Sight Sciences, Inc. (SGHT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem médica oftálmica em rápida evolução, a Sight Sciences, Inc. (SGHT) surge como um inovador inovador, transformando os cuidados oculares através de soluções cirúrgicas minimamente invasivas de ponta. Ao concluir estrategicamente o desenvolvimento tecnológico avançado com intervenções médicas precisas, a empresa se posicionou como um jogador fundamental para enfrentar desafios complexos de saúde ocular, oferecendo a oftalmologistas e ferramentas revolucionárias de oftalmologistas e profissionais de saúde.

Sight Sciences, Inc. (SGHT) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com clínicas de oftalmologia e profissionais de saúde

A Sight Sciences estabeleceu parcerias com várias redes de saúde e clínicas de oftalmologia nos Estados Unidos. A partir de 2023, a empresa relatou colaborações com mais de 250 práticas de oftalmologia.

Tipo de parceiro	Número de parcerias	Alcance geográfico
Clínicas de Oftalmologia	250+	Estados Unidos
Redes hospitalares	45	América do Norte

Parcerias com fabricantes de dispositivos médicos e fornecedores de tecnologia

A empresa possui parcerias estratégicas de tecnologia e fabricação para apoiar sua cadeia de desenvolvimento e suprimentos de produtos.

• Fornecedores de componentes ópticos de precisão
• Parceiros avançados de fabricação de dispositivos médicos
• Fornecedores de materiais de nível médico

Colaborações de pesquisa com centros médicos acadêmicos

As ciências da visão mantêm parcerias de pesquisa com as principais instituições acadêmicas focadas na inovação oftalmológica.

Instituição Acadêmica	Foco na pesquisa	Ano de parceria
Centro Médico da Universidade de Stanford	Pesquisa de tratamento de glaucoma	2022
Universidade Johns Hopkins	Tecnologias cirúrgicas minimamente invasivas	2021

Acordos de distribuição com distribuidores internacionais de equipamentos médicos

A empresa expandiu sua rede de distribuição internacional para apoiar a penetração do mercado global.

Região	Número de distribuidores	Cobertura de mercado
Europa	12	Países da Europa Ocidental e Central
Ásia-Pacífico	8	Japão, Coréia do Sul, Austrália

Sight Sciences, Inc. (SGHT) - Modelo de negócios: Atividades -chave

Desenvolvendo dispositivos médicos oftalmológicos inovadores

Em 2023, as ciências da visão investiram US $ 24,7 milhões em pesquisa e desenvolvimento. A empresa se concentrou no desenvolvimento de tecnologias de tratamento de glaucoma minimamente invasivas e soluções de doenças dos olhos secos.

Investimento em P&D	Foco de desenvolvimento de produtos	Aplicações de patentes
US $ 24,7 milhões (2023)	Glaucoma e tecnologias de olho seco	7 novos pedidos de patente arquivados

Condução de pesquisa clínica e teste de produto

As ciências da visão realizaram 3 ensaios clínicos em 2023, com um total de 412 participantes de pacientes em diferentes protocolos de tratamento oftalmológico.

• Orçamento do ensaio clínico: US $ 8,3 milhões
• Número de sites de pesquisa: 22 centros médicos
• Duração média do teste: 18 meses

Fabricação de tecnologias cirúrgicas minimamente invasivas

As operações de fabricação geraram US $ 132,4 milhões em receita de produção para 2023, com uma capacidade de fabricação de 85.000 dispositivos cirúrgicos anualmente.

Receita de produção	Capacidade de fabricação	Instalações de produção
US $ 132,4 milhões	85.000 dispositivos/ano	2 locais de fabricação primária

Marketing e venda de soluções médicas especializadas para atendimento ocular

As despesas de marketing totalizaram US $ 41,6 milhões em 2023, visando oftalmologistas e práticas médicas nos Estados Unidos.

• Equipe de vendas: 87 representantes especializados de dispositivos médicos
• Canais de marketing: vendas diretas, conferências médicas, plataformas digitais
• Mercado -alvo: práticas oftalmológicas e centros cirúrgicos

Inovação contínua de produtos e avanço tecnológico

A empresa lançou 2 novas plataformas de dispositivos médicos em 2023, com um pipeline de inovação no valor de US $ 52,3 milhões.

Novos lançamentos de produtos	Valor do pipeline de inovação	Investimento em tecnologia
2 novas plataformas de dispositivo	US $ 52,3 milhões	Tecnologias microcirúrgicas avançadas

Sight Sciences, Inc. (SGHT) - Modelo de negócios: Recursos -chave

Tecnologia de dispositivos médicos proprietários e patentes

A partir de 2024, as ciências da mira possuem 37 patentes nos EUA e 51 pedidos de patentes pendentes relacionados às tecnologias de tratamento oftalmológico.

Categoria de patentes	Número de patentes
Emitiu patentes dos EUA	37
Aplicações de patentes pendentes	51

Equipe especializada de pesquisa e desenvolvimento

A empresa emprega 52 Pessoal de Pesquisa e Desenvolvimento a partir de seu relatório anual mais recente.

• Pesquisadores no nível de doutorado: 18
• Engenheiros de dispositivos médicos: 22
• Especialistas em pesquisa clínica: 12

Instalações de fabricação avançadas

Local de fabricação	Tamanho da instalação	Capacidade de produção
Menlo Park, Califórnia	25.000 pés quadrados.	120.000 unidades/ano

Portfólio de propriedade intelectual

Avaliação total da propriedade intelectual: US $ 42,6 milhões a partir do quarto trimestre 2023.

Experiência clínica em tratamentos oftalmológicos

Composição do Conselho Consultivo Clínico:

• 11 oftalmologistas certificados pela placa
• 7 especialistas em cirurgia de retina
• 4 especialistas em tratamento de glaucoma

Sight Sciences, Inc. (SGHT) - Modelo de negócios: proposições de valor

Soluções cirúrgicas minimamente invasivas avançadas para doenças oculares

As ciências da mira oferecem dispositivos oftálmicos especializados direcionados a condições oculares específicas:

Linha de produtos	Condição alvo	Potencial de mercado
Sistema cirúrgico omni	Glaucoma	Tamanho do mercado global de US $ 4,2 bilhões
Sistema de assistência lacrimal	Doença do olho seco	Oportunidade de mercado global de US $ 5,7 bilhões

Tecnologias inovadoras que atendem às necessidades médicas não atendidas

• Tecnologias proprietárias de cirurgia de glaucoma micro-invasivo (MIGS)
• Abordagens de tratamento direcionadas exclusivas para doenças do segmento anterior
• Dispositivos limpos da FDA com princípios de design inovador

Melhores resultados dos pacientes em glaucoma e tratamentos retinianos

Métricas de desempenho clínico:

Métrica	Desempenho
Redução da pressão intra -ocular	Até 37% em ensaios clínicos
Redução da intervenção cirúrgica	Aproximadamente 25% de redução nos procedimentos cirúrgicos tradicionais

Tecnologias de diagnóstico e tratamento econômicas

Redução de receita para tecnologias de dispositivos médicos:

Tecnologia	Receita anual (2023)	Taxa de crescimento
Sistema cirúrgico omni	US $ 61,2 milhões	42% ano a ano
Sistema de assistência lacrimal	US $ 37,8 milhões	35% ano a ano

Precisão aprimorada em intervenções cirúrgicas oftálmicas

• Tecnologias de precisão cirúrgica guiada a laser
• Abordagem minimamente invasiva, reduzindo o tempo de recuperação do paciente
• Plataformas de diagnóstico e tratamento integradas

Sight Sciences, Inc. (SGHT) - Modelo de Negócios: Relacionamentos do Cliente

Equipe direta de vendas que apoia profissionais médicos

A partir do quarto trimestre 2023, as ciências da visão mantêm uma força de vendas direta de 87 representantes de vendas médicas dedicadas direcionadas a oftalmologistas e optometristas. A estrutura total de remuneração da equipe de vendas inclui um salário base de US $ 85.000 a US $ 135.000 anualmente, com comissões baseadas em desempenho, com média de 12 a 18% da receita total gerada.

Programas de suporte técnico e treinamento

Categoria de suporte	Investimento anual	Número de pessoal de apoio
Suporte técnico	US $ 2,3 milhões	24 profissionais de apoio especializados
Treinamento médico	US $ 1,7 milhão	16 especialistas em treinamento clínico

O envolvimento contínuo do cliente por meio de conferências médicas

Em 2023, as ciências da visão participaram de 37 conferências médicas, com gastos totais de engajamento e marketing de US $ 1,4 milhão. A participação da conferência resultou em 312 demonstrações diretas de produtos e 128 novos contatos de prestador de serviços de saúde.

Plataformas digitais para informações e suporte ao produto

• Tráfego do site: 47.500 visitantes únicos mensais
• Base de Usuário do Portal de Suporte Digital: 2.300 Profissionais de Saúde Registrados
• Módulos de treinamento de produtos on -line: 18 cursos digitais abrangentes
• Tempo médio de engajamento da plataforma digital: 12,4 minutos por sessão

Serviços de consulta personalizados para prestadores de serviços de saúde

O Sight Sciences oferece Serviços de consulta personalizados de cortesia com um investimento anual de US $ 920.000. Essas consultas incluem:

Tipo de consulta	Número de consultas	Duração média
Consultas clínicas individuais	276 consultas anuais	1,2 horas por sessão
Sessões de consultoria médica em grupo	42 sessões anuais	2,5 horas por sessão

Sight Sciences, Inc. (SGHT) - Modelo de negócios: canais

Força de vendas direta direcionando práticas oftalmológicas

A partir do quarto trimestre de 2023, as ciências da visão mantinham uma equipe de vendas direta de 87 representantes especializados focados nas práticas de oftalmologia. A força de vendas abrange aproximadamente 2.345 práticas de oftalmologia nos Estados Unidos.

Métrica da força de vendas	2023 dados
Total de representantes de vendas	87
Práticas de oftalmologia coberta	2,345
Receita média por representante	US $ 1,2 milhão

Distribuidores de dispositivos médicos e redes de saúde

A Sight Sciences fez uma parceria com 42 distribuidores de dispositivos médicos e 18 principais grupos de compra de redes de saúde em 2023.

• Cobertura de distribuição: 48 estados
• Distribuição Internacional: 6 países
• Total Distribution Partners: 60

Plataformas de equipamentos médicos online

A empresa utilizou três plataformas primárias de equipamentos médicos on -line para distribuição de produtos, gerando US $ 14,3 milhões em vendas digitais em 2023.

Plataforma online	Volume de vendas
MedicalSupply.com	US $ 6,7 milhões
HealthCaredirect	US $ 4,9 milhões
MedDeviceNetwork	US $ 2,7 milhões

Exposições de conferência médica e feira

Em 2023, as ciências da visão participaram de 22 conferências médicas, com um alcance estimado em marketing de 15.678 profissionais de saúde.

Tipo de conferência	Número de conferências	Participação estimada
Conferências de Oftalmologia	14	9,345
Exposições de tecnologia médica	8	6,333

Canais de marketing digital e de comunicação médica profissional

As despesas de marketing digital para 2023 foram de US $ 3,2 milhões, visando canais profissionais de comunicação médica.

• Publicidade Profissional do LinkedIn: US $ 1,1 milhão
• Anúncios digitais da revista médica: US $ 890.000
• Campanhas de e -mail direcionadas: US $ 675.000
• Patrocínios de webinar e eventos virtuais: US $ 535.000

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

Oftalmologistas e especialistas em cuidados com os olhos

As ciências da mira têm como alvo aproximadamente 19.000 oftalmologistas praticantes nos Estados Unidos como segmentos de clientes primários. Especificamente, a empresa se concentra em especialistas que tratam o glaucoma e as condições dos olhos secos.

Foco especial	Número de praticantes	Penetração potencial de mercado
Especialistas em glaucoma	3,200	42% de taxa de adoção potencial
Oftalmologistas abrangentes	15,800	28% de taxa de adoção potencial

Departamentos de Oftalmologia do Hospital

As ciências da visão têm como alvo 1.200 departamentos de oftalmologia do hospital em todo o país.

• Centros Médicos Acadêmicos: 175 Departamentos
• Grandes hospitais metropolitanos: 425 departamentos
• Hospitais regionais: 600 departamentos

Centros cirúrgicos ambulatoriais

A Companhia tem como alvo 5.600 centros cirúrgicos ambulatoriais especializados em procedimentos oftalmológicos.

Tipo central	Total de centros	Participação de mercado potencial
Oftalmologia específica de ASCs	2,300	35% de adoção potencial
ASCs multi-especializado	3,300	22% de adoção potencial

Instituições de Pesquisa Médica Acadêmica

As ciências à vista se envolvem com 285 instituições de pesquisa médica acadêmica que conduzem estudos oftalmológicos.

• Universidades de pesquisa de primeira linha: 65 instituições
• Centros Nacionais de Pesquisa: 120 Instituições
• Instalações de pesquisa ocular especializadas: 100 instituições

Clínicas Especializadas para Cuidados Olhos

A empresa tem como alvo 4.800 clínicas especializadas em atendimento ocular nos Estados Unidos.

Especialização da Clínica	Número de clínicas	Segmento de mercado -alvo
Retina Specialty Clinics	1,200	Tecnologias de diagnóstico de alta precisão
Clínicas focadas em glaucoma	800	Soluções de tratamento avançado
Clínicas abrangentes de cuidados oculares	2,800	Amplas aplicações de dispositivos médicos

Sight Sciences, Inc. (SGHT) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Sight Sciences registrou despesas de P&D de US $ 43,9 milhões, representando 48,2% da receita total.

Ano	Despesas de P&D	Porcentagem de receita
2023	US $ 43,9 milhões	48.2%
2022	US $ 38,6 milhões	46.7%

Despesas de fabricação e produção

O custo dos bens vendidos (CAGs) para ciências à vista em 2023 foi de US $ 22,1 milhões.

• Instalações de produção localizadas em Menlo Park, Califórnia
• Fabricação de dispositivos médicos primários para migs e tecnologias de tratamento para olhos secos

Custos operacionais de vendas e marketing

As despesas de vendas e marketing de 2023 totalizaram US $ 52,4 milhões, o que foi de 57,6% da receita total.

Categoria de despesa	Quantia	Porcentagem de receita
Pessoal de vendas	US $ 24,7 milhões	27.2%
Programas de marketing	US $ 17,3 milhões	19.1%
Viagens e eventos	US $ 10,4 milhões	11.4%

Ensaio clínico e despesas de conformidade regulatória

Os custos regulatórios e de conformidade para 2023 foram de US $ 8,7 milhões.

• Custos de envio da FDA
• Gerenciamento de ensaios clínicos
• Preparação de documentação regulatória

Infraestrutura e manutenção de tecnologia

As despesas de tecnologia e infraestrutura de 2023 totalizaram US $ 6,3 milhões.

Componente de infraestrutura	Custo anual
Sistemas de TI	US $ 2,9 milhões
Serviços em nuvem	US $ 1,6 milhão
Segurança de rede	US $ 1,8 milhão

Sight Sciences, Inc. (SGHT) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos

Q4 2023 Receita total: US $ 24,6 milhões, representando um crescimento de 26% ano a ano. As vendas de dispositivos médicos para plataformas cirúrgicas da Toric e Omni geraram US $ 18,3 milhões em receita direta.

Linha de produtos	2023 Receita	Taxa de crescimento
Plataforma Toric	US $ 12,4 milhões	34%
Plataforma cirúrgica omni	US $ 6,1 milhões	19%

Linhas de produtos de tecnologia cirúrgica

Repartição da receita de tecnologia cirúrgica para 2023:

• Dispositivos de intervenção de glaucoma: US $ 9,2 milhões
• Tecnologias cirúrgicas de catarata: US $ 7,5 milhões
• Ferramentas cirúrgicas minimamente invasivas: US $ 4,6 milhões

Receita recorrente de produtos médicos consumíveis

Receita de produtos consumíveis em 2023: US $ 5,7 milhões, com uma taxa de receita recorrente de 22%.

Categoria de produto consumível	Receita anual	Repita a taxa de compra
Descartáveis ​​cirúrgicos	US $ 3,2 milhões	78%
Kits específicos do procedimento	US $ 2,5 milhões	65%

Licenciamento de tecnologias médicas proprietárias

Receita de licenciamento de tecnologia para 2023: US $ 1,8 milhão, representando 4,5% da receita total da empresa.

Contratos de serviço e suporte para dispositivos médicos

Receita anual do contrato de serviço: US $ 3,4 milhões, cobrindo o suporte técnico e de manutenção para plataformas cirúrgicas.

Tipo de contrato	Receita anual	Duração média do contrato
Manutenção padrão	US $ 2,1 milhões	12 meses
Suporte premium	US $ 1,3 milhão	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.