Sight Sciences Q3 revenue $18.7M (+43% YoY); narrows FY22 guidance to $70-72M

Sight Sciences now projects revenue for the full year 2022 to range from $70 million to $72 million, which represents growth of approximately 43% to 47% compared to 2021. This compares to the prior expectation for full year 2022 revenue to range from $68 million to $72 million.

Revenue for the third quarter of 2022 was $18.7 million, an increase of $5.6 million, or 43%, compared to the third quarter of 2021. Surgical Glaucoma revenue was $17.1 million, an increase of 37% compared to the prior year period and 7% compared to the second quarter. The growth was primarily driven by an increase in both the number of facilities ordering the OMNI Surgical System and utilization per ordering facility. Dry Eye revenue was $1.6 million, an increase of 145% from the previous year and 21% from the second quarter. The growth was primarily driven by increases in sales of the Tear Care System to both new and reordering customers. Gross profit for the third quarter of 2022 was $15.7 million compared to $11.0 million for the third quarter of 2021. Gross margin for the third quarter of 2022 was 84%, in line with the same period of the prior year. Operating expenses were $37.6 million for the third quarter of 2022 compared to $25.1 million in the same period the prior year, repr