Sight Sciences, Inc. (NASDAQ:SGHT) Q3 2022 Earnings Conference Call November 10, 2022 4:30 PM ET

Company Participants

Philip Taylor - Investor Relations, Gilmartin Group

Paul Badawi - Chief Executive Officer

Jesse Selnick - Chief Financial Officer

Conference Call Participants

Cecilia Furlong - Morgan Stanley

David Saxon - Needham & company

Thomas Stephan - Stifel Financial Corp.

Craig Bijou - Bank of America Securities, Inc.

Operator

Good day, and thank you for standing by. Welcome to the Sight Sciences Third Quarter 2022 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator instructions] Please be advised that today’s conference is being recorded.

And, I would now like to hand the conference over to your speaker today, Mr. Trip Taylor. Sir, please go ahead.

Philip Taylor

Thank you for participating in today’s call. Presenting today are Sight Sciences’ Co-Founder and Chief Executive Officer, Paul Badawi; and Chief Financial Officer, Jesse Selnick. Earlier today, Sight Sciences released financial results for the 3 months ended June 30, 2022. A copy of the press release is available on the company’s website at investors.sightsciences.com.

I’d like to remind everyone that comments made by management today and answers to questions will include forward-looking statements within the meaning of the federal securities laws. Those include statements related to Sight Sciences’ anticipated financial performance and operating results, market opportunity, the future impact of COVID-19 on operations, business strategy, and plans for developing and marketing new products.

Forward-looking statements are based on estimates and assumptions as of today and are neither promises nor guarantees and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by these statements.

A description of some of the risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements on this call can be found in the Risk Factors section of the Annual Report on Form 10-K filed March 24, 2022 and other filings with the Securities and Exchange Commission.

The company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. For more information, please refer to the forward-looking statement notices and risk factors in the recent SEC filings.

I will now turn the call over to Paul.

Paul Badawi

Thanks, Trip, and thank you all for joining us. Our third quarter results reflect continued strength and execution across our entire business. We are pleased with the progress we were making, penetrating and expanding both the MIGS and dry eye treatment markets, while taking the necessary steps to position the business to reach positive free cash flow in 2025. In the period, we achieved total revenue of $18.7 million, representing 43% growth year-over-year and 8% growth sequentially. Surgical Glaucoma revenue grew 37% year-over-year and 7% sequentially to $17.1 million in the third quarter, and Dry Eye revenue grew 145% year-over-year and 21% sequentially. We ended the quarter with just under $200 million of cash, which we currently expect will be more than enough to support our growth plan until we reach cash flow breakeven.