Sight Sciences, Inc. (SGHT): BCG Matrix [Dec-2025 Updated]

You're looking at Sight Sciences, Inc.'s (SGHT) portfolio right now, and it's a classic split personality: the OMNI Surgical System is clearly the Star, driving $19.7 million in Q3 2025 revenue with an 87% gross margin, but the overall business is burning cash, showing a $8.2 million net loss in the same quarter. Honestly, the core surgical business is propping up a structure where projected full-year revenue is shrinking, making the whole operation look like a Dog on paper, even as the tiny TearCare Dry Eye segment sits as a high-stakes Question Mark waiting for the October 2025 Medicare fee schedule change to potentially ignite. Dive in below to see how this single product star is fighting to keep the lights on while a massive opportunity looms.

Background of Sight Sciences, Inc. (SGHT)

You're looking at Sight Sciences, Inc. (SGHT) as of late 2025, so let's get straight to what the numbers from the third quarter, ending September 30, 2025, tell us about the company. Sight Sciences, Inc. is an eyecare technology company that develops and commercializes interventional technologies, primarily focusing on two segments: Surgical Glaucoma and Dry Eye.

Overall, the total revenue for the third quarter of 2025 was $19.9 million, which was actually a slight dip of 1% compared to the same period in 2024. However, this top-line figure masks some important internal shifts. The company raised its full-year 2025 revenue guidance to a range of $76.0 million to $78.0 million, showing confidence despite the overall expected decline versus 2024. They also tightened control on spending, reducing the full-year adjusted operating expense guidance to between $90 million to $92 million.

The Surgical Glaucoma segment, which features the OMNI Surgical System, is clearly the engine right now. This segment brought in $19.7 million in Q3 2025, marking a solid 6% increase year-over-year. The growth was fueled by reaching an all-time high of 1,197 Surgical Glaucoma ordering accounts, an 8% jump from the prior year. The gross margin for this segment held steady at 87% in the quarter, though management noted that tariff costs and higher overhead partially offset higher average selling prices.

Now, look at the Dry Eye segment, which includes the TearCare interventional procedure. Revenue here was just $0.2 million in Q3 2025, a massive 88% drop from $1.5 million the year before. This decline isn't a failure, though; it's a deliberate strategic pivot. Sight Sciences, Inc. is intentionally pausing sales of products like SmartLids to focus resources on achieving reimbursed market access for the TearCare procedure.

That pivot is showing early signs of success. In October 2025, two major Medicare Administrative Contractors, Novitas Solutions and First Coast Service Options, established fee schedules for the TearCare CPT code, covering an estimated 10.4 million Medicare lives, which is about 30% of the total Medicare population. This reimbursement progress is key to unlocking future growth in the Dry Eye business. Still, the gross margin for Dry Eye in Q3 2025 was quite low at 38%.

Financially, as of September 30, 2025, the company held $92.4 million in cash and cash equivalents against $40.0 million in debt. The net loss for the quarter improved to $8.2 million from $11.1 million in Q3 2024. Also, keep in mind there was a recent executive reshuffle, with Alison Bauerlein stepping up as Chief Operating Officer and James Rodberg as Chief Financial Officer, both effective November 5, 2025.

Sight Sciences, Inc. (SGHT) - BCG Matrix: Stars

You're analyzing the portfolio for Sight Sciences, Inc. (SGHT) as of late 2025, and the Surgical Glaucoma segment, anchored by the OMNI Surgical System, clearly sits in the Star quadrant. This is where high market share meets a growing market, demanding investment to maintain leadership.

The OMNI Surgical System is the engine here. For the third quarter of 2025, the Surgical Glaucoma segment generated revenue of $19.7 million. Considering total company revenue for Q3 2025 was $19.9 million, this means the Surgical Glaucoma business, driven by OMNI, represented approximately 99% of total sales. That's a dominant market share position within the company's portfolio.

This segment is showing the high growth characteristic of a Star. Surgical Glaucoma revenue increased by 6% year-over-year in Q3 2025, successfully returning to growth despite what management called market headwinds, including Medicare coverage restrictions on multiple procedures performed concurrently with cataract surgery. The broader Minimally Invasive Glaucoma Surgery (MIGS) devices market itself is projected to grow from $0.7 billion in 2024 to $0.89 billion in 2025, representing a compound annual growth rate (CAGR) of 27.6%, confirming the high-growth environment for this technology.

The profitability profile is excellent, which is what you want to see in a Star before it matures into a Cash Cow. The Surgical Glaucoma segment delivered a high gross margin of 87% in Q3 2025, holding steady compared to the prior year period, even with the impact of tariffs. This high margin is what drives significant gross profit, though Stars typically consume cash to fuel their growth and market penetration.

Here's a quick look at the key financial metrics defining this segment's Star status as of Q3 2025:

The technology itself is positioned as a leader in its specific niche. The OMNI Surgical System is an implant-free, Minimally Invasive Glaucoma Surgery (MIGS) technology indicated in the United States to reduce intraocular pressure. This focus on implant-free solutions helps define its leadership within the competitive MIGS space. The company is actively investing to maintain this lead, as evidenced by the launch of the OMNI Edge surgical system in April 2025.

The characteristics supporting the Star classification for the Surgical Glaucoma business unit are clear:

• The OMNI Surgical System is the primary revenue driver, accounting for $19.7 million of the $19.9 million total revenue in Q3 2025.
• The segment achieved 6% year-over-year revenue growth in Q3 2025.
• The segment maintains a high gross margin of 87%.
• The technology is a leader in the implant-free MIGS niche.
• The overall MIGS market is experiencing high growth, projected to grow by 27.6% from 2024 to 2025.

To be fair, the company is still consuming cash-cash used in Q3 2025 totaled $9.1 million-which is typical for a Star needing support for promotion and placement to secure its future as a Cash Cow. Finance: draft 13-week cash view by Friday.

Sight Sciences, Inc. (SGHT) - BCG Matrix: Cash Cows

You're looking at the core cash-generating engine, but honestly, for Sight Sciences, Inc. as of late 2025, the term Cash Cow is strained. A true Cash Cow generates more than it consumes, but the company posted a third quarter 2025 net loss of $8.2 million. That loss, while an improvement from $11.1 million in the prior year period, shows the business unit isn't quite in the passive 'milking' phase yet. Still, the foundation for strong cash generation is clearly present in one segment.

The Surgical Glaucoma segment is defintely the primary source of gross profit, boasting a high 87% gross margin in the third quarter of 2025. This segment is the closest thing to a market leader generating significant internal funding. To be fair, this segment's performance is what's keeping the lights on while the Dry Eye segment pivots. Here's a quick look at the Q3 2025 revenue split:

The full-year 2025 revenue guidance is set between $76.0 million and $78.0 million, representing a 2% to 5% decline compared to full year 2024 revenue, but this range was raised from prior guidance. This revenue base is what the company relies on to cover its operational burn. Total operating expenses for the third quarter of 2025 were $25.1 million, which included $2.8 million in restructuring costs from the August 27, 2025, reduction in force. The company is clearly managing costs to align with this core revenue stream.

The strong cash position of $92.4 million as of September 30, 2025, offers stability for investment while the company navigates its strategic shift in the Dry Eye space. This cash, down from $101.5 million on June 30, 2025, was used to cover $9.1 million in cash usage during Q3 2025. That cash buffer is what allows Sight Sciences, Inc. to fund the necessary infrastructure and R&D without immediate external pressure. You need that cushion when you are deliberately shrinking one business line to focus on reimbursement.

Here are some key operational metrics from the third quarter of 2025 that support the 'Cash Cow' potential of the Surgical Glaucoma business:

• Surgical Glaucoma Gross Margin: 87%
• Total Gross Profit: $17.2 million
• Surgical Glaucoma Ordering Accounts: 1,197 (an all-time high)
• Total Q3 2025 Revenue: $19.9 million

Finance: draft 13-week cash view by Friday.

Sight Sciences, Inc. (SGHT) - BCG Matrix: Dogs

Dogs are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

The overall business model for Sight Sciences, Inc. shows characteristics aligning with a Dog quadrant, particularly when viewing the expense structure against the revenue outlook. Full-year 2025 adjusted operating expenses are guided to be between $90 million to $92 million versus lower revenue expectations. This indicates a significant cash drain relative to top-line performance, a hallmark of a cash trap. Furthermore, total revenue is projected to decline between 2% to 5% for the full year 2025 compared to full year 2024. This low-growth, or declining, market environment for the consolidated entity necessitates minimizing investment in non-performing areas.

The Dry Eye segment, with its focus shifting entirely to achieving reimbursed market access for TearCare procedures, exemplifies the Dog profile, as product sales are being minimized. Here is a look at the Q3 2025 segment performance:

The cash burn remains a critical factor, showing that even with expense discipline, cash is being consumed. For the third quarter of 2025, cash used totaled $9.1 million. This usage included $1.5 million specifically for restructuring costs, which reflects the effort to cut expenses associated with units that are not performing. The company ended Q3 2025 with $92.4 million in cash and cash equivalents, down from $101.5 million at the end of Q2 2025.

Even within the stronger Surgical Glaucoma segment, which is the primary revenue driver, risks persist that can push it toward Dog territory if not managed. Specifically, revenue growth was partially offset by lower account utilization. This utilization pressure stems from Medicare coverage restrictions on performing multiple Minimally Invasive Glaucoma Surgery (MIGS) procedures in combination with cataract surgery for Medicare patients in most states. The characteristics that define these units as Dogs include:

• Low market share in the Dry Eye product sales category.
• Low growth, with Dry Eye revenue declining 88% year-over-year in Q3 2025.
• High cost concentration relative to segment revenue, as seen in the 38% Dry Eye gross margin.
• The need to avoid expensive turn-around plans, evidenced by the focus on restructuring and shifting to a reimbursement-only model for TearCare.

The overall financial picture suggests that continued discipline is required to prevent the entire enterprise from being classified as a Dog, given the high fixed cost base relative to the projected revenue decline.

Sight Sciences, Inc. (SGHT) - BCG Matrix: Question Marks

You're looking at the TearCare Dry Eye segment as a classic Question Mark right now. It's in a high-growth potential market, but its current market share, as reflected in recent revenue, is minimal. This unit is consuming cash while the company focuses on unlocking its future value.

The latest numbers confirm the strategic pause. TearCare Dry Eye segment revenue for the third quarter of 2025 was only $0.2 million. That's an 88% year-over-year decrease from the $1.5 million reported in the third quarter of 2024, which happened because Sight Sciences, Inc. intentionally paused SmartLid sales to focus on securing reimbursed market access.

Here's the quick math on the current state:

The potential for this unit to transition to a Star hinges entirely on the reimbursement progress, which has seen a massive step forward. Sight Sciences, Inc. announced a major milestone in October 2025 with the establishment of jurisdiction-wide pricing for CPT code 0563T, which describes the TearCare procedure.

This unlock came from two Medicare Administrative Contractors (MACs):

• Novitas Solutions, Inc.
• First Coast Service Options, Inc. (FCSO)

This new reimbursement pathway is designed to drive adoption, but it requires significant commercialization investment to gain share quickly. The scope of this immediate opportunity is substantial:

These two MACs cover an estimated 10.4 million Medicare-covered lives, which is approximately 30% of the total Medicare fee-for-service covered lives in their combined regions. The fee schedule amount is effective for dates of service on and after January 1, 2025. Sight Sciences, Inc. is now focused on accelerating commercialization in these covered regions, with Q4 2025 Dry Eye segment revenue guidance set between $0.5 million to $1 million.

To gain market share quickly, the company must execute on this access. If they fail to convert this newly accessible, high-growth market into realized revenue and market penetration, this segment risks becoming a Dog. The investment required now is to quickly build out the commercial infrastructure to capture these 10.4 million lives.

Finance: Review Q4 2025 cash burn projections incorporating the TearCare commercialization ramp by next Tuesday.