The following is a summary of the Sight Sciences, Inc. (SGHT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Sight Sciences reported Q1 2024 revenue of $19.3 million, a record for their first quarter period, with 3% sequential increase from Q4 2023. Surgical Glaucoma revenue stood at $18.3 million, up 5% year-on-year. However, Dry Eye revenue decreased to $1 million, a decrease of 32% from Q1 2023. Notably, the company reduced its cash usage to $10.8 million in Q1 2024, from $17.7 million in Q1 2023.
Business Progress:
Sight Sciences observed increased utilization of their Surgical Glaucoma technologies over the previous quarter and Q1 2023. The company has strategic initiatives for market penetration and expansion in both Surgical Glaucoma and Dry Eye segments. For the Dry Eye segment, they aim for coverage decisions starting 2025 with TearCare. The company anticipates double-digit growth in the second half of 2024 and into 2025, and expects increasing active accounts throughout 2024, particularly for Surgical Glaucoma. Notably, increased investments are being made to support this anticipated growth.
More details: Sight Sciences IR
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