Sight Sciences (Nasdaq: SGHT) reported Q2 2026 revenue of $23.4 million, up 20% year over year, while GAAP net loss per share narrowed to $0.08 from $0.23 for the quarter ended June 30. Record Dry Eye sales, lower operating expenses, and reduced cash usage helped narrow the net loss to $4.4 million from $11.9 million.
Core Financial Results
Revenue growth outpaced operating expenses, which declined 11% on lower personnel-related costs and stock-based compensation. That combination reduced the operating loss by about two-thirds and improved the GAAP net loss by 63%.
Reported gross margin benefited from tariff refunds. Excluding that benefit, gross margin was 86%, compared with approximately 85% a year earlier, showing a more modest improvement in underlying product profitability.
| Metric | Q2 2026 | Q2 2025 | Year-over-year change |
|---|---|---|---|
| Revenue | $23.4 million | $19.6 million | Up 20% |
| Gross profit / gross margin | $21.4 million / 91.4% | $16.6 million / 84.8% | Profit up about 29%; margin up 6.6 points |
| GAAP operating expenses | $25.3 million | $28.3 million | Down 11% |
| Adjusted operating expenses | $22.3 million | $24.4 million | Down 8% |
| Operating loss | $3.9 million | $11.7 million | Narrowed about 67% |
| Net loss | $4.4 million | $11.9 million | Narrowed 63% |
| GAAP net loss per share | $0.08 | $0.23 | Loss narrowed by $0.15 |
| Company-reported cash usage | $5.2 million | $7.3 million | Down 28% |
Adjusted operating expenses are a non-GAAP measure that excludes stock-based compensation, depreciation and amortization, restructuring expenses, and specified one-time costs.
Business and Segment Performance
Interventional Glaucoma remained the company’s largest business, with growth driven primarily by higher volume. Interventional Dry Eye remained much smaller but produced most of the incremental revenue as both volume and average selling prices increased.
| Segment metric | Q2 2026 | Q2 2025 | Year-over-year change |
|---|---|---|---|
| Interventional Glaucoma revenue | $20.7 million | $19.2 million | Up 8% |
| Interventional Dry Eye revenue | $2.7 million | $0.3 million | Up 704% |
| Glaucoma active customers | 1,214 | 1,174 | Up about 3% |
| Dry Eye active customers | 176 | 39 | Up about 351% |
| Dry Eye lid treatment units sold | 3,091 | 1,142 | Up about 171% |
Dry Eye revenue also increased 98% sequentially from $1.4 million in Q1 2026, marking a second consecutive quarter in which the segment nearly doubled from the preceding quarter.
Reimbursement access continued to expand. During Q2, published fee schedules increased the estimated number of Dry Eye patient lives with access to appropriate reimbursement from approximately 10.4 million to 14.5 million. TearCare claims remain subject to individual medical-necessity determinations.
After the quarter ended, Aetna added coverage for approximately 25 million commercial lives for certain implant-free glaucoma procedures, subject to clinical criteria, with the policy retroactive to July 14, 2026. Sight Sciences also received FDA 510(k) clearance for the OMNI Ultra Surgical System.
Profitability, Cash Flow and Balance Sheet
The reported 91.4% gross margin included a $1.4 million benefit from tariff refunds received during the quarter. Excluding the refunds, companywide gross margin was 86%, approximately one percentage point above the prior-year level.
Glaucoma gross margin was 92.3% as reported and 86% excluding tariff refunds, in line with the underlying margin a year earlier. Dry Eye gross margin was 84.7% as reported and 80% excluding refunds, up from 38.4% in Q2 2025. The company attributed the Dry Eye improvement primarily to higher average selling prices.
Cash and cash equivalents declined to $79.8 million from $85.0 million at March 31, while total debt was $40.0 million, excluding unamortized discounts and issuance costs. The quarter’s $5.2 million of cash usage included $3.8 million of net nonrecurring items: a $5.4 million litigation success-fee payment, partially offset by $1.6 million of tariff refunds. Excluding those items, cash usage was $1.4 million, down 81% year over year.
Dry Eye Scaling Is Changing the Growth Mix and Margin Profile
Dry Eye represented only about 11% of quarterly revenue, but its approximately $2.3 million year-over-year increase accounted for roughly 61% of Sight Sciences’ total revenue increase. That makes the segment increasingly important to the company’s growth rate even though Glaucoma still generates most of its sales.
The Dry Eye expansion also affected profitability. Higher selling prices contributed both to the 704% revenue increase and to the rise in underlying segment gross margin from approximately 38% to 80%. The combination of more active customers, higher treatment-unit volume, and broader reimbursement access indicates that scaling the reimbursed market—not just adding product volume—is central to the segment’s economics.
2026 Financial Guidance
Sight Sciences raised and narrowed its full-year revenue outlook while lowering its adjusted operating expense range. The revised outlook reflects year-to-date performance and the company’s stated momentum across both segments, although adjusted operating expenses are still expected to increase from 2025 because of targeted commercial and market-access investments.
| Metric | Latest 2026 guidance | Previous guidance | Change |
|---|---|---|---|
| Total revenue | $88 million–$92 million | $83 million–$89 million | Raised |
| Interventional Glaucoma revenue | $79 million–$81 million | — | 4%–7% growth expected |
| Interventional Dry Eye revenue | $9 million–$11 million | — | Compared with $1.6 million in 2025 |
| Adjusted operating expenses | $92 million–$94 million | $93 million–$96 million | Lowered |
The midpoint of revenue guidance increased by approximately $4 million, while the midpoint of adjusted operating expense guidance declined by approximately $1.5 million.
Recent Insider Transactions
The supplied insider data show 826,986 shares purchased across 13 transactions and 182,625 shares sold across 13 transactions over the preceding six months, resulting in a reported net purchase of 644,361 shares. The most recent cash transactions listed included six July sales and one June purchase; these transactions do not by themselves establish insiders’ views of the company’s outlook.
| Insider | Role | Transaction | Price | Reported value | Date |
|---|---|---|---|---|---|
| Jeremy Bragg Hayden | Officer | Sale | $5.51 | $70,133 | July 6, 2026 |
| David Badawi | Chief Technology Officer | Sale | $5.51 | $40,858 | July 6, 2026 |
| Alison Bauerlein | Chief Operating Officer | Sale | $5.36 | $129,626 | July 2, 2026 |
| James Rodberg | Chief Financial Officer | Sale | $5.36 | $36,995 | July 2, 2026 |
| Brenton Taylor | Officer | Sale | $5.42 | $15,333 | July 1, 2026 |
| Paul Badawi | Chief Executive Officer | Sale | $5.42 | $155,467 | July 1, 2026 |
| Staffan Encrantz | Director and holder of more than 10% | Purchase | $4.88 | $68,794 | June 10, 2026 |
All transactions in the table were reported as direct holdings.
Risks Investors Need to Watch
- Reimbursement execution: Dry Eye growth is increasingly tied to expanded reimbursement access, but TearCare claims remain subject to individual medical-necessity decisions. Coverage does not guarantee procedure volume or payment.
- Dependence on Glaucoma: Interventional Glaucoma still accounts for most revenue but grew only 8%, making sustained volume growth in the core segment important to the overall outlook.
- Underlying margin versus one-time benefits: Tariff refunds lifted reported gross margin and reduced cash usage. Without those benefits, the quarter’s profitability and cash metrics were less favorable than the headline figures.
- Continued losses and cash usage: Sight Sciences narrowed its losses but remained unprofitable and used cash during the quarter while carrying $40.0 million of debt.
- Investment requirements: Adjusted operating expenses are expected to rise 5% to 7% for the full year as the company adds market-access and commercial resources. Those investments must translate into continued segment growth to support further loss reduction.
Summary
Sight Sciences’ Q2 2026 results combined faster revenue growth with lower operating expenses, substantially narrowing the company’s loss and reducing underlying cash usage. Dry Eye generated most of the incremental revenue and showed a significant improvement in gross margin, while Glaucoma continued to grow at a more moderate rate. The key next steps are whether broader reimbursement can sustain Dry Eye adoption, whether Glaucoma volume remains positive, and whether the raised revenue outlook can be delivered without reversing recent cost discipline.
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