Sight Sciences (NASDAQ:SGHT), a leader in interventional eyecare technologies, released preliminary fourth-quarter 2025 results on Jan. 13, showing a return to growth driven by its interventional dry eye business.
The company expects total fourth-quarter revenue to reach $20.3 million to $20.4 million, representing a 7% increase year-over-year.
The quarter’s standout performer was the Dry Eye segment, which saw revenue skyrocket by approximately 130% to $0.7 million.
This growth follows a "transformational milestone" in October 2025, when the company secured new carrier-priced fee schedules for its TearCare® system from major Medicare Administrative Contractors (MACs), including Novitas and First Coast.
This move significantly expanded reimbursed market access to over 10 million Medicare beneficiaries.
In the larger Surgical Glaucoma segment, fourth-quarter revenue is projected at $19.6 million to $19.7 million, a 5% increase over the prior year.
Growth was supported by an all-time high in ordering accounts for the OMNI® Surgical System, which recently benefited from expanded coverage by UnitedHealthcare.
For the full year 2025, Sight Sciences expects total revenue of $77.3 million to $77.4 million, a 3% decline compared to 2024.
While annual Surgical Glaucoma sales remained flat, the overall yearly figure was weighed down by a strategic pivot in the Dry Eye business from a "cash-pay" model to a "reimbursed-access" model, leading to lower total Dry Eye revenue of $1.6 million compared to $4.0 million in the previous year.
Financially, the company demonstrated significant operational discipline, ending the year with $92 million in cash.
Total cash usage for 2025 was approximately $28 million, but this slowed dramatically to just $0.4 million in the fourth quarter, reflecting recent restructuring efforts and cost-reduction initiatives.