UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition
On November 7, 2024, Sight Sciences, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2024 and updating its adjusted operating expenses guidance for the full year 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this "Current Report").*
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Retirement of Principal Operating Officer
On November 1, 2024, Sam Park, Chief Operating Officer of the Company, informed the Board of Directors of the Company (the "Board") of his decision to retire effective as of November 15, 2024. The Company has entered into a transition services agreement with an effective period commencing upon his retirement date through December 31, 2024, unless otherwise extended by the Company and Mr. Park, pursuant to which Mr. Park will assist with the transition of his roles and responsibilities. In consideration for his prior services to the Company, the Company is providing a retirement package to Mr. Park consisting of: (i) one year of base salary; (ii) a pro-rated bonus, based upon achievement of the Company’s 2024 corporate goals, for the period from January 1, 2024 through his retirement date, payable at the same time 2024 cash bonuses are paid to Company employees generally; and (iii) up to one year of COBRA benefits. In addition, Mr. Park’s outstanding equity awards will continue to vest in accordance with their terms through the date of termination of the transition services agreement.
Appointment of Principal Operating Officer
Effective as of November 4, 2024, the Board appointed Brenton Taylor as the Company’s Executive Vice President of Operations and designated him to succeed Mr. Park as the Company’s principal operating officer.
Prior to joining the Company, Mr. Taylor worked at NEXT Energy Technologies, a photovoltaic technology company, between January 2022 and November 2024, where he served in roles of increasing responsibility as Executive Vice President of Engineering from January 2022 to January 2023, as Chief Operating Officer from January 2023 to July 2023 and as Chief Executive Officer from July 2023 to November 2024. Prior to NEXT Energy Technologies, Mr. Taylor served as Executive Vice President of Engineering of Inogen, Inc., a respiratory products company of which he was a co-founder, from 2001 to 2022. Mr. Taylor has over 20 years of experience in medical technology operations, including product engineering and manufacturing. Mr. Taylor received a B.S. in Microbiology from the University of California, Santa Barbara.
In connection with his appointment as Executive Vice President of Operations, Mr. Taylor entered into an employment agreement with the Company (the “Employment Agreement”), effective November 4, 2024. Pursuant to the terms of the Employment Agreement, Mr. Taylor will (i) receive an initial annual base salary of $390,000 (such annual base salary, as may be adjusted by the Board from time to time, the “Base Salary”), (ii) be eligible to participate in the Company’s annual cash incentive program commencing in fiscal year 2025, with an initial annual cash bonus targeted at 45% of Base Salary (such target, as may be adjusted by the Board from time to time, the Annual Bonus”) and (iii) receive a grant of restricted stock units (the “RSU Award”) pursuant to the terms of the Company’s 2021 Incentive Award Plan with a fair market value of $800,000, which shall vest in four equal, consecutive annual installments. over four years. The number of shares issuable pursuant to the RSU Award shall be based on the closing price of the Company’s common stock on the grant date, provided that in no event shall the number of shares exceed 160,000.
If Mr. Taylor’s employment is terminated by the Company without cause, or Mr. Taylor resigns from the Company with good reason, the Company shall: (i) pay Mr. Taylor an amount equal to the Base Salary for the subsequent 12-month period, (ii) pay Mr. Taylor an amount equal to any unpaid Annual Bonus earned for the year prior to the year of termination, payable when annual bonuses for such year are paid to other executives of the Company, and (iii) make direct payment of, or reimbursement for, COBRA premiums, less the amount Mr. Taylor would have paid for coverage as an active employee, commencing on Mr. Taylor’s separation date and ending upon the earliest of: (1) the expiration of the subsequent 12-month period, (2) the date Mr. Taylor and/or his dependents become no longer eligible for COBRA, or (3) the date Mr. Taylor becomes eligible to receive benefits from a subsequent employer.
Under the Employment Agreement, “cause” generally means, subject to notice and cure rights, an executive officer’s: (i) refusal to substantially perform duties or carry out reasonable and lawful instructions concerning duties, (ii) material breach of a policy of the Company, provision of the employment agreement or any other material agreement between the executive officer and the Company, (iii) conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude, (iv) unlawful use or possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing the executive officer’s duties and responsibilities under the employment agreement, or (v) commission of an act of fraud, embezzlement, misappropriation, willful misconduct or breach of fiduciary duty against the Company or any of its affiliates.
Under the Employment Agreement, “good reason” generally means, subject to notice and cure rights, (i) a reduction in Base Salary or Annual Bonus, (ii) a material decrease in authority or areas of responsibility, (iii) the relocation of the executive officer’s primary office to a location more than 35 miles from the executive officer’s primary office as of the date of the Employment Agreement, (iv) the failure of any successor of all or substantially all of the Company’s assets to assume the Employment Agreement, to the extent
such assumption does not occur automatically by operation of law, or (v) the Company’s breach of a material provision of the Employment Agreement.
The foregoing descriptions of the Employment Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full and complete text of the Employment Agreement, which will be attached as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024.
Mr. Taylor does not have a family relationship with any of the officers or directors of the Company. There were no understandings or arrangements between Mr. Taylor and any other person pursuant to which he was appointed to be an executive officer of the Company. There are no transactions involving Mr. Taylor that would require disclosure under Item 404(a) of Regulation S-K.
In connection with his appointment, Mr. Taylor has entered into the Company’s standard form of executive officer indemnification agreement. The form of indemnification agreement was previously filed as Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on March 13, 2024.
Item 7.01 Regulation FD Disclosure
On November 7, 2024, the Company posted an investor presentation to its website at https://investors.sightsciences.com/. The Company expects to use the investor presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts, and others. A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report.*
On November 7, 2024, the Company issued a press release announcing (i) the appointment of Mr. Taylor as Executive Vice President of Operations of the Company, and (ii) the retirement of Mr. Park as Chief Operating Officer of the Company. A copy of the press release is furnished as Exhibit 99.3 to this Current Report.*
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
Description |
99.1 |
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99.2 |
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99.3 |
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104 |
Cover Page Interactive Data File, formatted in Inline XBRL. |
* |
The information provided in Item 2.02 and Item 7.01 of this Current Reporting, including Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Sight Sciences, Inc. |
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Date: |
November 7, 2024 |
By: |
/s/ Alison Bauerlein |
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Alison Bauerlein |
Exhibit 99.1
Sight Sciences Reports Third Quarter 2024 Financial Results and
Updates its Full Year 2024 Adjusted Operating Expense Guidance
MENLO PARK, Calif., November 7, 2024 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) ("Sight Sciences" or the "Company"), an eyecare technology company focused on developing and commercializing innovative, interventional technologies that elevate the standard of care, today reported financial results for the third quarter ended September 30, 2024, and updated its adjusted operating expenses guidance for full year 2024.
Third Quarter 2024 Financial and Business Highlights
Management Commentary
"In the third quarter, our Surgical Glaucoma revenue improved slightly but our recovery did not meet our growth expectations, while our Dry Eye revenue outperformed our expectations ahead of our price increase, which was a testament to the importance of TearCare in the treatment paradigm for dry eye patients,” said Paul Badawi, co-founder and Chief Executive Officer of Sight Sciences. “The LCDs that will be effective later this month will provide clarity with continued Medicare coverage for cataract surgery procedures performed with a single MIGS procedure and restrictions on multiple MIGS procedures performed in a single surgery. Surgical glaucoma reimbursement coverage clarity coupled with the continued optimization of our commercial organization and strategy position us for stronger performance and predictability. With our procedurally comprehensive OMNI technology, and an increasing interventional surgeon mindset, we remain confident in the growth trajectory for OMNI in both combination cataract and standalone use cases in 2025 and beyond.”
“We also remain focused on establishing equitable market access for TearCare and are working towards positive coverage policies and payment schedules in 2025,” Paul Badawi continued. “We believe these developments help lay the foundation to establish Sight Sciences as a leading interventional eye care company and position us for growth in 2025 and beyond.”
Third Quarter 2024 Financial Results
Revenue for the third quarter of 2024 was $20.2 million, an increase of 1% compared to the same period in the prior year. Surgical Glaucoma revenue was $18.6 million, an increase of 1% compared to the same period in the prior year. This increase was primarily driven by higher account utilization, which increased by 3% versus the same period in the prior year. Dry Eye revenue was $1.5 million, a decrease of 4% from the same period in the prior year, but ahead of expectations for segment revenue during the period. The expected decline was primarily due to fewer new accounts and related SmartHub® sales, which was a result of the Company’s focus on achieving market access for TearCare procedures.
Gross profit for the third quarter of 2024 was $16.9 million compared to $17.3 million in the same period in the prior year. Gross margin for the third quarter of 2024 was 84%, compared to 87% in the same period in the prior year, as expected due to higher overhead costs per unit in the current period as a result of lower production volumes in both segments. Surgical Glaucoma gross margin in the third quarter of 2024 declined to 87%, compared to 89% in the same period in the prior year. Dry Eye gross margin in the third quarter of 2024 declined to 48%, from 57% in the same period in the prior year.
Total operating expenses were $28.1 million in the third quarter of 2024, representing an 8% decrease compared to $30.7 million in the same period in the prior year, which reflects improved operating expense leverage compared to the same period in the prior year. The decrease was primarily due to lower legal expenses in the comparative periods. Research and development expenses were $4.7 million in the third quarter of 2024 compared to $4.2 million in the same period in the prior year, representing a 12% increase. Selling, general, and administrative expenses were $23.4 million in the third quarter of 2024, compared to $26.5 million in the same period in the prior year, representing a 12% decrease. Adjusted operating expenses1,2 were $23.8 million in the third quarter of 2024, down from $26.8 million in the same period in the prior year, representing an 11% decrease.
Net loss was $11.1 million ($0.22 per share) in the third quarter of 2024, compared to $13.0 million ($0.27 per share) in the same period in the prior year.
Cash and cash equivalents totaled $118.6 million and total long-term debt was $35.0 million (before debt discount and amortized debt issuance costs) as of September 30, 2024, compared to $118.2 million and $35.0 million, respectively, as of June 30, 2024. Cash generated in the third quarter of 2024 totaled $0.4 million, compared to $10.0 million of cash used in the same period in the prior year, reflecting continued operational discipline and a substantial improvement in working capital.
2024 Financial Guidance
Sight Sciences maintains its revenue guidance expectations for full year 2024 of approximately $81.0 million to $83.0 million.
The Company continues to expect double-digit Surgical Glaucoma revenue growth in the fourth quarter of 2024 compared to the same period in the prior year as it regains commercial momentum and expands utilization and its customer base. However, the Company also acknowledges headwinds to growth in the total number of MIGS devices used in MIGS procedures due to the Final LCDs’ limitations on multiple MIGS used in a single surgery effective mid-quarter, and the slower than expected recovery in Surgical Glaucoma utilization and active accounts experienced in the third quarter of 2024.
The Company expects Dry Eye revenue for the fourth quarter 2024 to be less than $0.5 million. Dry Eye revenue is still expected to decrease following the implementation of an increase in dry eye pricing effective October 1, 2024, which is expected to have a significant negative impact on cash-pay procedure volumes in the fourth quarter of 2024, before the Company expects a return to growth in 2025 with market access wins.
The Company revises its guidance expectations for adjusted operating expenses1,3 for full year 2024 to approximately $104.0 million to $106.0 million from $107.0 million to $109.0 million previously reported, representing a decrease of approximately 4% to 6% compared to 2023.
The Company's full year 2024 financial guidance is forward-looking in nature, reflecting management’s expectations as of November 7, 2024, and is subject to significant risks and uncertainties that limit its ability to accurately forecast results. This outlook assumes no meaningful changes to the Company's business prospects or risks and uncertainties identified by management that could impact future results, which include, but are not limited to: changes to coverage decisions or reimbursement rates for our products, pricing pressure or loss of market share resulting from the evolving competitive landscape; and disruptions to or increased costs associated with our supply chain, including as a result of having a limited number of suppliers.
1 “Adjusted operating expenses” is a financial measure not prepared in accordance with the generally accepted accounting principles in the United States (“GAAP,” and such measure, a “non-GAAP financial measure”), and is calculated as operating expenses less stock-based compensation expense, depreciation and amortization, and restructuring costs. Please see the “Non-GAAP Financial Measures” section below for additional information.
2 A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table titled "Non-GAAP to GAAP Reconciliation" attached to this press release.
3 Consistent with Securities and Exchange Commission regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures.
Non-GAAP Financial Measures
Certain non-GAAP financial measures, including adjusted operating expenses, are presented in this press release to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes these non-GAAP financial measures are important performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial measures are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, it expects to calculate them using a consistent method from period to period.
Conference Call
Sight Sciences' management team will host a conference call today, November 7, 2024, beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Investors interested in listening to the conference call may do so by accessing a live and archived webcast of the event at www.sightsciences.com, on the Investors page in the News & Events section.
About Sight Sciences
Sight Sciences is an eyecare technology company focused on developing and commercializing innovative and interventional 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 an implant-free glaucoma surgery technology (i) indicated in the United States to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and (ii) CE Marked for the catheterization and transluminal viscodilation of Schlemm’s canal and cutting of the trabecular meshwork to reduce intraocular pressure in adult patients with open-angle glaucoma. Glaucoma is the world’s leading cause of irreversible blindness. The SION® Surgical Instrument is a bladeless, manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork. The Company’s TearCare® System is 510(k) cleared in the United States for the application of localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland dysfunction (“MGD”), enabling clearance of gland obstructions by physicians to address the leading cause of dry eye disease. Visit www.sightsciences.com for more information.
Sight Sciences, TearCare, SmartHub and SmartLids are trademarks of Sight Sciences registered in the United States. OMNI and SION are trademarks of Sight Sciences registered in the United States, European Union and other territories.
© 2024 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. Forward-looking statements include, but are not limited to, statements concerning our clinical and market access progress; our ability to support expanded use cases for our products and reengage existing customers; the impact of our dry eye pricing strategy; our ability to achieve our 2024 revenue guidance and updated adjusted operating expenses guidance; our ability to achieve Surgical Glaucoma revenue growth in the fourth quarter of 2024; our estimated Dry Eye revenue and growth prospects in the segment in 2025; the impact of the adoption of the Final LCDs on our growth; and optimization of our commercial organization to help drive stronger performance and predictability.
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 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 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 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 Taylor
Gilmartin Group
415.937.5406
Investor.Relations@Sightsciences.com
Media contact:
pr@SightSciences.com
SIGHT SCIENCES, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
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September 30, |
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December 31, |
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2024 |
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2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
118,564 |
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$ |
138,129 |
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Accounts receivable, net of allowance for credit losses of $824 and $1,186 at September 30, 2024 and December 31, 2023, respectively |
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12,929 |
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14,289 |
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Inventory, net |
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6,091 |
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7,849 |
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Prepaid expenses and other current assets |
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2,885 |
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2,604 |
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Total current assets |
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140,469 |
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162,871 |
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Property and equipment, net |
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1,448 |
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1,640 |
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Operating lease right-of-use assets |
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1,100 |
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1,458 |
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Other noncurrent assets |
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580 |
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682 |
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Total assets |
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$ |
143,597 |
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$ |
166,651 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,297 |
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$ |
1,731 |
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Accrued compensation |
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7,889 |
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4,528 |
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Accrued and other current liabilities |
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4,613 |
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3,774 |
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Current portion - long-term debt, net |
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— |
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2,219 |
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Total current liabilities |
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13,799 |
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12,252 |
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Long-term debt, net |
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34,152 |
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31,708 |
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Other noncurrent liabilities |
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689 |
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2,476 |
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Total liabilities |
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48,640 |
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46,436 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023 |
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— |
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— |
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Common stock, par value $0.001 per share; 200,000,000 shares authorized; 50,398,148 and 49,131,363 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively |
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50 |
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49 |
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Additional paid-in-capital |
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429,358 |
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414,956 |
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Accumulated deficit |
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(334,451 |
) |
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(294,790 |
) |
Total stockholders’ equity |
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94,957 |
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120,215 |
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Total liabilities and stockholders’ equity |
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$ |
143,597 |
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$ |
166,651 |
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SIGHT SCIENCES, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share data)
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
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$ |
20,157 |
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$ |
20,009 |
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$ |
60,792 |
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$ |
62,305 |
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Cost of goods sold |
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3,250 |
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2,677 |
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9,068 |
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9,105 |
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Gross profit |
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16,907 |
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17,332 |
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51,724 |
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53,200 |
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Operating expenses: |
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Research and development |
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4,746 |
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4,239 |
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13,698 |
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14,129 |
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Selling, general and administrative |
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23,390 |
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26,504 |
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76,629 |
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85,235 |
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Total operating expenses |
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28,136 |
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30,743 |
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90,327 |
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99,364 |
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Loss from operations |
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(11,229 |
) |
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(13,411 |
) |
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(38,603 |
) |
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(46,164 |
) |
Investment income |
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1,454 |
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1,897 |
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4,628 |
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5,499 |
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Interest expense |
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(1,151 |
) |
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(1,432 |
) |
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(3,501 |
) |
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(4,057 |
) |
Loss on debt extinguishment |
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— |
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— |
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(1,962 |
) |
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— |
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Other income (expense), net |
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26 |
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(11 |
) |
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(25 |
) |
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(34 |
) |
Loss before income taxes |
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(10,900 |
) |
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(12,957 |
) |
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(39,463 |
) |
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(44,756 |
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Provision for income taxes |
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166 |
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78 |
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198 |
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|
100 |
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Net loss and comprehensive loss |
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$ |
(11,066 |
) |
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$ |
(13,035 |
) |
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$ |
(39,661 |
) |
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$ |
(44,856 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
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$ |
(0.22 |
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$ |
(0.27 |
) |
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$ |
(0.79 |
) |
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$ |
(0.92 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
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50,340,603 |
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48,671,049 |
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49,911,655 |
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48,538,517 |
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SIGHT SCIENCES, INC.
Gross Margin Disaggregation (Unaudited)
(in thousands)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
|
|
2023 |
|
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Surgical Glaucoma |
|
$ |
18,632 |
|
|
$ |
18,425 |
|
|
$ |
57,132 |
|
|
$ |
57,158 |
|
|
Dry Eye |
|
|
1,525 |
|
|
|
1,584 |
|
|
|
3,660 |
|
|
|
5,147 |
|
|
Total |
|
|
20,157 |
|
|
|
20,009 |
|
|
|
60,792 |
|
|
|
62,305 |
|
|
Cost of goods sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Surgical Glaucoma |
|
|
2,453 |
|
|
|
2,002 |
|
|
|
7,084 |
|
|
|
6,808 |
|
|
Dry Eye |
|
|
797 |
|
|
|
675 |
|
|
|
1,984 |
|
|
|
2,297 |
|
|
Total |
|
|
3,250 |
|
|
|
2,677 |
|
|
|
9,068 |
|
|
|
9,105 |
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Surgical Glaucoma |
|
|
16,179 |
|
|
|
16,423 |
|
|
|
50,048 |
|
|
|
50,350 |
|
|
Dry Eye |
|
|
728 |
|
|
|
909 |
|
|
|
1,676 |
|
|
|
2,850 |
|
|
Total |
|
|
16,907 |
|
|
|
17,332 |
|
|
|
51,724 |
|
|
|
53,200 |
|
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Surgical Glaucoma |
|
|
86.8 |
% |
|
|
89.1 |
% |
|
|
87.6 |
% |
|
|
88.1 |
% |
|
Dry Eye |
|
|
47.7 |
% |
|
|
57.4 |
% |
|
|
45.8 |
% |
|
|
55.4 |
% |
|
Total |
|
|
83.9 |
% |
|
|
86.6 |
% |
|
|
85.1 |
% |
|
|
85.4 |
% |
|
SIGHT SCIENCES, INC.
Non-GAAP to GAAP Reconciliation (Unaudited)
(in thousands)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
||||
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Operating Expenses |
|
$ |
28,136 |
|
|
$ |
30,743 |
|
|
$ |
90,327 |
|
|
$ |
99,364 |
|
|
Less: Stock-based Compensation |
|
|
(4,225 |
) |
|
|
(3,779 |
) |
|
|
(12,848 |
) |
|
|
(10,915 |
) |
|
Less: Depreciation and Amortization |
|
|
(158 |
) |
|
|
(160 |
) |
|
|
(536 |
) |
|
|
(455 |
) |
|
Less: Restructuring Costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjusted Operating Expenses(4) |
|
|
23,753 |
|
|
|
26,804 |
|
|
|
76,943 |
|
|
|
87,994 |
|
|
4 Please see the section titled "Non-GAAP Financial Measures" for additional information.
SIGHT SCIENCES, INC.
Supplemental Financial Measures (Unaudited)
|
|
Three Months Ended |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Surgical Glaucoma active customers (5) |
|
|
1,107 |
|
|
|
1,108 |
|
Dry Eye lid treatment units sold (6) |
|
|
5,379 |
|
|
|
5,090 |
|
Dry Eye active customers (7) |
|
|
296 |
|
|
|
318 |
|
5 “Surgical Glaucoma active customers” means the number of customers who ordered the OMNI® Surgical System or the SION® Surgical Instrument during the three months ended September 30, 2024 and 2023.
6 “Dry Eye lid treatment units sold” means the quantity of TearCare® SmartLids® sold during the three months ended September 30, 2024 and 2023.
7 “Dry Eye active customers” means the number of customers who ordered lid treatment units during the three months ended September 30, 2024 and 2023.
INVESTOR PRESENTATION NOVEMBER 2024
Forward-Looking Statements This presentation, 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, which statements are subject to considerable risks and uncertainties. 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. Forward-looking statements include all statements other than statements of historical fact, including statements regarding our future results of operations, product development, market opportunity, clinical trial results and timeline, and business strategy and plans. The forward-looking statements in this presentation include, but are not limited to, statements concerning the following: the Company's mission; the Company's projected financial or operational results including expectations for revenue growth and gross margins; estimates of the Company’s addressable markets for its products; the Company’s ability to gain share in existing markets and enter into and compete in new markets; the Company’s ability to successfully develop and commercialize its product pipeline; the Company’s ability to compete effectively; the Company’s ability to manage and grow its business, including execution of value creation initiatives; the Company's plans to invest in research and development, clinical and commercial infrastructure; the Company’s ability to successfully execute its clinical trial roadmap; the Company’s ability to successfully execute its strategic initiatives and objectives; and the Company’s ability to obtain and maintain sufficient reimbursement for its products. 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. Management bases these forward-looking statements on its current expectations, plans and assumptions affecting the Company’s business and industry, and such statements are based on information available to it as of the time such statements are made. Although management believes these forward-looking statements are based upon reasonable assumptions, it cannot guarantee their accuracy or completeness. Forward-looking statements are subject to and involve risks, uncertainties and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance, or achievements predicted, assumed or implied by such forward-looking statements. Some of the risks and uncertainties that may cause actual results to materially differ from those expressed or implied by these forward-looking statements are discussed under the caption “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, as such may be updated from time to time in subsequent filings. These cautionary statements should not be construed by you to be exhaustive and are made only as of the date of this presentation. The Company undertakes 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. Certain information contained in this presentation relates to, or is based on, studies, publications, surveys and other data obtained from third-party sources and the Company’s own internal estimates and research. While the Company believes these third-party sources to be reliable, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its own estimates and research are reliable, such estimates and research have not been verified by any independent source. The Company has proprietary rights to trademarks, trade names and service marks appearing in this presentation that are important to its business. Solely for convenience, the trademarks, trade names and service marks may appear in this presentation without the ® and ™ symbols, but any such references are not intended to indicate that the Company forgoes or will not assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensors to these trademarks, trade names and service marks. All trademarks, trade names and service marks appearing in this presentation are the property of their respective owners. The Company does not intend its use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of the Company by, these other parties. Without limitation, SIGHT SCIENCES™, SIGHT SCIENCES (with design)®, OMNI®, SION®, TEARCARE®, and SMARTLIDS® are trademarks of Sight Sciences, Inc. in the United States and other countries. RESTASIS® is a registered trademark of Allergan, Inc., and IRIS® is a registered trademark of the American Academy of Ophthalmology. Certain financial measures, including adjusted operating expenses (“non-GAAP financial measures”), were not prepared in accordance with generally accepted accounting principles in the United States (“GAAP") and are presented in this presentation to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes these non-GAAP financial measures are important performance indicators because they exclude items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. These non-GAAP financial measures, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be appropriate measures for comparing the performance of other companies relative to the Company. These non-GAAP financial measures are not intended to represent, and should not be considered more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measures in the future, it expects to calculate them using a consistent method from period to period. Consistent with Securities and Exchange Commission regulations, the Company has not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to the Company’s GAAP financial measures in calculating the non-GAAP financial measures. For a reconciliation of non-GAAP financial measures referenced in this presentation to the most directly comparable GAAP measures, please refer to the Company's earnings release issued on November 7, 2024.
Sight Sciences MISSION STATEMENT Develop transformative, interventional technologies that allow eyecare providers to procedurally elevate the standards of care – empowering people to keep seeing.
A Glimpse Ahead Innovation leader in two large, growing, underserved markets Near-term catalysts expected in market access Plan to return to revenue growth Strong balance sheet supports significant investments in R&D pipeline, clinical and commercial infrastructure Strong gross margin and improving leverage on operating expenses The transformation of chronic eye disease treatment is underway
The Path to Early Intervention A STRATEGIC ROADMAP TO TRANSFORM EYECARE GOAL ¹ Source: Market Scope 2023 Report. ²Source: Market Scope’s Q1-2023 US Ophthalmologist Survey. ³Source: Market Scope 2023 Dry Eye Products Report. ⁴ Source: Greenwood MD et al. 36-Month Outcomes from the Prospective GEMINI Study: Canaloplasty and Trabeculotomy Combined with Cataract Surgery for Patients with Primary Open-Angle Glaucoma. Clinical Ophthalmology (2023) Volume 17 Pages 3817-3824. ⁵Source: Ayres BD et al. A Randomized, Controlled Trial Comparing Tearcare® and Cyclosporine Ophthalmic Emulsion for the Treatment of Dry Eye Disease (SAHARA). Clinical Ophthalmology (2023) Volume 17 Pages 3925-3940. Reduce patient burden. Slow disease progression. Improve outcomes. Identify Embrace Shift Identify patients who can benefit from intervention 3.4M U.S. patients diagnosed with Primary Open-Angle Glaucoma (POAG)¹ 18M U.S. patients diagnosed with dry eye disease (DED)¹ Embrace intervention as a better alternative to medication management Nearly 40% of open-angle glaucoma patients are non-compliant with their medications² 95% of the current dry eye market is dominated by Rx and OTC eyedrops that do not address the underlying causes of MGD³ Shift the care continuum to address underlying disease over symptom management In GEMINI, our interventional glaucoma treatment achieved 29% IOP reduction sustained after 3 years on average. 74% of GEMINI patients were medication-free after 3 years⁴ Our interventional dry eye disease therapy was superior to leading comparator prescription eye drops in tear break-up time and saw significant improvements in all studied signs and symptoms⁵
Glaucoma
Glaucoma Leading cause of irreversible blindness1 Predominantly managed with daily eye drops (compliance often poor)2 Normal Mild Moderate Severe Large + Underserved Markets $6.0 billion addressable U.S. market3 3.4 million U.S. patients diagnosed with POAG1 ¹ Source: Market Scope 2023 report. ² Newman-Casey PA, Robin AL, Blachley T, Farris KB, Heisler M, Resnicow K, Lee PP. The most common barriers to glaucoma medication adherence: A cross-sectional survey. Ophthalmology. 2015 Jul;122(7):1308-16. doi: 10.1016/j.ophtha.2015.03.026. ³ Represents Company analysis of third-party estimates in 2023.
Primary Open-Angle Glaucoma (POAG) The Conventional Outflow Pathway is an important focal point in treating POAG. POAG is similar to a clog in a kitchen sink: The eye’s natural drainage system is called the conventional outflow pathway. Blockage of this system prevents aqueous fluid from draining. When aqueous fluid cannot drain, intraocular pressure (IOP) rises. Elevated IOP can lead to optic nerve damage and may result in irreversible blindness. Drain Cover (trabecular meshwork): allows excess aqueous fluid to enter drainage system Sink Pipe (Schlemm’s Canal): conducts excess aqueous fluid to exit pathways known as collector channels House Plumbing (collector channels): leads excess aqueous fluid out of the eye into the venous system 1. 2. 3. 01 TRABECULAR MESHWORK 02 SCHLEMM‘S CANAL 03 COLLECTOR CHANNELS 01 02 03
Effective + Intuitive Intervention OUR FLAGSHIP TECHNOLOGY SURGICAL GLAUCOMA Offering a comprehensive intervention that drives leading clinical outcomes for Primary Open-Angle Glaucoma (POAG) ¹ Estimate based on units of OMNI (and predicates) shipped as of September 30, 2024 Comprehensive treatment of diseased conventional outflow pathway Leading clinical trial and registry results: ROMEO, GEMINI, AAO IRIS® Registry >240K Cases Performed1
OMNI Comprehensively Treats the Conventional Outflow Pathway Minimally Invasive + Efficacious A comprehensive procedure enabled by the OMNI Surgical System to help restore natural outflow in the eye with up to 360° treatment of all three areas of resistance* in the conventional outflow pathway * Trabecular meshwork, Schlemm’s Canal, and collector channels
Broad FDA Indication ALLOWS FOR STANDALONE AND COMBINATION CATARACT UTILIZATION OMNI® Surgical System is the only Minimally Invasive Glaucoma Surgery (MIGS) device with an FDA indication that allows for: Use in Standalone or Combination Cataract procedures + Access to 360 degrees of the diseased conventional outflow pathway through a clear corneal microincision + Comprehensive treatment of all three areas of resistance* in the diseased conventional outflow pathway + Use in adult patients with POAG across the spectrum of disease severity * Trabecular meshwork, Schlemm’s Canal, and collector channels
Consistent Efficacy of OMNI in Combination Cataract (CC) and Standalone (SA) Clinical Trials References: GEMINI (Clin Ophthalmol. 2022;16:1225–1234); ROMEO (J Cataract Refract Surg. 2021;47(7):907–915; Ophthalmol Glaucoma. 2021;4(2):173–81); TREY (Int Ophthalmol (2022)); ROMEO 2 Year (Clin Ophthalmol. 2023:17 1057–1066); GEMINI 2: Greenwood MD et al. 36-Month Outcomes from the Prospective GEMINI Study: Canaloplasty and Trabeculotomy Combined with Cataract Surgery for Patients with Primary Open-Angle Glaucoma. Clinical Ophthalmology (December 2023). *Data refers to sub-populations of POAG patients COMBINATION CATARACT STANDALONE EFFICACY DEMONSTRATED OUT TO 3 YEARS GEMINI (12 Months)* ROMEO Elevated IOP CC (24 Months) ROMEO Elevated IOP SA (24 Months) TREY SA (11 Months)* GEMINI 2 IOP Outcomes CC (36 Months) GEMINI 2 # of Medications Outcomes CC (36 Months) IOP (mmHg) IOP (mmHg) IOP (mmHg) # of Medications
OMNI Addresses All Six Minimally Invasive Glaucoma Surgery (MIGS) POAG Categories Allows surgeons to customize treatment ¹ Represents Company analysis of third-party estimates based on 2023 data MILD DISEASE (40%)1 MODERATE DISEASE (40%)1 ADVANCED DISEASE (20%)1 ~$2B opportunity1 ~$2B opportunity1 ~$1B opportunity1 ~$0.4B opportunity1 ~$0.4B opportunity1 ~$0.2B opportunity1 $5B Opportunity1 $1B Opportunity1 STANDALONE MIGS >85%1 of POAG Eyes COMBINATION CATARACT MIGS >15%1 of POAG Eyes
Large and Unmet Clinical Need for Standalone MIGS Combination Cataract Standalone | 14 | 14 <15% of POAG eyes1, >90% of MIGS procedures2 Established, growing market Benefits from inherent IOP-lowering effect of cataract surgery Share-taking driven by efficacy, fast recovery times and attractive safety profile >85% of POAG eyes¹, <10% of MIGS procedures² Large, underserved patient population MIGS procedure is the SOLE reason for operating room visit Standalone adoption requires a procedure with robust safety and efficacy, without the benefit of cataract surgery ¹ Represents Company analysis of third-party estimates based on 2023 data. ² Company estimates based on independent third-party analytics data based on 2023 data.
Standalone Market Development is Underway Claims data indicate increasing standalone usage of codes associated with OMNI1 OMNI technology meets enhanced efficacy and safety needs for standalone procedures ROMEO ROMEO two-year extension TREY Sole purpose of OR visit – degree and consistency of efficacy crucial to surgery decision Market development efforts to expand MIGS both in combination cataract and standalone use cases and train new MIGS surgeons Commercial team is focused on driving awareness of benefits of interventions for appropriate POAG patients who do not require cataract surgery ¹ Based on estimated patient visits with CPT codes 66174 and 65820 from a third-party data analytics provider during 2021-2023.
Surgical Glaucoma Pipeline Developing Comprehensive Best-in-Class Portfolio *This pipeline product is under development and is not commercially available. The Company may suspend or discontinue pipeline development projects at any time. CURRENT PRODUCTS IN THE PIPELINE Injection of Sustained Release Pharmaceutical (Rx)* Implantable Canalicular Scaffold (MIGS)* Suprachoroidal Implant (MIGS)*
Dry Eye Disease
Dry Eye Disease Linked to screen time, age (postmenopausal women, men 50+), systemic medication use Predominantly managed with daily eye drops (compliance often poor)1 Normal Mild Moderate Severe Large + Underserved Markets $2.5 billion addressable U.S. market2 >11 million U.S. patients diagnosed with Meibomian Gland Disease (MGD)2.3 ¹ Uchino M. Adherence to Eye Drops Usage in Dry Eye Patients and Reasons for Non-Compliance: A Web-Based Survey. J Clin Med. 2022 Jan; 11(2): 367.1. ²2023 Market Scope Report. ³Represents Company analysis of third-party estimates in 2023.
Overview: Tears and Meibomian Gland Disease (MGD) TEAR FILM ANATOMY MEIBOMIAN GLANDS Tears consist of three layers Outermost layer consists of oily substance called meibum Coats and protects inner layers Prevents premature evaporation Healthy meibomian glands release liquid meibum with each blink In patients with MGD, obstructions form within glands and prevent release of meibum Results in premature tear evaporation and dry eye These obstructions need to be melted or liquified and evacuated from the glands to allow for the healthy production of liquid meibum
~$2.5 Billion Core MGD Opportunity ¹ Market Scope 2023 Dry Eye Products Report. ² Lemp MA, Crews LA, Bron AJ, Foulks GN, Sullivan BD. Distribution of aqueous-deficient and evaporative dry eye in a clinic-based patient cohort: a retrospective study. Cornea. 2012;31(5):472-478. ³ Assuming one treatment per year for patients with moderate MGD and two treatments per year for patients with severe MGD. ⁴ At 2023 ASP for Dry Eye treatment lids. U.S. patients diagnosed with Dry Eye Disease (DED)¹ Up to 86% of DED is associated with poor tear quality due to meibomian gland disease (MGD) 1,2 Targeted patients estimated to need 1.3 procedures per year3 million1 million U.S. MGD patients1,2 billion core opportunity4 17.9 $2.2 - $2.9 11.6 – 15.4
5.7 – 7.5 Dry Eye Disease (DED): Large + Underserved Disease State ¹ Market Scope 2023 Dry Eye Products Report. ² Lemp MA, Crews LA, Bron AJ, Foulks GN, Sullivan BD. Distribution of aqueous-deficient and evaporative dry eye in a clinic-based patient cohort: a retrospective study. Cornea. 2012;31(5):472-478. ³2022 Dry Eye Products Market Scope. ⁴Uchino M. Adherence to Eye Drops Usage in Dry Eye Patients and Reasons for Non-Compliance: A Web-Based Survey. J Clin Med. 2022 Jan; 11(2): 367.1. ²2023 Market Scope Report. Current market dominated by Rx and OTC eyedrops that do not address the underlying causes of MGD1 ~50% of DED patients are moderate to severe¹ (most likely to seek treatment + targeted patient population in SAHARA RCT) million moderate to severe MGD DED patients1,2 Existing dry eye treatments mostly focus on increasing tear volume in aqueous deficient patients No interventional standard of care for treatment of MGD The market in the US for dry eye medications (Rx) was $1.1 billion in 2023³ Poor compliance is often seen with a reliance on Rx and OTC eyedrops⁴ 95%
Targeted + Intuitive Intervention OUR TECHNOLOGIES DRY EYE Offering a comprehensive intervention that drives leading clinical outcomes for evaporative dry eye disease ¹ Estimate based on Dry Eye Treatment Lids shipped as of September 30, 2024. Comprehensive treatment of diseased meibomian glands Leading Clinical Trial Results: SAHARA, OLYMPIA >60K Cases Performed1
TearCare: Designed to Treat MGD TearCare is the only interventional, open-eye, dry eye technology designed to melt and comprehensively remove meibomian gland obstructions and restore gland functionality and healthy oil production. ¹ Blackie CA, Solomon JD, Greiner JV, Holmes M, Korb DR. Inner eyelid surface temperature as a function of warm compress methodology. Optom Vis Sci. 2008 Aug;85(8):675-83. doi: 10.1097/OPX.0b013e318181adef. PMID: 18677234. Thin, wearable SmartLids® conform to the eyelid and allow natural blinking Precise, consistent, software- controlled thermal therapeutic melting cycle (40-42° C at the inner eyelid for 15 minutes)¹ Comprehensive clearing protocol allows providers to manually evacuate the melted meibum comfortably 01 Application 02 Therapy 03 Expression
SAHARA RCT 6 MONTH PUBLICATION: CLINICAL OPHTHAMOLOGY DATE: DEC 2023 Randomized Controlled Trial comparing TearCare and Restasis®1 Superiority + Durability2 + Head-to-Head Study TearCare vs Restasis1 + Large Trial (N=345) + Randomized + Masked ¹Restasis is a trademark of Allergan™ an AbbVie company ²Endpoints for SAHARA include superiority over Restasis at six months in our primary objective endpoint, tear break-up time. Study designed for 24 months to assess duration of effectiveness.
SAHARA RCT: Results ¹ Endpoints for SAHARA include superiority over Restasis at six months in our primary objective endpoint, tear break-up time. Study designed for 24 months to assess duration of effectiveness. ² Restasis is a trademark of Allergan™ an AbbVie company 3 Ocular Surface Disease Index is a commonly used patient-reported survey to assess dry eye severity. TearCare Superior to Restasis in Tear Breakup Time Improvement TearCare Results at 6 Months Next Steps Superior to Restasis1, 2 in tear break-up time (TBUT) Non-inferior to Restasis in OSDI3 Significant improvements in all 10 signs and symptoms Conclude 2-year follow up for the durability and procedural treatment effect of TearCare by YE '24, expected to be published in 2025 Seconds Absolute Change from Baseline at Each Time Point TearCare Restasis Patients previously treated with Restasis had additional clinically meaningful improvements in the signs and symptoms of DED when crossed over to TearCare. These improvements persisted throughout months six through twelve without continued Restasis use. TBUT improved by an additional 1.1 seconds three months after cross-over to TearCare and improvement persisted (0.6 seconds) at month twelve, six months later TearCare Results at 12 Months Crossover
TearCare Strategy: Targeted + Scalable Growth ¹ As of September 30, 2024 Actively Engaging in Pursuit of Equitable Market Access With the power of TearCare, we can: Improve the lives of U.S. MGD patients Scale commercial resources with market access wins Target ~9,000 physicians identified as most likely to adopt MGD treatment procedures Leverage a large installed customer base, over 60,000 SmartLids Sold,¹ built across real-world testing and data collection since 2019
What’s Next
Healthy Revenue Growth and Top-Tier Gross Margins Historical financial results, including with respect to revenue and gross margin, may not be indicative of future financial results due to numerous risks and uncertainties, including those addressed in the "Risk Factors" section of the Company's filings with the U.S. Securities and Exchange Commission. ¹The Company expects full year 2024 revenue of approximately $81.0 to $83.0 million and adjusted operating expenses of $104.0 to $106.0 million, as of the Company's earnings release dated November 7, 2024. ²“Adjusted operating expenses” is a non-GAAP financial measure, which is calculated as operating expenses less stock-based compensation expense, depreciation and amortization, and restructuring costs. For a reconciliation of adjusted operating expenses to operating expenses, please refer to our earnings release issued on November 7, 2024. ANNUAL REVENUE & GROSS MARGIN % FY23 Y/Y Revenue FY23 Gross Margin % FY24 Guidance Revenue CAGR FY18 to FY23 Revenue $81M - $83M¹ Adj. OpEx² $104M - $106M¹ 85.3% SGHT 88.1% Surgical Glaucoma 54.8% Dry Eye +14% SGHT +13% Surgical Glaucoma +18% Dry Eye +61% SGHT DRY EYE SURGICAL GLAUCOMA GROSS MARGIN % $27.6 $1.6 $26.0 $49.0 $2.5 $46.5 $71.3 $5.7 $65.6 $81.1 $6.7 $74.3 $81.0M - $83.0M1
Strategic Value Creation Initiatives Represent Sustainable Growth Drivers Expand OMNI Utilization TearCare Access + Expansion Re-engagement with accounts post LCD clarity Certification of new OMNI surgeons Gain share in combination cataract segment Continue developing standalone MIGS segment Generate additional clinical evidence Optimize coverage and equitable reimbursement Develop international markets Pursue coverage and equitable reimbursement Price increase reflecting the value of the TearCare procedure effective October 1, 2024 Generate additional clinical evidence Grow commercial team Expand adoption and usage
Why Now? Innovation leader in two large, growing, underserved markets Near-term catalysts expected in market access Plan to return to revenue growth Strong balance sheet supports significant investments in R&D pipeline, clinical and commercial infrastructure Strong gross margin and improving leverage on operating expenses The transformation of chronic eye disease treatment is underway
Thank you! If you have any questions, please contact investor.relations@sightsciences.com © Sight Sciences and/or certain of its affiliates, All rights reserved.
Exhibit 99.3
Sight Sciences Appoints MK Raheja as Executive Vice President, Research and Development and Brenton Taylor as Executive Vice President, Operations
New leadership appointments strengthen Sight Sciences’ commitment to advancing innovative eyecare solutions and supporting scalable operations and growth
MENLO PARK, Calif., November 7, 2024 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) (“Sight Sciences,” or the “Company”), an eyecare technology company focused on developing and commercializing innovative, interventional technologies that elevate the standard of care, announced today the appointment of MK Raheja, Ph.D. as its Executive Vice President, Research and Development, and Brenton Taylor as its Executive Vice President, Operations, effective November 4, 2024.
Sight Sciences also announced that Sam Park, its Chief Operating Officer, who oversaw both R&D and Operations, will be retiring from his role at the Company effective November 15, 2024, and will remain available as a consultant to help ensure a smooth transition.
“We are very excited to have both MK and Brenton join Sight Sciences as we continue to transform treatment paradigms with disruptive new eyecare technology, and predictably scale our operations and drive our innovation pipeline. We believe their unique skill sets, with both MK’s ophthalmic innovation leadership experience at several industry-leading ophthalmic organizations and Brenton’s broad development and operational experience, directly align with our vision of the future of eyecare,” said Paul Badawi, Founder and Chief Executive Officer of Sight Sciences. “We are confident the additions of MK and Brenton will further enhance the capabilities of our strong executive team and set us up for continued success at scale over the coming years. We are looking forward to them partnering to lead the separate R&D and operations organizations with dedicated resources to advance our strategic plans and ensure we have the appropriate infrastructure to support profitable growth over the coming years. I also want to acknowledge Sam’s many contributions to Sight Sciences over the last four years. He has been instrumental in helping to grow Sight Sciences by contributing meaningfully to our reliable supply chain, cost efficiencies, and the development of multiple innovations in surgical glaucoma and dry eye. We thank Sam and wish him the very best in his retirement.”
Dr. Raheja, Executive Vice President, Research and Development of Sight Sciences commented, “I am delighted to be joining Sight Sciences at this critical juncture with major projects in development in surgical glaucoma devices, sustained glaucoma drug delivery solutions, and dry eye procedural solutions. Sight Sciences is a leader in interventional glaucoma and dry eye innovation with a commercial portfolio and pipeline of products that are elevating the standard of care, and I look forward to further expanding this innovation to deliver best in class solutions to our eye care providers and patients.”
Mr. Taylor, Executive Vice President, Operations of Sight Sciences added, “I look forward to working with Paul and the rest of the Sight Sciences team to improve the lives of our patients. The company has two transformative growth opportunities ahead and I am excited to leverage my background in high growth MedTech to help Sight Sciences scale in a capital efficient way and achieve its full potential.”
Dr. MK Raheja Biography
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Dr. Raheja has more than 35 years of experience in ophthalmology medical device innovation, overseeing global ophthalmic R&D organizations responsible for bringing over 70 ophthalmic innovations to market. Over the past 18 months, Dr. Raheja has been advising emerging ophthalmic companies and not-for-profit entrepreneurial institutions. His most recent corporate roles include Head of Surgical Vision R&D at Johnson & Johnson Vision and Global Head of Corneal & Cataract R&D at Abbott Medical Optics, spanning over a 14-year period, which ended in April 2023. Prior to those roles, he served as Chief Technology Officer for CIBA Vision (a Novartis Company), and as President and Chief Operating Officer of Hill Top Research, Inc, a private equity-funded clinical research organization with operations in North America and Europe. Dr. Raheja began his career at Bausch & Lomb in R&D where he held a number of leadership positions, including Vice President, Research Development & Engineering, and Vice President, New Product & New Business Development. Dr. Raheja holds a Ph.D. from the University of Massachusetts and an Executive M.B.A. from Boston University.
Mr. Brenton Taylor Biography
Mr. Taylor has nearly 25 years of experience in medical and energy technology development and operations, overseeing innovation, product development, and manufacturing. He most recently served as Chief Executive Officer at NEXT Energy Technologies, a pioneer in organic photovoltaic (OPV) technology, where he initially joined as Executive Vice President, Engineering in 2021. Prior to this role, Mr. Taylor co-founded Inogen, Inc (Nasdaq: INGN) (“Inogen”), a medical technology company offering innovative respiratory products for use in the homecare setting, where he spent over 20 years and was instrumental in developing and scaling a line of innovative respiratory medical devices to $350 million in annual sales. His last role at Inogen was Executive Vice President, Engineering. Mr. Taylor received a B.S. in microbiology from the University of California, Santa Barbara.
About Sight Sciences
Sight Sciences is an eyecare technology company focused on developing and commercializing innovative and interventional 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 an implant-free glaucoma surgery technology (i) indicated in the United States to reduce intraocular pressure in adult patients with primary open-angle glaucoma; and (ii) CE Marked for the catheterization and transluminal viscodilation of Schlemm’s canal and cutting of the trabecular meshwork to reduce intraocular pressure in adult patients with open-angle glaucoma. Glaucoma is the world’s leading cause of irreversible blindness. The SION® Surgical Instrument is a bladeless, manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork. The Company’s TearCare® System is 510(k) cleared in the United States 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 clearance of gland obstructions by physicians to address the leading cause of dry eye disease. Visit www.sightsciences.com for more information.
Sight Sciences and TearCare are trademarks of Sight Sciences registered in the United States. OMNI and SION are trademarks of Sight Sciences registered in the United States, European Union and other territories.
© 2024 Sight Sciences. All rights reserved.
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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 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 nature and progression of the Company’s product pipeline; the scaling of the Company’s operations; the advancement of the Company’s strategic plans; anticipated benefits arising out of the new executives’ employment with the Company, including with respect to product innovation and the Company’s ability to achieve its growth and profitability objectives; and the Company’s ability to elevate the standard of care and deliver best in class solutions. 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.
Media contact:
pr@SightSciences.com
Investor contact:
Philip Taylor
Gilmartin Group
415.937.5406
Investor.Relations@Sightsciences.com
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