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MENLO PARK, Calif. - Sight Sciences , Inc. (NASDAQ:SGHT), a company specializing in eye care technology, has released preliminary financial results for the fourth quarter and full year of 2024. The company, whose stock has declined nearly 57% over the past six months according to InvestingPro data, anticipates a slight increase in total revenue for the quarter, with surgical glaucoma product sales driving the growth.
The company expects fourth-quarter revenues to be between $18.9 million and $19.1 million, marking a 1% rise from the same period in the previous year. Surgical glaucoma revenues are projected to be in the range of $18.7 million to $18.8 million, a 9% increase from the prior year. The company maintains an impressive gross profit margin of 85.11%, according to InvestingPro data. However, revenues from dry eye products are anticipated to decline, with estimates ranging from $0.2 million to $0.3 million, down from $1.6 million in the prior year.
For the full year of 2024, Sight Sciences forecasts a total revenue between $79.7 million and $79.9 million, representing a 2% decrease compared to 2023. Despite this, surgical glaucoma revenues are expected to grow by 2%, estimated to be between $75.8 million and $75.9 million. Dry eye revenues, on the other hand, are projected to fall to between $3.9 million and $4.0 million, compared to $6.7 million in the previous year.
The company's cash and cash equivalents as of December 31, 2024, stood at approximately $120 million, a slight increase from $118.6 million at the end of the third quarter. With a strong current ratio of 10.18 and more cash than debt on its balance sheet, Sight Sciences maintains solid liquidity. The company generated around $1.4 million in cash during the fourth quarter, reflecting improved operational discipline and a significant reduction in cash usage from $6.4 million in the same period of the prior year. This includes a $5.0 million drawdown under a term loan with Hercules Capital (NYSE:HTGC), Inc. and its affiliates. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with additional insights available in the comprehensive Pro Research Report.
Despite the challenges posed by new Medicare coverage restrictions for multiple minimally invasive glaucoma surgeries (MIGS) when performed with cataract procedures, the company's CEO, Paul Badawi, expressed confidence in their cash management and investments in long-term value drivers. Sight Sciences plans to achieve cash flow breakeven without additional equity capital raising.
The company's financial results for the fourth quarter and full year 2024 are preliminary and subject to change pending the completion of an audit. Full financial results are expected to be announced in March 2025.
This financial overview is based on a press release statement from Sight Sciences and has not been independently verified.
In other recent news, Sight Sciences, Inc. has been making significant strides in glaucoma care and financial growth. A recent study published in the American Journal of Ophthalmology demonstrated the effectiveness of the company's OMNI Surgical System in reducing intraocular pressure in patients with primary open-angle glaucoma. The company has also secured an additional $5 million in loan funding from its existing credit facility with Hercules Capital, Inc. and affiliates, raising the total borrowed amount to $40 million.
UBS has initiated coverage of Sight Sciences with a Buy rating, forecasting strong sales growth by 2026. The UBS analyst expects the company's TearCare Dry Eye solution to drive double-digit sales growth and gross margin expansion that exceeds consensus estimates for 2026 and beyond.
In the company's third-quarter earnings call, it reported a slight year-over-year revenue increase to $20.2 million, although there was a sequential decrease in surgical glaucoma revenue of 8% and a 4% decline in dry eye revenue to $1.5 million. Sight Sciences remains optimistic about growth in the surgical glaucoma and dry eye segments in 2025, despite current setbacks. These are the latest developments in the company's operations and financial performance.
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