Recent SGHT transcripts
Associated SGHT filings
| Philip Taylor | IR |
| Paul Badawi | CEO |
| Jesse Selnick | CFO |
| Cecilia Furlong | Morgan Stanley |
Good day Ladies and gentlemen, and welcome to the Sight Sciences Second Quarter 2021 Financial Results Conference Call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session and instruction will fall follow at that time. [Operator Instructions] As a reminder, this call may be recorded. I would now like to introduce your host for today's conference. Mr. you Relations, Investor Taylor, may begin. Philip
release Officer and call. XXXX. copy Presenting you, Chief financial Officer Chief results press thank Sciences three of today, Sciences months you today's in Executive ended Financial on and the Badawi and participating for for Paul Selnick. today released A available company's is and Earlier Sight all website. co-founder Thank Jesse months is six the Sight our XX, June the
everyone Those remind results and Sciences to comments related like made will marketing today I'd begin, and and we Sight management that answers and developing include new by Before operating to for financial future forward include products. questions plans to looking statements. statements
Sight today, cause subject that or Forward-looking and uncertainties The publicly made revise results required the risks described actual filings statements, implied and except with risks are by from to statements on obligation Sciences no as by law. SEC. as in the update are based those may forward to differ estimates undertakes to looking materially and uncertainties and statements, expressed any these including of or assumptions company
information, please risk in with the recent forward-looking refer statements, factors over And turn notices that, SEC and filings. the will to our I call more Paul. For to
to our our guiding providing on performance overview our our strategy. you Officer Selnick and on our I'd and Jesse to today. second of Officer story first by And Since forward O'Neil, growth may publicly an with everyone like earnings updating our the us new also you Sciences, Chief many thank principles mission, us Financial Chief traded quarter, our Sight Commercial be I you, joining to call company, as of our Shawn is a in start to and look
us is most eye suffering the XX% Eyesight world that Over devoted lives fundamental humbled the existing XX% of world's to our need and and diseases. of our the eyes. in IPO through and investors prevalent are enters from over gratified to the the of quality and new of patients we participated is life. on brain many vision, human information to joining our journey are our to We perceive transform
outcomes ophthalmologist, and is precious goal enhancing decade brother ago vision. is by not Sight improve life over conventional my through protecting care class I on Sciences can overarching in priority. diseases. eyecare and our and quality a an seek our thrive Our started world's more outdated of David, sense, underlying President the and to and we a a tackle that of The of open and wherever believe simple interventional world eyecare development as build Dan, company. efforts breadth we the long the most pursue Sciences curious are Sight chosen things and and for pursue XXX came creating out products to eye; we angle to believe of many later, paradigms, very now with be with participants company in Sciences disease simulated coming Vice treatment very and optometry two of while interventional of up we've glaucoma we our utmost industry our create ECPs what products also our importance created take and of the Sight garage dry the solving eyecare current to ophthalmology research development. our name mindset employee glaucoma outside areas methodically and products optimize if in organic, first in that all team built experiments the that on the right the We a we prevalent very encompassing members clinical investors of commercialize many performing both talented to our way, along will from disease leverage providers improved target transforming novel eye that commercialize And the empower we clinically can is develop eyecare. the We address differentiated two maintaining categories. years serving almost new devices. approaches, of medical problem one. day focus care run thanks have that categories to conventional underserved Many and intend replace we primary we Many to our answer differentiated develop mission from the beginning To methods fully best through we platform good thereby fortune did expertise of or solutions to company their most eyecare the could some initially opportunities improved years. for and causes while why patients. and different have patient We laser
Moving of our Days care. care with eye eye serious diseases four head and standard improve on development. product on of spent now site devices developing are to meaningfully to pillars against on the at competing obsession an
and empower care on that hyper providers We best developing their eyecare the clinically focused take patients. commercializing to products are maximally transformative of
provides regulating guide of and underlying the then four evolution, safety. biomechanics, the its that relevant consistent to product of physiology. of combination to and Healthy of that for a patients. three, outcomes effectiveness believe clinical development natural data We restoring the self are that are understanding we chemistry causes. of robust governed achieve Number mission which we one, Number causes, most all functionality comprehensively disease design. analyze is optimal our to underlying available clinical by believe products. science fundamental Number sound marvels We Our and treatment physiology and critical a and intuitive disease of by on eyes the of is focus causes eyes review disease development use diseases underlying two requirements literature mastery. to treating delivering
impractical, procedures. minimally products intuitive, friendly treatment invasive user or Our designed complex, and approaches are transform invasive, to to
for We value focused to stakeholders. as patients choice the believe differentiated, possible. seek Our and access. accessibility products optometrists. potential product devices preferred economic patient availability as the have are and maximize that of all many delivering to four, We on eyecare to offer development goals and clinical, ophthalmologists treatment a our go-to our of experiential to Number
With the goal they category POAG rigorous to we of primary not all before in satisfy glaucoma have any requirements. a with do into attainable because for have conviction we ran project. commercialized use must clinically our lead two fail begin all development of ideas gauntlet successfully are our development expectation and Most advance our four we criteria that new that process to angle adults Today, open or the products of we the dry product warm irreversible provider. are We patient and with reason and commercial the excellence. years both situations global believe disease, And world's TearCare requires transformative blindness. ahead. application OMNI compress community to Maximizing impact than clinical number clinical medical global product that a one eye to the ECP an a in including impact a eye have cause in more visit recommends tremendous for of of leading requires training a poised meticulous care enter,
years our built three marketing both past and programs team leadership sales teams for training the distinct has OMNI and commercial TearCare. Over and
ophthalmologists things thrive on care we best every industry you team team We impact providers the Our our Because believe reputation commercial to of rewarded of improve the the the the can continue as are possible. have passionately and among We within the patient as works hear we with and of life. to want and prospects doing products this V to that and reputation the Customers we patient optometrists, we a relentless great eyecare have join. pursuit significant team gift way, and stakes to customers. right to with are choosing reliable and XXXXs intervention outcomes, commitment high of go when day. our clinical when earn quality
to clinical the of with not market. or with situation, commitment and in meaningful help of than of the the passion role disease to to rises blessed Sight is severity customers Sciences There Our joy improving greater to the dedicated with the patients. in fight size of personally be our me people a no lives just satisfaction lockstep or the
many patients patient you world select the protect years advantage. around gratified on the that accrues We to have first come. disproportionately can putting value the their are shareholder the to enhance rely healthcare to companies as join in of that that eyesight and We competitive substantial and of our believe on us mission humbled to chosen those
drivers. to on key three moving Now, value strategic our
Please expansion mix Our us number primary minimally indications for open In innovation all and that POAG substantially the areas surgeon standalone be core always which adult in keep mind two of larger in segment of to two glaucoma further angle commercial within brings glaucoma commercial made market our current while term, Number include of Medicare of eye expanding invasive also disease, the laser OMNI's the evaporative our in in patient for goals. access combination three, imperatives one, and strategy of number And devices dry advancing dry among internationally. to we expand for for disease the procedures if market. development the Greenfield surgery surgeons our in we POAG three substantial our standalone disease usage payers. and U.S. or will continued labeling quarter the and will second established use two MIGS however, intended the as to other focused In you're pipeline cataract segment eye strategic diseases for potential the by and these key will market. and TearCare virtually advancing of three treatment use expansion segment both in into perform the the continuing as progress near products. for with adoption on well prepare
clinical POAG And IOP market segmented based to as is procedures a invasive combination greatest Cataract device MIGS segmentation is and PAG the with to related trials largely therefore a to Trabecular to which surgery, only or combination combination procedures, performed cataract there unnatural and are the lowering into IOP benefits. with be refer which result and for POAG trabecular cataract on goals and the factor stents mix standalone refer effectiveness are use This and crucial decision degree focus elevated is intraocular treatment. U.S. own, two demonstrated the factors elevated bypass believe performed We indicated we of effect today making stents and alone. disease MIGS in are IOP a over The a MIGS first bypass not using on modest lowering the decade the the its surgery as Our pivotal indicated are two in past offering of the of procedure. which necessitated procedures for both has cataract treatment incremental beyond adult pressure that the considering by bypass we the procedures. division dents pressure procedures intervention. artificial into segment, when risk effectiveness for standalone of patients for in clinical primarily for efficacy surgery can being advancing cataract of with own this effectiveness standalone minimally associated and surgeons known for is surgical cataract both of their those and combination consistency requirements and consistency have is segment. the criteria patients the used
believe may we of the ocular success. with need can there likelihood the high surgery patients that knowledge a For anxiety tempered be the accompany is for that
a to to only effectiveness the For decision a important standalone recommend outcomes of of deliver the results will consistently MIGS broadest a crucial procedures and which standalone to surgeons high indication cleared combination their unnatural and surgeons to internal population consistent is for for that confidence especially reason. devices we operating effective as this provide justify also In and but devices for them We and this on consistency a on of with procedure all combination market, and standalone well FDA patients procedure, degree simplify surgery high than not We the standalone mix the believe and very FDA of the be year, procedure. believe believe covers effectiveness room believe and U.S. capturing choice unlocking to capable between omni delivering enough for in take must singular is the the among divide treatment clinical to patient very the we the which market, supported of capitalizing X/X volume potential based mix, believe cleared use its bridges the data. the cataract cataract which currently expanded perform as of we less full potential March
patients patients. invest the believe we combination Grail in We and MIGS pseudo and commercial development lens Holy limitation the cataract for and intraocular severity use status, of for POAG covers patients indication very all or in disease, indication of intend this and OMNI. without adult the is aggressively to mild, clinical to reduction with Importantly, pressure patients with respect moderate of advanced broadly this
So a conventional outflow why critical outflow Number did of meshwork, comprehensively of all the is schlemm treatment and capable two two, address pathway. number clinical pathway, of a OMNI capable MIGS? one OMNI OMNI conventional up the disease of points addressing diseased OMNI implantable three focal to in that We to the all clinical smaller collector physiological performance addressing of pathway broad indication is advantages. outflow and in such degrees has distal achieve the segment canal for XXX vascular resistance channels. And believe
in in shown been settings. with used As clearance combined expansion combination demonstrated lower effectively ROMEO and use has and POAG label our OMNI for safely adult patient and for and to IOP multicenter standalone of study consistently FDA cataract and comprehensive sequential both canaloplasty
any competition with X,XXX priority XXXX of as viewed always entrenched we have market as surgeons single trained since makes targets. chosen MIGS early the in the lives universe have OMNI of deliberately highest that We to the Despite POAG. over our intense, seeks launch a customer patient improve
have a go. XXXX off We and have OMNI nearly to brought we we more these the sold of trained to surgeons number successfully and learning large still ordering quarter second facilities, of In them the XXX many curve. OMNI
starts and much our and we for believe perfected mission clinically XX collectively While developed incredible technology a all their we surgical transformative differentiated over achievements, praise received deservingly our team year so the clinically period. it commercial with
OMNI use. IOP patient of a goal painstakingly minimally us master surgeons Our effectively can procedures the designed believe focus complex that an allowed on invasive glaucoma and and of safer for curve. effective first an the learning create that surgeries invasive love routine device intuitive with that yet to mastering and the We equally with transforming comprehensively putting and effective we and reduces product into to elegant surgeons within physiology
standalone was to that safety, training effectiveness allow mixed to POAG achieve in they its mix cataract device including in consistent would the settings, which a and surgeons adult support an experience consistency high have surgeons OMNI of bar cases add the confidence exceptional would and combination with Our pursuing patients to levels IOP and of reduce goal prefer such trained procedures. clinical existing and that facilitate then clearance all higher in on broad
Based As our we to is made inroads Many case segment, surgeons have of we of phenomenon OMNI conducted established POAG on results tremendous indeed chosen study an were starting have the year, adult we last internal patients their treat to combination OMNI estimate field occur. believe expand cataract of in already use standalone approximately we for in late this settings. the that using our XX% this than combination the to segment standalone FDA is substantially the year. U.S. expanded U.S. approximately times undeveloped. of cataract in XXXX. its to marketing launched and we without usage early that in benefit OMNI of label of cases note larger standalone achieved increased our even OMNI We surgeons five I March $X mix would standalone which after billion the was is believe received segment campaign, like the procedures
surgeons that fully seeks status. of intervention and eyecare first treat possibility the POAG perform program majority to surgeries includes and market of to and primary well regardless those as lens general and including vast both usage among ophthalmic the its the specialists introduce cataract education, the of diagnose mix benefits patient's ophthalmologists providers first educate kind to of who plan develop as development comprehensive who patients standalone glaucoma earlier optometrists and surgeries, awareness a eye Our
more more mild forward quarters. standalone more our progress to believe on to the who POAG look We of in mix, to and most to not deliver thrilled all currently moderate be basis the surgery. consistent about position methods cataract couldn't to coming sufferers our we of be a a are We standalone in progress POAG developing exciting track and power the is adult in sight reportable the the segment information to sharing require and segment do
and cataract leading summarizes MIGS value the our that MIGS segment. standalone So of take continuing larger segment, to existing two combination the in first share the much development drivers
pad associated that aqueous Meibomian dry commonly to today, as known MGD have or determined huge typically to to studied way is with develop of that treatments cause characterized known We treatment meibomian optimal way potentially to quality treat level associated bottom way entire heat, energy a and suffering each office introduced application program. a the eye outer common warm value period, produce eyes, precise effective mid comfortable of actual with years and dry trials working controlled glands between now to regarding indication iteration TearCare a Meibomian of and billion oil of the built are that XXXX eye. concluded TearCare third top and represent our multiple for for market dry prevents party our MGD of over in that for become TearCare disease current and as evaporation. dry to eyelids olive clear U.S. poor Meibom or the obtain system we like application tears with disease. an based out eye gets Yet XX% a with demonstrate provider dry MGD pillars has XX% by disease with a the over the $XX XXX layer and evaporative TearCare secretion community thermal Dry the tightly treated clinical aim After strategy. in insufficient launch, of a with eye line dry the safety is localized annually. optimization diagnosed Moving global the on minute recommends manufacturer the Recent through studies and blink advancing dry, eye gland five over a could tear and market to this reps data healthy protective an deficiency obstructed, treatments We and FDA This compress of product eye deficient million is dry tears. purposefully dry consistency product We are a powered which third a We covering medical TearCare clearance eye. controlled and in most dry suffers. aqueous outermost the the and our In coverage a of there XX in the procedure. patients for glands payers approximately people cases. help and effective eyelids. heating of dialogue is dry to XX US patients exceed to complaints procedures the from represents appropriate most and evaporative of an disconnect for and oily too clinical development production of disease, the TearCare and evaporate the forms tear driver underlying is United TearCare that and key additional where eyelids as through formed for deliver Gathering currently into revenues. premature number the , was extensively development blocked or eye rounds one believe reason patient total debilitating million an or of eye and multifactorial trapped Meibom over MGD U.S. released expanded use States. nearly care eye treat called disease to eye is eye are quickly inflammation the effectiveness estimated barrier MIGO. and payment When visits with and and is hardens. tears an the the eye million lipid Dry XX XX glands cause for
are precludes leading tear or Meibom prescription not MGD. MGD providing for that degrade and have Sight of one like focused disease and well of toothpaste the yet commercial prescription established As drops from thoughtful, change annual tear Despite none consistency or the the in consistency, on protection for and dry have eye counter the treat can inflammation. treatments procedures. indicated long eye at Currently, either which dry and term reimbursement designed to drops mechanism We targeting leading reaching premature excess over The of developed have you Medicare a as any informed strategy dry evaporation. aqueous $X.X of MGD prevalence a cause revenue against deficiency progresses, cause eye the have Sciences film meaningful have insurers of that. eye a billion the treatment the number very to
that maximize for exists the believe for we broadest our comprehensive MGD sufferers must model TearCare of also experience and a patient clinicians technology the business our own Although reimbursement range based access reach we procedure of a for appropriate patient and to-date and to pay provide improve. on TearCare that solution utilizing believe
your with expand to to indication are working on and peers your seeking for and this are FDA use We front. the
allowed indication, to controlled specialized product TearCare term customers, launch also our and long initiating access current while commercialization Our its of has the with focused strategy. for market reputable us begin
the Sight built term approach indications. we for Sciences we long devices as Just long potential developing MGD term, to a for are taking
the to thoughtful the not number favor revenue that chosen for strategy access cleared to potential an expanded a short have of for MGD patients of with has largest TearCare We if maximize label. to term in provide more
published disease. with we other evidence, and our leading dry dry RCT crucial of clinical Beginning in coming Now, everything leading clinical improvements development to peer all in reviewed and evidence expect and were in the products. and of is TearCare Olympia moving The generating to other articles significant journal with results Olympia statistically was critical signs our on to published of journals symptoms be do , which assessed is in robust commercialization to to a eye clinical months. associated we
the of and the over from part crucial mind prescription Last medical market care RCT month to from In the of facets criteria make on pleased these establishing TearCare. payment consistent as understand treatments program and access nicely. we and We has that quarter. directors look further a evaluating our to do We patient to linear a is progress. ERA for and is compared segment other numerous are this leading TearCare have their is term development providing in based in for reimbursed not coverage appropriate development to But access quarters always durability updates each right that of the are over design coming for TearCare enrollment as of period. and TearCare head and we dry treatment payer unlock head a endeavor announce TearCare tier strategy year, to TearCare. the an plan assessing We eight fashion long certainly continue keep we our you in feedback may and forward XX dollar progressing the TearCare payers procedure access RCT this a convened the for market of The our the begun, also second to a also efficacy it's progress protocol. clear patients we access a are multibillion dry pioneer strategy to use to as medication process. discussions to very eye panel in ensure Please
hypotensive OMNI standard risk have alleviating trials medications burden the of with and leading studies among are with eventually either OMNI and also clinical versus factor the exciting to ongoing RCTs treatable the evaluate head and pressure, several reducing head bypass alternatives. will care prescription medications. of the these as These compared early intervention, hypotensive to ongoing the intraocular the of We only planned effectiveness associated POAG OMNI or multiple in versus planned or mix for or stance trials clinical
data significant IOP first was month. of trial studies, in conferences and journals conference OMNI study, clinical We degree degree observed for the in cataract the In the OMNI ophthalmology and of completed our submit present need terms in months. the XX canaloplasty ASCRS publication IOP peer XXX other the results clinically reductions Gemini plan through lowering surgeries and reviewed multicenter prospective month in our the the both at using medications Gemini primary for Vegas for combination in future. resulted that XX in procedures U.S., sequentially from to OMNI at major endpoint XXX results presented performed Trabeculotomy We last Las of in
trial that, and also us are the safety allow if procedures upcoming canaloplasty and we of progress were clinical on will study only OMNI FDA the making trials. We OMNI the using IDE to finalized, pleased with our approved with for in U.S. effectiveness
have canaloplasty IDE We our expect to the on with months. within resulting FDA discussions alone the updates from further our coming
OMNI As purpose for of IDE FDA a alone If for new followed indication canaloplasty clearance for IOP reduce study new to this a would and procedures needs this only clear of under for adult is we currently is seek patients with provide would reduce by canaloplasty and additional adult IOP be cleared use canaloplasty POAG. The patients indication use to to each a reminder, OMNI Trabeculectomy only indication, patient. new with believe use and POAG. the based with for canaloplasty flexibility treatment OMNI customize on for POAG surgeons to for
We have also RCT. made European significant progress with multinational Trident, our
This mild only trabecular study to for Europe. patients of RCT implantation stents. quarter followed seven in to a canaloplasty XX XXX using canaloplasty a standalone month open-angle OMNI using patients by glaucoma across who fourth enrolling trabeculotomy moderate on bypass aims countries begin receive in of to either expect basis the We will total OMNI,
our Surgeons because Trident against Society excited are represents opportunity first annual of the eager across the a our particularly Refractive compare last opportunities a the performance stance American enrollment. month, are and customers, trial physician five are results present great studies like to thought to us presented surgeons important longtime clinical featuring and leadership and and friends. OMNI audience Participation from clinical the to MIGS and a it are population. of TearCare. large OMNI optometrists of to ASCRS basis standalone Cataract very with about ASCRS We And leaders, our of complete meeting ophthalmologists and broad meetings for we on of results connect At and
is major finally as rules These on moving fee and in Last many MIGS to outpatient continue on relates and and future, proposed for at day CPT released month, for XX effect were American procedures payment the rate. subject payments results schedule related finalized a for $XXX it X. to payments industry AAO. eyecare may other used including $XXX from in among and conferences current January will physicians felt November, Academy Ophthalmology national meeting and to of be to presence in before a XXXX. period and the We annual were be optometry taking further make XXXXX, market new to AOA CMS of are which review physicians the access. to would may you And code reimbursement OMNI, of reduction like OMNI aware and Proposed revised to events XXXXX those our the revised facilities as that be that proposed November
for X.X% X% increase the to $X,XXX a CMS differences in for XX% $X,XXX at is fee than proposed and and cataract ASC ASC $XXX payment are disappointed the canaloplasty the plan rule for more we this the procedure of OMNI's setting in CMS an canaloplasty setting billing exceeds a that if HOPD proposed to increase While the provide increases the The proposed know still setting. and to revenues We payment standalone of Under payment adequate for setting, procedure proposed schedule, schedule final engage proposed the procedure accounts and of a in about $X,XXX. will would finalized, for the in believe increase to physicians. still XXXXX physician the over proposed both the by ASD proposed modest with standalone approximately the payment $XXX. cataract to HOPD for in the CPT facilities surgery X.X% value we outpatient over payment HOPD reduction receive setting. featured over which for recognized this to code OMNI
a increase seek As ASC status status in code result could including if device intensive for the discussed XXXXX XXXXX, previously, OMNI setting, in approved, we covers have continue intensive which ASCs. devices for payments to to meaningful device codes we CPT in
and reviewed support decisions to continue intensive status and stakeholders and when of encourage payment to relevant peer when assignment program our intensive of with our on subject. device of in we do coverage other device will report we clinical decisions. the regarding products work The We medical procedures. society's that above related not payments back our We of more evidence review to literature our and subsequent and products. CMS include designation cited payers regarding appropriate trial coverage have part effectiveness and use and other safety associated CMS on rates OMNI for will believe clarity articles proposed provide further and the making
Additionally, economic illustrate outcomes our payers, with health, our of safety value intends information more and market the importantly, packages to team clinical to supplement quality of to data quantifiable product and and life. patient's access efficacy our
to We access and and will groups advocacy and proposed OMNI related The the included fee patient and ophthalmology payments to of facilities appropriate TearCare. in continue work to permanent to to X on CPT stent influential with schedule advocate changes stent billing physicians the for behalf physicians implantation also bypass new patient XXXXT societies, combination codes describing since procedures. bypassed CPT or with or X in will be dental performed XXXX tobacco with cataract category category code implantation trabecular surgery. cataract replaced combination for implantations with protected The used bypass major codes
publicly such impact other analyzed have call products or we proposed investors analysis. will financial and The new available, their and conclusions we Jesse? our any rules our amounts are results. proposals to have schedule While surgeons I second now proposed discuss the payment over on Officer on and after not quarter draw related Chief facilities. turn to speculate urge Jesse careful codes fee own Financial we these proposals could internally, to Selnick will to
Thanks, Paul. everyone. afternoon good And
XX, $XX.X was a period XXXX. quarter XX% XXX% from months Our total $X.X XXXX was million, XXXX increase and of of same first million $X.X increase revenue ended which from the a the sequential in for June million the in three
OMNI the We were cancellation. second first with due the volumes what during what quarter training and impacted be that to quarter of in normalized open encouraged to XXXX down and were XXXX the that quarter during impacted and and cataracts of driven extent environment materially the period related we closely second second in facilities to access TearCare. and of observed COVID-XX XXXX quarter eyecare to operating we procedures glaucoma be pre-COVID shut observed a periods, patient controlled that prospecting, lesser during providers on to in results for commercial elective of but by procedural Our resembled XXXX are the
being practice To-date, observable have impacts. related volume All Delta variants operating restrictions, we widespread from on noticeable its to opposed impacts been procedural of end variant the and closely said, the our markets. that Delta are as the monitoring to primary impact
patients this informed cases related Again, both surgeons. and just we been some monitor continue of of closely. extremely OMNI However, week, cancellations we've by Delta these to very developments
to get margin quarter as as was of more gross segment first of of compared drivers XXXX combined The we discussed quarter will Our XX% be performance. in depth in for prior year XXXX. into the period, second the this corresponding XX% in and increase the XX%
of from to by the more segment as surgical of that benefited the of the increase selling primarily as of XXX% second commercial product the of XX% well as what in $XX $X.X for an accounts Sales is from million driven from revenues I million number sequential customer XXXX. environment new second utilization mentioned a quarter OMNI quarter, in XXXX, sold increase quarter active million a first per Our in the facilities, glaucoma OMNI from part XXXX the a and number were normal quarter in add up access factors in to of of $X.X increased account. due as which
comparative from the XX% in continue surgical of OMNI impacts period, quarter. within specialized Further surgical In was in and the in factors observable scale related our as more our glaucoma to we quarter volume of of transition fewer the production XXXX. second business second XXXX quarter oriented year result this quarter, XX% benefit the for addition, COVID year high for partner sequential Gross half the and the to glaucoma. primarily to The quarter improvement and contract was compared margin results R&D in from XXXX prior in of first first manufacturer. low seasonality of a the the XX% during the first cost the development
respect sequentially more or of a glaucoma XXX% COVID greater of absorption environment $X.X of $X.X from prior in the million Our periods quarter revenues segment, and an and gross from which normalized million second XXXX increase XX,XXX corresponding from year first XX% and benefit dry will margins period selling were XXXX. the the comparative of quarter dry fixed from labor surgical our is In seasonality eyes overhead. Similar costs to benefited in factors. our our up to segment,
of quarter as quarter Gross date we improvement gross versus quarter of build margin well facilities second the business revenue which of second sold both consistently of our of in the XXXX the XXXX. customers to results XX% typically providers, for our which have second in basis. more in until and XX continue a we've XXXX. new XXXX business embedded component of grow an Total the increase as periods in unit investment. hubs increase increase which general, XXXX this margin of our Not for gross which XX% reordering base of quarter eye in accelerate that will benefited and in towards in as was to fix XXX% plus period labor our and the and our from use were base run addition, smart the the and are second will the negative to cover of first focus X% we from been preparation launches gained and traction base begin eye year from of from a a installed The in in In our care system led vis-à-vis higher is number as dry a the we million, on in our initial sell period. margin costs, operating to million our TearCare as basis. sales, larger quarter due on in eye growing OMNI XXX% increase our $X.X to well we TearCare shift dry the XXXX expect public $XX.X prior XXXX quarter sold offering the cost customer dry scaling for was our money In XXXXs surprisingly mix gross and we margins as first second comparable significant XXXX in smart commercial margins single of investment for overhead quarter range the million expenses base
second factor of quarter received accounting in the which specific paycheck increase protection or of $X.X the PPP our was of the XXXX. we treatment contributed loan which OpEx to Another year-over-year program billion
loan earnings the cost. was PPP similar Our impact and whereas which recognized recognize to we the of a the was for in period accounted in in specifically earnings loan grant the the government
the the growth. expense headcount And in in XXXX. XX.X support expenses quarter in future the expenses. The and amount in XXXX the for actually PPP for our quarter instance, proceeds million because $X.X our loan so really of primarily of utilize investments the second million will primary greater second XXXX, in was XXXX and due was understanding OpEx scaling to XX.X now of principal through in quarter of XXXX. second facts areas quarter loan. of first an effectively comp full were investment what of and the million corporate the compared expenses of quarter SG&A of million on to incurred to operations our SG&A increase the to continued This detail. X.X walk in I second offset our the our we that's operating We're the was loan resulted what
added first we of support example, in the our to support the time, quarter the at OMNI XX to and quarter marketing, from XX. expanded bearing XXXX, hunter personnel As And reps we team an growth. same field training
business While in at the if we a to incremental and not opportunistic see the have this segment section reps attractive plan we to to do will specific further be returns expand accelerate point time, either growth, for our opportunity continue on when we investment.
increase increase associated Majority, with costs expenses out in as for trials. factors; supplies a from an of and expense clinical, XXXX, public three to business we $X.X expenses quarter and XXXX. development and in preparation over million departments, the in continued in quarter and the as quarter company investment clinical personnel In TearCare XXXX and increased expenses and R&D XXXX accounting, due contract our X.X periods in built we made to personnel presented in legal as resource, of product headcount in prototype finance, first of addition, compliance of R&D million manufacturing corporate lab XXXX the the compared human second our growth. regulatory and was result second for for operating the X.X R&D million systems meaningful were a our to
R&D build XXXX enhancements R&D we we our and our brand of both across development and roadmap term XXXX our near out and to for our over operations million as first roadmap. in Overall, continue XX loss operational the grow expect X.X quarter the product was ended expense a to loss internal to XXXX. period enable June three as We us execute of execute of core to of million products to team, months million a same for compared loss the from the XX.X clinical XX.X
We X.X average for of to such continue second in loss per procedure as based complete a $X.XX based scale to share to We use a upon of of existing of business count clinical indications the to the the XX.X very net or XXXX expand a the products, such XXXX XX.X loss ultimately market to weighted million us our share to for for necessary obviously the to pre-IPO a of XXX have pre-IPO shares. were generated investments access million excellent products, quarter million pleased $X.XX shares, markets, our quarter to which standalone which new puts advance to X.X XX.X We financial of MIGS million approximately net or XXXX compared million make proceeds debt. for dry robust based of and cash offering second eye. on our our and new public and with were position as execute weighted million, and an last count long of term initial million trials, ended X.X product quarter develop second month initially, equivalents average share of
on take Sight return Sciences of been invested and has a lot One capital. accomplishments of our the we pride financial
with investment million traction to when intend us it our strong to the value. of bring As able discipline was as into we two this to $XXX maintain consider to and enabled of invested ROI create in products current to capital focus market IPO proceeds and further support continue compare return high clinical when we've approximately our our and you commercial business that June level XX has substantial disruptive to a and XXXX, invest market that areas. you We
the benefit related XXXX as year the and in resources of that and end, full reflects actively in payment into recent of in no commercial Turning trends year, it third we XXXX. to patterns sales rules to through quarter subject change in of range November increase year into only benefit assuming seeing growth XX% of that continuation environment facilities revenue business CMS the for remains a go are to XXXX restrictions still be to proposed year growth XXXX These effect in a we've XX% team's and something been a XX million, XX remainder are to-date and X, step the proposed quarter COVID pertains the This quarters operating million XXXX with over although This through guidance the no our form. of to the finalized we're current in seasonality the the to July takes our be from that incremental evaluating scheduling They and potential meaning any until the rules. consistent not function from for account will specifically access additional not we to the outlook are representing opportunistically. each of presumption to on revenue. XXXX we the Further, guidance elective second will environment saw expect customer seeing. of from explicit interim our end we're and pronounce procedures
revenue OMNI As view of from update on greater potential to we to our we course of that or surgeons utilization acceleration the potential increasing switching will you. of get impact visibility of
the for comments after that turn like and back up to to we'll with closing So call for Q&A. open I'd that, Paul over it
Thank you, Jesse.
deliver the earlier, we Sciences build with said for sight to I power pledge our patients And long As term. is the Sight disease eye unwavering. to of
the other societies, care for our customers, grateful providers, We and payers, of all from investors, members, team stakeholders. are eye support
the our We updating important the again is months. look a with you our which us capital, by were outcome a newest trusted potential. achieving thrilled our deploy singular in their investors most of to result on IPO, full successful that business our on in with we focus While few forward we will
up joined Jesse Shawn call for and Operator. I to by will questions. We the be open will your now Chief questions. answer our Commercial Officer O'Neil
from sir. Stanley. Furlong first Thank Our you, Cecilia the question line [Operator of comes of Morgan Instructions]
You may question ask your now.
and received label to terms for what at And good in the what a procedures really standalone. ask of OMNI the trends, thanks the physicians you XXXX with since you've start as on standalone impact just seen really into off how you wanted you, to and then taking versus volume able is expand new OMNI Thank afternoon. just your XX% questions. with in total the I percentage and the resonating label saw being of
trabeculotomy, this Cecilia, make just one. just surgical canaloplasty, comments intraocular system same Hi a reduce off itself Shawn, to and start followed the on OMNI with is tag Jesse in bisco the patients The can to meshwork, micro and for page. cutting sure indicated catheterization pressure with some I'll canal, POAG. maybe a and that up everyone's transluminal dilation label with trabecular I by all on adult
to Importantly, don't disease. refractory is a what label to in advanced see you restriction our
see status You surgery. about anything with or in don't cataract lamp combination also
process mixed early productive, with and and year review in in March. for indication highly expanded last adults within were So very believe lowering the is category which our label broadly of collaborative our Holy ultimately the FDA is appreciative indicated IOP our we late POAG. this and year We OMNI the thoughtful, resulted label Grail
be sources has years the procedure this targeting to two resulting to efficacy. clinical ourselves resistance. reason the because through to procedures operating of surgery And was important not profile, again more it's particularly surgeons enough So degrees only procedures where XXX all surgery more The visit clearance. and comprehensive for for surgery the the drive two to treatment each, we Sight is to significantly the degrees provided strong important room. differentiate on expanded standalone OMNI consistency and angle the would particularly of We efficacy. label fortunately sequential making, robust up and efficacy hopefully warrant only asked perform to us and of many OMNI do is more we angle compelling and very been at our XXX in more reproducible consistency data three in FDA This
educate effectively what mild ECPs we talk standalone thereby about our do couldn't develop seen to increasing and on us more allows in moderate about Shawn, to a Greenfield Jessie, our to market. you've clinical bigger and much referring share and surgeons you to use us data and the relates market cataract guys compelling standalone? want So label as and combo largely OMNI. market be the It to of now OMNI it thrilled standalone allows in than
it have hone One with creation with value proposition discussed leverage us we on of the surgeons bringing beginning things label been standalone. always opportunity right gives part of the received. The on demand in since that value of and the and is to the really new of even proposition and it's well that at that label, the the an
patients which providers the state patients education will and eyecare additional impact board, the on get but a mentioned as again, that provider, well that'll campaign space. to standalone accelerated preparing been to education believe into comments, disease mild, as launching to on adopted surgeon as standpoint be primary and as expanding surgeons moderate been well currently, standalone it's around new have it's received level, Paul think also we are well, leadership and eyecare forthcoming opening an I industry we from
for terms being Great, through you can that as in to for could have, COVID just well, And the really thank and the XQ new you of if what you the to being in walk much. either to saw abating leverage I open openings, is but label really to for after sites, headwinds, able label thank XQ, you very color. leverage this new ask able account And new yourself you ability with just access accounts? us
really consistency when is you bringing for excited that and provides behind and also the glaucoma to glaucoma selling our and only been that products and environment ability open-angle administrators the to accelerated I that really efficacy we of when share second the the data the the about for us primary the OMNI demonstrate proposition I opportunity a and with the patient ago, creating us be get and share what's and that the in patients to really care and open-angle with allowing have The data, opportunity data share additional the new that's that patients. primary surgeon normalized that value reps to the get but spoke adult not believe compelling OMNI sales facilities the have, the label
comes of Our the next question from [Indiscernible]. line
open. Your line is
things. for you Can question. taking Excellent, Thank you Two me? the hear wonderful.
was changes be the exit what this do type just with that the one table, given on trying model reimbursement conversation it first you've that maybe as you The anticipate sort or or finalized, you receiving? I'm just will it's the that year your been of understand, we and impact once I January, like think even are start with do business of to the will decisions, in feedback to your
adjustments prospective therapy. a add finalized, or Yes. In you drop of reduction to effect for very if speaking we ASCRS if during couple proposed Hi, XX $XXX. finalized. IOP and John, an adjustment the they encouraged data completely KOLs ago, by to surgeons And discussed months and to maintaining then lower are ability target levels. patients a yet multicenter color, on topical IOP that were I and just with for the there's some Joanne. drop go bit adjust lowering clinical number think CPT to the the their medications I'll XXXXX comment duration want not U.S. But of off OMNI weeks
to clinical So next its and will efficacy setting given lead for this utilization world not disruptive in benefits proven real confidence an active OMNI reduction profile given year ultimately proposed OMNI of that and care. a implemented fee we're safety if
was and recommendation that thoughtful more accurate we fully value. resulted would a thorough work think, recommendation we said, in that being that and Now have support
inform for the value canaloplasty and We more required procedure of value skills evaluation their a to and the room to fee time OMNI don't followed physician into and appropriate don't work comments believe into by involved value [Indiscernible] we XXXX CMS XXXXX of circumferential information believe perform takes will more improvement since technology the canaloplasty think the concomitant additional OMNI is proposed for intensity providing the using account we takes specifically, in CPT for perform consideration a to label. for the be there a hopefully full
question. And Yes, Yes. the second thank you.
everyone's that agree had fresh the that I with is is and favorable, to on spoke in X.X% comments surgeons ASCRS feedback the side the with with the receive responses were really terms of we obviously, it relative that we Paul's The from additional the the as financial believe then, a from a in especially surgeons reimbursement amount that we XXXXX. minds. the proposal of for have opportunity we the did alternatives some facility of have very facility pleased around positive standpoint increase they standpoint in other for we to side. their Paul's surgeons But as facilities, were ownership relative overall to physician still alternatives point, very on
in Can beginning that you two clinical you. at about Thank levels examples to or towards? of investing give those has you're talked you of the aggressively question investments of second commercial. a My and conversation, us you. do Thank just three looking
Paul. It's
we On have clinical three cataract, rigorous it across OMNI the number three a and TearCare. TearCare buckets, OMNI publications, clinical I think of very in and studies and clinical two clinical roadmap both standalone, OMNI side, one combination studies publications, and number
RCT cataract, OMNI countries seven versus we sites looking the and OMNI RCT standalone patients arm OMNI end guiding So enroll in have trabecular a about study studies this with the and about then for forward excited and should that We're concluded XX large month year. we micro Then stenting studies. That's in that's the XXX studies OMNI prospective retrospective that's we're publishing underway I three standalone, of additional the have single at study arm in really by Gemini. in talk remarks soon. about initiating Europe. I'll across one standalone, the are we data combination prepared in bypass, prospective discussed that have patient that just to And larger standalone Europe. XX three
prospective kick soon. off we to a that hope RCT have We
forward study. the remarks successful a looking additional around that studies will for have we that it an if executing prepared trial are retrospective alone with in We executing. be going that indication. and also to we're And discussions IDE then in my I'd and FDA to hopefully, canaloplasty We're two mentioned in that course, lead to due
the studies studies some we're patient next I'm these TearCare months have of have two and/or XX trial within the one milestones It's XX and a six endpoint [Indiscernible]. important versus excited four to this TearCare timeframe. can the All on mentioning, TearCare study, and and to durability another that's to that goal they discussions with the remarks enrollment And was month should then prepared publications XX on in at I goals, hopefully should the in based milestones to about some from show lastly, second of months. feedback talked about again, of either we with treatment study initiation, two superiority year One payers then RCT show compare that prospective effect. is super XX
study So going of years run through six of months, effect. then to at durability and treatment the all to patients that crossover two to TearCare to show we're
three have in it where next either In timeframe. publications again the and be month we soon milestones XX retrospective addition to U.S., hopefully the are XX underway that studies with that will under prospective in also RCT to
super We and truly mentioned and causes we're I'd time all disease. development, to execute product on us underlying in of spend trials. of again, a that So these the safety efficacy believe again, puts excited as competitive very We lot a addressing position.
so data And heavily to thesis. validates clinical invest in our love that the we
next Our question Instructions] Matthew of [Operator your line the is comes O'Brian, line now open. from
question. my taking for Thanks
Joanne's we the out more on follow So, flash question. side, just little a up reimbursement Paul, on bit just can to
couple in about proposals potentially the think code proposal and I meaningfully. has this be down the MIGS are you're impacted but talking market of one So in reader a scheduled areas that to
than a basis and another on think better leader probably the position then again, just you're bit I market in player So relative the little space. a
near conditions Shawn something maybe because all the more the term really you an seen, in in difference And potential to and too this know drive maybe proposed, to you from OMNI if ask curious about to the competitive in that bit these number coming early. site this just I'm the even do highlight I it's over just So response perspective near can are in you little of just really then increase are term. here, talk can a there's about here to a marketing clinicians
can one. Matt, and on team maybe Shawn, I you tag that
class an along to trying focus from in we a built be Sciences I think clinically Sight on best class all best efficacy laser in with and position.
label lead us of excited OMNI commercializing that just that how first, We're clinical data. our efficacy and that always to expansion that's view we we and allows do jobs especially as first. with share differentiated since kind we've safety So to been really
surgeons that So mean procedure to and as what up that value seen in stent and may economic and relates it. as respect proposed proposed value understanding, and their to John surgeons add it stent procedures, determination. clinical has we've payment kind values of least reconsider. get accommodation think for economic value at a happened color But have codes to compared the CMS clinical probably at again, you with our amounts. cataract overall to cataract I what's if Shawn, new insight any the current you and to the into think and of on? make field, during do inserting I reduce will the look that's We the independent you more
to additional Happy give Yes. some that. color to
So obviously, now. they are proposed rules right
demand to So is facility I think that understand think there the financial of to it's that is positive positive is it's that really-really we're customers so off demand surgeons opportunities and the that sentiment delivered as change we're I is for to marketing in on those well pathway economics right again for as creation your has meaningful the our under already our of efficacy obviously the on too both say numbers procedure conventional outside what three of a sharing of early stakeholders. all resistance that focusing and as rule, outflow managers, points one the making was questions too that, shared performing built those XXXXX sure of known the the is, Jesse timing transition early obviously OMNI. we're been with And consistent both addressing are efforts for creating which by the now proposed aspect OMNI the all and stakeholders, even of
just message position arena. position and feel compete combo take us we're moderate not that we so the puts on things to space, a those only also in leadership standalone to our And develop to mild and like to but in in the that continue going focus
for that really the that. Jesse, and The for in of of don't throughout the canceled. this to keep then specifically It here, year. And improvement half bit of that range. that the one Are that feel I to the parts assume those just guidance year Thanks sequential XXXX this is the understandable some at hear completely for point just you totally getting on much it size then want kind for back now that it. couple more left you you got COVID assuming and to it's Is out a little get pushed a of with were you mentioned IPO. love cases kind into and doesn't
force activities, a near about think in mean, we for Thanks. XX. there accelerate term, the impacting expansion, potential you is to I could talked any which here too. guys bit see other this you etc, sales little marketing I
sad. A couple things, Matt, getting little left and I not thanks for letting was me out. a
number sequentially strongest for Second than in think, quarter. expect and quarter is preliminary we we this Delta that have we lot, XXX% And the us of quarter a the greater but quarter, quarter, that was a quarter, with Heightened a something when that at couple is given road that the from third believe actually of on I noise, also about weak terms you a think surgeon which the the fact didn't least a availability the quarter. show second lot just we much factor is we believe kind I that for seasonally procedures. sequentially patient given talked
already we we're and than some that up. will on and sequential keeping but plan discussed eye opportunistic. procedure does anticipate in say the a seasonally and obviously, second dynamics of we that so second of that thought the one that strong, dynamics results it volume. that close this, we quarter I nice the We we presented yes, had the With about And third during road quarter terms then that show respect quarter to with is do quarter to a exception last that being were kind to exception want we weaker month, really growth, changes OMNI we're the that be propped market proceeds competitive had potential process, extra
TearCare We of thing haven't, of that on kind geographies But we're will. prudently still verticals, it's pockets where side. we right. if we or watching, the Same accelerate But can we see still kind very MIGS up. close near term we've taken if how it. obviously, philosophy historically market opportunities we'll that spend aggressive there's a pop on the some see we'll and But eye the in attractive about keep or
the of line question last [Indiscernible] comes Our of from from Bank America.
You may now. ask question your
call. on Two for thanks first earnings the for Congratulations me. taking the And questions.
that coming that as year standalone do do think your kind XX% First earlier on how how mix you reflected only about the offering an of of positions that think significant do and question of then the further XXXX in the then could pursue kind to that opportunity how standalone think canaloplasty on the a last and the could bit guide, question, building mix longer label, that flexibility? expect you further second you guide mix and being as you Cecilia’s shift expound just be you if little one you term? Also, about from
alone tackle or label overall canaloplasty generalize of helpful. and you will the do I question. can mix just to can six Shawn, I question the think mean, want I buckets. We or first. the tackle category second? second Jesse view to think simplify the first tackle the We be
mild, really-really they So And and stoked acuity. post have op. outcomes, that, that be perfect on post want and or within and in vision surgeons of really standalone day moderate one think segment, you patients op one got about their cataract are cataract in to their ensuring I want combo you've visual serious each They those severe. combo day mild about
like think, would I something received offering is that mild cataract segment. be gentle, very combo procedure So well that more in
perform pathway we moderate address it canaloplasty or having sources procedures the all moderate that we that XXX and outflow severe surgeons standalone combo allows three them the our intravascular to is think as the relates up cataract mild all for sequential advanced degrees think in do so categories. conventional label outflow functionality I and or to of to to by disease position other anatomy of like current necessary for resistance
helps that has position hopefully clinical IDE nice if and where So with think alone we canaloplasty trial. successful again, a our explain as
tackle the I'll is first Selnick Jesse This one.
per was per strong very in facility. second So quarter of utilization our terms customer
ways, either than their moving case of at for, as expanding in think that relative terms about That it in is was I some, the were greater looked that that in comes utilization from saw going was were review we we bit previous comes, the board kind getting from of . So been It's what what used of cases quarter, XXX% volumes very of standalone severity, seeing a for little all it, which had a one comments big right. they've being procedures. to was, OMNI within some patient We the And of would believe they're like them. across three it or steadily expanded quarter probably not happened That to right, two thought well some one that just beyond second or customers beyond a We're very we sort actually Matt backlog part they're inform my of ordering to share, use that anything all said, of the strong sort profile ways. or that. more periods. use using we
measure unless uplifting, to So in able basis be it's to standalone as systematically aware, or with uplifting whole. time percentage and on lot know, show mix a of more the you're a it spent road we that figuring our anyone us accelerated an the was definitely out we're of process, way still a
leading like So just confident result that's the which a of the from lot point of this progress we don't time. a have at metric in ability indicators infer to that and sort with were convey nice repeatable and the will
now the will for Paul over concludes that closing session. back remarks. call And Q&A Badawi I the turn to
call. everyone all. on everyone very was we enjoyed Hopefully Well, for first of the Sciences. our it up-to-date all you forward earnings much. Thank Sight thank progress informative We you look to keeping and
conference Thank for call. again participating. you And that concludes today's
disconnect. now You may
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.