Sight Sciences Inc · Q2 2023 earnings

Briefing

Reported financial results for the second quarter and reaffirmed guidance for full year 2023.

Sight Sciences reported a record second quarter revenue of $23.5 million, a 36% increase compared to the prior year period. The company achieved a gross margin of 85.6% and saw a decrease in operating expenses. They also reaffirmed their full-year revenue guidance of $89.0 million to $94.0 million.

• Generated record second quarter 2023 total revenue of $23.5 million, an increase of 36% compared to the prior year period.
• Achieved total gross margin of 85.6% in the second quarter of 2023 compared to 84.1% in the prior year period.
• The SAHARA randomized controlled clinical trial successfully met its primary objective signs endpoint at six months.
• Procedures enabled by the OMNI® Surgical System technology were categorized as medically necessary and covered by Cigna Healthcare effective June 15, 2023, expanding access to OMNI for close to 15 million covered lives.

Headline financials

Revenue & EPS history

Sight Sciences reaffirms revenue guidance expectations for the full year 2023 of $89.0 million to $94.0 million, which represents growth of approximately 25% to 32% compared to 2022. The Company reaffirms its expectation for average adjusted operating expenses on a quarterly basis of approximately $30.5 million for the full year 2023.