Sight Sciences, Inc. Common StockSGHT
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Sight Sciences, Inc. Common Stock Morgan Stanley 24th Annual Global Healthcare Conference

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Transcript

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Operator

Thank you everybody for joining. First, importantly, there's a disclaimer on the Morgan Stanley website that I encourage everybody to go to. With that, I'd like to welcome the Sight Sciences team. We have Paul, Ali, and Jim here today to give a little bit of a deeper dive on the story and an update on how the company is doing. I know there's been a lot of exciting updates, so looking forward to unpacking those. Maybe to start us off, I'll turn it over to Paul to introduce Sight Sciences and give folks a level setting on the business.

Paul BadawiFounder and CEO

Sure. Thanks. Good to be here.

Paul BadawiFounder and CEO

Sight Sciences, we're an ophthalmic medical device company in growth stage. We are focused on two of the major problems in eye care, glaucoma and dry eye disease. Glaucoma is the world's leading cause of irreversible blindness, and dry eye disease is one of the top reasons for a visit to an eye care provider, for a patient to visit an eye care provider. We're an interventional company, so we believe strongly that patient care needs to move out of the hands of the patient and into the hands of the eye care provider.

Paul BadawiFounder and CEO

So we've developed over many years, two compelling, clinically proven, and now commercial stage and growing interventional technologies, OMNI in the micro-invasive glaucoma surgery space, and TearCare in the interventional dry eye space. Excited both businesses are growing. MIGS is back in growth and OMNI is back in growth mode, and TearCare on the dry eye side is also growing very nicely commercially as we're working to secure additional payer wins and market access in parallel.

Operator

Okay, great. I know the story has evolved significantly over the last 12 months. For investors who are newer to it, how would you characterize the differences of the company today versus a year ago?

Paul BadawiFounder and CEO

Yeah, I think we're quite different today. Several years ago, we were primarily an OMNI MIGS company.

Paul BadawiFounder and CEO

That product was in growth mode. TearCare, lots of work was getting done, great work getting done in the field with our team, development work, perfecting the technology, running multiple RCTs to prove it out, and to ultimately secure reimbursement. But the headline of the company, the headline story was OMNI and MIGS. For several years, there was a challenge with Medicare around what they would cover, what they wouldn't cover, and it kind of took us sideways as a public company with a single product.

Paul BadawiFounder and CEO

But now fast-forward 12 months, and as I mentioned in my opening remarks, we are very excited to be back in growth mode with both businesses. OMNI is back in growth. The MIGS market is back in growth. Our team is as laser-focused on MIGS and on making OMNI a standard of care as the leading implant-free MIGS technology, so that's very different.

Paul BadawiFounder and CEO

I'd say on the interventional dry eye side of our business, it's night and day. If you go back a year, we didn't have any market access.

Paul BadawiFounder and CEO

Right A year ago, it was less than a year ago, we secured our first two successful payer coverage in First Coast and Novitas.

Paul BadawiFounder and CEO

With that reimbursement, we have been hiring great people who are locked in and focused on the opportunity and training eye care providers on the TearCare procedure, and we're growing a very nice business.

Paul BadawiFounder and CEO

We've been almost doubling every quarter since we got reimbursement.

Paul BadawiFounder and CEO

Yeah. Growing that business is very encouraging, and in parallel again, we're working on both driving more depth of coverage in the First Coast and Novitas regions, the 13 states that are covered by those two MACs, as well as broadening access beyond First Coast and Novitas.

Operator

That's great. It's nice to see the story truly turn into a platform opportunity and with businesses humming. Jim, maybe I'll turn to you. The performance in Q2 was a strong 20% growth following a Q1 performance of 13% growth. What gives you confidence in the durable change in the company's trajectory versus this being an episodic set of quarters?

Jim RodbergCFO

Yeah, thanks. That's a great question, and as Paul said, excited to be back in growth mode. I think for us, it's really the underlying metrics of both businesses. So 13% growth in Q1, 20% growth in Q2, as you said, excited to be back in that double-digit growth mode. On each business, in glaucoma, we exit Q2 at record number of accounts.

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