Sight Sciences (SGHT) AI Stock Analysis

• Market Cap: $332.03M
• Dividend Yield: N/A
• Average Volume (3M): 150.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.58
• 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: 0.87
• Enterprise Value/Revenue: 3.80
• Enterprise Value/Gross Profit: 4.41
• Enterprise Value/Ebitda: -7.13
• 1Y Price Target: $9.35
• Price Target Upside: 45.19% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $6.00 ▼(-6.83% Downside)

The score is held back primarily by weak financial performance: steep TTM revenue decline, sizable losses, and ongoing cash burn. Technical signals also remain bearish (negative MACD and price below key short-term averages). Offsetting these, the latest earnings call included improved guidance, better expense outlook, and positive reimbursement progress for TearCare, providing some support despite continued losses.

Positive Factors

High gross margin

Sustained ~86% gross margin indicates durable unit economics from consumables and device sales. High product-level profitability gives the company structural leverage to fund SG&A and R&D, meaning if revenue stabilizes, margin profile can translate to scalable profitability over the medium term.

Medicare reimbursement for TearCare

Secured Medicare pricing is a structural change reducing reimbursement uncertainty and expanding addressable market. Coverage for 10.4M lives and an established payment rate materially improves provider willingness to adopt TearCare and supports repeat consumable revenue and long-term procedure growth.

Surgical glaucoma adoption momentum

Consistent growth in OMNI-related surgical glaucoma revenue and consecutive record highs in ordering accounts signal durable commercial traction among surgeons. Expanding installed base drives recurring consumable demand and supports a steady revenue stream even as new account penetration continues.

Negative Factors

Sharp revenue decline

A 32.9% TTM revenue drop reflects a meaningful demand setback that undermines scale economics. Persistent top-line contraction makes it harder to absorb fixed costs, slows recurring consumable growth tied to procedures, and lengthens the timeline to meaningful operating leverage.

Negative operating and free cash flow

Sustained negative operating and free cash flow indicate the business is consuming cash to fund operations. Continued burn limits reinvestment in commercialization, may necessitate external financing or dilution, and constrains flexibility to accelerate adoption despite improving trends versus prior years.

Shrinking equity and balance-sheet contraction

Eroding equity and declining asset base show value loss from ongoing losses, reducing financial flexibility. Even with manageable nominal leverage, shrinking shareholders' equity increases vulnerability to adverse shocks, limits capacity for M&A or heavy reinvestment, and raises dilution risk if financing is needed.

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

Despite very strong gross margin (~86%), the company is still heavily unprofitable (TTM EBIT margin ~-44.9%, net margin ~-60.6%) with negative operating and free cash flow (~-$31M). Most importantly, TTM revenue fell sharply (-32.9%), raising near-term execution risk. Balance sheet leverage looks manageable, but equity has been shrinking and ROE is deeply negative (~-61.6%).

Income Statement

TTM (Trailing-Twelve-Months) revenue declined sharply (-32.9%) after being roughly flat in 2024, signaling a clear demand/trajectory setback. The company maintains very strong gross profitability (TTM gross margin ~86%), but operating losses remain heavy (TTM EBIT margin ~-44.9%) and bottom-line losses persist (TTM net margin ~-60.6%). While margins improved meaningfully versus 2022–2023, the business is still far from breakeven and currently moving in the wrong direction on growth.

Balance Sheet

Leverage appears manageable with debt of ~$40.7M against ~$64.3M of equity in TTM (down from ~$87.5M equity in 2024), but the equity base has been shrinking alongside continued losses. Total assets have also trended down from 2021–2024 to TTM, suggesting balance-sheet contraction. Return on equity remains deeply negative (TTM ~-61.6%), highlighting ongoing value erosion despite a not-overlevered capital structure.

Cash Flow

Cash generation remains weak with negative operating cash flow and negative free cash flow in TTM (operating cash flow about -$31.3M; free cash flow about -$31.8M). There is improvement versus 2022–2024 burn levels (free cash flow is less negative than prior years, and TTM free cash flow growth is positive), but the company is still consuming cash to fund operations. Free cash flow is roughly in line with net losses, reinforcing that losses are translating into real cash outflows.

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: Positive
• Last Price: 6.44
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SGHT, the sentiment is Positive. The current price of 6.44 is below the 20-day moving average (MA) of 6.68, below the 50-day MA of 7.56, and above the 200-day MA of 4.85, indicating a neutral trend. The MACD of -0.40 indicates Positive momentum. The RSI at 41.80 is Neutral, neither overbought nor oversold. The STOCH value of 44.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$117.62M	16.83	4.34%	―	3.36%	-21.15%
TLSI	54 Neutral	$248.32M	-2.53	―	―	49.52%	19.34%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CVRX	48 Neutral	$179.54M	-3.52	-91.88%	―	18.44%	25.42%
SGHT	47 Neutral	$332.03M	-7.19	-57.91%	―	-4.39%	11.70%
LNSR	45 Neutral	$152.05M	-2.90	-422.35%	―	21.02%	-200.88%
RCEL	44 Neutral	$134.47M	-2.34	-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.