Sciences de Sight, Inc. (SGHT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide en évolution de la technologie médicale ophtalmique, Sciences Sciences, Inc. (SGHT) émerge comme un innovateur révolutionnaire, transformant les soins oculaires à travers des solutions chirurgicales de pointe peu invasives. En pontant stratégiquement le développement technologique avancé avec des interventions médicales précises, l'entreprise s'est positionnée comme un acteur pivot pour relever des défis complexes de santé oculaire, offrant aux ophtalmologistes et aux fournisseurs de soins de santé des outils révolutionnaires qui promettent des résultats améliorés pour les patients et une précision chirurgicale sans précédent.

Sciences de Sight, Inc. (SGHT) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les cliniques en ophtalmologie et les prestataires de soins de santé

Sciences de la vue a établi des partenariats avec plusieurs réseaux de soins de santé et cliniques en ophtalmologie à travers les États-Unis. En 2023, la société a signalé des collaborations avec plus de 250 pratiques en ophtalmologie.

Type de partenaire	Nombre de partenariats	Portée géographique
Cliniques en ophtalmologie	250+	États-Unis
Réseaux hospitaliers	45	Amérique du Nord

Partenariats avec les fabricants de dispositifs médicaux et les fournisseurs de technologies

L'entreprise possède une technologie stratégique et des partenariats manufacturiers pour soutenir sa chaîne de développement de produits et d'approvisionnement.

• Fournisseurs de composants optiques de précision
• Partenaires de fabrication de dispositifs médicaux avancés
• Fournisseurs de matériaux de qualité médicale

Collaborations de recherche avec des centres médicaux universitaires

Les sciences de la vue maintient des partenariats de recherche avec les principaux établissements universitaires axés sur l'innovation ophtalmologique.

Établissement universitaire	Focus de recherche	Année de partenariat
Centre médical de l'Université de Stanford	Recherche de traitement du glaucome	2022
Université Johns Hopkins	Technologies chirurgicales mini-invasives	2021

Accords de distribution avec des distributeurs internationaux d'équipement médical

La société a élargi son réseau de distribution international pour soutenir la pénétration mondiale du marché.

Région	Nombre de distributeurs	Couverture du marché
Europe	12	Pays d'Europe occidentale et centrale
Asie-Pacifique	8	Japon, Corée du Sud, Australie

Sciences de Sight, Inc. (SGHT) - Modèle d'entreprise: Activités clés

Développer des dispositifs médicaux ophtalmiques innovants

En 2023, les sciences de la vue ont investi 24,7 millions de dollars dans la recherche et le développement. L'entreprise s'est concentrée sur le développement des technologies de traitement du glaucome mini-invasives et des solutions de maladies oculaires.

Investissement en R&D	Focus sur le développement des produits	Demandes de brevet
24,7 millions de dollars (2023)	Glaucome et technologies de la sécheresse oculaire	7 nouvelles demandes de brevet déposées

Effectuer des recherches cliniques et des tests de produits

Les sciences de la vue ont mené 3 essais cliniques en 2023, avec un total de 412 patients participants à différents protocoles de traitement ophtalmologique.

• Budget des essais cliniques: 8,3 millions de dollars
• Nombre de sites de recherche: 22 centres médicaux
• Durée moyenne de l'essai: 18 mois

Fabrication des technologies chirurgicales peu invasives

Les opérations de fabrication ont généré 132,4 millions de dollars de revenus de production pour 2023, avec une capacité de fabrication de 85 000 dispositifs chirurgicaux par an.

Revenus de production	Capacité de fabrication	Installations de production
132,4 millions de dollars	85 000 appareils / an	2 emplacements de fabrication principaux

Marketing et vente de solutions médicales de soins oculaires spécialisés

Les dépenses de marketing ont totalisé 41,6 millions de dollars en 2023, ciblant les ophtalmologistes et les pratiques médicales aux États-Unis.

• Équipe de vente: 87 représentants spécialisés de dispositifs médicaux
• Canaux de marketing: ventes directes, conférences médicales, plateformes numériques
• Marché cible: pratiques en ophtalmologie et centres chirurgicaux

Innovation continue des produits et progrès technologique

La société a lancé 2 nouvelles plates-formes de dispositifs médicaux en 2023, avec un pipeline d'innovation d'une valeur de 52,3 millions de dollars.

Lancements de nouveaux produits	Valeur du pipeline d'innovation	Investissement technologique
2 nouvelles plates-formes d'appareil	52,3 millions de dollars	Technologies microchirurgicales avancées

Sciences de Sight, Inc. (SGHT) - Modèle d'entreprise: Ressources clés

Technologie et brevets de dispositifs médicaux propriétaires

En 2024, les sciences de la vue détient 37 brevets américains délivrés et 51 demandes de brevet en attente liées aux technologies de traitement ophtalmologique.

Catégorie de brevet	Nombre de brevets
Brevets américains délivrés	37
Demandes de brevet en instance	51

Équipe de recherche et développement spécialisée

L'entreprise emploie 52 Personnel de recherche et développement Depuis leur dernier rapport annuel.

• Chercheurs au niveau du doctorat: 18
• Ingénieurs de dispositifs médicaux: 22
• Spécialistes de la recherche clinique: 12

Installations de fabrication avancées

Emplacement de fabrication	Taille de l'installation	Capacité de production
Menlo Park, Californie	25 000 pieds carrés.	120 000 unités / an

Portefeuille de propriété intellectuelle

Évaluation totale de la propriété intellectuelle: 42,6 millions de dollars au quatrième trimestre 2023.

Expertise clinique dans les traitements ophtalmologiques

Composition du conseil consultatif clinique:

• 11 ophtalmologistes certifiés au conseil
• 7 spécialistes de la chirurgie rétinienne
• 4 experts en traitement du glaucome

Sciences de Sight

Solutions chirurgicales avancées avancées pour les maladies oculaires

Sciences de la vue propose des dispositifs ophtalmiques spécialisés ciblant des conditions oculaires spécifiques:

Gamme de produits	Condition cible	Potentiel de marché
Système chirurgical omni	Glaucome	Taille du marché mondial de 4,2 milliards de dollars
Système de larmes	Sèche-linge	5,7 milliards de dollars d'opportunité sur le marché mondial

Technologies innovantes répondant aux besoins médicaux non satisfaits

• Technologies propriétaires de la chirurgie du glaucome micro-invasive (MIGS)
• Approches de traitement ciblé uniques pour les maladies du segment antérieur
• Dispositifs approuvés par la FDA avec des principes de conception révolutionnaire

Amélioration des résultats des patients dans le glaucome et les traitements rétiniens

Métriques de performance clinique:

Métrique	Performance
Réduction de la pression intraoculaire	Jusqu'à 37% dans les essais cliniques
Réduction de l'intervention chirurgicale	Environ 25% de diminution des procédures chirurgicales traditionnelles

Technologies de diagnostic et de traitement rentables

Répartition des revenus pour les technologies des dispositifs médicaux:

Technologie	Revenus annuels (2023)	Taux de croissance
Système chirurgical omni	61,2 millions de dollars	42% d'une année à l'autre
Système de larmes	37,8 millions de dollars	35% d'une année à l'autre

Précision accrue des interventions chirurgicales ophtalmiques

• Technologies de précision chirurgicale guidés par laser
• Approche mini-invasive réduisant le temps de récupération des patients
• Plates-formes de diagnostic et de traitement intégrées

Sciences de Sight, Inc. (SGHT) - Modèle d'entreprise: relations avec les clients

Équipe de vente directe soutenant les professionnels de la santé

Depuis le quatrième trimestre 2023, les sciences de la vue maintient une force de vente directe de 87 représentants des ventes médicales dédiés ciblant les ophtalmologistes et les optométristes. La structure de rémunération totale de l'équipe commerciale comprend un salaire de base de 85 000 $ à 135 000 $ par an avec des commissions basées sur les performances, une moyenne de 12 à 18% du total des revenus générés.

Programmes de soutien technique et de formation

Catégorie de support	Investissement annuel	Nombre de personnel de soutien
Support technique	2,3 millions de dollars	24 professionnels du soutien spécialisés
Formation médicale	1,7 million de dollars	16 spécialistes de la formation clinique

Engagement client continu grâce à des conférences médicales

En 2023, les sciences de la vue ont participé à 37 conférences médicales, avec des dépenses totales d'engagement et de marketing de 1,4 million de dollars. La participation de la conférence a abouti à 312 démonstrations de produits directs et 128 nouveaux contacts de prestataires de soins de santé.

Plateformes numériques pour les informations et la prise en charge des produits

• Trafic de site Web: 47 500 visiteurs uniques mensuels
• Portail de support numérique Base d'utilisateurs: 2 300 professionnels de la santé enregistrés
• Modules de formation de produits en ligne: 18 cours numériques complets
• Temps d'engagement moyen de la plate-forme numérique: 12,4 minutes par session

Services de consultation personnalisés pour les prestataires de soins de santé

Offres des sciences de la vue Services de consultation personnalisés complémentaires avec un investissement annuel de 920 000 $. Ces consultations incluent:

Type de consultation	Nombre de consultations	Durée moyenne
Consultations cliniques individuelles	276 consultations annuelles	1,2 heures par session
Sessions de conseil médicale en groupe	42 séances annuelles	2,5 heures par session

Sciences de Sight, Inc. (SGHT) - Modèle d'entreprise: canaux

Force de vente directe ciblant les pratiques en ophtalmologie

Depuis le quatrième trimestre 2023, les sciences de la vue ont maintenu une équipe de vente directe de 87 représentants spécialisés axés sur les pratiques en ophtalmologie. La force de vente couvrait environ 2 345 pratiques en ophtalmologie à travers les États-Unis.

Métrique de la force de vente	2023 données
Représentants des ventes totales	87
Pratiques couvertes en ophtalmologie	2,345
Revenu moyen par représentant	1,2 million de dollars

Distributeurs de dispositifs médicaux et réseaux de soins de santé

Sciences de la vue s'est associée à 42 distributeurs de dispositifs médicaux et à 18 grands groupes d'achat de réseaux de soins de santé en 2023.

• Couverture de distribution: 48 États
• Distribution internationale: 6 pays
• Partenaires de distribution totale: 60

Plates-formes d'équipement médical en ligne

La société a utilisé 3 plates-formes d'équipement médical en ligne principal pour la distribution des produits, générant 14,3 millions de dollars de ventes numériques en 2023.

Plate-forme en ligne	Volume des ventes
MedicalSupply.com	6,7 millions de dollars
HealthCareDirect	4,9 millions de dollars
Meddevicenetwork	2,7 millions de dollars

Expositions de conférence médicale et de salon

En 2023, les sciences de la vue ont participé à 22 conférences médicales, avec une portée marketing estimée de 15 678 professionnels de la santé.

Type de conférence	Nombre de conférences	Fréquentation estimée
Conférences en ophtalmologie	14	9,345
Expositions de technologie médicale	8	6,333

Marketing numérique et canaux de communication médicale professionnels

Les dépenses de marketing numérique pour 2023 étaient de 3,2 millions de dollars, ciblant les canaux de communication médicale professionnels.

• Publicité professionnelle de LinkedIn: 1,1 million de dollars
• Journaux médicaux publicités numériques: 890 000 $
• Campagnes par e-mail ciblées: 675 000 $
• Sponsors du webinaire et des événements virtuels: 535 000 $

Sciences de Sight, Inc. (SGHT) - Modèle d'entreprise: segments de clientèle

Ophtalmologistes et spécialistes des soins oculaires

Les sciences de la vue ciblent environ 19 000 ophtalmologistes pratiquants aux États-Unis en tant que principaux segments de clientèle. Plus précisément, l'entreprise se concentre sur les spécialistes qui traitent le glaucome et les conditions de la sécheresse oculaire.

Focus spécialisée	Nombre de pratiquants	Pénétration potentielle du marché
Spécialistes du glaucome	3,200	Taux d'adoption potentiel de 42%
Ophtalmologistes complets	15,800	Taux d'adoption potentiel de 28%

Départements d'ophtalmologie de l'hôpital

Les sciences de la vue cible 1 200 départements en ophtalmologie de l'hôpital à l'échelle nationale.

• Centres médicaux académiques: 175 départements
• Grands hôpitaux métropolitains: 425 départements
• Hôpitaux régionaux: 600 départements

Centres chirurgicaux ambulatoires

La société cible 5 600 centres chirurgicaux ambulatoires spécialisés dans les procédures ophtalmologiques.

Type de centre	Centres totaux	Part de marché potentiel
ASC spécifiques à l'ophtalmologie	2,300	35% d'adoption potentielle
ASC multi-spécialités	3,300	22% adoption potentielle

Établissements de recherche médicale académique

Les sciences de la vue s'engage avec 285 établissements de recherche médicale universitaires menant des études ophtalmologiques.

• Universités de recherche de haut niveau: 65 institutions
• Centres de recherche nationaux: 120 institutions
• Installations spécialisées de recherche oculaire: 100 institutions

Cliniques de soins oculaires spécialisés

La société cible 4 800 cliniques de soins oculaires spécialisés à travers les États-Unis.

Spécialisation des cliniques	Nombre de cliniques	Segment du marché cible
Cliniques spécialisées de la rétine	1,200	Technologies de diagnostic de haute précision
Cliniques axées sur le glaucome	800	Solutions de traitement avancées
Cliniques de soins oculaires complets	2,800	De vastes applications de dispositifs médicaux

Sciences de Sight, Inc. (SGHT) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, les sciences de la vue ont déclaré des dépenses de R&D de 43,9 millions de dollars, ce qui représente 48,2% des revenus totaux.

Année	Dépenses de R&D	Pourcentage de revenus
2023	43,9 millions de dollars	48.2%
2022	38,6 millions de dollars	46.7%

Frais de fabrication et de production

Le coût des marchandises vendues (COG) pour les sciences de la vue en 2023 était de 22,1 millions de dollars.

• Installations de production situées à Menlo Park, en Californie,
• Fabrication de dispositifs médicaux primaires pour les MiG et les technologies de traitement des yeux de sécheresse

Coûts opérationnels des ventes et du marketing

Les dépenses de vente et de marketing pour 2023 ont totalisé 52,4 millions de dollars, soit 57,6% des revenus totaux.

Catégorie de dépenses	Montant	Pourcentage de revenus
Personnel de vente	24,7 millions de dollars	27.2%
Programmes de marketing	17,3 millions de dollars	19.1%
Voyages et événements	10,4 millions de dollars	11.4%

Essais cliniques et dépenses de conformité réglementaire

Les frais de réglementation et de conformité pour 2023 étaient de 8,7 millions de dollars.

• Coûts de soumission de la FDA
• Gestion des essais cliniques
• Préparation de la documentation réglementaire

Infrastructure et maintenance technologiques

Les dépenses de technologie et d'infrastructure pour 2023 s'élevaient à 6,3 millions de dollars.

Composant d'infrastructure	Coût annuel
Systèmes informatiques	2,9 millions de dollars
Services cloud	1,6 million de dollars
Sécurité du réseau	1,8 million de dollars

Sciences de Sight

Ventes de dispositifs médicaux

T2 2023 Revenu total: 24,6 millions de dollars, représentant une croissance de 26% sur l'autre. Les ventes de dispositifs médicaux pour les plates-formes chirurgicales toriques et omni ont généré 18,3 millions de dollars de revenus directs.

Gamme de produits	Revenus de 2023	Taux de croissance
Plate-forme torique	12,4 millions de dollars	34%
Plate-forme chirurgicale omni	6,1 millions de dollars	19%

Lignes de produit de la technologie chirurgicale

Répartition des revenus des technologies chirurgicales pour 2023:

• Dispositifs d'intervention du glaucome: 9,2 millions de dollars
• Cataracte Technologies chirurgicales: 7,5 millions de dollars
• Outils chirurgicaux mini-invasifs: 4,6 millions de dollars

Revenus récurrents des produits médicaux consommables

Revenus de produits consommables en 2023: 5,7 millions de dollars, avec un taux de revenus récurrent de 22%.

Catégorie de produits consommables	Revenus annuels	Taux d'achat répété
Jetables chirurgicaux	3,2 millions de dollars	78%
Kits spécifiques à la procédure	2,5 millions de dollars	65%

Licence des technologies médicales propriétaires

Revenus de licences technologiques pour 2023: 1,8 million de dollars, ce qui représente 4,5% du total des revenus de l'entreprise.

Contrats de service et d'assistance pour les dispositifs médicaux

Revenu du contrat de service annuel: 3,4 millions de dollars, couvrant la maintenance et le support technique des plateformes chirurgicales.

Type de contrat	Revenus annuels	Durée du contrat moyen
Entretien standard	2,1 millions de dollars	12 mois
Support premium	1,3 million de dollars	24 mois

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.