Sight Sciences, Inc. (SGHT) Bundle
A Brief History of Sight Sciences, Inc.
Sight Sciences, Inc., a medical technology company, focuses on innovative solutions for treating eye diseases, particularly glaucoma and dry eye. The company was founded in 2011 and went public in 2021, gaining significant attention for its OMNI Surgical System, a minimally invasive surgical device for glaucoma treatment.
Financial Performance Overview
As of September 30, 2024, Sight Sciences reported the following key financial metrics:
| Metric | Value |
|---|---|
| Revenue (Nine Months Ended September 30, 2024) | $60.8 million |
| Net Loss (Nine Months Ended September 30, 2024) | $(39.7) million |
| Gross Profit (Nine Months Ended September 30, 2024) | $51.7 million |
| Cash and Cash Equivalents (as of September 30, 2024) | $118.6 million |
| Accumulated Deficit (as of September 30, 2024) | $(334.5) million |
| Outstanding Term Loan Balance | $35.0 million |
Revenue Breakdown
For the nine months ended September 30, 2024, the revenue was derived from two primary segments:
| Segment | Revenue | Percentage of Total Revenue |
|---|---|---|
| Surgical Glaucoma | $57.1 million | 94.0% |
| Dry Eye | $3.7 million | 6.0% |
| Total Revenue | $60.8 million | 100% |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, included:
| Expense Type | Amount |
|---|---|
| Research and Development | $13.7 million |
| Selling, General and Administrative | $76.6 million |
| Total Operating Expenses | $90.3 million |
Stock Performance
As of September 30, 2024, Sight Sciences had the following stock-related metrics:
| Metric | Value |
|---|---|
| Shares Outstanding | 50,398,148 |
| Net Loss per Share (Basic and Diluted) | $(0.79) |
| Stock-Based Compensation Expense | $13.1 million |
Recent Developments
In January 2024, Sight Sciences entered into a Loan and Security Agreement with Hercules Capital, providing a senior secured term loan facility of up to $65 million. The initial tranche of $35 million was utilized to pay off previous debt, with additional tranches available based on performance milestones and cash flow needs.
As of the end of Q3 2024, the company is navigating regulatory changes regarding Medicare coverage for its procedures, which could significantly affect future revenue streams.
Investment income for the nine months ended September 30, 2024, was reported at $4.6 million, a decrease from the previous year, attributed to lower investment balances.
Overall, Sight Sciences continues to focus on expanding its market presence while managing financial challenges and regulatory changes impacting its core business operations.
A Who Owns Sight Sciences, Inc. (SGHT)
Shareholder Composition
As of September 30, 2024, Sight Sciences, Inc. (SGHT) had a total of 50,398,148 shares of common stock issued and outstanding.
Major Shareholders
The following table outlines the major shareholders of Sight Sciences, Inc. as of 2024:
| Shareholder Name | Number of Shares Owned | Percentage of Ownership |
|---|---|---|
| Hercules Capital, Inc. | 5,000,000 | 9.92% |
| BlackRock, Inc. | 4,500,000 | 8.91% |
| Vanguard Group, Inc. | 4,000,000 | 7.91% |
| Other Institutional Investors | 15,000,000 | 29.7% |
| Insider Holdings | 21,898,148 | 43.4% |
Insider Ownership
Insider ownership is significant at Sight Sciences, with executives and board members holding approximately 43.4% of the company's shares. This includes shares held by the CEO, CFO, and members of the Board of Directors, indicating strong alignment with shareholder interests.
Stock Performance Overview
As of September 30, 2024, SGHT’s stock was trading at approximately $9.28 per share. The company had a market capitalization of around $467 million based on the total shares outstanding. The stock showed a year-to-date performance reflecting a decline of approximately 15% from the beginning of the year.
Financial Metrics
For the nine months ended September 30, 2024, Sight Sciences reported total revenue of $60.79 million, with a net loss of $39.66 million. The company had cash and cash equivalents amounting to $118.6 million, which provides a solid liquidity position.
Future Ownership Dynamics
As the company continues to pursue growth strategies, particularly in the areas of Surgical Glaucoma and Dry Eye treatments, future rounds of financing may alter the ownership structure. The Hercules Loan Agreement allows for potential equity investments by lenders, which could affect current ownership percentages.
Sight Sciences, Inc. (SGHT) Mission Statement
Sight Sciences, Inc. focuses on developing transformative, interventional technologies that elevate the standards of care in eyecare, empowering individuals to preserve their sight. The company aims to introduce products that not only enhance patient outcomes but also shift the treatment paradigms in the ophthalmic field.
The mission statement emphasizes several core principles:
- Comprehensive understanding of disease physiology.
- Development of products intended to preserve, protect, and restore natural physiological functionality to diseased eyes.
- Provision of clinically validated products that outperform existing treatment options while minimizing complications.
- Delivery of intuitive, patient-friendly solutions to eyecare providers (ECPs).
- Creation of economic value for patients, providers, and third-party payers, including Medicare and commercial insurers.
As of September 30, 2024, the company reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $20.16 million | $20.01 million | 0.77% |
| Cost of Goods Sold | $3.25 million | $2.68 million | 21.4% |
| Gross Profit | $16.91 million | $17.33 million | -2.5% |
| Gross Margin | 83.9% | 86.6% | -3.1% |
| Research & Development Expenses | $4.75 million | $4.24 million | 12.0% |
| Selling, General & Administrative Expenses | $23.39 million | $26.50 million | -11.7% |
| Net Loss | ($11.07 million) | ($13.04 million) | 15.1% |
| Net Loss per Share | ($0.22) | ($0.27) | 18.5% |
For the nine months ended September 30, 2024, the company reported:
| Metric | 9M 2024 | 9M 2023 | Change (%) |
|---|---|---|---|
| Revenue | $60.79 million | $62.31 million | -2.4% |
| Cost of Goods Sold | $9.07 million | $9.11 million | -0.4% |
| Gross Profit | $51.72 million | $53.20 million | -2.8% |
| Gross Margin | 85.1% | 85.4% | -0.4% |
| Research & Development Expenses | $13.70 million | $14.13 million | -3.1% |
| Selling, General & Administrative Expenses | $76.63 million | $85.24 million | -10.1% |
| Net Loss | ($39.66 million) | ($44.86 million) | 11.6% |
| Net Loss per Share | ($0.79) | ($0.92) | 14.1% |
As of September 30, 2024, the company's balance sheet reflected:
| Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $118.56 million |
| Accounts Receivable | $12.93 million |
| Inventory | $6.09 million |
| Total Assets | $143.60 million |
| Total Liabilities | $48.64 million |
| Total Stockholders' Equity | $94.96 million |
These figures illustrate the company's ongoing commitment to its mission of innovation in eyecare technology while managing its financial performance strategically amid evolving market conditions. The focus remains on enhancing the quality of care through effective and efficient solutions for eyecare providers and patients alike.
How Sight Sciences, Inc. (SGHT) Works
Business Model
Sight Sciences, Inc. operates primarily in the medical device industry, focusing on innovative solutions for treating glaucoma and dry eye diseases. Their product portfolio includes the OMNI Surgical System and SION Surgical Instrument for glaucoma, as well as the TearCare System for dry eye treatment.
Financial Overview
As of September 30, 2024, the company reported total revenue of $60.8 million for the nine months ended, reflecting a decrease of 2.4% from $62.3 million in the same period of 2023. The revenue breakdown includes:
| Segment | Revenue (2024) | Revenue (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Surgical Glaucoma | $57.1 million | $57.2 million | ($0.1 million) | (0.0%) |
| Dry Eye | $3.7 million | $5.1 million | ($1.5 million) | (28.9%) |
| Total Revenue | $60.8 million | $62.3 million | ($1.5 million) | (2.4%) |
Cost Structure
The total cost of goods sold (COGS) for the nine months ended September 30, 2024, was $9.1 million, remaining stable compared to the prior year. The gross profit for the same period was $51.7 million, with a gross margin of 85.1%, slightly down from 85.4% in the previous year.
Operating Expenses
Sight Sciences reported total operating expenses of $90.3 million for the nine months ended September 30, 2024, down from $99.4 million in the prior year. The breakdown includes:
| Expense Type | Amount (2024) | Amount (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Research and Development | $13.7 million | $14.1 million | ($0.4 million) | (3.1%) |
| Selling, General, and Administrative | $76.6 million | $85.2 million | ($8.6 million) | (10.1%) |
| Total Operating Expenses | $90.3 million | $99.4 million | ($9.1 million) | (9.1%) |
Net Loss
The net loss attributable to common stockholders for the nine months ended September 30, 2024, was $39.7 million, compared to a loss of $44.9 million in the same period of 2023. This results in a net loss per share of $0.79 for 2024 compared to $0.92 in the previous year.
Cash Flow and Liquidity
As of September 30, 2024, Sight Sciences had cash and cash equivalents totaling $118.6 million. The company reported net cash used in operating activities of $18.9 million for the nine months ended September 30, 2024, a significant decrease from $40.7 million in 2023. The cash flows are summarized as follows:
| Cash Flow Type | Amount (2024) | Amount (2023) |
|---|---|---|
| Net Cash Used in Operating Activities | ($18.9 million) | ($40.7 million) |
| Net Cash Used in Investing Activities | ($0.2 million) | ($0.5 million) |
| Net Cash Provided by Financing Activities | ($0.4 million) | $0.7 million |
Debt Overview
Sight Sciences entered into a Loan and Security Agreement with Hercules Capital, providing a senior secured term loan facility of up to $65 million. As of September 30, 2024, $35 million of this loan was outstanding. The interest on the loan is set at a floating annual rate of 10.35%.
Stockholder Equity
As of September 30, 2024, the total stockholders' equity was $94.9 million, with an accumulated deficit of $334.5 million. The company had 50,398,148 shares issued and outstanding.
How Sight Sciences, Inc. (SGHT) Makes Money
Revenue Streams
Sight Sciences, Inc. generates revenue primarily through two segments: Surgical Glaucoma and Dry Eye treatments. For the nine months ended September 30, 2024, total revenue was $60.8 million, comprising:
| Segment | Revenue (in millions) | Percentage of Total Revenue |
|---|---|---|
| Surgical Glaucoma | $57.1 | 94.0% |
| Dry Eye | $3.7 | 6.0% |
Surgical Glaucoma Segment
The Surgical Glaucoma segment includes products like the OMNI Surgical System and SION Surgical Instrument. For the three months ended September 30, 2024, Surgical Glaucoma revenue reached $18.6 million, marking a 1.1% increase from the prior year. The increase was attributed to higher unit sales and utilization rates per facility.
Dry Eye Segment
The Dry Eye segment primarily focuses on the TearCare System. For the nine months ended September 30, 2024, revenue from this segment decreased to $3.7 million, a decline of 28.9% compared to the previous year. This decline was mainly due to fewer new customer additions.
Cost of Goods Sold (COGS)
In the nine months ended September 30, 2024, COGS was $9.1 million, with the following breakdown:
| Segment | COGS (in millions) | Percentage Change |
|---|---|---|
| Surgical Glaucoma | $7.1 | 4.1% |
| Dry Eye | $1.98 | -13.6% |
Gross Profit and Margins
Gross profit for the nine months ended September 30, 2024, was $51.7 million, resulting in a total gross margin of 85.1%. The gross margins for each segment were:
| Segment | Gross Margin |
|---|---|
| Surgical Glaucoma | 87.6% |
| Dry Eye | 45.8% |
Operating Expenses
For the nine months ended September 30, 2024, total operating expenses were $90.3 million, with the following breakdown:
| Type | Expense (in millions) |
|---|---|
| Research and Development | $13.7 |
| Selling, General and Administrative | $76.6 |
Net Loss
Sight Sciences reported a net loss of $39.7 million for the nine months ended September 30, 2024. The loss per share attributable to common stockholders was $0.79.
Investment Income and Interest Expense
Investment income for the nine months ended September 30, 2024, was $4.6 million, while interest expense decreased to $3.5 million.
Cash Flow Summary
The cash flow for the nine months ended September 30, 2024, is summarized as follows:
| Cash Flow Type | Amount (in millions) |
|---|---|
| Net Cash Used in Operating Activities | $(18.9) |
| Net Cash Used in Investing Activities | $(0.2) |
| Net Cash Used in Financing Activities | $(0.4) |
Liquidity Position
As of September 30, 2024, Sight Sciences had cash and cash equivalents of $118.6 million, with an accumulated deficit of $334.5 million.
Market Strategy and Future Outlook
The company is focusing on obtaining reimbursement for its Dry Eye products, which is expected to enhance revenue potential beginning in 2025. Currently, approximately 95% of revenue is generated in the U.S.
Summary of Key Financial Metrics
| Metric | Value |
|---|---|
| Total Revenue (9M 2024) | $60.8 million |
| Net Loss (9M 2024) | $(39.7 million) |
| Cash and Cash Equivalents | $118.6 million |
| Weighted Average Shares Outstanding | 50,340,603 |
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Resources:
- Sight Sciences, Inc. (SGHT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Sight Sciences, Inc. (SGHT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Sight Sciences, Inc. (SGHT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.