Sight Sciences, Inc.

Q2 2026 revenue was $23.4 million, up 20% year over year, with Interventional Glaucoma revenue of $20.7 million (+8%) and Interventional Dry Eye revenue of $2.7 million. Gross margin was 91% versus 85% a year ago; excluding tariff refunds, gross margin was 86% for glaucoma and 80% for dry eye, with dry eye gross margin up from 38% a year ago. Net loss was $4.4 million versus $11.9 million, and net loss per share was $0.08 versus $0.23. For full-year 2026, revenue guidance was raised to $88 million-$92 million from $83 million-$89 million, including glaucoma revenue of $79 million-$81 million and dry eye revenue of $9 million-$11 million. Adjusted operating expense guidance was lowered to $92 million-$94 million from $93 million-$96 million. For Q3, management said total revenue should grow in the mid to high teens year over year, glaucoma should grow in the mid-single digits, and dry eye revenue should be about $3 million.

Paul Badawi framed the quarter as evidence that Sight Sciences is benefiting from a growing “interventional mindset” across both glaucoma and dry eye. He emphasized that the company is operating in a more stable glaucoma environment again, while TearCare is gaining traction in the reimbursed dry eye market. He also highlighted the “intersection of intervention” as a strategic advantage because the same practices and patients can support both products.

Jim Rodberg said the quarter showed broad financial improvement, with gross margin at 91% and operating expenses down 11% year over year to $25.3 million, while adjusted operating expenses fell 8% to $22.3 million. He noted net loss improved 63% to $4.4 million and cash usage excluding one-time items fell to $1.4 million from $7.3 million a year ago. He also said the company ended with $79.8 million of cash and cash equivalents and $40 million of debt, and reaffirmed that the current structure should support cash flow breakeven without new equity. He attributed part of the margin strength to tariff refunds and said supply-chain diversification outside China should be complete in the second half of 2026 without a major margin benefit.

Analysts focused on whether glaucoma market trends are truly healthier, and Paul Badawi said the MIGS market appears back in growth mode, possibly mid-single digits, with a stable 2027 outlook. On dry eye reimbursement, management said Q2 impact from newly published fee schedules was modest, but claims are beginning to get paid and the benefit should grow in the back half of 2026; however, they did not include incremental payer wins in guidance. Questions also centered on OMNI Ultra, and management said it will roll out in stages: early users before AAO, a broader launch at AAO, and larger-scale utilization in 2027.