Sight Sciences signals $83M-$89M 2026 revenue outlook while targeting $6M-$8M dry eye sales

Earnings Call Insights: Sight Sciences (SGHT) Q1 2026

MANAGEMENT VIEW

* "We delivered a strong start to 2026 with first quarter results that demonstrated a return to double-digit revenue growth, continued strength in gross margin and disciplined operating expense and cash management," said Paul Badawi (Co-Founder, President, CEO & Director), adding, "Based on our performance and outlook, we are raising our full year 2026 revenue guidance while maintaining our adjusted operating expense guidance."
* "We are very pleased by the commercial traction we generated with our dry eye customers in the first quarter, where we delivered revenue of $1.4 million," said CEO Badawi, and added, "We are increasing our Interventional Dry Eye revenue guidance by $1 million at the midpoint."
* "In April, the court issued its final judgment, which upheld the jury's finding of willful infringement by Alcon and confirmed past damages and interest totaling approximately $55 million as well as ongoing royalties of 10% of Hydrus revenue through patent expiration," CEO Badawi said, cautioning, "This ruling is subject to appeal, and no cash has been received to date."
* "We are executing against our strategic goals from a position of strength with the operating discipline and cost structure we need to support growth, and we believe this positions us to achieve cash flow breakeven without the need to raise additional equity capital," said Jim Rodberg (CFO & Treasurer).

OUTLOOK

* "We are raising revenue guidance to $83 million to $89 million" for 2026, CFO Rodberg said, "versus the prior guidance of $82 million to $88 million," while adding, "We are reaffirming our full year 2026 adjusted operating expense guidance of $93 million to $96 million."
* "This includes revenue for our Interventional Glaucoma segment of $77 million to $81 million" and "our Interventional Dry Eye segment of $6 million to $8 million," Rodberg said.
* For Q2, Rodberg said, "We expect total revenue to grow low-double digits compared to the second quarter of 2025," adding, "Interventional Dry Eye revenue is expected to be in the range of $1.5 million to $2 million in the second quarter."

FINANCIAL RESULTS

* "In the first quarter, total revenue was $19.7 million," CFO Rodberg said, and added, "Gross margin was 86%."
* "Net loss was $13 million or $0.24 per share," Rodberg said, and added, "We ended the quarter with $85 million of cash and cash equivalents" and "cash used was $7 million in the quarter."
* Rodberg highlighted litigation-related expense timing, saying, "Total operating expenses were $29.4 million" and this was "primarily due to a $5.4 million one-time fee earned upon a successful final judgment in the Alcon litigation case."

Q&A

* Nelson Cox, Lake Street: "for your most mature kind of fully reimbursed accounts, can you talk about that steady state utilization"; Alison Bauerlein (Chief Operating Officer): "I don't think we're anywhere close to a steady state yet" and "there are a handful of accounts, probably 10% of the accounts that are driving a larger portion of the total volume here."
* Adam Maeder, Piper Sandler: "contextualize the good result" in Interventional Glaucoma; CEO Badawi: "We're excited to be back in growth mode" and "We've got new technology coming out... OMNI Ultra later this year"; CFO Rodberg: "We closed the quarter very strongly" and "We expect that strength and momentum to continue into Q2."
* Steven Lichtman, William Blair: "remind us" on patent suit next steps; CFO Rodberg: "final judgment was issued" awarding "approximately $55 million" plus "ongoing royalties of 10% of future Hydrus sales" and "We have not received any cash to date."
* David Saxon, Needham: "update on Omni Ultra timing" and whether embedded in guidance; CEO Badawi: "we feel confident that we should have a clearance, hopefully, within the coming months, certainly by the end of the year" and "We've put out guidance that we are very confident we can deliver regardless of when Ultra arrives."

SENTIMENT ANALYSIS

* Analysts’ tone was slightly positive, with repeated focus on utilization ramp, payer expansion, and the durability of glaucoma growth; for example, Lake Street called out "solid progress" while pressing on "steady state utilization," and multiple firms asked for timing/assumptions around reimbursement expansion.
* Management’s prepared-remarks tone was positive and expansion-oriented (CEO Badawi: "raising our full year 2026 revenue guidance"), while Q&A responses stayed confident but cautious on timing where outcomes are uncertain (COO Bauerlein: "It is hard to predict exact timing"; CFO Rodberg: "we won't comment further on pending litigation").
* Versus the prior quarter, management language showed increased confidence tied to early TearCare reimbursement traction and the revenue guide raise (Q4: "initiating revenue guidance"; Q1: "raising revenue guidance"), while analysts maintained similar lines of questioning around dry eye market access and stand-alone glaucoma activation.

QUARTER-OVER-QUARTER COMPARISON

* In Q1, the company shifted from initiating to increasing 2026 revenue guidance (CFO Rodberg: "raising revenue guidance to $83 million to $89 million" vs. Q4 guidance of "$82 million to $88 million") while keeping the same adjusted operating expense outlook (Q1: "reaffirming... $93 million to $96 million"; Q4: "initiating... $93 million to $96 million").
* Q1 discussion emphasized accelerating TearCare utilization and cross-selling from the existing glaucoma base (CEO Badawi: "approximately half of all active accounts coming from our existing glaucoma customer base"), while Q4 centered on the reimbursement milestone itself (CEO Badawi in Q4: "Novitas... and First Coast... established pricing").
* Analysts in both quarters prioritized payer expansion timing and workflow activation, with Q1 adding sharper focus on utilization trajectory and whether dry-eye guidance depends on incremental payer wins.

RISKS AND CONCERNS

* Litigation timing and cash uncertainty remained explicit (CEO Badawi: "subject to appeal" and "no cash has been received to date"; CFO Rodberg: "We have not received any cash to date").
* Reimbursement expansion timing remained uncertain (COO Bauerlein: "It is hard to predict exact timing") even as the company said it "expect[s] additional payers to establish fee schedules this year" (CEO Badawi).
* Regulatory timing for OMNI Ultra was not presented as certain (CEO Badawi: "nothing is definitive" and "we can't predict with specificity when the clearance will come").

FINAL TAKEAWAY

Management described Q1 as a "strong start to 2026" driven by a return to double-digit total revenue growth, nearly doubled sequential dry-eye revenue with increasing SmartLids utilization, and continued OMNI year-over-year growth. The company raised full-year revenue guidance to $83 million-$89 million while reaffirming adjusted operating expense guidance of $93 million-$96 million, and reiterated a goal to reach cash flow breakeven "without the need to raise additional equity capital," alongside ongoing uncertainty tied to litigation appeals, payer-timing variability, and OMNI Ultra clearance timing.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/sght/earnings/transcripts]

MORE ON SIGHT SCIENCES

* Sight Sciences, Inc. (SGHT) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4900060-sight-sciences-inc-sght-q1-2026-earnings-call-transcript]
* Sight Sciences, Inc. (SGHT) Q4 2025 Earnings Call Transcript [https://seekingalpha.com/article/4878604-sight-sciences-inc-sght-q4-2025-earnings-call-transcript]
* Sight Sciences GAAP EPS of -$0.24 misses by $0.07, revenue of $19.7M beats by $1.15M [https://seekingalpha.com/news/4587820-sight-sciences-gaap-eps-of-0_24-misses-by-0_07-revenue-of-19_7m-beats-by-1_15m]
* Sight Sciences outlines $82M–$88M 2026 revenue target while expanding interventional dry eye strategy [https://seekingalpha.com/news/4561046-sight-sciences-outlines-82m-88m-2026-revenue-target-while-expanding-interventional-dry-eye]
* Seeking Alpha’s Quant Rating on Sight Sciences [https://seekingalpha.com/symbol/SGHT/ratings/quant-ratings]