Sight Sciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue reached a record $24.9 million in Q3 2026, a 25% increase year-over-year (YoY) from $19.9 million in Q3 2025.
• Interventional Glaucoma (IG) revenue was $21.0 million, up 7% YoY from $19.7 million.
• Interventional Dry Eye (IDE) revenue hit a record $3.9 million, a significant increase from $0.2 million in Q3 2025 and a 45% increase from $2.7 million in Q2 2026.
• Gross profit was $21.4 million compared to $17.2 million in the prior year period; total gross margin was 86%, in-line with the prior year.
• IG gross margin was 87%, in-line with the prior year; IDE margin improved to 79% from 38% in the prior year period.
• Total operating expenses were $27.5 million, a 10% increase YoY from $25.1 million.
• Research and development expenses decreased 19% YoY to $2.7 million from $3.4 million.
• Selling, general, and administrative (SG&A) expenses increased 14% YoY to $24.8 million from $21.8 million.
• Adjusted operating expenses were $24.0 million, a 21% increase YoY.
• Net loss was $6.8 million, a 17% improvement from $8.2 million in Q3 2025; net loss per share was $0.12 compared to $0.16.
• Cash and cash equivalents totaled $77.4 million as of September 30, 2026.
• Total debt was $40.0 million as of September 30, 2026.
• Cash usage for the quarter was $2.4 million, a 74% decrease compared to $9.1 million in Q3 2025.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance was raised to $92 million–$93 million, representing 19%–20% YoY growth, up from the previous range of $88 million–$92 million.
• Full-year 2026 IG revenue guidance is $80 million–$81 million, representing 6%–7% growth.
• Full-year 2026 IDE revenue guidance is approximately $12 million, up from the previous range of $9 million–$11 million and $1.6 million in 2025.
• Full-year 2026 adjusted operating expenses guidance remains $92 million–$94 million, representing a 5%–7% increase compared to 2025.

Business Segments and Product Lines:

• Launched the OMNI® Ultra Surgical System (OMNI Ultra) at the American Academy of Ophthalmology (AAO) annual meeting, expanding the ab interno canaloplasty platform.
• IG active customers increased to 1,253 in Q3 2026 from 1,197 in Q3 2025.
• IDE lid treatment units sold reached 4,581 in Q3 2026 compared to 271 in Q3 2025.
• IDE active customers grew to 222 in Q3 2026 from 50 in Q3 2025.
• The TearCare® System is 510(k) cleared for thermal-activated gland expression therapy for evaporative dry eye disease.
• The OMNI Surgical System is indicated to reduce intraocular pressure in adult patients with primary open-angle glaucoma and is CE Marked.

Management Commentary and Tone:

• CEO Paul Badawi described the quarter as "strong," citing 25% total revenue growth, record IDE revenue, continued IG growth, and a significant reduction in cash burn.
• Management stated results demonstrate increasing adoption of technologies, disciplined execution, and growing impact on patients with glaucoma and dry eye disease.
• The company highlighted the strength of its interventional eye care platform, with IG strengthening the foundation and IDE rapidly developing into a meaningful growth driver.
• Management remains focused on expanding technology adoption and advancing interventional eye care.

Other Key Points:

• The company reported a 19% decrease in R&D expenses YoY despite overall expense growth, indicating cost discipline.
• IDE gross margin expansion from 38% to 79% highlights improving unit economics for the dry eye segment.
• Cash burn reduction of 74% YoY indicates improved operational efficiency.
• The press release includes a conference call scheduled for November 4, 2026, at 1:30 p.m. Pacific Time.
• The company maintains a non-GAAP financial measure of "Adjusted Operating Expenses" to exclude stock-based compensation, depreciation, amortization, and one-time costs.