Sight Sciences, Inc. reported preliminary, unaudited results for the fourth quarter ended December 31, 2025, showing total revenue of $20.4 million, a 7% increase from the same period a year earlier. The growth was driven by a 5% rise in the Surgical Glaucoma segment and a 130% jump in Dry Eye revenue for the quarter, reflecting stronger demand for its TearCare system after the company secured Medicare fee schedules for CPT code 0563T.
Full‑year revenue fell 3% to $77.4 million, largely because Dry Eye revenue dropped from $4.0 million in 2024 to $1.6 million in 2025. While the quarter‑over‑quarter Dry Eye performance improved, the year‑over‑year decline highlights the ongoing challenge of translating reimbursement milestones into sustained revenue growth.
The company announced that two Medicare Administrative Contractor fee schedules for its TearCare procedure became effective January 1, 2025, covering roughly 30% of Medicare fee‑for‑service beneficiaries. This milestone is expected to unlock broader reimbursement and drive future revenue, but the current full‑year decline indicates that the market penetration is still in early stages.
Cash and cash equivalents stood at $92 million as of December 31, 2025, unchanged from the prior year. Management emphasized that the results bring the company closer to cash‑flow breakeven without additional equity financing, underscoring disciplined capital management and a focus on operational efficiency.
The company reiterated its guidance for the full year, maintaining revenue expectations within the $77.3 million to $77.4 million range and reaffirming confidence in its growth strategy. Management highlighted continued momentum in the Surgical Glaucoma segment and the strategic importance of the Dry Eye reimbursement progress as key drivers of future performance.
"We are pleased with our progress in the fourth quarter, including approximately 7% revenue growth, strong cash management, significant Dry Eye reimbursement milestones, and continued Surgical Glaucoma momentum," said Paul Badawi, Co‑Founder and CEO.
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