Sight Sciences Reports First Quarter 2022 Financial Resultsgrafic lines 4 Sight S

Sight Sciences, Inc. (Nasdaq: SGHT), an eyecare technology company focused on creating innovative solutions intended to transform care and improve patients’ lives, today reported financial results for the quarter ended March 31, 2022.
 
Recent Business Highlights

• Generated first quarter 2022 total revenue of $14.9 million, an increase of 72% compared to the prior year period
• Increased the number of facilities ordering the OMNI® Surgical System from 760 in the fourth quarter of 2021 to 811 in the first quarter of 2022, and the installed base of TearCare® facilities from 562 on December 31, 2021 to 635 on March 31, 2022
• Demonstrated continued excellence in Surgical Glaucoma account retention in the first quarter of 2022 with a developed customer retention rate¹ of 99.7%
• Expanded total gross margin to 80% in the first quarter 2022 versus 73% in the prior year period
• Treated the first patient in the TRIDENT head to head, Standalone RCT which will evaluate the OMNI Surgical System and a trabecular bypass implant in pseudophakic eyes with open-angle glaucoma at over 20 sites in Europe

“We are pleased with our first quarter results which again demonstrated the underlying strength and stability of our OMNI business. We continue to enjoy substantial increases in trained surgeons and ordering facilities and, importantly, OMNI customer retention continues to be extraordinarily high,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “Looking forward, we are confident in our ability to continue to develop and penetrate the standalone MIGS market and optimize fair access for TearCare, while we advance our clinical programs and R&D initiatives to help additional glaucoma and dry eye patients.”

First Quarter 2022 Financial Results
Revenue for the first quarter of 2022 was $14.9 million, an increase of $6.2 million, or 72%, compared to the first quarter of 2021. Surgical Glaucoma revenue was $13.9 million, an increase of 70% compared to the prior year period. The growth was primarily driven by an increase in both the number of facilities ordering OMNI and utilization per ordering facility. Dry Eye revenue was $1.0 million, an increase of 104% from the previous year. The growth was primarily driven by increases in sales to both new and reordering TearCare customers.

Gross profit for the first quarter of 2022 was $11.8 million compared to $6.3 million for the first quarter of 2021. Gross margin for the first quarter of 2022 was 80%, as compared to 73% in the same period the prior year. The gross margin improvement was attributable mainly to OMNI manufacturing cost reductions resulting from transitioning production to high volume, lower cost contract manufacturers and increased revenues covering largely fixed allocated labor and manufacturing overhead.

Operating expenses were $34.0 million for the first quarter of 2022 compared to $18.0 million in the same period the prior year, representing an 89% increase. Operating expenses as a percentage of revenues increased from 208% in the first quarter of 2021 to 229% in the first quarter of 2022. The increase in operating expenses was primarily driven by additions to personnel and continued investment in R&D and SG&A to support the Company’s growth, including stock-based compensation of $3.0 million compared to $0.3 million in the prior year period.
 
Developed customer retention rate is calculated using the average ratio of net inactive developed accounts to the total number of active developed accounts for the period indicated. We consider accounts to be active if they placed an order in the preceding three months. Developed accounts placed their first order at least nine months before the end of the measurement period.
 
Net loss was $23.3 million in the first quarter of 2022 ($0.49 per share), as compared to $12.2 million in the same prior year period ($1.29 per share).
 
Cash and cash equivalents totaled $238.6 million and total debt was $32.8 million as of March 31, 2022.
 
2022 Financial Guidance
Sight Sciences continues to project revenue for the full year 2022 to range from $67 million to $75 million, which represents growth of approximately 37% to 53% compared to 2021.
 
Conference Call
Sight Sciences’ management team will host a conference call today, May 10, 2022, beginning at 4:30 pm ET. Investors interested in listening to the call may do so by dialing 1-844-287-7410 for domestic callers or 1-914-800-3942 for international callers, five to ten minutes prior to the start time, using the passcode: 5193467. A live and recorded webcast of the call will be available on the “Investors” section of the Company’s website at https://investors.sightsciences.com/.