Sight Sciences Announces Preliminary, Unaudited Fourth Quarter and Full Year 2023 Financial Highlights
09 1월 2024 - 6:05AM
Sight Sciences, Inc. (Nasdaq: SGHT) ("Sight Sciences" or the
"Company"), an eyecare technology company focused on developing and
commercializing innovative technology intended to transform care
and improve patients' lives, today reported preliminary, unaudited
financial highlights for the fourth quarter and full year ended
December 31, 2023.
Preliminary Financial Highlights
Fourth quarter 2023 total revenue is expected to be in the range
of $18.6 million to $18.8 million, a decrease of 9% compared to the
prior year period at the estimated midpoint.
- Surgical Glaucoma revenues are expected
to be in the range of $17.1 million to $17.2 million, a decrease of
9% compared to the prior year period at the estimated
midpoint.
- Dry Eye revenues are expected to be in
the range of $1.5 million to $1.6 million, a decrease of 13%
compared to the prior year period at the estimated midpoint.
Full year 2023 total revenue is expected to be in the range of
$80.9 million to $81.1 million, an increase of 14% compared to the
prior year at the estimated midpoint.
- Surgical Glaucoma revenues are expected
to be in the range of $74.3 million to $74.4 million, an increase
of 13% compared to the prior year at the estimated midpoint.
- Dry Eye revenues are expected to be in
the range of $6.6 million to $6.7 million, an increase of 17%
compared to the prior year at the estimated midpoint.
The Company’s cash and cash equivalents as of December 31, 2023,
was approximately $138 million, compared to $144.5 million as of
September 30, 2023. Cash used in the quarter totaled approximately
$6.5 million, reflecting continued operational discipline and a
sequential improvement from $10.0 million cash used in the third
quarter of 2023 and a decrease versus the comparative period in the
prior year where cash used in the fourth quarter of 2022 was $14.8
million.
The Company’s fourth quarter and full year 2023 financial
results are preliminary and subject to the completion of the
Company’s 2023 audit. The Company expects to announce complete
fourth quarter and full year 2023 financial results in March
2024.
"We are pleased to see the resilience exhibited
in our fourth quarter sales and the double-digit revenue growth
achieved for full year 2023 amidst the significant reimbursement
uncertainty in our Surgical Glaucoma segment. We believe this is a
testament to the differentiated clinical efficacy of the
comprehensive outflow procedure performed with our OMNI® Surgical
System technology, the high number of glaucoma surgeons who have
mastered the OMNI procedure and made it an essential component of
their glaucoma treatment paradigm, and our exceptional team and
their incredibly valuable relationships with esteemed
ophthalmologists across the country. We were successful in reducing
our cost structure and optimizing our commercial teams
organizationally to enhance effectiveness, maintain flexibility in
prioritizing our strategic objectives, and extend our cash runway
in a more dynamic operating environment," said Paul Badawi,
Co-Founder and Chief Executive Officer of Sight Sciences. "We were
very happy to see the withdrawal of the local coverage
determinations from five Medicare Administrative Contractors,
“MACs”, (WPS Government Health Administrators, Palmetto GBA,
Celerian Group Company, National Government Services, and Noridian
Healthcare Solutions), allowing for continued access to our
surgical glaucoma technologies for all Medicare beneficiaries. We
look forward to continuing to engage with all of the MACs, CMS, and
the national and state societies going forward to ensure glaucoma
patients and their physicians maintain appropriate and fair access
to medically reasonable and necessary MIGS procedures and
technologies."
Financial Disclosure
AdvisoryThe Company reports its financial results in
accordance with U.S. generally accepted accounting principles
(“GAAP”). The select preliminary, unaudited results described in
this press release are estimates only and are subject to revision
until the Company reports its full financial and business results
for the fourth quarter and full year 2023. These estimates are not
a comprehensive statement of the Company’s financial results for
the fourth quarter and full year 2023 and actual results may differ
materially from these estimates as a result of the completion of
year-end accounting procedures and adjustments, including the
execution of the Company’s internal control over financial
reporting, the completion of the preparation and audit of the
Company’s financial statements and the subsequent occurrence or
identification of events prior to the formal issuance of the
audited financial statements for the full year 2023.
About Sight SciencesSight
Sciences is an eyecare technology company focused on developing and
commercializing innovative 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
indicated to reduce intraocular pressure in adult patients with
primary open-angle glaucoma (“POAG”), the world's leading cause of
irreversible blindness. The Company's TearCare System
technology is 510(k) cleared 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. The Company's SION® Surgical Instrument is a
manually operated device used in ophthalmic surgical procedures to
excise trabecular meshwork.
For more information,
visit http://www.sightsciences.com.
OMNI, SION, and TearCare are registered trademarks of Sight
Sciences.
© 2024 Sight Sciences. All rights reserved.
Forward-Looking StatementsThis
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 such 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
expected results for fourth quarter and full year 2023, timing for
announcement of complete fourth quarter and full year 2023
financial results, and; continued engagement with all of the MACs,
CMS and the national and state societies to ensure glaucoma
patients and their physicians maintain appropriate and fair access
to medically reasonable and necessary MIGS procedures and
technologies. 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.
Media
contact:pr@SightSciences.com
Investor contact:Philip TaylorGilmartin
Group415.937.5406Investor.Relations@SightSciences.com
Sight Sciences (NASDAQ:SGHT)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Sight Sciences (NASDAQ:SGHT)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024