Sight Sciences Reports Q2 2025 Revenue Decline of 8.5% to $19.6 Million

Sight Sciences, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $19.6 million, a decrease of 8.5% from $21.4 million in the same period last year. The decline was primarily driven by a 5.0% drop in revenue from the Surgical Glaucoma segment, which generated $19.2 million compared to $20.2 million in the prior year. The company attributed this decrease to reduced unit utilization per ordering facility, influenced by new Medicare restrictions on multiple minimally invasive glaucoma surgeries (MIGS) performed in conjunction with cataract surgery. The Dry Eye segment also saw a significant decline, with revenue falling 70.4% to $0.3 million, largely due to decreased demand following a price increase for the TearCare product.

In terms of profitability, Sight Sciences reported a net loss of $11.9 million for the quarter, slightly improved from a loss of $12.3 million in the same quarter of 2024. The company’s gross profit for the quarter was $16.6 million, resulting in a gross margin of 84.8%, down from 85.8% year-over-year. The decrease in gross margin was attributed to higher overhead costs and a less favorable product sales mix. Operating expenses also decreased to $28.3 million from $31.0 million, reflecting cost-cutting measures, particularly in selling, general, and administrative expenses.

The company’s balance sheet as of June 30, 2025, showed cash and cash equivalents of $101.5 million, down from $120.4 million at the end of 2024. Total liabilities decreased to $52.0 million from $55.3 million, while stockholders' equity fell to $70.0 million from $87.5 million, primarily due to the accumulated deficit increasing to $372.4 million. The company continues to rely on third-party manufacturers for its products and is exploring additional manufacturing options to mitigate risks associated with supply chain disruptions and tariffs.

Looking ahead, Sight Sciences anticipates ongoing challenges in revenue generation, particularly in the Surgical Glaucoma segment due to competitive pressures and reimbursement issues. The company is focused on expanding its market presence and improving product adoption rates, especially for the TearCare system, which currently lacks significant reimbursement coverage. Management expects to continue incurring net losses in the near term and may seek additional financing to support its operations and growth initiatives. The company remains committed to investing in research and development, market access, and commercial capabilities to enhance its product offerings and expand its customer base.