Sight Sciences, Inc. reported fourth‑quarter 2025 revenue of $20.4 million, up 7 % from the same period a year earlier. Interventional Glaucoma generated $19.7 million, a 5 % increase, while Interventional Dry Eye revenue rose from $0.3 million to $0.7 million, a 130 % increase, reflecting growing commercial traction following reimbursement milestones.
Gross profit reached $17.8 million, giving the quarter an 87 % gross margin that matched the prior year. Operating expenses fell 25 % to $21.5 million, driven by a 43 % drop in research and development and a 21 % cut in selling, general and administrative costs. Net loss was $4.2 million, or $0.08 per share, and the company posted an EPS of $-0.08, beating the consensus estimate of $-0.15 by $0.07.
For the full year, Sight Sciences posted revenue of $77.4 million, a 3 % decline from 2024. Interventional Glaucoma accounted for $75.7 million of that total, while Interventional Dry Eye contributed $1.6 million. The company’s gross margin for the year was 86 %, unchanged from the previous year.
Management guided 2026 revenue to $82 million to $88 million, with Interventional Glaucoma expected to generate $77 million to $81 million and Interventional Dry Eye projected at $5 million to $7 million. Adjusted operating expenses for 2026 are forecast at $93 million to $96 million, reflecting disciplined cost management as the company scales its commercial operations.
CEO Paul Badawi highlighted the company’s disciplined expense strategy and the impact of a recent reimbursement milestone for TearCare, noting that the new CPT code 0563T is a turning point for the Interventional Dry Eye business. CFO Jim Rodberg emphasized that the operating discipline and cash position of $92 million position the company to achieve cash‑flow breakeven without additional equity financing, while a reduction in force in August 2025 helped lower operating costs.
Market reaction was mixed. Analysts noted the EPS beat and strong cost control, but the revenue miss against some estimates tempered enthusiasm. The guidance signals confidence in a return to growth, particularly in the Interventional Dry Eye segment, which is expected to drive a significant portion of the 2026 revenue outlook.
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