-pay procedure volumes in the second half of 2024, before  a return to growth in 2025 with market access wins, the company predicted.

As a result, Sight Sciences narrows revenue guidance expectations for full year 2024 to a range of approximately $81.0 million to $83.0 million, representing growth of approximately 0 percent to 2 percent compared with 2023, versus its prior range of $81.0 million to $85.0 million. The company said it expects dry eye revenue for full year 2024 to be less than $3.0 million, including the $2.1 million of revenue achieved through the end of the second quarter.