One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Sight Sciences, Inc.
SGHT · NMS · Healthcare · Medical Devices
Current price
$10.75
52-week range
$3.38 - $11.16
Market cap
$597.47M
Balance sheet
Healthy
-7.21x Concerning
Net cash $35.30M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 14.3% last year.
- Risk Return on equity was -50.1% last year — the company lost money on shareholders' equity.
What this company does
Sight Sciences, Inc.
Sight Sciences makes medical devices to help people with eye conditions like glaucoma and dry eye. Their money mostly comes from selling these devices to eye doctors and hospitals, which matters because it shows how well their products are being used to treat patients.
How the company got here
Sight Sciences was founded in 2010 by brothers Paul and David Badawi with the goal of addressing unmet needs in eye care. [1, 2] They focused on developing innovative technologies for prevalent eye diseases. [4, 16] A significant milestone was their initial public offering (IPO) on the Nasdaq exchange in July 2021, which raised approximately $276 million. [1] This event allowed the company to further invest in its growth and development of new medical devices.
What it actually does
Sight Sciences is a medical device company that creates and sells technologies for treating eye conditions, primarily glaucoma and dry eye disease. [4, 16] Their approach involves developing minimally invasive or non-invasive solutions that target the root causes of these diseases. [17] The company sells its products directly to eye care professionals, such as ophthalmologists and optometrists. [1]
Surgical Glaucoma
This is the larger of Sight Sciences' two business segments, focusing on treatments for glaucoma, a leading cause of irreversible blindness. [9, 17] Their main product here is the OMNI Surgical System, which is a minimally invasive glaucoma surgery (MIGS) device. [5, 7] The OMNI system is designed to reduce intraocular pressure (IOP), which is the pressure inside the eye, by performing procedures like canaloplasty (widening a drainage channel) and trabeculotomy (cutting a small part of the eye's drainage tissue). [7, 9] This system can be used on its own or in combination with cataract surgery. [9] The company has also introduced newer versions like the OMNI Ultra Surgical System, which offers enhancements for surgeon control and versatility. [8] Another product in this segment is the SION Surgical Instrument, a bladeless device used to excise (cut out) the trabecular meshwork, another part of the eye's drainage system. [6]
Dry Eye
This segment focuses on treatments for dry eye disease, specifically evaporative dry eye caused by meibomian gland dysfunction (MGD). [8, 9] The primary product is the TearCare System, which is a device that uses controlled heat to melt and help clear blockages in the meibomian glands. [8] These glands are located in the eyelids and produce oils that help keep the eye lubricated. [8] When these glands are blocked, it can lead to dry eye symptoms. [8] The TearCare System is used in conjunction with manual expression of the glands to restore their healthy function. [8] The company is working to expand access to reimbursed treatments for dry eye. [12]
What management is betting on now
Management is focused on growing both their Surgical Glaucoma and Dry Eye segments. [12, 13] They are investing in expanding market access and commercial resources to scale the dry eye market and capitalize on the opportunity for standalone glaucoma interventions. [12] A key strategy is to make interventional eye care the standard of care, meaning their procedures become the go-to treatment option for patients, allowing for earlier and more effective intervention. [16] The company is also working towards achieving cash flow breakeven, which means their income will equal their expenses. [13]
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-3.60M
FY2025 Q1
$-11.61M
FY2025 Q2
$-7.75M
FY2025 Q3
$-8.89M
FY2025 Q4
$-1.98M
FY2026 Q1
$-7.09M
FY2026 Q2
$-5.68M
FY2026 Q3
$-2.47M
Revenue
$24.92M
Net income
$-6.81M
Diluted EPS
-0.12
Operating cash flow
$-2.40M
Free cash flow
$-2.47M
Fetching…
Sources
Revenue
$23.39M
Net income
$-4.45M
Diluted EPS
-0.08
Operating cash flow
$-5.66M
Free cash flow
$-5.68M
Fetching…
Sources
Revenue
$19.70M
Net income
$-12.98M
Diluted EPS
-0.24
Operating cash flow
$-7.03M
Free cash flow
$-7.09M
Fetching…
Sources
Revenue
$20.39M
Net income
$-4.16M
Diluted EPS
-0.07
Operating cash flow
$-1.83M
Free cash flow
$-1.98M
Fetching…
Sources
Revenue
$19.91M
Net income
$-8.17M
Diluted EPS
-0.16
Operating cash flow
$-8.72M
Free cash flow
$-8.89M
Fetching…
Sources
Revenue
$19.56M
Net income
$-11.94M
Diluted EPS
-0.23
Operating cash flow
$-7.54M
Free cash flow
$-7.75M
Fetching…
Sources
Revenue
$17.51M
Net income
$-14.15M
Diluted EPS
-0.28
Operating cash flow
$-11.61M
Free cash flow
$-11.61M
Fetching…
Sources
Revenue
$19.07M
Net income
$-11.85M
Diluted EPS
-0.23
Operating cash flow
$-3.46M
Free cash flow
$-3.60M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $10.75
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $35.3M - more cash than debt. Interest coverage -7.2x.
Net debt
$-35.30M
Interest coverage
-7.21x
Sight Sciences, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
SGHT
BASELINE
Sight Sciences, Inc.
Total debt $42.11M Interest coverage -7.21x This is the baseline the peer rows are being compared against.
Total debt $105.15M Interest coverage -43.06x Neither company has much profit cushion over interest right now.
Total debt $33.64M Interest coverage -10.00x Neither company has much profit cushion over interest right now.
Total debt $725.73M Interest coverage -3.79x Neither company has much profit cushion over interest right now.
Total debt $4.45M Interest coverage 3.42x This peer still has a real interest-payment cushion, while SGHT does not.
Total debt $19.47M Interest coverage -1.02x Neither company has much profit cushion over interest right now.
What you should know
The case for and against SGHT
1 Reward
1 Risk
Rewards
-
Revenue grew 14.3% last year.
Risks
-
Return on equity was -50.1% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-29.99x
P/B
12.08x
P/S
6.76x
EV/EBITDA
-32.16x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
87.7%
Operating margin
-24.6%
Net margin
-32.1%
ROE
-50.1%
ROA
-10.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.86x
Current ratio
5.04x
Quick ratio
4.51x
Total debt
$42.11M
Total cash
$77.40M
Growth
How the business has been compounding
Revenue TTM
$88.39M
Revenue 5Y CAGR
12.1%
EPS TTM
-0.52
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-16.92M
Free CF TTM
$-29.92M
FCF margin
-33.8%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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