Sight Sciences Raises Dry Eye Outlook To About $12 Million, Calls The Bar Deliberately Low
Executives told analysts the TearCare forecast reflects an early market, after a question on a roughly 6% fourth-quarter slowdown.
Sight Sciences, which makes devices for treating glaucoma and dry eye disease with procedures, raised its 2026 dry eye revenue outlook to about $12 million from $9 million to $11 million, and its chief operating officer said on Wednesday's earnings call that the company is deliberately setting the bar low. The raise followed third-quarter dry eye revenue of $3.9 million, up 45% from the second quarter.
Pressed on the fourth-quarter math
An analyst at Piper Sandler said the roughly $12 million full-year figure implies about 6% sequential growth in the fourth quarter, and asked whether conservatism was built in. Chief Operating Officer Ali Bauerlein said the company has taken "a similar approach throughout the year" on dry eye guidance. The market is very early, she said, and the company wants to "set the bar appropriately."
An analyst at Lake Street raised the same point for the whole company, noting the guide implies flat or slightly lower revenue from the third quarter. CFO Jim Rodberg pointed to record active glaucoma accounts, the Omni Ultra launch and dry eye accounts now at 222.
Total 2026 revenue guidance rose to $92 million to $93 million from $88 million to $92 million. Glaucoma guidance moved to $80 million to $81 million from $79 million to $81 million. Adjusted operating expense guidance held at $92 million to $94 million.
Accounts and utilization both climbed
CEO Paul Badawi said ordering accounts for TearCare, the company's wearable eyelid device for blocked oil glands, rose to 222 from 176 in the second quarter. Those accounts bought about 4,600 SmartLids, up from about 3,100, and average utilization reached 21 per account against 18.
Total third-quarter revenue was a record $24.9 million, up 25% from a year earlier. Glaucoma revenue grew 7% to $21 million. Net loss narrowed to $6.8 million from $8.2 million, or 12 cents a share against 16 cents.
Glaucoma coverage widened too: Badawi said Aetna's expanded coverage of Omni and Scion added about 25 million covered lives earlier in the quarter.
Payer decisions are the swing factor
Management expects multiple payers to set fee schedules or coverage policies for TearCare in the coming quarters. Bauerlein said the company does not control timing and "can't predict the exact timing," though she said it believes it is still close.
Rodberg said the company ended the quarter with $40 million of debt, and in October extended the interest-only period by six months to August 2027. He said the company is positioned to reach cash flow break-even without raising additional equity.
Rodberg said details of 2027 guidance will come on an upcoming call.
Sources
- Sight Sciences Reports Third Quarter 2026 Financial Results — globenewswire.com
