Sight Sciences, Inc. (SGHT): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a medical device firm balancing a high-margin surgical staple with a nascent, high-potential dry eye play. Honestly, looking at the $\mathbf{Q3\ 2025}$ results, the dual-engine strategy for this company is clear: Surgical Glaucoma, driven by OMNI, brought in $\mathbf{\$19.7}$ million, dwarfing the $\mathbf{\$0.2}$ million from Dry Eye, yet the full-year revenue guidance sits between $\mathbf{\$76.0}$ million and $\mathbf{\$78.0}$ million. With $\mathbf{\$92.4}$ million in the bank as of the third quarter, they have runway, but the path to scaling TearCare while defending the core margins is the real story here. Dive into the full Business Model Canvas below to see exactly how they plan to manage those Key Activities and Costs to hit those targets.

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

You're looking at how Sight Sciences, Inc. builds its value by leaning on external relationships, especially as they push for reimbursement and clinical validation. This isn't just about selling devices; it's about securing the pathways for those devices to be paid for by major payers.

Medicare Administrative Contractors (MACs) like Novitas and First Coast

Securing favorable coverage decisions from Medicare Administrative Contractors is defintely a core partnership activity for Sight Sciences, Inc., especially given the focus on achieving reimbursed market access for the TearCare procedure. As of the third quarter of 2025, the company announced that two key MACs, Novitas Solutions and First Coast Service Options, established fee schedules for CPT® code 0563T, which covers the TearCare interventional dry eye procedure. This specific coverage milestone is significant because the states and regions governed by these two MACs account for an estimated 10.4 million in total covered lives. That represents approximately 30% of the total Medicare fee-for-service covered lives nationwide as of that reporting period. This is a direct financial lever for the Dry Eye segment, which saw revenue decline 88% year-over-year in Q3 2025 as the company prioritized this reimbursement push. Separately, Noridian Healthcare Solutions had previously confirmed Medicare coverage for specific Micro-Invasive Glaucoma Surgery (MIGS) procedures using the OMNI® Surgical System.

Here's a quick look at the reimbursement progress impacting revenue strategy:

Third-party manufacturers outside China to mitigate tariffs

The reliance on manufacturing in China creates a known financial headwind. Sight Sciences, Inc. disclosed that it has exposure to U.S. tariffs on China because most of its products are produced and assembled there. For the full year 2025, the company still expects this tariff exposure to increase the Surgical Glaucoma segment's cost of goods sold by between $1.0 million to $1.5 million. While the strategy to use third-party manufacturers outside China is a necessary risk mitigation action, specific financial quantification of the savings achieved by these non-China partnerships for the 2025 fiscal year isn't publicly detailed, only the expected cost impact from existing tariffs.

Ophthalmic Key Opinion Leaders (KOLs) for clinical evidence

Clinical validation, often driven by KOLs, is crucial for payer adoption and physician trust. The SAHARA Randomized Controlled Trial (RCT) serves as a primary evidence source, with its 24-month results published in Optometry and Vision Science in July 2025. Key figures involved in presenting or commenting on this data act as crucial partners in establishing clinical credibility. For instance, Brandon Ayres, MD, Co-Director of the Cornea Fellowship Program at Wills Eye Hospital, served as a Principal Investigator for the SAHARA RCT. The company's Co-Founder and CEO, Paul Badawi, consistently references this data to support the clinical superiority of the TearCare technology over prescription drops.

The clinical evidence partnership is centered on demonstrating durability:

• 24-month SAHARA RCT data confirmed sustained improvements with one to two TearCare treatments per year.
• 66% of participants required no additional treatment over the 19 months following the initial treatment and a Month 5 retreatment.
• Tear break-up time (TBUT) increased from 4.41 seconds at baseline to 6.29-7.13 seconds at follow-up in Stage 3.

Clinical research organizations for trials (e.g., SAHARA RCT)

The execution of the SAHARA RCT itself relied on partnerships with clinical research organizations (CROs) and clinical sites. Phase 1 of the SAHARA RCT enrolled 345 subjects across 19 sites in 11 states. This large-scale trial design, comparing the TearCare procedure against Restasis eye drops, provides the robust data set necessary for reimbursement negotiations. The successful completion and publication of the 24-month data point to effective management of these multi-site, multi-year clinical partnerships. The Surgical Glaucoma segment also saw ordering accounts increase to an all-time high of 1,197 accounts in Q3 2025, which suggests strong adoption following the clinical evidence supporting the OMNI Surgical System.

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

You're looking at the core engine driving Sight Sciences, Inc. (SGHT) right now, late in 2025. It's all about execution across device manufacturing, clinical validation, and the tough slog of getting payers to cover the TearCare procedure. Here's the breakdown of what the company is actively doing to drive its business forward.

Manufacturing and quality control of OMNI and TearCare systems

Sight Sciences, Inc. is actively managing its supply chain while dealing with external pressures. Most of its products are produced and assembled in China, which means the company has exposure to U.S. tariffs. To mitigate this, they've been working on diversifying production.

Here are the key figures related to manufacturing and supply chain management as of the third quarter of 2025:

The focus on establishing third-party manufacturing lines outside China is a direct response to these tariff impacts, aiming to secure the production base for devices like the OMNI Surgical System.

Clinical data generation and publication (e.g., TFOS DEWS III inclusion)

Generating and publishing robust clinical data is a non-negotiable activity, especially for securing clinical acceptance and payer coverage. The validation from major bodies is a key output here.

The company has seen significant milestones in clinical validation:

• TearCare System inclusion in the TFOS DEWS III Global Dry Eye Guidelines, published in the American Journal of Ophthalmology on September 02, 2025.
• Publication of 24-month results of the SAHARA RCT in Q2 2025.
• Publication of a cost-utility analysis (CUA) comparing TearCare to cyclosporine 0.05% (CsA) in Q2 2025.
• Publication of a systematic literature review showing OMNI achieved long-term reductions in IOP and medication use.

The SAHARA trial demonstrated that two TearCare treatments were clinically superior in improving Tear Breakup Time (TBUT) and multiple measures of gland function compared to twice-daily Restasis®.

Securing equitable reimbursement and payer coverage for TearCare

This activity is directly impacting the top-line revenue for the Dry Eye segment, as the company prioritizes reimbursed market access over cash-pay procedures. The focus here is on CPT code 0563T.

Here's how the reimbursement landscape looked as of late 2025:

To support providers navigating this, Sight Sciences, Inc. launched the Sight Access Portal for patient benefit verifications and prior authorizations.

Direct sales force training and commercial execution

Commercial execution is currently concentrated on the Surgical Glaucoma segment while the Dry Eye team's expansion is contingent on reimbursement success. The sales force is focused on driving utilization among existing accounts.

The growth in the Surgical Glaucoma customer base is a key metric for this activity:

• Surgical Glaucoma ordering accounts reached an all-time high of 1,197 accounts in Q3 2025.
• This represents an 8% increase compared to the third quarter of 2024.
• In Q2 2025, ordering accounts were 1,174, up 4% year-over-year.

The 2025 guidance explicitly stated that adjusted operating expenses did not assume expansion of the commercial Dry Eye team pending positive reimbursement decisions.

Research and development for next-generation devices

Investment in R&D is baked into the operating expense structure, supporting the pipeline beyond the current OMNI and TearCare systems. The company is definitely planning for what's next.

Here are the financial markers for R&D investment:

The full year 2025 guidance included plans to increase research and development spending.

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

You're looking at the core assets Sight Sciences, Inc. (SGHT) relies on to execute its strategy, especially as it pushes for reimbursed market access for its Dry Eye segment while maintaining momentum in Surgical Glaucoma. These resources are the foundation for their value creation.

The intellectual property is protected through registrations for key product names and technologies. For instance, TearCare, SmartLids, OMNI, and SION are all trademarks registered in the United States, with OMNI and SION also registered in the European Union and other territories. This legal framework guards their innovations in both glaucoma and dry eye treatment paradigms.

Regulatory status is a critical resource, particularly for market entry and reimbursement. The TearCare System has achieved FDA 510(k) clearance in the United States for applying localized heat therapy in adult patients with evaporative dry eye disease due to meibomian gland disease (MGD). Also, the OMNI Surgical System is indicated in the United States to reduce intraocular pressure in adult patients with primary open-angle glaucoma.

Financially, the company's liquidity position as of the end of Q3 2025 provides a runway for continued operations and investment. Here's a quick look at the balance sheet snapshot from September 30, 2025, which is key for understanding near-term operational flexibility.

The company's commercial engine is built around specialized teams. While I don't have the exact headcount for the specialized direct sales and clinical support teams, their structure is clearly geared toward driving adoption of their procedural technologies. The recent appointment of a new Chief Operating Officer in November 2025 signals a focus on increasing oversight and driving the successful scale-up of the TearCare franchise, which relies heavily on clinical support for adoption following reimbursement milestones.

The established customer base in the Surgical Glaucoma segment represents a proven market penetration and a reliable revenue stream. This base is growing, which is a strong indicator of continued product acceptance for the OMNI and SION systems. The Dry Eye segment is currently prioritizing reimbursed market access over cash-pay sales, meaning the existing customer base for that segment is undergoing a strategic shift.

• Intellectual Property: Trademarks registered for TearCare, SmartLids, OMNI, and SION in the US.
• Regulatory Status: TearCare System has FDA 510(k) clearance for localized heat therapy for MGD.
• Surgical Glaucoma Customer Base: Reached an all-time high of 1,197 ordering accounts as of Q3 2025.
• Customer Growth: Surgical Glaucoma ordering accounts increased by 8% compared to Q3 2024.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.