Five MACs classify Sight Sciences' OMNI procedures as investigational; 63% of revenue at risk

Sight Sciences, Inc.

Four new MACs (Palmetto, Celerian, NGS, Noridian) plus prior WPS LCD classify OMNI canaloplasty/trabeculotomy as investigational, effective Dec 24, 2023.
The five MACs cover states representing ~63% of Sight Sciences' 2022 Surgical Glaucoma revenue.
LCDs trigger 'Reimbursement Trigger Event' under MidCap credit agreement; monthly principal payments begin Jan 2024.
If LCDs take effect, company may breach revenue covenant in 2024, allowing lender to accelerate repayment of $35M term loan.
Company plans to engage MACs and CMS to delay or reconsider; intends to pursue reconsideration if implemented.

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