Sight Sciences, Inc. (SGHT) announced on Tuesday an increase in fourth-quarter revenue, driven by improved revenue from its surgical glaucoma segment.
Despite this growth, the company noted that the results fell short of their expectations due to the recent implementation of new Local Coverage Determinations (LCDs) by five Medicare contractors. These changes, which took effect in mid-November, limit Medicare coverage for several Minimally Invasive Glaucoma Surgery (MIGS) procedures.
For the fourth quarter, the company projects total revenue to be between $18.9 million and $19.1 million, representing a 1% increase at the midpoint compared to the previous year. In particular, revenues from the surgical glaucoma segment are expected to rise by 9%, reaching an estimated range of $18.7 million to $18.8 million.
Conversely, revenues from the Dry Eye segment are anticipated to see a significant decrease, ranging from $0.2 million to $0.3 million, compared to $1.6 million the previous year.
Looking ahead to the full year of 2024, Sight Sciences anticipates total revenues to be between $79.7 million and $79.9 million, marking a 2% decline at the midpoint relative to the previous year. The surgical glaucoma segment is projected to generate revenues of $75.8 million to $75.9 million, reflecting a 2% increase at the midpoint from the prior year. However, revenues from the Dry Eye segment are expected to decline to between $3.9 million and $4.0 million, down from $6.7 million in 2023.
Analysts on average predict fourth-quarter revenue to be $20.29 million and full-year 2024 revenue to be $81.19 million.
In pre-market trading, shares of Sight Sciences are priced at $3.24, a slight decrease of 0.31% on the Nasdaq.
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