Despite maintaining robust gross margins of 86.2% as of 2026Q1, the company struggles with operating leverage, evidenced by a -63.0% operating margin that reflects disproportionate SG&A spending.
| Sales/Revenue | 79.55M | 77.36M | 79.87M | 81.06M | 71.33M | 48.96M | 27.64M | 23.35M | 7.53M |
| Revenue Growth % | 1.85% | -3.13% | -1.47% | 13.63% | 45.7% | 77.12% | 18.38% | 210.07% | - |
| Cost of Goods Sold | 11M | 10.7M | 11.58M | 11.88M | 12.36M | 8.61M | 9.21M | 6.54M | 2.34M |
| COGS % of Revenue | - | 13.83% | 14.5% | 14.66% | 17.33% | 17.59% | 33.32% | 28.03% | 31.05% |
| Gross Profit | 68.55M | 66.67M | 68.28M | 69.17M | 58.97M | 40.35M | 18.43M | 16.8M | 5.19M |
| Gross Margin % | 86.17% | 86.17% | 85.5% | 85.34% | 82.67% | 82.41% | 66.68% | 71.97% | 68.95% |
| Gross Profit Growth % | - | -2.37% | -1.29% | 17.31% | 46.16% | 118.9% | 9.68% | 223.65% | - |
| Operating Expenses | 104.2M | 103.77M | 118.82M | 126.45M | 142.92M | 91.82M | 50.62M | 40.84M | 19.49M |
| OpEx % of Revenue | - | 134.13% | 148.77% | 156% | 200.37% | 187.56% | 183.14% | 174.93% | 258.82% |
| Selling, General & Admin | 91.48M | 89.16M | 100.83M | 108.89M | 120.06M | 76.19M | 41.74M | 32.72M | 14.06M |
| SG&A % of Revenue | - | 115.25% | 126.24% | 134.34% | 168.32% | 155.63% | 151.03% | 140.14% | 186.76% |
| Research & Development | 12.72M | 14.61M | 17.99M | 17.56M | 22.86M | 15.63M | 8.87M | 8.12M | 5.43M |
| R&D % of Revenue | - | 18.88% | 22.53% | 21.66% | 32.05% | 31.93% | 32.11% | 34.8% | 72.06% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -35.65M | -37.1M | -50.53M | -57.27M | -83.95M | -51.48M | -32.19M | -24.04M | -14.3M |
| Operating Margin % | -44.82% | -47.95% | -63.27% | -70.66% | -117.7% | -105.15% | -116.45% | -102.96% | -189.87% |
| Operating Income Growth % | - | 26.58% | 11.77% | 31.78% | -63.09% | -59.93% | -33.9% | -68.14% | - |
| EBITDA | -35.32M | -36.61M | -49.82M | -56.66M | -82.7M | -50.28M | -31.63M | -23.61M | -14.23M |
| EBITDA Margin % | -44.39% | -47.32% | -62.38% | -69.9% | -115.94% | -102.7% | -114.45% | -101.11% | -189.03% |
| EBITDA Growth % | 28.05% | 26.51% | 12.07% | 31.49% | -64.49% | -58.93% | -34% | -65.85% | - |
| D&A (Non-Cash Add-back) | 338K | 487K | 712K | 614K | 1.25M | 1.2M | 554K | 432K | 63K |
| EBIT | -36.66M | -37.1M | -46.61M | -50.03M | -81.73M | -58.41M | -32.23M | -23.9M | -14.3M |
| Net Interest Income | -751K | -1.17M | -4.66M | -5.41M | -4.47M | -4.37M | -2.37M | -1.79M | 1K |
| Interest Income | 1.86M | 3.97M | 0 | 0 | 0 | 0 | 30K | 174K | 1K |
| Interest Expense | 2.61M | 5.14M | 4.66M | 5.41M | 4.47M | 4.37M | 2.4M | 1.96M | 0 |
| Other Income/Expense | -1.62M | -1.32M | -739K | 1.84M | -2.24M | -11.29M | -2.44M | -1.82M | 1K |
| Pretax Income | -37.27M | -38.42M | -51.27M | -55.44M | -86.19M | -62.77M | -34.63M | -25.86M | -14.3M |
| Pretax Margin % | -46.85% | -49.66% | -64.2% | -68.39% | -120.84% | -128.22% | -125.3% | -110.76% | -189.85% |
| Income Tax | -20K | 10K | 236K | 110K | 47K | 188K | 61K | 8K | -6K |
| Effective Tax Rate % | 0.05% | -0.03% | -0.46% | -0.2% | -0.05% | -0.3% | -0.18% | -0.03% | 0.04% |
| Net Income | -37.25M | -38.43M | -51.51M | -55.55M | -86.24M | -62.96M | -34.69M | -25.87M | -14.29M |
| Net Margin % | -46.83% | -49.67% | -64.49% | -68.53% | -120.9% | -128.61% | -125.52% | -110.8% | -189.77% |
| Net Income Growth % | 24.58% | 25.4% | 7.27% | 35.59% | -36.98% | -81.48% | -34.11% | -81.03% | - |
| Net Income (Continuing) | -37.25M | -38.43M | -51.51M | -55.55M | -86.24M | -62.96M | -34.69M | -25.87M | -14.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.69 | -0.74 | -1.03 | -1.14 | -1.80 | -1.33 | -0.74 | -0.77 | -0.44 |
| EPS Growth % | 27.71% | 28.16% | 9.65% | 36.67% | -35.34% | -79.73% | 3.9% | -75% | - |
| EPS (Basic) | - | -0.74 | -1.03 | -1.14 | -1.80 | -1.33 | -0.74 | -0.55 | -0.44 |
| Diluted Shares Outstanding | 53.94M | 52.15M | 50.13M | 48.63M | 47.85M | 47.5M | 46.77M | 33.63M | 32.2M |
| Basic Shares Outstanding | 53.94M | 52.15M | 50.13M | 48.63M | 47.85M | 47.5M | 46.77M | 33.63M | 32.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Medicare reimbursement policy volatility
As indicated by the most recent quarterly financial data, Sight Sciences experienced a revenue growth trajectory that fluctuated between -9.1% and 12.5% over the last ten quarters, suggesting that the company's top-line expansion remains highly sensitive to external reimbursement shifts and surgeon adoption cycles.
The inconsistent revenue performance highlights the difficulty of scaling a specialized medical device in a market heavily dependent on Medicare coverage determinations. Investors should monitor whether the recent 12.5% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from previous periods of contraction.
According to historical income statements, Sight Sciences consistently maintains an impressive gross margin profile of approximately 86%, which demonstrates significant pricing power and efficient unit economics despite the broader operational challenges currently facing the company's surgical glaucoma and dry eye product segments.
This high margin suggests that the direct manufacturing costs of the OMNI system are well-contained, providing a robust buffer against potential inflationary pressures on raw materials. However, the stability of these margins may be tested if future reimbursement adjustments force the company to lower its average selling prices to remain competitive.
Based on reported figures, the company's operating margin of -47.95% indicates that SG&A expenses continue to scale disproportionately to revenue, suggesting that the current sales infrastructure has yet to achieve the necessary operating leverage required to reach a break-even point in the near term.
The heavy reliance on a direct sales force to drive surgeon education creates a high fixed-cost burden that currently outweighs the gross profit generated by product sales. Unless the company can significantly increase revenue per sales representative, the path to profitability appears likely to remain constrained by these elevated operating expenses.
Financial disclosures reveal that SG&A remains the primary driver of the company's operating losses, with quarterly expenditures frequently exceeding $20 million, which underscores the significant capital intensity required to maintain market presence and support the ongoing commercialization of the OMNI and TearCare systems.
Management's commitment to aggressive sales and marketing spending appears to be a strategic choice to defend market share against established competitors like Glaukos. Investors should scrutinize whether this level of expenditure is yielding sufficient long-term clinical mindshare or if it represents an unsustainable burn rate that threatens future liquidity.
As highlighted by recent performance trends, the primary risk to the investment narrative is the potential for permanent margin compression resulting from adverse Medicare Administrative Contractor decisions, which could render the company's current high-cost commercial model economically unviable in the long-term medical device landscape.
Short-term revenue volatility may be a symptom of deeper structural risks regarding how the OMNI system is coded and reimbursed by regional payers. If these reimbursement pathways are harmonized downward, the company may struggle to justify its current valuation without a significant pivot in its core business strategy.
Quick answers to the most common questions about buying SGHT stock.
For fiscal year 2025, Sight Sciences, Inc. (SGHT) reported total revenue of $77.4M. This represents a 927.4% increase compared to $7.5M in 2018.
Sight Sciences, Inc. (SGHT) reported a net loss of $38.4M for the fiscal year ending 2025.
Sight Sciences, Inc. (SGHT) reported an operating income of $-37.1M, resulting in an operating profit margin of -48.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Sight Sciences, Inc. (SGHT) generated $66.7M in gross profit for the year, representing a gross profit margin of 86.2%. This demonstrates the company's core pricing power and production efficiency.