Sight Sciences' Dry Eye Revenue Soars 130% in Q4, Hinting at New Growth

MENLO PARK, CA – January 13, 2026 – Sight Sciences, Inc. (Nasdaq: SGHT) today unveiled preliminary financial results that paint a picture of a company at a strategic turning point. While full-year 2025 revenues saw a modest decline, a powerful surge in its fourth-quarter performance, driven by a 130% explosion in its Dry Eye segment, suggests a new growth engine is firing up for the eyecare technology firm.

The company reported expected total revenue for the fourth quarter of 2025 in the range of $20.3 million to $20.4 million, an approximate 7% increase over the same period last year. This positive quarterly momentum stands in contrast to the expected full-year revenue of $77.3 million to $77.4 million, which represents a 3% decrease compared to 2024. Investors are now closely watching to see if the fourth quarter's success is a sustainable trend or a temporary bright spot.

“We are pleased with our progress in the fourth quarter, including approximately 7% revenue growth compared to the prior year period, strong cash management, significant Dry Eye reimbursement milestones, and continued Surgical Glaucoma momentum,” said Paul Badawi, Co-Founder and CEO of Sight Sciences, in the company's official press release.

A Tale of Two Segments

The preliminary results reveal a stark contrast between the company’s two primary business lines. The Surgical Glaucoma division, the historical backbone of Sight Sciences' revenue, is expected to report sales between $19.6 million and $19.7 million for the fourth quarter, a respectable 5% increase year-over-year. For the full year, however, this segment is projected to be flat, with revenues between $75.6 million and $75.7 million.

This stability in the glaucoma business, which features the OMNI Surgical System for minimally invasive glaucoma surgery (MIGS), was overshadowed by the dramatic performance of the much smaller Dry Eye segment. Dry Eye revenues are expected to hit approximately $0.7 million in the fourth quarter, a 130% leap compared to the prior year period. This quarterly explosion is particularly noteworthy given the segment's challenging year; full-year 2025 Dry Eye revenue is projected to be just $1.6 million, a significant drop from the $4.0 million reported in 2024. This dramatic turnaround in the final quarter points directly to a pivotal shift in the market dynamics for its TearCare System.

Reimbursement Unlocks Dry Eye Potential

The catalyst behind the fourth-quarter Dry Eye revenue surge appears to be a long-sought breakthrough in insurance coverage. Sight Sciences highlighted the establishment of two Medicare Administrative Contractor (MAC) fee schedules for its TearCare System, a wearable device designed to treat evaporative dry eye disease by applying localized heat to the eyelids.

Effective January 1, 2025, MACs Novitas Solutions and First Coast Service Options established jurisdiction-wide pricing for the procedure. Together, these contractors cover an estimated 10.4 million Medicare beneficiaries, or about 30% of the total fee-for-service population in the United States. This move provides a clear and predictable reimbursement pathway for physicians using the TearCare System, removing a major barrier to adoption.

The market for interventional dry eye treatments is growing and competitive, with Sight Sciences' TearCare competing against thermal pulsation devices like LipiFlow from Johnson & Johnson Vision and Systane iLux from Alcon. In this environment, securing reimbursement is a critical differentiator. The preliminary Q4 results serve as what CEO Paul Badawi called "positive early validation of our reimbursed interventional Dry Eye business model," suggesting that physicians are now more willing to invest in and utilize the technology with the assurance of payment.

The global market for dry eye disease treatment devices was valued at approximately $260 million in 2025 and is projected to grow at a compound annual growth rate (CAGR) of over 7.5% through 2032. Sight Sciences' recent success positions it to capture a larger share of this expanding market.

Navigating Headwinds in Glaucoma

While the Dry Eye segment captured the spotlight, the performance of the Surgical Glaucoma division provides crucial context. The segment's flat full-year revenue reflects significant headwinds encountered earlier in 2025. New Local Coverage Determinations (LCDs) from Medicare restricted coverage for performing multiple MIGS procedures concurrently with cataract surgery, impacting utilization and creating uncertainty for surgeons.

This regulatory shift affected the entire MIGS market, where Sight Sciences competes with industry giants like Alcon and Glaukos Corporation. The company’s ability to generate 5% year-over-year growth in the fourth quarter may indicate that it and its physician customers are successfully adapting to the new reimbursement landscape. The OMNI Surgical System remains the company's primary revenue source, and its continued stability is essential for overall financial health as the Dry Eye business scales.

The Path to Profitability and Financial Discipline

Beyond the top-line numbers, Sight Sciences emphasized its strong financial discipline. The company ended the year with approximately $92 million in cash and cash equivalents, nearly unchanged from the end of the third quarter. It used only about $0.4 million in cash during the fourth quarter, a testament to tight operational control.

This quarterly performance is a significant improvement, although the company still used approximately $28 million in cash for the full year 2025. This figure is higher than the $17.8 million used in 2024 but substantially lower than the $46.9 million used in 2023, indicating a broader trend toward more efficient operations.

This strong cash management underpins the CEO's confidence in the company’s future. Badawi stated the company remains confident in its "path toward cash flow breakeven without requiring additional equity capital." This is a powerful message to investors, signaling that management believes it can achieve self-sustainability with its current resources, fueled by the anticipated growth in its Dry Eye segment and stable performance from its glaucoma products.

While analysts generally do not expect the company to achieve profitability in the near term, the combination of a strong balance sheet, disciplined spending, and a newly validated growth driver in the Dry Eye market provides a compelling narrative. The full, audited financial results expected in March 2026 will be critical for confirming whether the fourth quarter's promising performance marks the beginning of a sustained and profitable growth trajectory.