0001193125-26-091558
SEC filingSight Sciences reported FY 2025 revenue of $77.4 million, generating a gross profit of $66.7 million. The company incurred a net loss of $38.4 million, an improvement from a net loss of $51.5 million in FY 2024. Operating expenses totaled $103.8 million, primarily driven by selling, general and administrative costs of $89.2 million. The company ended the year with $92.0 million in cash and cash equivalents, total assets of $115.3 million, and long-term debt of $40.3 million. Key forward-looking challenges include dependence on OMNI and TearCare product revenue, ongoing reimbursement uncertainties with Medicare Administrative Contractors, and significant reliance on manufacturing in China subject to tariffs.
Sight Sciences reported fiscal year 2025 revenue of $77.4 million with cost of goods sold of $10.7 million, resulting in gross profit of $66.7 million. The company incurred a net loss of $38.4 million, which represents an improvement from the net loss of $51.5 million reported for the year ended December 31, 2024. Operating expenses totaled $103.8 million, comprising research and development expenses of $14.6 million and selling, general and administrative expenses of $89.2 million. Loss from operations was $37.1 million. The company ended the period with cash and cash equivalents of $92.0 million, total assets of $115.3 million, and total liabilities of $51.4 million, including long-term debt of $40.3 million.
The company's revenue is derived primarily from sales of its OMNI and SION Interventional Glaucoma products and its TearCare system for Interventional Dry Eye. The document states that OMNI sales are expected to continue to account for the majority of revenue over the next twelve months. Revenue growth is dependent on expanding adequate and sustainable reimbursement for TearCare to drive Interventional Dry Eye revenue growth. The company faces challenges from Medicare Administrative Contractor coverage determinations that have adversely impacted MIGS claims volumes and revenue.
Gross margin for FY 2025 was 86.2%, calculated from gross profit of $66.7 million on revenue of $77.4 million. The company operated at a loss with operating expenses significantly exceeding gross profit, resulting in an operating loss of $37.1 million. Selling, general and administrative expenses of $89.2 million were the primary driver of operating losses, substantially exceeding research and development expenses of $14.6 million. The net loss margin was 49.6% based on net loss of $38.4 million on revenue of $77.4 million.
Net cash used in operating activities was $29.7 million for FY 2025, primarily driven by the net loss of $38.4 million adjusted for non-cash items including stock-based compensation expense of $13.1 million. Net cash used in investing activities was $0.2 million for purchases of property and equipment. Net cash provided by financing activities was $1.8 million from proceeds from exercise of common stock options and employee stock purchase plans. The company ended the period with $92.0 million in cash and cash equivalents, total current assets of $112.7 million, and stockholders' equity of $63.9 million against total liabilities of $51.4 million.
The company expects to continue incurring losses for the foreseeable future and cannot assure achievement or sustainability of profitability. Key strategic priorities include expanding reimbursement for TearCare procedures, driving adoption of OMNI in standalone procedures, and managing manufacturing diversification away from China to mitigate tariff impacts. Significant risk factors include dependence on limited products, reimbursement uncertainties with Medicare Administrative Contractors, intellectual property litigation with Alcon, and competitive pressures in both glaucoma and dry eye markets. The company believes its cash and cash equivalents will fund operations for at least the next 12 months based on current plans.