(RTTNews) - Sight Sciences, Inc. (SGHT), an eyecare technology company specializing in innovative, interventional technologies for glaucoma and dry eye treatments, has reported its financial results for 2024 and provided 2025 guidance.
For the fourth quarter ended December 31, 2024, the company generated total revenue of $19.1 million, a 2 percent increase from $18.7 million in the same quarter of 2023.
This growth was primarily driven by a 9 percent increase in Surgical Glaucoma revenue, which reached $18.8 million.
However, Dry Eye revenue decreased significantly to $0.3 million, down from $1.6 million in the prior year, largely due to the company's shift toward securing reimbursed market access for its Tear Care procedures.
Sight Sciences reported a net loss of $11.8 million, or $0.23 per share, for the fourth quarter of 2024, compared to a net loss of $10.7 million, or $0.22 per share, in the same period in 2023.
For the full year 2024, the total revenue was $79.9 million, a slight decrease of 1 percent from $80.8 million in 2023.
Surgical Glaucoma revenue grew by 2 percent to $75.9 million, while Dry Eye revenue declined by 40 percent to $4.0 million in the full year 2024.
The company's net loss for the year was $51.5 million, or $1.03 per share, an improvement from the net loss of $55.5 million, or $1.14 per share, reported in 2023.
Looking ahead to 2025, Sight Sciences expects total revenue to range from $70 million to $75 million, reflecting a decline of 6% to 12% compared to the revenue of $79.9 million of the full year 2024. This projected decrease is primarily due to changes in Medicare coverage that are expected to impact the MIGS market.
Additionally, the company forecasts that Dry Eye revenue will be around $1.0 million for the full year, assuming no significant reimbursement coverage decisions are made.
As of December 31, 2024, Sight Sciences reported cash and cash equivalents of $120.4 million, with total long-term debt of $40.0 million.
SGHT, closed Wednesday's (Mar. 05, 2025) trading at $2.42, down 2.02%. In after hours, the stock was down by 3.31% at $2.34.
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