Earnings call transcript Q4 2022

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Operator

Hello, and welcome to Sight Sciences Fourth Quarter 2022 Earnings Results. At this time, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator instructions]

I would now like to hand the conference over to Trip Taylor of Investor Relations.

begin. may You

Philip Taylor

Strategy, participating Sciences’ for Interim call. today of Presenting Financial Thank for and the Earlier and X investors.sightsciences.com. company’s in XXXX. Chief copy Sight Corporate Head website and full Co-Founder Jim financial Badawi; Huang. Executive release are Officer, press XX, months of December you at Rodberg; the today’s Tom Officer, Chief the today, ended is released Sight A Sciences results year available on Paul

that everyone to Sciences' remind include marketing and strategy, to supply made forward-looking by within results, answers like developing I’d to for of anticipated plans Those and today comments and of operating chain securities market questions statements disruptions, Sight products. management performance statements new and related laws. include opportunity, business will financial impact the the the meaning federal future

estimates actual based promises risks as Forward-looking statements. cause may nor on differ implied expressed by and these or today neither and are guarantees statements and subject to materially from results and that are those assumptions are to uncertainties of

the call uncertainties be some indicated on the law. and differ this required the the statements risks materially publicly cause Factors XX-K Risk by the could of update description as of revise on and Securities Annual results or company A except from actual in today of Report those found section that no with Form by to forward-looking obligation to that forward-looking can and filings The other filed was undertakes Exchange Commission. any statements

call over to I will Paul. the now turn

Paul Badawi

improve and eye. strides made a as patients public with fulfilling glaucoma full we dry Trip. Thanks, first of In our to mission lives our great the year company,

and by efficacy for to our as in and to the and and initiative grateful leader commercial operational innovation MIGS XX% trust have revenue $XX.X eye. further we XXXX, customers, are position dry solidify placed physicians grew and million our in partnership total the executed We us. In patients and our

quarter, rigorous our as We that expenses a cash of growth at $XXX rationalize flow sufficient our reduce our a cushion. which end XXXX support to bolsters discipline financial to balance operating and with and in cash third breakeven belief substantial achieve the cash is XXXX burn exercised the in planned plans million

our On we expansion both technology. and access to technology, to and market efforts market of penetration propel current treatment the System, establish commercial for fair addressable the bladeless innovative with markets SION, successful eye front, the expand Surgical our continue and with dry TearCare our System our OMNI launch reimbursement advance and goniotomy

the trial clinical announced also several core use publications We great for support our products programs. ongoing with progress our clinical providing broadening make case and for

our quarter fourth revenue Our rationalization exhibited program. impacts meaningful cost sustained growth and results strong from

growing XXX% was XXXX. sequentially, year-over-year Our XX% fourth million million, or to XX% million $X.X of XX%, XX% to fourth quarter decreasing QX OpEx total to QX. Eye versus compared quarter year-over-year Glaucoma by XX% Surgical XX% in we $XX.X quarter. both and compared XXXX, revenue growing And $X.X the revenue was the and QX. cash quarterly Dry to $XX.X revenue and a while million grew up revenue million, increased XX% Notably, third $X.X compared burn by quarterly

with discuss focus our and now for business starting progress will I the strategic units, Glaucoma. Surgical

surgery important these the SION [indiscernible] and as glaucoma technologies techniques growth and by enabled innovations. new Our of OMNI invasive further continue metrics adoption minimally demonstrate our embrace surgeons utilization to

patients, best disease in core to severity reminder, surgical for with As status. lens of surgeons of their a regardless solutions provide our glaucoma is or mission the

increasing three, choose who SION and OMNI utilization procedure; adoption of technologies. moderate larger We segment our with total efficacy advanced segment to MIGS large and profile; among one, a continue advance share the to specific considerably cataract include: subsets surgeons, the driving differentiated of with more growth of and our expanding and initiatives MIGS growing two, standalone which OMNI’s our basic combination SION and

overall growth the significantly Our has MIGS outpaced market.

We We believe technology support plus the clinical by is taking offers only procedures that market entire are as share long-term $X opportunity of OMNI in penetration and confines. and narrow beyond and legacy combination efficacy, functionality the growing MIGS base. market and customer the penetration results our cataract expanding to MIGS expansion billion its evidenced sticky

patients to cataract to see then their severe POAG, first of do standalone that OMNI learned use to with natural in cataract and continue severe We in with patients use who cases expand require not surgery. progression to use patients for surgeons combination with technology more POAG a less

fourth maintained utilization the accounts of OMNI, developed quarter, end [indiscernible] while the both by XX% for XXXX the orders Among quarter rate XXXX. the fourth retention OMNI increased customer we since OMNI active XX% In a fourth XXXX, of than the placed in quarter greater of and growing XX%.

the We its beyond standalone towards and efficacy technology customers and market market our long-term procedures. believe degree attractive are and opportunities cataract OMNI combination are share proven MIGS. we both and sticky cataract expansion of minded are market substantial legacy important to in expanding the due These combination very legacy consistency most among and our procedures These for increasing efficacy.

and a these patients program access field on focused To targeted and education we and accelerate facilitate resources, made to technology. by standalone programs patient created cataracts that adoption broader combination access, physician our and OMNI procedures patient possible comprehensive new improving have includes

of uncontrolled actively new International patients trabecular history the in community a As at implantation real-world part in our of our time recently data educating despite with cataract program, on surgery. OMNI efficacy stent team multicenter published bypass study the the glaucoma evaluated IOP, that of from is TREY, and our Ophthalmology of this safety

have with who standalone undergone patients of interventions suggests stents Pre-highlighted implantations. fit intraocular pressure This in could cataract technology patients intervention time who reductions be achieved natural combination for study were X in OMNI a significant surgery. implanted a OMNI for had over a at stent cataract the already the million standalone

in the intervention medications Coast regularly to cataract technology IOP after medication implantation. on example millimeters an West case at just stent is our Here world. XX IOP decreases mercury recent OMNI One with XXs prestigious one combo we with patient a school a Standalone after involved of real what patients medical on X are seeing low months. three

were with can leading happy data the market Needless and the conventional Health. an results just to avoid we of that technology Verana say, provider and surgery. patient of very demonstrate surgeon have OMNI type example further invasive to This To we is partnered the believe our consistently efficacy, deliver. one

including Hydrus. data the the the for surgical post iStent Academy Our of Iris to American leading leverages OMNI, registry and analyze real technologies outcomes in world U.S., of partnership Ophthalmology's MIGS

these and of medication years. compelling out that in largest study This and including superiority IOP in the data phase will and and XX,XXX the comparative reduction medication first IOP study meetings analyzes MIGS the marks believe The of peer throughout our X-year X results XXXX. we patients reviewed to plan and demonstrate evidence outcomes ever clinical at OMNI studied publish is groundbreaking reduction of present and real-world literature technology. the We to at offers collection medical X multiple

share believe in bar and informs Trey standalone the real-world improving raising innovation. clinical studies to usability, trials the We creatively, further propel and technological mix. continually from taking corroborate our market clinical combination within and and four outcomes to Iris progress. both will We other seek our innovating settings improve expansion implant usage cataract and and feedback our results further of functionality Surgeon our ongoing by

technology, Earlier meeting. launch our this Ergo-Series recent OMNI of American the month, Society at we announced newest called the the Glaucoma

reception our surgeons many Ergo-Series other technologies, feedback mix that direct the with very and of as to it has it far We're in-house. confirms entirely from reasons the thus enhancements incorporates choose OMNI As enthusiastic and customers our with their input key love technology. preferred continuous received are was designed our and usability the pleased

first world's of smoothly, The to SION trabecular of latest and us technology. Ergo-Series designed and goniotomy the glaucoma ab technology remove interno in approach. new our reliably efficiently via excise the the clock newest Surgical bladeless tissue best-in-class several brings surgeons product, This just allow meshwork hours long it's a in to an diseased and sets technologies. We line SION to Instrument, our circumferential surgery standard

SION its for technologies procedure, our patients quarter first is efficacy. fourth team's The a for complementing prioritizing a an indication commercial leading OMNI of full and ideal subset our solution broad use with simpler positive, goniotomy particularly quarter extremely limited to of August of a around following use. launch in Surgeon offering SION instrument traumatic procedural be continues XXXX. goniotomy smoothness, less the feedback the ease on improve and

observed of overlap minimal SION of for ideal have The patterns in market OMNI's fit, and SION analysis our early optimal for customers customers. we ordering fall product outside

both accounts completely that accounts, In new reviving and accounts uplift and addition significant OMNI we in saw to use technologies. SION dormant adding

of XXXX, of as XX% XXXX, of and XX%. OMNI even saw increased fourth Encouragingly, the OMNI they OMNI accounts Among armamentarium. quarter SION facility average these the accounts quarter ordered their SION technology in our revenue increased that we utilization added and by in to both per fourth and

Our has account. revenue increased portfolio approach already per

along OMNI direct market two OUS of international markets We in operations year. make January to also the progress direct U.K., of to MIGS markets. the in the Germany, We first largest second launched are in world. technology our with our continue direct this OUS bringing Germany, market

improve laying the permit. to Sight the more market as around as proceed other We groundwork regulatory conditions to the be begun and plan couldn't lives and patient deliver of and world. prudently We've commercial several in aggressively to markets access, OUS excited power

we where focus business continue and market on reimbursement Eye establishing to Eye access treatment Dry our to now procedures. for Transitioning fair Dry

accounts TearCare Our interventional for over effective the accounts, pent-up treatments, over Dry new to in including Eye X,XXX XXX especially demand spotlights eyelid procedures. success introducing XXXX

in only sales account milestone that thousand while representatives. a we still deploying the Note controlled accomplished launch XX

the access the is growing Eye evaporative the reimburse effective the of Dry the of disease, the one problems Given of greatest and million lack sufferers fair believe we treatments in diagnosed Dry opportunities market eyecare today. and Eye in prevalence XX to U.S

the foundation scale from Eye TearCare additional can We Adding for existing size which a week our have base customer treatment quadruple single our Dry built one revenues. per just would of rapidly.

this just So to market reimbursement. it big become appropriate is appreciate can with very easy how

strong form centric patients and tailored required demonstrate directors understand from We support economic benefits clinical access medical insurers. the TearCare. custom eight Pioneering and different benefits require to reimbursement foundation fair market health extensive will SAHARA data input to For payer RCT our clinical successfully to coverage to payers with TearCare's to at

track on in of half month XXXX. remain data XXXX, to SAHARA third readout of the provide of enrollment completing we second by X- After initial the quarter the

superiority TearCare treatments As dollar prescription multi-billion Eye a evaluate is endpoint X-month to leading the Restasis. Dry eye drop this of reminder, powered versus the

Dry most subjects, XXX the device we the versus superiority prescription a the Dry to attempt over of other drop. daily The With one believe longer and the Eye in also ever to than first largest covers a device Eye eye Restasis study to is month efficacy X-month successful study maximum studies. the achieve to SAHARA demonstrate allow period period designed endpoints three much to study typical

SAHARA products also is respect to ambitious increasing address. seeking to with need all three very category that drove dedicated increasing and of is progress leading Eye. in serve. Dry physician adoption all growth unmet number portfolio we very worthwhile across a opportunities were expanding and remain of patients In summary, the significant the that our but one made and our study, we our in we customers utilization We substantial and MIGS and given

customers we leveraging increasing are field, train of clinical each and new body productive broaden field focused products. with use and ahead, cases our evidence Looking team, procedure our on to of

goal operating efficiency strict maintaining continually improving With the generating sustainable discipline. of financial growth, and ultimate while

$XX providing are million revenue With guidance for we these to of $XX XXXX million. factors mind, in

We expect last with the then stepping XXXX the increasing seasonal saw similar as first year that sequentially and XXXX we of down in quarterly quarter the distribution quarter impacts XXXX, versus revenue progresses. exhibit to

of XXXX. with comprise XX% revenue to quarter guidance, quarter Specifically, XXXX consistent first we first of to of the expect our XX% midpoint the

million operating level quarterly appropriate it our plan cash for our the of spend to $XX.X of growth is As to approximately relates we meet to believe continue year. expense, OpEx an reduced

Jim like Before interim absolutely team call I to to thank financial phenomenal detail I'd to his our Jim Jim. and stepping the and quarter an up CFO over results, turn Rodberg, doing for fourth job, the

Jim Rodberg

million, the revenues the Glaucoma for sequentially. year-over-year representing million, growth XX% revenue was Total fourth up and Surgical and XX% year-over-year up quarter Paul. quarter were Thanks, XX% sequentially. $XX.X growth XX% $XX.X fourth for

in fundamentals growth ordering underlying facilities. strong show to and continued retention customer We

combination efforts. and increase we market activity demonstrating fourth is compared our quarter a for new OMNI expansion saw continued our customer the the of ordered which Additionally, facilities in facilities third XXX high notable omni to utilization, metric critical rate. during strong a quarter, the retention XXX in acquisition

XXXX. Combined technologies SION, with account our did in for our job team strong a ads commercial customers introducing to tremendous our

momentum great customer both products, strong glaucoma funnel surgical acquisition trained for SION. on XXXX. and We U.S XXX with creating on OMNI for QX approaching X,XXX Our over remained ended surgeons

the progress roll trained great made targeted have to surgeons. surgeons the U.S., MIGS estimated both X,XXX have to in we and products a given out runway substantial We

were revenues Our up XXX% for up Eye Dry to the XX% and year-over-year sequentially. $X.X fourth quarter million,

We of the at September X,XXX XXX TearCare fourth base XXth facilities end of to in grew XXXX. mix million to primarily technology. at write-off product XX% ERGO XX% our as prior over decrease for from in a installed aren't required Gross was due margin to up the XXX was year-end quarter OMNI and compared components .X period. year of series and legacy that our the The

with quarter charge, for inventory XX% margin the Excluding expectations. in line the gross would've been our

$XX.X Total were XXXX. operating of million, issues, Our XXXX. a increase global XX% the for operations importantly, from supply $XX.X $XX.X decrease manufacturing chain quarter million of and fourth margins. compared top XX% efficiencies an the quarter of the team in in And continues quarter fourth in of tier expenses to the million driving to perform third face well

Excluding and XXXX operating depreciation OpEx third non-cash the the we for and on were plan quarter call, in normalized spending amortization, million. described compensation, This exactly the our approximately last the is our with cash expenses line $XX.X in quarter cash

$X.X R&D Both in of and along were $XX.X initiatives. million in expenses compared the in strategic million $XX.X was R&D increases investments the and continued million by were new QX ongoing quarter XXXX. in $XX.X and to fourth personnel year-over-year $X.X SG&A driven and quarter compared with million fourth of to growth SG&A XXXX, million in

share average Our XX.X operations in $XX.X fourth of million of On million million the long-term quarter was $X.XX million $XX.X cash and including XX.X million a ended weighted shares the XXXX share compared net on million We shares. of discount. $XXX XX.X for quarter. count a quarter had for fourth share net $XX.X account the and Based of loss from million our or cash We loss debt, compared the million loss or of $XX.X XXXX. weighted quarter debt average of in $XX.X equivalence $X.XXX XXXX. of the loss to of the fourth a third per to million a and of with per million for share $X.X quarter of of quarter

quarter of was the In XXXX. fourth by burn cash the quarter, reduced XX% to compared third

operating business flex to will decrease We margins. as continue our loss leverage high and expect by burn driven operating cash gross to our begins model the considerable

our in cash operating evidenced and continue manage cash discussion to our As expenses we burn, maintain of our proactively expenses to position. liquidity and operating strong

continued positions our a preserving drive that robust spend flow growth disciplined cash confident positive free balance substantial market us and to are in trends, sheet, leading and gross margins We MIGS and in cash leading strong can while XXXX, cushion. MGD,

line for Head With Strategy Huang, for our operator, will join the may that, you us questions. also open of Tom Corporate Q&A.

Operator

Tom [Operator first with from line comes of the Instructions] Our question Stifel. Stephan

Your is line open.

Thomas Stephan

a going in factors are and in, bit a I there's competitive when to it's XXXX. can And to comes Hey maybe XXXX elaborate pressures competition will to out experienced year? you it guess, Great. glaucoma? that with Thanks what easier stent it this standalone if in to compare the do Obviously, on device expect delivery just incremental I'll those you lay last start a were that for way, how be in [indiscernible] Paul, questions. guidance. guys. it

Paul Badawi

I speaks quarterly entrants. think year a to year environment for question. ever. year stabilized this entering year, I'd we’re new see of actually We the I with last for quarterly this Thanks itself. we Tom. entrants, compared performance last the performance Hi, number as products think -- new good new feeling introduced as Yes. our say a and even consistent -- we're And more saw very

to standalone In the new terms of into market. welcome the $X we entrants billion stent, billion $X MIGS standalone

companies the the there I next just being the confident medically more practice opportunities for intervene and and more generally helpful we're as category competitive. for and Sight, think change I growth medicine just years, fundamentals. foreseeable category to very to category. there to And think think from an very, the opportunities are a And the product specifically shift I see future, and the that this strong positive underlying of to moving in focused X probably trends to are I the on versus interventional

both our a to see about as well both continue as Glaucoma Eye We the clinical number Dry commercially catalysts of businesses, and in technology to think year on and fronts. of this

advanced for years continue expect moderate been doing cataract expand market segment. exploited years, in advanced which is standalone moderate probably very taking attractive nothing opportunity share we We'll commercially Tom, one, to the a that ago. That's the standalone been new. mild of doing moderate, in OMNI earliest think what MIG the continue doing moderate right. probably we've to We hasn't to that's of in to combo segment. MIGS continue the kind MIGS since and been combo Mild cataract We've launching the is to competition, down we'll the face to road. That's expand really yet. is

to the So focused we're moderate on standalone MIG advanced segments.

TearCare of the existing -- with continue we Eye TearCare new to of on accounts. well driving side expect to Dry adoption our utilization customers as within On focusing improving as business,

enhancements the on SION, earlier year revenue launch In our talked opportunities going enhanced extremely we're with of we're our this surgeon's is OMNI this products, year. for enhancements expectations. for that benefits insights driving are other exceeding happy our our side show and portfolio expectations It's terms within about, early time and of The as well. Ergo a first we the with entering And accounts. with approach portfolio our the technology of catalysts the usability very XXXX,

we of OMNI's our if a that's how of that a patients publication in worldwide, you in we're think opportunity. the who the at we if bypass about catalysts, take used that's history you catalysts, a thing billion in now I'll stents Trey, million and that been have Pseudophakic cataract leveraging of surgery. XXXX trabecular $X have implanted outlook time terms ASP, and about last we're clinical feel X have If Tom, And mention, $X,XXX stent roughly market just

now. now set. be expect and That's the data MIGS standalone. at a about Verana publishing conferences. So very various we that's this later in data We to data presenting happening We're comparative year, leveraging that exciting that talked

eyelid Rx. readout, showing interventional the And lastly, in leading tremendous up Dry terms SAHARA, prescription the we've a Eye coming got TearCare compare milestone how to X-month of procedures

Tom, think the in trends very all of growth we're with those said, across things seeing I So throughout businesses all we're XXXX. all confident positive and our

Thomas Stephan

helpful. the I'm continue think Great what guys start it's to this Dry plans Thanks. assume may reimbursement that commercialization notably leaning endpoint? as of about That's just And to pivot assume then color. to plan, what to in terms those bit XXXX. those may good assume a the company Eye efforts and expect curious I and breakeven just hits in it's SAHARA. Do case, SAHARA plans come Eye were guess you profitability I if to Dry SAHARA? be see to do fair does the guess, profitability into around and asking is I'm what if marketing through. the

Paul Badawi

Yes, thanks, can SAHARA. timing about or I'll to talk for Tom. this. Jim add just Maybe, Tom

a We few soon, expect to have within the months. readout

commercial published again have of XXXX, we assumes in the aiming third by are timeline, payer could assuming as successful end This can in payer We the payer. imagine. by publication expect for by leverage ideal top a on for payer, you to [indiscernible] But the the that journal success, the would early results we're there. and this working good commercial quarter of submit knock we likely assuming In year. the roughly year scenario, something publication a

reimbursement reorder we're model, to our as and we're SAHARA in it success, to now, relates enhancements business continuing sell projections improvements accounts pay Eye to not assuming current to continuing which is Dry assuming continued cash So to our new drive rates.

Tom Huang

hey just, And is Tom. this Tom, Yes.

term point or so. goes don't for past in growth expectations TearCare of to us. steady talked we've Just stick about for the projection as The It's another that. medium include put hockey a kind on it

Thomas Stephan

guys. Thanks it. Got

Operator

for by stand question. next Please our you. Thank

with Our next the line comes America. Bijou Bank from of of question Craig

line open. Your is

Craig Bijou

Thanks the taking Good questions. afternoon, for guys.

wanted at And just So that willing maybe quarter, products. mix you accounts SION, to Glaucoma two the see contributed about some or would that Surgical of thinking early. to overlap think OMNI accounts. wanted to materializing between with how much be about about those -- it growth how the then, XX to in least and with it's between your how the still the and mix OMNI guys recognizing you And XXX that if and provide and many start qualitative SION commentary, guys then and how think

Tom Huang

this Tom. your on that annualized can specifics get too Sure. SION think it's it's digits They you reasons. Hey, into questions? to mid fair single in range. competitive is we were Yes, want repeat I But Craig, don't to for other trending much And, … the sorry, say

Craig Bijou

guys wanted the know to On an your just sure., accounts had, with XXX accounts, overlap Yes, OMNI you users? the that much was that of how

Tom Huang

to a that as yes. sure, About, brand Oh, OMNI were did order [indiscernible] accounts third over new new well. order brand little not a were SION, --

Craig Bijou

And in one it's it. any the just acceleration to SION about OMNI help or we how from QX, -- follow-up between where contribution the about kind whether and trying think was just on 'XX, think in other revenue of 'XX. Got mix should in thinking the about SION,

Craig Bijou

Sure.

product. we the we think opportunity continuing our OMNI. year-over-year to contribution for again than that we'll nice from think is for the We flagship of as a one prioritize as SION. have But are do have, a growth smaller I SION OMNI, year full

you think [indiscernible] guidance. I So as that can take

Craig Bijou

a obviously what insurance. TearCare. been happen pay to you been coverage strong just hear private for could Got acceleration the hear get we'd the just love you TearCare to love assumptions think insurance growth. growing if And the helpful. significant -- do question into But maybe what last And opportunity, it. growth strong strong, just and but I guys stick, up in or and not can a on you're could your on if It's hockey understand building that market, has follow do you've would

Paul Badawi

I'll that one. Craig, Yes, take

one, for think we SAHARA again, readout endpoints: patients following is we're also is believe treatment and X outcome, are then the that successful of durability And a with I to to with the X TearCare out effect. in years plus XXX clinical I that successful Restasis. months can protocol the successful SAHARA superiority if show first one that decade. trial our exciting payer if our about design, just happen informed a We and to again, this efforts, the be treatment eyecare this a in accounts talked of payer single our past seen was most added what opportunities has revenue per all week.

Dry You There is Dry one can one. the imagine, reason an to meaningfully eyecare again, number procedure reimbursed visit Eye. no a number for Eye provider, patient interventional is for

value can And clinical so are drops, if but interests of prescription and costs costly is and versus the payers the eye economic health drops, hopefully prescription prescription treatments value to show eye to such the not there costly only Rx. that justified, we that payer's in compared

overnight. model how business imagine, this become can can You exciting

Craig Bijou

taking it. Thanks guys. for questions, Got the Thanks.

Paul Badawi

Craig. Thanks,

Operator

stand our Please for next you. Thank by question.

of with Joanne Our line next comes question from Citi. Wuensch the

Your open. line is

Joanne Wuensch

growth evening, right Good do reimbursement margins. you've with and for do second then in reimbursement. please has on thank any seen my of I'll SION them put questions. for And taking two with the changes and There comment to up are to procedure? or Could stability just the you one them, the you

profitability As towards you we'll layer in peer Thanks. to have care, [technical your move and difficulty]. path

Tom Huang

so one first, second of seems Joanne. top take mind. Hey, the Yes. that don't we Why

the as increased as We and will their margins volumes XXs continue OMNI. will TearCare stabilize gross in range gross mid approach to that expect margins

you nice XXs, a thank models. for your So is be. place to Mid

Paul Badawi

Joanne. the On hi, --

bill years The at same as the go reimbursement question, the revalued canaloplasty fees OMNI time revalued. stent the code code fee first. On X professional was revalued OMNI let's with ago. Omni were the to was the

we're Xst. $XXX so OMNI of in an revalued was for the adjusted reimbursement fully procedure now And The January as phase. to

So relative profile that other procedures. to operating with we're economic

for professional any OMNI it has think the professional fee other is any I key, competitive performing. fee below not dropped procedures. the for

potential volume OMNI it's performing likes impact it reduction, OMNI procedure. that's I to in other Nobody any competing for pro the sufficient utilization. reduction any relative changed assessing fee sufficient, and key but It's So it's a to hasn't think high attractive. reimbursement

and is a For SION, revalued for the hasn’t so there expectation while, revalued. goniotomy be that at some goniotomy been will point an

surgeons think So that of pro There are MIGS. site? a already that What perhaps mean subset, Goniotomy, down whether comes it's will does quite a rethink does or I goniotomy fee facilities who if a revaluing what for mean? the is of again, canaloplasty just our even move bit. subset they of their subset, whether But the subset or want OMNI procedure leading Omni. a like some something rethink to folks to is might is within whether product. I choice think that goniotomy with

think I OMNI, So towards which it's I towards. movement can what a driving see even adjustment. goniotomy ultimately with is we're

Operator

you. Thank

Jim Rodberg

Thanks.

Operator

next you. question. for our Thank stand Please by

Our Stanley. Cecilia comes the line next question from of Furlong with Morgan

Your line is open.

Cecilia Furlong

Eye 'XX think for ahead follow-up in tied and incorporated OpEx, to SAHARA install-based with Great. really of post Good is just sales SAHARA afternoon, wanted you how about that ask growth to and I on in about and thank TearCare, you outlook, specifically X-month your growth for questions. thinking Dry team taking the that data? a just further

Paul Badawi

Cecilia. Hey, Yes.

question your due of ready of to a in we activity data, out because commercial once terms get growth, present on to format factored part take we'll in significant to haven't SAHARA and sales and the in we increase year, this the be a second get X-month publish team there few In months to payers.

flipping switch incremental XXXX. an don't I just country having happen basis, on So entire a go when And -- impact live not at see until a once. expect we're think and the reimbursement we on to expecting significant

cover accumulate effectively new -- wins and be growth markets show new markets payer and really it's way. able think that I as very I wins effectively think and -- we'll reimbursement regionally be deploy to resources to efficiently cover that able have strong we

Cecilia Furlong

if well. I follow-up Great. could And as

about on some OpEx we what well think your $XX.X outlook as tying in R&D a incorporating about we how Just pipeline studies relative in XQ versus as ongoing? basis saw should clinical for your million, of products

Paul Badawi

very see we've saw breakeven. And as to any in diligent to SG&A into QX we similar XXXX. OpEx to in investments manage a mix be flow the in of R&D targets we're as cash that we in make continue to and our path the we -- of expect We our planning set

Cecilia Furlong

Great. the taking Thanks questions. for

Paul Badawi

you. Thank

Operator

Please next our stand question. by Thank you. for

Our next question comes Blair. from with Margaret the line of William Kaczor

Your line is open.

Margaret Kaczor

guys. of generation? afternoon, for share the follow-up the data maybe versus or stats products. to efficiency start questions. good procedures, time I on the last on the can Thanks Ergo-Series specifics, I Hey, empirical of And any the average if you taking wanted maybe guess, to

Paul Badawi

Ergo of and outcomes. or Hi, seen And and Yes, a we've the procedure, and obviously to option safety we preferred differentiated of efficacy ease usability and MIGS in differentiated product of and use Yes. clinical MIGS in publish Margaret. profile that. the with comes terms over name making and and OMNI, down go-to the on procedural game and to continue outcomes and clinical the over,

enhance that were hand the we of the the there pathway. to upgraded end the and with OMNI usability, ergonomics, outflow most allows procedure enhanced at distal focused that's the So what critical. remains device the opportunity that's to diseased piece, upgraded the Ergo. on surgeon also technology the And the we've and and access we've And

surgeon And dimensions to And was of the takes surgeon design outflow and quiet, and surgeon modify think we OMNI, traumatic a brilliant the catheter of the canal. consistent our gets engineering some once and there the that canal with the less reproducible, accesses the over. the into on an kind the into -- access cannula how device they critical. is once and allow of Improving opportunity pathway diseased more

XXX degrees and of up terms the canal trabeculotomy. circumnavigating to in and both up Xx for So, canaloplasty to

And very the expectations. enhancements very, into Canal I'd the I say more feedback we help positive. think our get the So, in even surpassed early has terms reproducible it been of to surgeon Schlemm's made

Margaret Kaczor

Thanks. pilots initiatives reach those solution. past, some then, Okay. have being progress the to there to in guess, might I looking move had we -- have a helpful. Can of you useful reach kind any any [indiscernible] of Have if patients guys be DTC And other you the spoken patients? out to stent who been who of standalone Yes, that's planted could able put and guys maybe could the and I or terms that the DTC you to guess, these to. pilots, that in share, for

Paul Badawi

that question. yes, Well, here. possibilities Yes. the thanks We're excited about for

conducted the that been with them We favorable. have I'll seemed entering an for their own on executed understand Glaucoma our DTC Eye candidates partner would Dry own, we're pilots into diseases those be they their to provider. own, a that addressing MedTech their to say leading And strategies. pilot working on very and prior whether did DTC us engagement that, good with

an them and a so enter we've with pilot. And to agreement decided into run

by month, we'll sorry, in year, timing, able quarter program. actual year Margaret, Now, phase pilot the we'll an quarter early of of first and it, the quarter terms this our how run the hopefully be helping been program we'll have to be first run the where read development phase efforts. DTC on this of execution the the the is the with exercise setup that has for end OMNI DTC of will second And market

stay tuned. So

Margaret Kaczor

guys. you Thank Sounds good.

Paul Badawi

Yep.

Operator

by stand Please next question. you. for Thank our

the of is line Our comes from Sandler. line Piper The Matthew with next open. O'Brien question

Unidentified Analyst

this Matt. on great Phil taking for questions Hey, the quarter. and for Thanks is congrats our on

XXXX. get et for about don't X I'm I puts terms grow you're end another Just what Can to I headwinds, bottom? of what maybe range you cetera, And us XXXX. puts seeing takes the you're XXXX? heard Maybe the grew procedural versus MIGS by think and staffing, in your the headwinds, is segment of and market X and give anyone ask, on top at in but what really what trying guidance, gives you guess I broader in TearCare it million for takes any your can million to in

Paul Badawi

to I with a we and SION, think share have taking Surgical history side combo or Glaucoma the in segment. the of OMNI business of our on Yes, mild moderate OMNI cataract

expect we So, our business to building continue there.

think, moderate and to advanced is I historical standalone. plans And to cataract performance continue to upside, moderate further can think the we glaucoma and I drives, how to what our expand, will drive, surgical advanced what our that's, again, combo markets. well

market talked a that, we this So, we're drive year on about that executing development. of to continued initiatives help number

I a I lot opportunities provide expansion think what upside. or that's the of market think the

Unidentified Analyst

that That's XXXX, business of Verana in terms your for partnership, just just be big here, really how the puts guess could And takes end Health, helpful. and and additional helpful. your adoption in on that be and surgeons it to that I would

Tom Huang

possibilities by Verana we're of is patients patient about data the really, American millions by It really access they Ophthalmology. Yes, the with entered -- data. the I -- to excited have mean entered of members the Academy of

devices to eyecare increased we extremely out the -- demonstrate So about next able excited to we but it translate I comprehensive think there. I year, we'll out don't ability OMNI's don't least. penetration very excited are be to compared efficacy can into the database And other that most the we directly the are think say there. is

Paul Badawi

and love large, about Ergo-Series outcomes, what world We of, love, real the help volume OMNI. optimal help I of data. surgeon right. -- clinical think make deliver really design about the We clinical to of Yes, a products a we our just talked large it's the average --

making very of that's so successful optimized surgeon clinical the patients outcomes. And to success and is us. their care Success average in driving taking

preferred having Sciences surgeon -- many, many, benefit opposed highly of Sight there's and procedure from perform very as clinical to does and your surgeries many something be just for product But not and average across So many, surgeons RCTs to also surgeons and there's trial different surgeon, how thousands access about your many the clinical site. a trials a said to controlled -- whatnot.

relying real timing on substantial a going that more and exactly to about we seeing be offer going it the about clinical are But very think can't it'll payers And ultimately -- on more we excited world forward we're publication. powerful talk So credible, the depends are hearing and evidence. that. that We marketing.

mining, So to data. real we expect would continue Veronica world

help perspective studies, compares well. and world businesses expect that as helpful begin growing then a terms ultimately that on rely to we think how more proceed can to payers marketing And it we be will OMNI large As these and clinical that of we certainly MIGS more evidence real scale from in our other as options.

Unidentified Analyst

so you Thank Great. much.

Operator

by stand for Please you. Thank our next question.

Our Saxon Needham with next question comes from the Company. line David & of

open. line Your is

David Saxon

are glaucoma, Hi, what could like so from a the Maybe have good seeing looks on about It taking the of perspective? accounts. to for SION that accounts, on you're questions. afternoon talk cannibalization thanks you XXX the start XXX about you and surgical

Tom Huang

Yes, sure.

Paul we're it seeing accounts fourth that in of the on on account, the and XX%. very ordered in as by said, his quarter little OMNI think quarter I the remarks of of XXXX, based increased SION actually utilization based fourth OMNI the of OMNI XXXX and

that actually of -- really The runway are utilization really here. to at We that. would So we've their able excited we we adding lot flat increase see, suggests you are no cannibalization that a despite utilization. to fact They with SION about accounts portfolio. got

Paul Badawi

room. mind in that just with operating the be reps even in And allows time more customers their our portfolio the to surgeon keep

And so to that work the of opportunity forward. our the -- good more both train that increasing doing the we're portfolio just educate and on us creates SION that all for evidence generating we're and our across for clinical opportunity body surgeons and going OMNI

competitive pricing get or just some Okay. launches? with for Yes, with maybe on anything the I the that's bundling? questions. pricing, about Are so much can given you're And more glaucoma, taking guess seeing seeing staying anyone talk you aggressive trends doing Thanks then helpful. you

Tom Huang

field we've think seen in I that much yet. of don't the

steady. Our ASP had has remained

David Saxon

Thank Great. you.

Operator

questions Thank Paul would the queue. call the you. turn showing in further to closing no I like remarks. back I'm for now to

Paul Badawi

thank you all great your Sciences day. in for a Well, Sight interest and have

Operator

participation. Thank this conference you today's for gentlemen, and call. concludes your Ladies

now disconnect. may You

Sight Sciences (SGHT) 13 Mar 232022 Q4 Earnings call transcript