Sight Sciences, Inc. (SGHT) Earnings
Sight Sciences, Inc. is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $-0.13. SGHT has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +39.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.18 | $-0.08 | +56.4% | $23M | +8.1% |
| May 6, 2026 | $-0.19 | $-0.16 | +15.8% | $20M | +7.1% |
| Mar 4, 2026 | $-0.15 | $-0.08 | +46.7% | $20M | +7.8% |
| Nov 6, 2025 | $-0.26 | $-0.16 | +38.5% | $20M | -2.2% |
| Aug 7, 2025 | $-0.25 | $-0.23 | +8.0% | $20M | +10.3% |
| May 8, 2025 | $-0.29 | $-0.28 | +3.4% | $18M | -5.4% |
| Mar 5, 2025 | $-0.22 | $-0.23 | -4.5% | $19M | +3.1% |
| Nov 7, 2024 | $-0.23 | $-0.22 | +4.3% | $20M | -0.6% |
| Aug 1, 2024 | $-0.31 | $-0.25 | +19.4% | $21M | +3.2% |
| May 2, 2024 | $-0.29 | $-0.33 | -13.8% | $19M | -9.8% |
| Mar 7, 2024 | $-0.35 | $-0.22 | +37.1% | $19M | -0.9% |
| Aug 3, 2023 | $-0.35 | $-0.30 | +14.3% | $23M | +7.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
**Overall Business & Strategy** - Total Q2 2026 revenue was $23.4 million, a 20% year-over-year increase, the firm's highest growth rate since 2023 and second consecutive quarter of double-digit growth. Gross margin was 91%, up from 85% year-over-year, driven by $1.4 million in one-time tariff refunds. - Operating expenses decreased 11% year-over-year to $25.3 million, and adjusted operating expenses fell 8% year-over-year to $22.3 million, reflecting the 2025 reduction-in-force cost structure. Net loss was $4.4 million, a 63% improvement year-over-year. - Management highlights a strategic advantage from the "intersection of intervention": glaucoma and dry eye often affect the same patients, are treated by the same practices, and share procedural workflows, allowing the firm to deepen customer relationships, improve utilization, and drive more efficient growth. - The firm remains focused on reaching cash flow breakeven while investing in growth, and management believes it can reach this milestone without additional equity financing. **Interventional Dry Eye (TierCare) Updates** - Added 4.1 million covered lives in Q2 2026, expanding total covered lives with appropriate reimbursement access from 10.4 million to 14.5 million. Approximately two-thirds of Q2 TierCare volume came from existing interventional glaucoma accounts, which have significantly higher utilization than dry-eye-only accounts, validating the cross-segment synergy. - The firm added sales and clinic support headcount in Q2 to scale commercial infrastructure, and continues productive dialogue with multiple payers to expand coverage, with additional coverage decisions expected in 2026. **Interventional Glaucoma (Omni) Updates** - The firm secured new Aetna coverage for Omni and Scion in July 2026, adding 25 million covered lives and completing coverage access across all major U.S. national payers. - OmniUltra, the next-generation glaucoma platform, received FDA 510(k) clearance. Key features include single-pass canaloplasty for improved surgical efficiency and TruSync Plus automated viscoelastic delivery. A phased rollout is planned, with full broad market launch in 2027. - The commercial strategy focuses on gaining share in the combo cataract market and developing the underpenetrated standalone interventional glaucoma market via standardized clinical workflows.
Guidance
- Full year 2026 total revenue guidance was raised to $88 to $92 million (14% to 19% year-over-year growth), up from the prior range of $83 to $89 million. - Interventional glaucoma full year 2026 revenue guidance was narrowed to the high end of the prior range at $79 to $81 million, up from the prior range of $77 to $81 million, implying 4% to 7% year-over-year growth. - Interventional dry eye full year 2026 revenue guidance was raised to $9 to $11 million, up from the prior range of $6 to $8 million. No incremental future payer coverage wins were included in this updated guidance. - Full year 2026 adjusted operating expense guidance was lowered to $92 to $94 million, down from the prior range of $93 to $96 million, representing 5% to 7% year-over-year growth. - Q3 2026 total revenue is expected to grow mid-to-high teens year-over-year, with interventional glaucoma growing mid-single digits, and interventional dry eye revenue expected to hit ~$3 million (continued sequential growth). No OmniUltra revenue contribution is included in 2026 guidance, with full launch impact expected in 2027.
Segment performance
1. Interventional Glaucoma: Q2 2026 revenue was $20.7 million, an 8% year-over-year increase. This segment represented 88.46% of total Q2 2026 revenue. Gross margin for the segment was 92% including a $1.2 million tariff refund, or 86% excluding the refund (in line with prior year levels). The segment hit an all-time high for ordering accounts, with 3% year-over-year account growth, and utilization returned to its highest level since Q4 2024. 2. Interventional Dry Eye: Q2 2026 revenue was $2.7 million, nearly doubling sequentially from $1.4 million in Q1 2026. This segment represented 11.54% of total Q2 2026 revenue. Gross margin for the segment was 85% including a $0.1 million tariff refund, or 80% excluding the refund, up significantly from 38% in the prior year period, driven by higher average selling prices. Ordering accounts grew from 96 in Q1 to 176 in Q2, with volume over 3,000 smart lids (double Q1 volume), and average utilization increased to 18 smart lids per active account from 16 in Q1.
Risks & headwinds
- The Alcon patent litigation final judgment awarded Alcon $55 million in past damages and interest, plus an ongoing 10% royalty on Sight Sciences' Hydra product revenue through patent expiration. Alcon has appealed the ruling, and the outcome of the appellate process remains uncertain. - Payer coverage and fee schedule decisions for new interventional procedures are outside of the company's control, creating timing uncertainty for market access expansion. - The interventional dry eye market is still in early stages of development, and long-term adoption and scalability of TierCare has not been fully proven.
Analyst Q&A
Q: Analysts asked if the interventional glaucoma market is now stabilized and growing, what underlying trends should be expected, and how Sight Sciences positioned to capitalize. /
A: Management confirmed the market is now stable after prior LCD-related volatility, with the overall MIGS market back to mid-single-digit growth. Sight Sciences' priorities remain gaining share in the combo cataract segment, adding new surgeons, and growing the underpenetrated standalone interventional glaucoma market with a newly implemented activation workflow, and management is optimistic about the stable operating environment going forward.
Q: What is the timeline for revenue impact from recently added dry eye covered lives, are additional payer wins needed to hit the updated dry eye guidance, and what gives management confidence in future payer progress? /
A: Impact from newly added Q2 2026 covered lives was minimal in Q2, with growing impact expected in the second half of 2026, which was already incorporated into guidance. No incremental future payer wins were assumed in the updated guidance, even though management expects additional progress this year. Management is confident in future coverage expansion due to compelling positive Sahara RCT clinical data and strong health economic data that shows TierCare reduces long-term costs for payers compared to traditional prescription eye drops.
Q: What is the rollout timeline for OmniUltra, is any 2026 revenue contribution baked into guidance, and what preparations are happening before full launch? /
A: OmniUltra will roll out in three phases: early limited release to key surgeon partners before the Q4 AAO meeting for final feedback, the official launch at AAO for an expanded group of customers, and full broad market adoption and training in 2027. No OmniUltra revenue contribution is included in 2026 guidance, so any early adoption would be upside to current forecasts.
Q: What is the current mix of standalone vs combo cataract revenue for glaucoma, and how is standalone penetration progressing? /
A: Historically, the mix was ~85% combo cataract and ~15% standalone. The overall market standalone share is growing, and Sight Sciences' standalone mix is growing faster than the overall market as the company invests in standalone market development. Cross-segment synergy with existing glaucoma accounts drives higher TierCare utilization, with two-thirds of Q2 dry eye volume coming from existing glaucoma accounts, matching the patient demographic overlap between the two conditions.