Sight Sciences Returns to Glaucoma Growth, Eyes Dry Eye Expansion
Event summary
- Q4 2025 revenue grew 7% YoY to $20.4M, with Interventional Glaucoma up 5% and Dry Eye up 133% from prior year
- Full-year 2025 revenue declined 3% to $77.4M, with Glaucoma flat and Dry Eye down 60% from 2024
- Operating expenses cut 13% YoY, reducing net loss to $38.4M from $51.5M in 2024
- 2026 guidance projects 6-14% revenue growth, with Dry Eye segment expected to triple to $5-7M
- Cash position declined to $92M from $120.4M, with $40M in long-term debt
The big picture
Sight Sciences is attempting to balance cost discipline with strategic expansion in two distinct eye care markets. While Glaucoma remains the core revenue driver, the company is betting on Dry Eye as a growth catalyst through targeted commercial investments. The challenge will be maintaining profitability while scaling both segments in a competitive medical device landscape.
What we're watching
- Reimbursement Impact
- Whether Dry Eye segment can sustain growth based on recent reimbursement milestones
- Operational Efficiency
- The pace at which expense reductions can offset revenue growth challenges
- Cash Flow Dynamics
- How long current cash reserves will last given 2026 investment plans
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