Sight Sciences, Inc (NASDAQ:SGHT) Q1 2022 Results Conference Call May 10, 2022 4:30 PM ET

Company Participants

Philip Taylor - Investor Relations

Paul Badawi - Co-Founder and Chief Executive Officer

Jesse Selnick - Chief Financial Officer

Shawn O'Neil - Chief Commercial Officer

Conference Call Participants

Cecilia Furlong - Morgan Stanley

Andrew Brackmann - William Blair

Adam Butler - Piper Sandler

Joanne Wuensch - Citi

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Sight Sciences First Quarter 2022 Earnings Results Call. At this time, all participants are in a listen-only mode. Following the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to your host, Philip Taylor, Investor Relations. You may begin.

Philip Taylor

Thank you for participating in today's call. Presenting today are Sight Sciences' Co-Founder and Chief Executive Officer, Paul Badawi; Chief Financial Officer, Jesse Selnick; and Chief Commercial Officer, Shawn O'Neil. Earlier today, Sight Sciences released financial results for the three months ended March 31, 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 the 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 statements, 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 first quarter 2022 revenue increased to $14.9 million, representing 72% growth compared to the prior year period and 1% sequential growth compared to the fourth quarter of 2021. A strong continued pace of new customer wins and extremely high customer retention resulted in surgical glaucoma revenue of $13.9 million, in line with the prior quarter's revenue and exceeding our internal expectations given Omicron, seasonality and competitive trial. Surgical glaucoma year-over-year revenue growth accelerated to 70% in the quarter, compared to 60% in the fourth quarter of 2021. As a point of comparison, our surgical glaucoma revenue sequentially declined 7% from the fourth quarter of 2020 to the first quarter of 2021, yet we still grew surgical glaucoma revenue 79% for the year.