MENLO PARK, Calif., March 04, 2026 (GLOBE NEWSWIRE) -- Sight Sciences, Inc. (Nasdaq: SGHT) ("Sight Sciences" or the "Company"), an eyecare technology company focused on developing and commercializing innovative, interventional technologies intended to transform care and improve patients' lives, today reported financial results for the fourth quarter and full year ended December 31, 2025 and initiated financial guidance for full year 2026.

Recent Financial Highlights

   -- Generated fourth quarter 2025 total revenue of $20.4 million, an increase 
      of 7% compared to the same period in the prior year, and full year 2025 
      total revenue of $77.4 million, a decrease of 3% compared to full year 
      2024. 
 
   -- Achieved total gross margin of 87% in the fourth quarter of 2025 compared 
      to 87% in the same period in the prior year, and full year 2025 total 
      gross margin of 86% compared to 85% in full year 2024. 
 
   -- Achieved a full year 2025 operating expense reduction of 13% compared to 
      full year 2024 and a full year 2025 non-GAAP adjusted operating 
      expense1,2 reduction of 13% compared to full year 2024. 
 
   -- Reduced cash usage to $0.4 million in the fourth quarter 2025, reflecting 
      continued operating discipline.  Cash and cash equivalents totaled $92.0 
      million as of December 31, 2025. 

Management Commentary

"We closed the year with a solid fourth quarter, where we returned to growth in Interventional Glaucoma, demonstrated encouraging commercial traction following significant reimbursement milestones in Interventional Dry Eye, and continued our disciplined expense and cash management," said Paul Badawi, Co-Founder and CEO of Sight Sciences. "These achievements underscore the strength of our interventional technologies and commercial infrastructure in the large and growing glaucoma and dry eye markets. In 2026, we remain focused on building a leading interventional eye care company and leveraging the complementary nature of our two interventional businesses to drive synergistic growth with a pathway toward cashflow breakeven."

Fourth Quarter 2025 Financial Results

Revenue for the fourth quarter of 2025 was $20.4 million, an increase of 7% compared to the same period in the prior year. Interventional Glaucoma revenue was $19.7 million, an increase of 5% compared to the same period in the prior year. This improvement was primarily driven by an increase in both ordering accounts and average selling prices. Interventional Dry Eye revenue was $0.7 million, an increase from $0.3 million in the same period in the prior year, primarily due to increased average selling prices.

Gross profit for the fourth quarter of 2025 was $17.8 million compared to $16.6 million in the same period in the prior year. Gross margin for the fourth quarter of 2025 was 87%, compared to 87% in the same period in the prior year. Interventional Glaucoma gross margin in the fourth quarter of 2025 increased to 88%, compared to 87% in the same period in the prior year, primarily due to higher average selling prices and product mix, slightly offset by tariff costs. Interventional Dry Eye gross margin in the fourth quarter of 2025 increased to 68%, from 51% in the same period in the prior year, primarily due to higher average selling prices.

Total operating expenses were $21.5 million in the fourth quarter of 2025, representing a 25% decrease compared to $28.5 million in the same period in the prior year, primarily due to lower personnel-related expenses and stock-based compensation. Research and development expenses were $2.4 million in the fourth quarter of 2025 compared to $4.3 million in the same period in the prior year, representing a 43% decrease. Selling, general, and administrative expenses were $19.0 million in the fourth quarter of 2025, compared to $24.2 million in the same period in the prior year, representing a 21% decrease. Adjusted operating expenses1(,2) were $18.9 million in the fourth quarter of 2025, down from $24.4 million in the same period in the prior year, representing a 23% decrease.

Net loss was $4.2 million, or a loss of $0.08 per share, in the fourth quarter of 2025, compared to a net loss of $11.8 million, or a loss of $0.23 per share, in the same period in the prior year.

Full Year 2025 Financial Results

Revenue for full year 2025 was $77.4 million, a decrease of 3% compared to full year 2024. Interventional Glaucoma revenue was $75.7 million for full year 2025, flat compared to full year 2024. Interventional Dry Eye revenue was $1.6 million for full year 2025, compared to $4.0 million in full year 2024.

Gross profit for full year 2025 was $66.7 million compared to $68.3 million in full year 2024 primarily due to lower sales volume and product mix. Gross margin for full year 2025 was 86% compared to 85% in full year 2024. Interventional Glaucoma gross margin in full year 2025 was 87% compared to 88% in full year 2024, the decrease was primarily due to higher tariff costs. Interventional Dry Eye gross margin in full year 2025 increased to 59%, from 46% in full year 2024, primarily due to higher average selling prices.

Total operating expenses were $103.8 million in full year 2025, representing a 13% decrease compared to $118.8 million in full year 2024. The decrease was primarily due to lower personnel-related expenses, legal expenses and stock-based compensation. Research and development expenses were $14.6 million in full year 2025 compared to $18.0 million in full year 2024, representing a 19% decrease. Selling, general, and administrative expenses were $89.2 million in full year 2025, compared to $100.8 million in full year 2024, representing a 12% decrease. Adjusted operating expenses(1) (,2) were $87.8 million in full year 2025, down from $101.3 million in full year 2024, representing a 13% decrease.

Net loss was $38.4 million, or a loss of $0.74 per share, for full year 2025, compared to a loss of $51.5 million, or a loss of $1.03 per share, for full year 2024.

Cash and cash equivalents totaled $92.0 million and total long-term debt was $40.0 million (before debt discount and amortized debt issuance costs) as of December 31, 2025, compared to $120.4 million and $40.0 million, respectively, as of December 31, 2024. Cash used in full year 2025 totaled $28.4 million, compared to $17.8 million in full year 2024.

2026 Financial Guidance

Sight Sciences expects its revenue for full year 2026 to range from $82 million to $88 million, representing growth of 6% to 14% compared to full year 2025. This revenue guidance includes Interventional Glaucoma segment revenue of $77 million to $81 million, representing growth of 2% to 7% and Interventional Dry Eye segment revenue of $5 million to $7 million, compared to $1.6 million in 2025.

The Company expects adjusted operating expenses(1,3) for full year 2026 to range from $93 million to $96 million, representing an increase of 6% to 9% compared to 2025. This increase is primarily due to targeted investments in both business segments, including expanded market access efforts and additional commercial resources to scale the reimbursed dry eye market and the pseudophakic standalone glaucoma opportunity.

1 "Adjusted operating expenses" is a financial measure not prepared in accordance with generally accepted accounting principles in the United States ("GAAP", and therefore such a measure, is a "non-GAAP financial measure"), and is calculated as operating expenses less stock-based compensation expense, depreciation and amortization, restructuring costs, and other one-time 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 ("SEC") 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

Adjusted operating expenses, a non-GAAP financial measure, is presented in this press release to provide information that may assist investors in understanding the Company's financial and operating results. The Company believes this non-GAAP financial measure is an important performance indicator because it excludes items that are unrelated to, and may not be indicative of, the Company's core financial and operating results. This non-GAAP financial measure, as calculated, may not necessarily be comparable to similarly titled measures of other companies and may not be an appropriate measure for comparing the performance of other companies relative to the Company. This non-GAAP financial measure is not intended to represent, and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP. To the extent the Company utilizes such non-GAAP financial measure in the future, it expects to calculate it using a consistent method from period to period.

Conference Call

Sight Sciences' management team will host a conference call today, March 4, 2026, 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

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March 04, 2026 16:05 ET (21:05 GMT)