Sight Sciences, Inc. (NASDAQ:SGHT) Q2 2022 Earnings Conference Call August 11, 2022 4:30 PM ET

Company Participants

Philip Taylor - Investor Relations

Paul Badawi - Co-Founder & Chief Executive Officer

Jesse Selnick - Chief Financial Officer

Conference Call Participants

Cecilia Furlong - Morgan Stanley

Andrew Brackmann - William Blair

Matthew O'Brien - Piper Sandler

Joanne Wuensch - Citibank

Tom Stephan - Stifel

Operator

Hello and welcome to the Sight Sciences' Second Quarter 2022 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator instructions]

Thank you. I will now turn the call over to Mr. Philip Taylor, Investor Relations. Please go ahead sir.

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 three months ended June 30th, 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 24th, 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

Thank you, Trip and thank you all for joining us. Our second quarter 2022 performance was strong across the organization. Revenue increased to $17.2 million, representing 37% growth year-over-year and 16% sequentially. Our total gross margin increased to 84% in the second quarter, up from 82% in the prior year period. Surgical glaucoma revenue grew 33% year-over-year and 15% sequentially to $15.9 million, while dry eye revenues grew to $1.3 million up 143% year-over-year and 32% sequentially. We are pleased with our execution across both businesses and are encouraged by the leading indicators to support further market penetration and expansion.