Sight Sciences, Inc. (SGHT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología médica oftálmica, Sight Sciences, Inc. (SGHT) surge como un innovador innovador, transformando el cuidado de los ojos a través de soluciones quirúrgicas mínimamente invasivas de vanguardia. Al unir estratégicamente el desarrollo tecnológico avanzado con intervenciones médicas precisas, la compañía se ha posicionado como un jugador fundamental para abordar desafíos complejos de salud ocular, ofreciendo oftalmólogos y proveedores de atención médica herramientas revolucionarias que prometen resultados mejorados de los pacientes y una precisión quirúrgica sin precedentes.

Sight Sciences, Inc. (SGHT) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con clínicas de oftalmología y proveedores de atención médica

Sight Sciences ha establecido asociaciones con múltiples redes de salud y clínicas de oftalmología en los Estados Unidos. A partir de 2023, la compañía informó colaboraciones con más de 250 prácticas de oftalmología.

Tipo de socio	Número de asociaciones	Alcance geográfico
Clínicas de oftalmología	250+	Estados Unidos
Redes hospitalarias	45	América del norte

Asociaciones con fabricantes de dispositivos médicos y proveedores de tecnología

La compañía tiene tecnología estratégica y asociaciones de fabricación para apoyar su desarrollo de productos y cadena de suministro.

• Proveedores de componentes ópticos de precisión
• Socios avanzados de fabricación de dispositivos médicos
• Proveedores de materiales de grado médico

Colaboraciones de investigación con centros médicos académicos

Sight Sciences mantiene asociaciones de investigación con las principales instituciones académicas centradas en la innovación oftalmológica.

Institución académica	Enfoque de investigación	Año de asociación
Centro Médico de la Universidad de Stanford	Investigación del tratamiento con glaucoma	2022
Universidad de Johns Hopkins	Tecnologías quirúrgicas mínimamente invasivas	2021

Acuerdos de distribución con distribuidores internacionales de equipos médicos

La compañía ha ampliado su red de distribución internacional para apoyar la penetración del mercado global.

Región	Número de distribuidores	Cobertura del mercado
Europa	12	Países de Europa occidental y central
Asia-Pacífico	8	Japón, Corea del Sur, Australia

Sight Sciences, Inc. (SGHT) - Modelo de negocio: actividades clave

Desarrollo de dispositivos médicos oftálmicos innovadores

En 2023, Sight Sciences invirtió $ 24.7 millones en investigación y desarrollo. La compañía se centró en desarrollar tecnologías de tratamiento de glaucoma mínimamente invasivas y soluciones de enfermedades secas.

Inversión de I + D	Enfoque de desarrollo de productos	Solicitudes de patentes
$ 24.7 millones (2023)	Glaucoma y tecnologías de ojo seco	7 nuevas solicitudes de patentes presentadas

Realización de investigaciones clínicas y pruebas de productos

Las ciencias de la vista realizaron 3 ensayos clínicos en 2023, con un total de 412 participantes de pacientes en diferentes protocolos de tratamiento oftalmológico.

• Presupuesto de ensayo clínico: $ 8.3 millones
• Número de sitios de investigación: 22 centros médicos
• Duración promedio de prueba: 18 meses

Fabricación de tecnologías quirúrgicas mínimamente invasivas

Las operaciones de fabricación generaron $ 132.4 millones en ingresos de producción para 2023, con una capacidad de fabricación de 85,000 dispositivos quirúrgicos anualmente.

Ingresos por producción	Capacidad de fabricación	Instalaciones de producción
$ 132.4 millones	85,000 dispositivos/año	2 ubicaciones de fabricación primarias

Marketing y venta de soluciones médicas especializadas para el cuidado de la vista

El gasto de marketing totalizaron $ 41.6 millones en 2023, dirigidos a oftalmólogos y prácticas médicas en los Estados Unidos.

• Equipo de ventas: 87 representantes especializados de dispositivos médicos
• Canales de comercialización: ventas directas, conferencias médicas, plataformas digitales
• Mercado objetivo: prácticas de oftalmología y centros quirúrgicos

Innovación continua de productos y avance tecnológico

La compañía lanzó 2 nuevas plataformas de dispositivos médicos en 2023, con una tubería de innovación valorada en $ 52.3 millones.

Nuevos lanzamientos de productos	Valor de tuberías de innovación	Inversión tecnológica
2 plataformas de dispositivos nuevos	$ 52.3 millones	Tecnologías microsquirúrgicas avanzadas

Sight Sciences, Inc. (SGHT) - Modelo de negocio: recursos clave

Tecnología de dispositivos médicos patentados y patentes

A partir de 2024, Sight Sciences posee 37 patentes estadounidenses emitidas y 51 solicitudes de patentes pendientes relacionadas con tecnologías de tratamiento oftalmológico.

Categoría de patente	Número de patentes
Patentes de EE. UU. Emitido	37
Aplicaciones de patentes pendientes	51

Equipo de investigación y desarrollo especializado

La empresa emplea 52 Personal de investigación y desarrollo a partir de su informe anual más reciente.

• Investigadores a nivel de doctorado: 18
• Ingenieros de dispositivos médicos: 22
• Especialistas en investigación clínica: 12

Instalaciones de fabricación avanzadas

Ubicación de fabricación	Tamaño de la instalación	Capacidad de producción
Menlo Park, California	25,000 pies cuadrados.	120,000 unidades/año

Cartera de propiedades intelectuales

Valoración total de propiedad intelectual: $ 42.6 millones a partir del cuarto trimestre de 2023.

Experiencia clínica en tratamientos oftalmológicos

Composición de la Junta Asesora Clínica:

• 11 oftalmólogos certificados por la junta
• 7 especialistas en cirugía de retina
• 4 expertos en tratamiento de glaucoma

Sight Sciences, Inc. (SGHT) - Modelo de negocio: propuestas de valor

Soluciones quirúrgicas mínimamente invasivas avanzadas para enfermedades oculares

Sight Sciences ofrece dispositivos oftálmicos especializados dirigidos a condiciones oculares específicas:

Línea de productos	Condición objetivo	Potencial de mercado
Sistema quirúrgico omni	Glaucoma	Tamaño del mercado global de $ 4.2 mil millones
Sistema de cuidados lacones	Enfermedad ocular seca	Oportunidad de mercado global de $ 5,7 mil millones

Tecnologías innovadoras que abordan las necesidades médicas no satisfechas

• Tecnologías de cirugía de glaucoma microvasivo (MIGS) patentado
• Enfoques de tratamiento específicos únicos para enfermedades del segmento anterior
• Dispositivos claros de la FDA con principios de diseño innovador

Mejores resultados del paciente en el glaucoma y los tratamientos de retina

Métricas de rendimiento clínico:

Métrico	Actuación
Reducción de presión intraocular	Hasta el 37% en ensayos clínicos
Reducción de la intervención quirúrgica	Aproximadamente el 25% de disminución en los procedimientos quirúrgicos tradicionales

Tecnologías de diagnóstico y tratamiento rentables

Desglose de ingresos para tecnologías de dispositivos médicos:

Tecnología	Ingresos anuales (2023)	Índice de crecimiento
Sistema quirúrgico omni	$ 61.2 millones	42% año tras año
Sistema de cuidados lacones	$ 37.8 millones	35% año tras año

Precisión mejorada en intervenciones quirúrgicas oftálmicas

• Tecnologías de precisión quirúrgica guiadas por láser
• Enfoque mínimamente invasivo que reduce el tiempo de recuperación del paciente
• Plataformas de diagnóstico y tratamiento integradas

Sight Sciences, Inc. (SGHT) - Modelo de negocios: relaciones con los clientes

Equipo de ventas directo que apoya a profesionales médicos

A partir del cuarto trimestre de 2023, Sight Sciences mantiene una fuerza de ventas directa de 87 representantes de ventas médicas dedicadas dirigidas a oftalmólogos y optometristas. La estructura de compensación total del equipo de ventas incluye un salario base de $ 85,000 a $ 135,000 anuales con comisiones basadas en el rendimiento que promedian el 12-18% de los ingresos totales generados.

Programas de soporte técnico y capacitación

Categoría de apoyo	Inversión anual	Número de personal de apoyo
Apoyo técnico	$ 2.3 millones	24 profesionales de apoyo especializado
Capacitación médica	$ 1.7 millones	16 especialistas en capacitación clínica

Participación continua del cliente a través de conferencias médicas

En 2023, Sight Sciences participó en 37 conferencias médicas, con un gasto total de compromiso y marketing de $ 1.4 millones. La participación de la conferencia dio como resultado 312 demostraciones directas de productos y 128 nuevos contactos de proveedores de atención médica.

Plataformas digitales para información y soporte de productos

• Tráfico del sitio web: 47,500 visitantes únicos mensuales
• Base de usuarios del portal de soporte digital: 2.300 profesionales de la salud registrados
• Módulos de capacitación de productos en línea: 18 cursos digitales integrales
• Tiempo promedio de participación de la plataforma digital: 12.4 minutos por sesión

Servicios de consulta personalizados para proveedores de atención médica

Ofertas de ciencias de la vista Servicios de consulta personalizados complementarios con una inversión anual de $ 920,000. Estas consultas incluyen:

Tipo de consulta	Número de consultas	Duración promedio
Consultas clínicas individuales	276 consultas anuales	1.2 horas por sesión
Sesiones de asesoramiento médico grupal	42 sesiones anuales	2.5 horas por sesión

Sight Sciences, Inc. (SGHT) - Modelo de negocios: canales

Fuerza de ventas directa dirigida a prácticas de oftalmología

A partir del cuarto trimestre de 2023, Sight Sciences mantuvo un equipo de ventas directo de 87 representantes especializados centrados en las prácticas de oftalmología. La fuerza de ventas cubrió aproximadamente 2,345 prácticas de oftalmología en los Estados Unidos.

Métrica de la fuerza de ventas	2023 datos
Representantes de ventas totales	87
Prácticas de oftalmología cubiertas	2,345
Ingresos promedio por representante	$ 1.2 millones

Distribuidores de dispositivos médicos y redes de atención médica

Sight Sciences se asoció con 42 distribuidores de dispositivos médicos y 18 grupos principales de compra de redes de salud en 2023.

• Cobertura de distribución: 48 estados
• Distribución internacional: 6 países
• Socios de distribución total: 60

Plataformas de equipos médicos en línea

La compañía utilizó 3 plataformas principales de equipos médicos en línea para la distribución de productos, generando $ 14.3 millones en ventas digitales en 2023.

Plataforma en línea	Volumen de ventas
MedicalSupply.com	$ 6.7 millones
Salud para la salud	$ 4.9 millones
Trabajo de meddeviceneta	$ 2.7 millones

Exposiciones de conferencia médica y feria comercial

En 2023, Sight Sciences participó en 22 conferencias médicas, con un alcance de marketing estimado de 15,678 profesionales de la salud.

Tipo de conferencia	Número de conferencias	Asistencia estimada
Conferencias de oftalmología	14	9,345
Exposiciones de tecnología médica	8	6,333

Marketing digital y canales profesionales de comunicación médica

El gasto de marketing digital para 2023 fue de $ 3.2 millones, dirigido a canales profesionales de comunicación médica.

• Publicidad profesional de LinkedIn: $ 1.1 millones
• Anuncios digitales de la revista médica: $ 890,000
• Campañas de correo electrónico específicas: $ 675,000
• Webinar y patrocinios de eventos virtuales: $ 535,000

Sight Sciences, Inc. (SGHT) - Modelo de negocio: segmentos de clientes

Oftalmólogos y especialistas en cuidado de los ojos

Las ciencias de la vista se dirigen a aproximadamente 19,000 oftalmólogos en ejercicio en los Estados Unidos como segmentos principales de los clientes. Específicamente, la compañía se centra en especialistas en el tratamiento del glaucoma y las afecciones de ojo seco.

Enfoque especializado	Número de practicantes	Penetración potencial del mercado
Especialistas en glaucoma	3,200	42% tasa de adopción potencial
Oftalmólogos integrales	15,800	28% de tasa de adopción potencial

Departamentos de oftalmología del hospital

Ciencias de la visión apunta a 1.200 departamentos de oftalmología del hospital en todo el país.

• Centros médicos académicos: 175 departamentos
• Grandes hospitales metropolitanos: 425 departamentos
• Hospitales regionales: 600 departamentos

Centros quirúrgicos ambulatorios

La compañía apunta a 5.600 centros quirúrgicos ambulatorios especializados en procedimientos oftalmológicos.

Tipo central	Centros totales	Cuota de mercado potencial
ASCS específicos de oftalmología	2,300	35% de adopción potencial
ASC de especialidad	3,300	22% de adopción potencial

Instituciones de investigación médica académica

Las ciencias de la vista se involucran con 285 instituciones de investigación médica académica que realizan estudios oftalmológicos.

• Universidades de investigación de primer nivel: 65 instituciones
• Centros de investigación nacionales: 120 instituciones
• Instalaciones de investigación de ojos especializados: 100 instituciones

Clínicas especializadas de cuidado ocular

La compañía se dirige a 4.800 clínicas especializadas de atención ocular en los Estados Unidos.

Especialización clínica	Número de clínicas	Segmento del mercado objetivo
Clínicas especializadas de retina	1,200	Tecnologías de diagnóstico de alta precisión
Clínicas centradas en el glaucoma	800	Soluciones de tratamiento avanzadas
Clínicas integrales de cuidado ocular	2,800	Aplicaciones amplias de dispositivos médicos

Sight Sciences, Inc. (SGHT) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Sight Sciences reportó gastos de I + D de $ 43.9 millones, lo que representa el 48.2% de los ingresos totales.

Año	Gastos de I + D	Porcentaje de ingresos
2023	$ 43.9 millones	48.2%
2022	$ 38.6 millones	46.7%

Gastos de fabricación y producción

El costo de los bienes vendidos (COGS) para las ciencias de la vista en 2023 fue de $ 22.1 millones.

• Instalaciones de producción ubicadas en Menlo Park, California
• Fabricación de dispositivos médicos primarios para MIGS y tecnologías de tratamiento de ojos secos

Costos operativos de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 52.4 millones, que fue del 57.6% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Personal de ventas	$ 24.7 millones	27.2%
Programas de marketing	$ 17.3 millones	19.1%
Viajes y eventos	$ 10.4 millones	11.4%

Ensayo clínico y gastos de cumplimiento regulatorio

Los costos regulatorios y de cumplimiento para 2023 fueron de $ 8.7 millones.

• Costos de envío de la FDA
• Gestión de ensayos clínicos
• Preparación de documentación regulatoria

Infraestructura y mantenimiento de la tecnología

Los gastos de tecnología e infraestructura para 2023 ascendieron a $ 6.3 millones.

Componente de infraestructura	Costo anual
Sistemas de TI	$ 2.9 millones
Servicios en la nube	$ 1.6 millones
Seguridad de la red	$ 1.8 millones

Sight Sciences, Inc. (SGHT) - Modelo de negocios: flujos de ingresos

Venta de dispositivos médicos

P4 2023 Ingresos totales: $ 24.6 millones, que representa un crecimiento anual del 26%. Las ventas de dispositivos médicos para plataformas quirúrgicas tóricas y Omni generaron $ 18.3 millones en ingresos directos.

Línea de productos	2023 ingresos	Índice de crecimiento
Plataforma tórica	$ 12.4 millones	34%
Plataforma quirúrgica omni	$ 6.1 millones	19%

Líneas de productos de tecnología quirúrgica

Desglose de ingresos de tecnología quirúrgica para 2023:

• Dispositivos de intervención de glaucoma: $ 9.2 millones
• Tecnologías quirúrgicas de cataratas: $ 7.5 millones
• Herramientas quirúrgicas mínimamente invasivas: $ 4.6 millones

Ingresos recurrentes de productos médicos consumibles

Ingresos de productos consumibles en 2023: $ 5.7 millones, con una tasa de ingresos recurrente del 22%.

Categoría de productos consumibles	Ingresos anuales	Repita la tasa de compra
Desechables quirúrgicos	$ 3.2 millones	78%
Kits de procedimiento específicos	$ 2.5 millones	65%

Licencias de tecnologías médicas propietarias

Ingresos de licencia de tecnología para 2023: $ 1.8 millones, lo que representa el 4.5% de los ingresos totales de la compañía.

Contratos de servicio y soporte para dispositivos médicos

Ingresos anuales del contrato de servicio: $ 3.4 millones, que cubre el mantenimiento y el soporte técnico para las plataformas quirúrgicas.

Tipo de contrato	Ingresos anuales	Duración promedio del contrato
Mantenimiento estándar	$ 2.1 millones	12 meses
Soporte premium	$ 1.3 millones	24 meses

Sight Sciences, Inc. (SGHT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a surgeon would choose Sight Sciences, Inc. (SGHT) technology over the established ways of treating glaucoma and dry eye. It's all about clinical proof and economic impact, which is what really moves the needle in capital equipment sales.

OMNI: Implant-free, minimally invasive glaucoma surgery (MIGS)

The OMNI Surgical System offers an implant-free approach to address the underlying outflow resistance in glaucoma. Surgeons value the ability to treat all 3 known areas of resistance: the trabecular meshwork, Schlemm's canal, and the collector channels. The newer OMNI Edge Surgical System builds on this by offering an expanded viscoelastic capacity of up to 21 µL, which is nearly double the 11 µL capacity of the original OMNI device. As of April 2025, the OMNI platform had supported more than 300,000 procedures globally.

The value proposition here is comprehensive intervention in a single, minimally invasive procedure. Here's a quick look at the system's capacity evolution:

System Variant	Viscoelastic Capacity	Key Technology Feature
OMNI Surgical System	11 µL	Trabecular Meshwork, Schlemm's Canal, Collector Channels Treatment
OMNI Edge Surgical System	Up to 21 µL	TruSync technology for synchronized delivery

Clinically-proven, long-term intraocular pressure (IOP) reduction

The clinical data is defintely strong, which is critical for adoption. A systematic review and meta-analysis published in the European Journal of Ophthalmology, which looked across 22 unique studies involving 2,379 eyes, substantiates the long-term effectiveness. This data is what drives physician confidence.

• Treatment success (IOP reduction $\geq$20% from baseline) was seen in approximately 89% of patients at 6, 12, and 24 months.
• Approximately 66-68% of patients remained medication-free after 6 and 12 months.
• For patients starting with baseline IOP $\geq$18 mmHg, mean IOP was reduced to a range of 11.5 to 17.2 mmHg at 12 months when combined with cataract surgery.

TearCare: Interventional, non-invasive treatment for evaporative dry eye (MGD)

For dry eye, the value is in treating the underlying cause-obstructed meibomian glands-with an interventional, non-invasive procedure. The TearCare System is 510(k) cleared for localized heat therapy. This approach is validated by its inclusion in the influential TFOS DEWS III Management and Therapy Report. For instance, the 6-month SAHARA randomized controlled trial (RCT) showed that 2 TearCare System treatments were clinically superior in improving tear breakup time compared to twice-daily Restasis. Still, the financial focus for Sight Sciences, Inc. in late 2025 was clearly on reimbursement, as evidenced by Dry Eye revenue being only $0.2 million in Q3 2025, down 88% from $1.5 million in Q3 2024.

Potential for cost savings versus chronic prescription eye drops

The economic argument for TearCare is compelling when you look at payer impact. A Budget Impact Analysis projected that if TearCare captured a 20% market share away from prescription medications, it could save a hypothetical health plan with one million covered lives an estimated $36.87 per member per year (PMPY) over a two-year period. This analysis compared TearCare against drugs like Restasis and Xiidra 5%. Furthermore, by October 2025, two major Medicare Administrative Contractors (MACs), Novitas Solutions and First Coast Service Options, established jurisdiction-wide pricing for CPT code 0563T (the TearCare procedure), effective January 1, 2025. This covers 10.4 million estimated Medicare fee-for-service lives, which is about 30% of the total.

Comprehensive procedure targeting the underlying cause of disease

Both platforms are positioned as targeting the root cause rather than just managing symptoms. For glaucoma, OMNI restores aqueous outflow by addressing all three resistance points. For dry eye, TearCare clears gland obstructions to address the leading cause of the disease. This focus on etiology supports the long-term value narrative. For context on the Surgical Glaucoma segment, which drives the majority of the business, Surgical Glaucoma revenue grew 6% year-over-year to $19.7 million in Q3 2025, maintaining a strong gross margin of 87% in that quarter. The company raised its full-year 2025 revenue guidance to $76.0 million to $78.0 million.

Sight Sciences, Inc. (SGHT) - Canvas Business Model: Customer Relationships

The relationship strategy for Sight Sciences, Inc. (SGHT) centers on deep engagement with surgical and dry eye care providers, driven by clinical evidence and reimbursement support.

High-touch, consultative sales and clinical training for surgeons

The company reported an all-time high of 1,197 Surgical Glaucoma ordering accounts in the third quarter of 2025, marking an 8% increase compared to the third quarter of 2024. Management noted enthusiastic customer engagement early in the third quarter of 2025, expecting this activity to increase through the rest of 2025 and into 2026. The Surgical Glaucoma segment saw growth due to an increase in ordering accounts, though this was partially offset by lower account utilization in the third quarter of 2025.

Dedicated market access team engaging payers and MACs

A significant focus involves securing favorable payment decisions for the TearCare procedure, which is critical for expanding beyond cash-pay procedures. The company announced that Novitas Solutions and First Coast Service Options, two Medicare Administrative Contractors (MACs), established fee schedules that include jurisdiction-wide pricing for the TearCare interventional dry eye procedure (CPT code 0563T). The regions covered by these two MACs represent 10.4 million in estimated total covered lives, which is approximately 30% of the total Medicare lives. Management anticipates additional payer wins in the next 3-6 months following these initial MAC decisions.

Ongoing clinical education and data dissemination to providers

Clinical data dissemination supports the consultative approach, highlighting the benefits of the technologies. For instance, a systematic literature review and meta-analysis was published showing the OMNI Surgical System achieves clinically significant, long-term reductions in Intraocular Pressure (IOP) and medication use. The company is also focused on market development for pseudophakic stand-alone procedures.

Direct support for device utilization and procedural implementation

Direct support is crucial for driving utilization, especially as the company navigates restrictions on performing multiple MIGS procedures in combination with cataract surgery in the Medicare environment. The company is focusing commercialization efforts for TearCare on accounts that already possess the necessary SmartHub equipment; there are around 200 such accounts. Historically, over 70,000 cash pay procedures using the TearCare system have been performed to date.

Here's a quick look at key operational and access metrics as of late 2025:

Metric Category	Specific Metric	Value/Amount	Period/Context
Surgical Glaucoma Adoption	All-time high ordering accounts	1,197 accounts	Q3 2025
Surgical Glaucoma Adoption	Year-over-year growth in ordering accounts	8% increase	Q3 2025 vs Q3 2024
Dry Eye Access (Reimbursement)	Estimated Medicare covered lives secured	10.4 million lives	From Novitas and First Coast wins
Dry Eye Access (Reimbursement)	Percentage of total Medicare lives covered by initial MAC wins	30%	As of Q3 2025
Dry Eye Utilization (Historical)	Total cash pay procedures performed to date	Over 70,000 procedures	As of November 2025 presentation
Dry Eye Support Focus	Number of accounts with existing TearCare SmartHubs	Around 200 accounts	Current focus area

The company's Q3 2025 total revenue was $19.9 million, with Surgical Glaucoma revenue at $19.7 million. The Dry Eye segment revenue was $0.2 million in Q3 2025, down from $1.5 million in Q3 2024, reflecting the strategic shift toward securing reimbursement. The full year 2025 revenue guidance was raised to $76 million to $78 million, which includes an expected Dry Eye segment revenue of $0.5 million to $1 million for Q4 2025.

The company is managing resources carefully, having reduced its full year 2025 adjusted operating expense guidance to $90 million to $92 million.

• Surgical Glaucoma gross margin was 87% in Q3 2025.
• Dry Eye gross margin was 38% in Q3 2025.
• Restructuring costs associated with a reduction in force announced in August 2025 totaled $2.8 million in Q3 2025.
• These workforce reductions are estimated to yield savings of approximately $12.0 million on an annualized basis.

The management team evolved in November 2025 with the promotion of Ali Bauerlein to Chief Operating Officer and Jim Rodberg to Chief Financial Officer.

Sight Sciences, Inc. (SGHT) - Canvas Business Model: Channels

You're looking at how Sight Sciences, Inc. gets its innovative ophthalmic products to the surgeons and doctors who use them, right up to how they communicate with the capital markets. The channels reflect a dual focus on established surgical glaucoma procedures and the emerging reimbursed dry eye market.

The primary commercial channel for the Surgical Glaucoma portfolio, which includes the OMNI® Surgical System, is a direct sales force targeting ophthalmologists and optometrists. This team drives utilization and adoption of their implant-free, minimally invasive glaucoma surgery (MIGS) technologies. The success of this channel is reflected in the growth of their customer base and utilization rates.

Here are some key metrics reflecting the direct channel's reach and performance as of the third quarter of 2025:

• Surgical Glaucoma ordering accounts reached an all-time high of 1,197 accounts in Q3 2025, an increase of 8% compared to Q3 2024.
• The Surgical Glaucoma segment generated $19.7 million in revenue for Q3 2025.
• The company is targeting high single-digit growth in Surgical Glaucoma in the intermediate term.
• For the Dry Eye segment, the focus is on accounts with existing TearCare SmartHubs, which number around 200 accounts.

Distribution into the broader healthcare system involves engagement with Hospital and Ambulatory Surgery Center (ASC) purchasing departments, particularly for procedural adoption and inventory management of the OMNI systems. While specific ASC revenue breakdown isn't public, the overall Surgical Glaucoma revenue performance is the key indicator of success through these institutional channels. The company is also working to establish reimbursed market access for the TearCare® System, which involves navigating these institutional and payer channels.

The following table summarizes the revenue contribution from the two primary product segments, which flow through these sales and distribution channels, based on the latest reported figures:

Metric	Q3 2025 Amount	Full Year 2025 Guidance (Midpoint)
Total Revenue	$19.9 million	$77.0 million
Surgical Glaucoma Revenue	$19.7 million	Approximately $76.5 million (Implied)
Dry Eye Revenue	$0.2 million	Approximately $0.75 million (Implied)

Communication with the investment community relies heavily on Investor Relations and the corporate website for financial transparency. Sight Sciences, Inc. maintains an active presence to keep stakeholders informed about strategic progress, especially regarding the two growth engines: MIGS and interventional dry eye. The corporate website hosts investor information at https://investors.sightsciences.com/. The company's total employee count, which supports all functions including Investor Relations, was 216 as of October 2025.

Key Investor Relations activities in late 2025 included:

• Reporting Third Quarter 2025 Financial Results on November 6, 2025.
• Management presentation scheduled for the Stifel 2025 Healthcare Conference on November 11, 2025.
• Management presentation scheduled for the Piper Sandler 37th Annual Healthcare Conference on December 2, 2025.

The final channel involves validation through clinical conferences and peer-reviewed journal publications, which supports the sales force's educational efforts with physicians. This is critical for driving adoption of both the OMNI® Surgical System and the TearCare® System. For instance, new peer-reviewed publications highlighting the effectiveness of OMNI® Surgical System with TruSync™ Technology were announced in November 2025.

For the TearCare segment, clinical validation directly impacts the reimbursement channel. The company announced that two Medicare Administrative Contractors (MACs), Novitas Solutions and First Coast Service Options, established fee schedules for CPT code 0563T, covering an estimated 10.4 million total lives, which is about 30% of the total covered lives. The addressable market for moderate to severe Meibomian Gland Dysfunction (MGD) is estimated to be 6-8 million patients, which this channel aims to reach.

Sight Sciences, Inc. (SGHT) - Canvas Business Model: Customer Segments

You're looking at the core groups Sight Sciences, Inc. (SGHT) targets with its interventional technologies as of late 2025. Honestly, the numbers show a clear strategic pivot, especially in the Dry Eye space.

Ophthalmic surgeons performing cataract and glaucoma procedures

This segment drives the Surgical Glaucoma revenue, which was $19.7 million in the third quarter of 2025. The adoption rate among these specialists is tracked by the number of ordering accounts. As of September 30, 2025, Surgical Glaucoma ordering accounts hit an all-time high of 1,197 accounts, marking an 8% increase compared to the third quarter of 2024. The OMNI® Surgical System and OMNI® Edge Surgical System are the key products here, indicated for reducing intraocular pressure in adult patients with primary open-angle glaucoma. Still, reimbursement clarity impacts utilization; for instance, one MAC policy states that cataract surgery combined with a single MIGS procedure is covered, but combinations involving multiple MIGS procedures on the same eye at the same time are non-covered.

Ophthalmologists and optometrists treating dry eye disease

This group is currently undergoing a transition as Sight Sciences, Inc. (SGHT) prioritizes reimbursed market access for its TearCare procedure over cash-pay sales like SmartLids®. The financial impact is stark: Dry Eye revenue was only $200,000 in Q3 2025, a significant drop from $1.5 million in Q3 2024, representing an 88% decrease. The focus is clearly on building the foundation for future recurring revenue through payer coverage rather than immediate top-line contribution from this segment right now.

Patients with primary open-angle glaucoma (POAG)

These are the ultimate beneficiaries of the Surgical Glaucoma segment. Glaucoma itself is a massive patient population; researchers estimate that more than 3 million Americans are currently living with glaucoma, and half of them might not even know it. The company's OMNI® and SION® Surgical Systems target this condition, which is the world's leading cause of irreversible blindness. The procedures are implant-free, minimally invasive glaucoma surgery technologies indicated in the United States for these patients.

Patients with moderate to severe Meibomian Gland Dysfunction (MGD)

Patients suffering from moderate to severe MGD are the target for the TearCare interventional dry eye procedure. The strategic push here is to establish this as a pioneer in reimbursed interventional dry eye procedures. While cash-pay sales of SmartLids® declined, the focus is on getting CPT® code 0563T covered, which describes the TearCare procedure.

US Medicare and commercial payers covering interventional procedures

Payer coverage dictates the accessibility and revenue potential for the Dry Eye segment. A major milestone was achieved in October 2025 when two Medicare Administrative Contractors (MACs), First Coast Service Options and Novitas Solutions, established fee schedules for the TearCare CPT® code 0563T. These two MACs alone represent 10.4 million in estimated total covered lives, which is approximately 30% of the total Medicare population. For context on Medicare out-of-pocket costs in 2025, the Part B annual deductible is $257. For covered procedures like punctal plugs, patients face a 20% coinsurance after meeting that deductible, potentially paying $40 at ambulatory surgical centers or $77 at hospital outpatient departments for that coinsurance portion. For glaucoma screenings, Medicare Part B covers an annual screening for high-risk beneficiaries, paying 80% after the $257 deductible. On the commercial side, United Healthcare updated its glaucoma surgery policy in January 2025, and in 2025, 98% of Medicare Advantage (Part C) plans include vision care coverage.

Here's a quick look at the payer landscape data points:

Payer/Metric	Value/Status (as of late 2025)
Q3 2025 Surgical Glaucoma Revenue	$19.7 million
Q3 2025 Dry Eye Revenue	$200,000
Surgical Glaucoma Ordering Accounts (Q3 2025)	1,197
Medicare Part B Annual Deductible (2025)	$257
TearCare MAC Covered Lives (First Coast & Novitas)	10.4 million
TearCare MAC Coverage % of Total Medicare	Approximately 30%
Medicare Advantage Plans with Vision Coverage (2025)	98%

The company's overall 2025 full-year revenue guidance was raised to a range of $76 million to $78 million, which includes an expected Dry Eye segment revenue of $500,000 to $1 million for Q4 2025.

Sight Sciences, Inc. (SGHT) - Canvas Business Model: Cost Structure

The Cost Structure for Sight Sciences, Inc. (SGHT) is heavily influenced by the cost to produce its devices and the significant investment required to commercialize its Surgical Glaucoma technology while simultaneously driving the reimbursed market access for its Dry Eye segment.

Cost of Goods Sold (COGS) and Gross Margin

The Surgical Glaucoma segment maintains a high gross margin, which is a key component of the overall cost structure efficiency. For the third quarter of 2025, the Surgical Glaucoma gross margin was reported at exactly 87%. This strong margin was flat compared to the prior year period, as increases in average selling prices were offset by tariff costs and higher overhead costs per unit.

A specific cost headwind impacting COGS is the exposure to U.S. tariffs on products produced and assembled in China. Sight Sciences, Inc. expects its Surgical Glaucoma segment's tariff exposure to increase the segment's cost of goods sold by an estimated \$1.0 million to \$1.5 million for the full year 2025. In the third quarter of 2025 alone, the company incurred \$0.4 million in Surgical Glaucoma cost of goods sold associated with these tariffs.

Here's a quick look at the key financial figures driving the cost side of the model as of late 2025:

Metric	Value/Guidance	Period/Context
Full Year 2025 Adjusted Operating Expenses Guidance	\$90 million to \$92 million	Full Year 2025
Q3 2025 Total Operating Expenses	\$25.1 million	Third Quarter 2025
Surgical Glaucoma Gross Margin	87%	Third Quarter 2025
Estimated 2025 Tariff Exposure (Surgical Glaucoma COGS)	\$1.0 million to \$1.5 million	Full Year 2025 Estimate
Q3 2025 Tariff Cost in Surgical Glaucoma COGS	\$0.4 million	Third Quarter 2025

Operating Expenses: Commercialization and Innovation

The company has been actively managing its operating expenses while still funding its commercialization and pipeline development efforts. For the full year 2025, Sight Sciences, Inc. reduced its adjusted operating expenses guidance to a range of \$90 million to \$92 million, representing a decrease of 9% to 11% compared to full year 2024.

This expense structure includes necessary spending across key areas:

• Significant investment for commercialization efforts, particularly accelerating the TearCare commercialization in newly covered Medicare regions.
• Continued Research and Development (R&D) investment for pipeline products, even after accounting for cost reductions.
• Reflecting savings from the August 2025 reduction in force, which is expected to yield annualized savings of approximately \$12.0 million.

The total operating expenses for the third quarter of 2025 were \$25.1 million, an 11% decrease from the \$28.1 million reported in the same period last year. This decrease in Q3 operating expenses was primarily driven by lower spending in several categories:

• Lower stock-based compensation expense.
• Lower personnel-related expenses.
• Lower research and development expenses.

To be fair, the reduction in R&D spending in the quarter suggests a tight control over innovation costs, even as they plan for new manufacturing facilities starting in Q1 2026 to mitigate future tariff impacts.

Sight Sciences, Inc. (SGHT) - Canvas Business Model: Revenue Streams

You're looking at how Sight Sciences, Inc. actually brings in the money, and right now, it's clearly split between two major technology platforms. The revenue streams fundamentally come from the Sales of the OMNI Surgical System and disposable components, which drives the Surgical Glaucoma business, and the Sales of the TearCare System and disposable SmartLids, which is the core of the Dry Eye business. Honestly, the story for late 2025 is about one segment surging while the other is strategically paused for a bigger future payoff.

Here's the quick math on the most recent reported performance and the outlook you need to keep in mind:

Metric	Amount
Full Year 2025 Revenue Guidance (Low End)	$76.0 million
Full Year 2025 Revenue Guidance (High End)	$78.0 million
Surgical Glaucoma Revenue (Q3 2025)	$19.7 million
Dry Eye Revenue (Q3 2025)	$0.2 million
Total Revenue (Q3 2025)	$19.9 million

The Surgical Glaucoma revenue, which was $19.7 million in Q3 2025, shows the OMNI platform is gaining traction; that's a 6% increase compared to the same period last year. This segment's performance is what drove management to raise the full-year expectations. To be fair, the Dry Eye revenue, which was just $0.2 million in Q3 2025, is down significantly, decreasing 88% from Q3 2024. This drop aligns with the company's deliberate strategic refocus on achieving reimbursed market access for the TearCare procedure rather than pushing disposable SmartLids sales right now.

The Dry Eye segment is definitely in a transition phase, moving away from pure product sales toward a recurring revenue model once reimbursement is fully established across more regions. Management is prioritizing the commercialization of reimbursed TearCare procedures following the establishment of Medicare fee schedules by key MACs (Medicare Administrative Contractors). The revenue expectation for the remainder of the year reflects this pivot:

• Dry Eye segment revenue expected in Q4 2025 is between $0.5 million to $1 million.
• The full year 2025 revenue guidance is set at $76.0 million to $78.0 million.

So, you see the revenue stream is currently heavily weighted toward the Surgical Glaucoma side, but the future growth story hinges on unlocking the reimbursed market for TearCare. Finance: draft 13-week cash view by Friday.