Sight Sciences (SGHT) AI Stock Analysis

• Market Cap: $391.78M
• Dividend Yield: N/A
• Average Volume (3M): 150.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.52
• Revenue Growth: -4.39%
• EPS Growth: 11.70%
• Country: US
• Employees: 216
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.16
• Shares Outstanding: 52,871,730
• 10 Day Avg. Volume: 244,568
• 30 Day Avg. Volume: 150,613
• PEG Ratio: 0.37
• Price to Book (P/B): 2.09
• Price to Sales (P/S): 2.28
• P/FCF Ratio: -8.03
• Enterprise Value/Market Cap: 0.39
• Enterprise Value/Revenue: 2.01
• Enterprise Value/Gross Profit: 2.34
• Enterprise Value/Ebitda: -3.78
• 1Y Price Target: $9.35
• Price Target Upside: 36.90% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $7.50 ▲(9.81% Upside)

The score is primarily held down by weak financial performance, led by a steep TTM revenue decline, ongoing large losses, and negative free cash flow. Technical indicators also point to soft near-term momentum. Partially offsetting these risks, the latest earnings call included raised revenue guidance, reduced expense guidance, and positive reimbursement progress for TearCare, but profitability and cash burn remain key constraints.

Positive Factors

High gross margin (~86%)

Sustained ~86% gross margin indicates a high-margin, consumables-linked business model. This provides durable operating leverage: as procedure volumes and device install base recover, incremental revenue can flow quickly to the bottom line and help fund R&D and commercialization without needing proportional COGS increases.

Medicare reimbursement expands TearCare access

Jurisdiction-wide Medicare pricing is a structural change that materially widens the addressable market and lowers provider economic barriers. Reimbursement validates the interventional Dry Eye model, increases likelihood of procedure adoption, and supports recurring consumable revenue over the medium term.

Surgical Glaucoma adoption and ordering momentum

Growing Surgical Glaucoma revenue and rising ordering accounts reflect durable clinical adoption of the OMNI system. A stronger install base drives recurring disposables and procedure volume, creating predictable, multi-quarter revenue streams that support long-term commercialization economics.

Negative Factors

Sharp TTM revenue decline

A ~33% TTM revenue drop undermines scale and delays the company's path to profitability. Reduced procedure volumes weaken the recurring consumables engine and limit the ability to leverage fixed costs, making multi-quarter recovery necessary to restore durable margin and cash flow improvements.

Persistent negative operating and free cash flow

Ongoing cash burn across operations means the business is consuming tangible liquidity rather than generating it. Negative operating and free cash flow constrain reinvestment in sales and clinical adoption, increase financing risk, and can force dilution or curtailed growth initiatives absent sustained revenue upswing.

Large operating losses and value erosion

Deep operating and net losses are eroding shareholder equity and limiting financial flexibility. Even with strong gross margins, persistent negative EBIT and ROE signal the company is not covering operating costs at scale, pressuring runway and requiring either material revenue improvement or external capital to sustain growth investments.

Sight Sciences Business Overview & Revenue Model

Company Description

Sight Sciences, Inc., an ophthalmic medical device company, engages in the development and commercialization of surgical and nonsurgical technologies for the treatment of eye diseases. The company's products include OMNI Surgical System, a therapeutic device used by ophthalmic surgeons to reduce intraocular pressure in adult glaucoma patients; and TearCare System, a wearable eyelid technology for the treatment of dry eye disease (DED) for ophthalmologists and optometrists. It offers its products through sales representatives and distributors to hospitals, medical centers, and eyecare professionals in the United States. The company was incorporated in 2010 and is headquartered in Menlo Park, California.

How the Company Makes Money

Sight Sciences generates revenue primarily through the sale of its medical devices and surgical systems to hospitals, outpatient surgical centers, and eye care professionals. The company's key revenue streams include direct sales of its OMNI Surgical System and related consumable products, which are used in glaucoma surgeries. Additionally, Sight Sciences may benefit from strategic partnerships with healthcare providers and distributors, which can enhance its market reach and facilitate the adoption of its technologies. Ongoing investments in research and development also position the company to introduce new products and expand its offerings, contributing to long-term revenue growth.

Sight Sciences Financial Statement Overview

Summary

Sight Sciences shows a strong gross margin and liquidity position with no debt, which are positive indicators. However, the company faces challenges with declining revenues, consistent net losses, and negative free cash flow. The reduction in equity suggests potential sustainability concerns if these trends continue.

Income Statement

Sight Sciences shows a declining revenue trend with a revenue decrease from $81.1M in 2023 to $79.9M in 2024, marking a negative revenue growth rate of -1.47%. The company is also operating at a loss, with a net profit margin of -64.5% in 2024, which is a slight improvement from -68.5% in 2023. The gross profit margin is relatively high at 85.5% in 2024, indicating efficient cost management concerning direct costs, but there is a consistent negative EBIT and EBITDA margin due to high operating expenses.

Balance Sheet

The balance sheet reflects a strong liquidity position with a significant amount of cash and cash equivalents ($120.4M) and no debt as of 2024, resulting in a net negative debt position. The equity ratio stands at 61.3%, indicating a solid equity foundation. However, the company has been experiencing a decrease in stockholders' equity from $120.2M in 2023 to $87.5M in 2024. The absence of debt reduces financial risk, but declining equity could be a concern.

Cash Flow

Free cash flow remains negative at -$22.7M in 2024, though there is an improvement from -$47.9M in 2023. The operating cash flow to net income ratio is close to 0.43, reflecting some alignment between operational cash generation and reported losses. Despite improvement, persistent negative cash flows highlight ongoing challenges in generating sufficient cash from operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	76.05M	79.87M	81.06M	71.33M	48.96M	27.64M
Gross Profit	65.44M	68.28M	69.17M	58.97M	40.35M	18.43M
EBITDA	-40.50M	-45.90M	-49.41M	-80.48M	-57.20M	-31.68M
Net Income	-46.11M	-51.51M	-55.55M	-86.24M	-62.96M	-34.69M
Balance Sheet
Total Assets	116.26M	142.84M	166.65M	213.07M	280.19M	72.81M
Cash, Cash Equivalents and Short-Term Investments	92.37M	120.36M	138.13M	185.00M	260.69M	61.51M
Total Debt	40.69M	40.36M	35.41M	34.98M	34.21M	32.48M
Total Liabilities	51.97M	55.32M	46.44M	53.00M	48.08M	161.66M
Stockholders Equity	64.29M	87.52M	120.22M	160.08M	232.11M	-88.85M
Cash Flow
Free Cash Flow	-31.84M	-22.74M	-47.98M	-76.94M	-53.35M	-33.13M
Operating Cash Flow	-31.33M	-22.35M	-47.18M	-75.97M	-52.54M	-32.17M
Investing Cash Flow	-517.00K	-385.00K	-791.00K	-970.00K	-813.00K	-953.00K
Financing Cash Flow	5.92M	4.96M	1.10M	1.25M	252.53M	73.40M

Sight Sciences Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.83
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SGHT, the sentiment is Neutral. The current price of 6.83 is below the 20-day moving average (MA) of 8.00, below the 50-day MA of 7.54, and above the 200-day MA of 4.59, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 36.85 is Neutral, neither overbought nor oversold. The STOCH value of 17.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SGHT.

Sight Sciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	66 Neutral	$117.30M	16.81	4.34%	―	3.36%	-21.15%
TLSI	54 Neutral	$293.29M	-2.93	―	―	49.52%	19.34%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SGHT	48 Neutral	$391.78M	-7.63	-57.91%	―	-4.39%	11.70%
CVRX	48 Neutral	$191.60M	-3.02	-91.88%	―	18.44%	25.42%
LNSR	45 Neutral	$137.84M	-2.67	-422.35%	―	21.02%	-200.88%
RCEL	44 Neutral	$104.29M	-1.82	-1746.27%	―	20.59%	18.61%

Sight Sciences Corporate Events

Sight Sciences Announces Key Management Changes

Sight Sciences announced significant management changes effective November 5, 2025, with Alison Bauerlein promoted to Chief Operating Officer and James Rodberg appointed as Chief Financial Officer. The company also reported its third-quarter 2025 financial results, showing a slight revenue decline of 1% compared to the previous year, with a notable 6% increase in surgical glaucoma revenue. Despite a decrease in dry eye revenue, the company raised its full-year 2025 revenue guidance and reduced its adjusted operating expense guidance, reflecting strong operational execution and market positioning. The company’s strategic focus on achieving reimbursed market access for its TearCare procedure and expanded coverage for its OMNI Surgical System reflects its commitment to long-term growth and stakeholder value.

The most recent analyst rating on (SGHT) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Sight Sciences stock, see the SGHT Stock Forecast page.

Sight Sciences Gains Medicare Pricing for TearCare

On October 17, 2025, Sight Sciences announced that Novitas Solutions and First Coast Service Options established jurisdiction-wide pricing for the TearCare System procedure under CPT code 0563T, effective January 1, 2025. This development, covering 10.4 million Medicare beneficiaries, is expected to enhance patient access to the TearCare procedure, supporting the company’s engagement with third-party payors and clinical societies.

The most recent analyst rating on (SGHT) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Sight Sciences stock, see the SGHT Stock Forecast page.