Sight Sciences Provides Revenue Guidance for the Third Quarter of 2023 and Updates Revenue Guidance for Full Year 2023
11 Setembro 2023 - 5:06PM
Sight Sciences, Inc. (Nasdaq: SGHT) (“Sight Sciences,” or the
“Company”), an eyecare technology company focused on developing and
commercializing innovative technology intended to transform care
and improve patients’ lives, today announced third quarter 2023
revenue guidance and updated its revenue guidance for full year
2023.
Third Quarter 2023 Revenue
GuidanceThe Company expects third quarter 2023 total
revenue to be in the range of $19.0 million to $20.0 million. While
account retention remains high for our Surgical Glaucoma segment,
the Company has seen reductions in new account additions, and
expects year-over-year utilization to decrease in the third
quarter, which the Company believes is primarily due to the
transitory uncertainty for glaucoma customers caused by proposed
local coverage determinations (“LCDs”). In June 2023, five of the
seven Medicare Administrative Contractors (“MACs”) published LCDs
that, if finalized as proposed, could identify many non-implantable
micro-invasive glaucoma surgery (“MIGS”) procedures, including the
Company’s surgical glaucoma technologies, as investigational and
non-covered for Medicare beneficiaries in the states covered by
these five MACs. The Company expects revenue from its Dry Eye
segment to be slightly down sequentially primarily due to typical
seasonality patterns, coupled with the evolution of the Company’s
go-to-market strategy which emphasizes higher utilization within
existing accounts as part of its focused reimbursement strategy.
Thze Company is focused on building a higher utilization, recurring
revenue business model with a durable repeat customer base and
broad market access. While this is expected to result in relatively
fewer new accounts added in the period, the Company has seen
positive trends in recurring revenue from existing customers in the
third quarter.
“We typically see a strong second quarter followed by a slower
start to the third quarter given traditional seasonality patterns.
While we had a strong second quarter prior to the LCD proposals, we
have faced a lower cadence of new account additions and relatively
flat utilization and we have not experienced the expected increase
in commercial activity thus far in August and early September.
While we are actively managing the proposed LCDs and their impacts
on our business and customers, we believe that the ongoing
uncertainty from the proposed LCDs has affected the ordering
activity of certain customers in the third quarter. We expect this
impact to continue until there is clarity on longer-term coverage
by the MACs. We are taking steps intended to mitigate these effects
and believe they will prove to be transitory if our products,
especially our OMNI® Surgical System technology, maintain their
current broad coverage upon finalization of the LCDs,” said Paul
Badawi, Founder and Chief Executive Officer of Sight Sciences.
“Notably, our account retention remains high, evidencing OMNI’s
clinical importance to the glaucoma treatment paradigm. We expect
that revenue will normalize and return to growth should the MACs
clarify that OMNI procedures are to remain covered for Medicare
beneficiaries in the affected jurisdictions.”
“We remain steadfast in our belief in OMNI’s leading clinical
value proposition and are confident that we, along with industry
stakeholders, responded to the proposed LCDs with compelling
clinical evidence that is more than sufficient to ensure continued
widespread patient access to our OMNI technology. We will continue
to focus on maintaining strong relationships with our customers and
executing our strategic initiatives, which we believe will be
greatly enhanced by the addition of medtech industry veteran Matt
Link as Chief Commercial Officer. We look forward to continuing to
improve the lives of patients with glaucoma and dry eye as we
optimize and scale both our Surgical Glaucoma and Dry Eye
businesses,” continued Mr. Badawi.
2023 Financial Guidance Sight
Sciences updates revenue guidance expectations for the full year
2023 to $80.0 million to $82.0 million, which represents growth of
approximately 12% to 15% compared to 2022, from the prior revenue
guidance range of $89.0 million to $94.0 million. The Company
expects the guidance for the third quarter of 2023 is a reasonable
expectation for quarterly revenue run rate until customers gain
more visibility into longer term Medicare coverage for OMNI. Should
OMNI procedures remain covered for Medicare beneficiaries after the
final LCDs are published, the Company would expect a return to
historical growth rates.
The Company plans to discuss complete third quarter 2023
financial results in early November 2023.
About Sight SciencesSight
Sciences is an eyecare technology company focused on developing and
commercializing innovative solutions intended to transform care and
improve patients’ lives. Using minimally invasive or non-invasive
approaches to target the underlying causes of the world’s most
prevalent eye diseases, Sight Sciences seeks to create more
effective treatment paradigms that enhance patient care and
supplant conventional outdated approaches. The Company’s OMNI®
Surgical System is a MIGS technology indicated to reduce
intraocular pressure in adult patients with primary open-angle
glaucoma (“POAG”), the world’s leading cause of irreversible
blindness. The Company’s TearCare® System technology is 510(k)
cleared for the application of localized heat therapy in adult
patients with evaporative dry eye disease due to meibomian gland
dysfunction (“MGD”) when used in conjunction with manual expression
of the meibomian glands, enabling office-based clearance of gland
obstructions by physicians to address the leading cause of dry eye
disease. The Company’s SION™ Surgical Instrument is a manually
operated device used in ophthalmic surgical procedures to excise
trabecular meshwork.
For more information, visit
www.sightsciences.com.
OMNI and TearCare are registered trademarks of
Sight Sciences.SION is a trademark of Sight Sciences.© 2023 Sight
Sciences. All rights reserved.
Forward Looking Statements This press release,
together with other statements and information publicly
disseminated by the Company, contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 and includes this statement for
purposes of complying with these safe harbor provisions. Any
statements made in this press release or during the earnings call
that are not statements of historical fact, including statements
about our beliefs and expectations, are forward-looking statements
and should be evaluated as such. These statements often include
words such as "anticipate," “expect,” “suggests,” “plan,”
“believe,” “intend,” “estimates,” “targets,” “projects,” “should,”
“could,” “would,” “may,” “will,” “forecast” and other similar
expressions. We base these forward-looking statements on our
current expectations, plans and assumptions that we have made in
light of our experience in the industry, as well as our perceptions
of historical trends, current conditions, expected future
developments and other factors we believe are appropriate under the
circumstances at such time. Although we believe that these
forward-looking statements are based on reasonable assumptions at
the time they are made, you should be aware that many factors could
affect our business, results of operations and financial condition
and could cause actual results to differ materially from those
expressed in the forward-looking statements. These statements are
not guarantees of future performance or results. These
forward-looking statements include, but are not limited to,
statements concerning the following: the Company’s revised third
quarter of 2023 and full year 2023 revenue guidance; the Company’s
expectation that revenues in its Dry Eye segment will be slightly
down sequentially primarily due to adjustments in the Company’s
go-to-market strategy; expected reduction in new accounts added in
the period, due to the Company’s strategy of building a higher
utilization, recurring revenue business model with high quality
customers and broad market access; the Company’s expectation that
the impact of the proposed LCDs on ordering activity will continue
until there is clarity on longer term coverage by the MACs; the
Company’s belief that the effects on ordering activity will prove
to be transitory if its products, especially its OMNI® Surgical
System technology, maintain their current broad coverage upon
finalization of the LCDs; the expectation that the Company’s
revenues will normalize and return to growth should the final LCDs
provide that OMNI procedures remain covered for Medicare
beneficiaries in the affected jurisdictions; the Company’s
continuing focus on maintaining strong relationships with its
customers and executing its strategic initiatives, and the belief
that these efforts will be enhanced by the addition of Matt Link as
Chief Commercial Officer; optimizing and scaling the Company’s
Surgical Glaucoma and Dry Eye businesses; the Company’s expectation
that its guidance for the third quarter of 2023 is a reasonable
expectation for quarterly revenue run rate until customers gain
more visibility into longer term Medicare coverage for OMNI; the
Company's expectation that if OMNI procedures remain covered for
Medicare beneficiaries after the final LCDs are published, then the
Company would expect a return to historical growth rates; and
timing for discussion of the Company’s third quarter 2023 financial
results. These forward-looking statements are subject to and
involve numerous risks, uncertainties and assumptions, including
those discussed under the caption “Risk Factors” in our filings
with the U.S. Securities and Exchange Commission, as may be updated
from time to time in subsequent filings, and you should not place
undue reliance on these statements. These cautionary statements are
made only as of the date of this press release. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law. Investor
contact:Philip TaylorGilmartin
Group415.937.5406Investor.Relations@Sightsciences.com
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