Sight Sciences Stifel 2026 Healthcare Conference 2026

Sure. Yeah, we're excited about the supply code for the TearCare SmartLids from CMS. We engaged with CMS earlier in the year to establish a supply code, and the result to that effort, pleased to share that CMS arrived at an appropriate price point for the TearCare SmartLids at $1,000. This is important in our market access journey. Obviously, CMS, Medicare's the largest payer in the country, so to have a nationally recognized, validated kind of reference point on the pricing obviously creates a good environment for us to have transparent and consistent conversations with additional payers, notably the additional MACs that we're engaged with.

First, we continue to be engaged with both MACs and commercial payers, both national commercial payers, as you referenced, as well as regional commercial payers. Those conversations are ongoing, constructive. I feel like we're making great progress. I think the supply code is relevant to all of those conversations. I think there's more immediate relevance to the MACs, just given the relationship between CMS and the Medicare Administrative Contractors. Obviously, each MAC will ultimately arrive at its own coverage policy and fee schedule, but to have this standard in place from CMS, again, the largest payer in the country, is going to be helpful both for MACs and commercial payers.

Also, I'd say, imagine this, Tom, as we're growing commercially in First Coast and Novitas, and as we bring on additional MACs, think about all of those customers that are making TearCare part of their regular interventional eye care practice and within their practices. So when you have those kinds of customers who are seeing the really strong clinical benefits for patients and the importance of this procedure in their practice grows, they will help advocate for additional coverage over time. So, it's relevant in multiple ways.

Got it. The supply code, that is.

Yeah. I think I would say it's a process. We're creating a new category. We're creating not only a new category in medicine with interventional dry eye and reimbursed procedural dry eye, but for payers to cover something new, it does take time. I think we have. Our conversations are very constructive. We continue to feel very bullish about getting additional payers in the coming quarters. Clinical evidence is very strong with SAHARA. The health economics is very strong. So we don't feel like we have any official barrier. What I do think we need to continue to have our happy TearCare customers continuing to submit high-quality claims to demonstrate that unmet need, right? The more that our customers raise awareness at payers and the more pressure is applied, demonstrating that unmet need, I think will generate results faster. So that's where we're focused as a company.

We're continuing to invest. We have a world-class market access team, very happy with the team there, and they're continuing to add resources in market access. So, our quality team engaging with customers who love TearCare, getting more claims submitted to payers, to the MACs, to commercial payers, doing more of that, again, resulting in more pressure so that policies are ultimately created or fee schedules.

Is that fair? Yeah, I think it is.

I think the payers have been clear. I think they have responded very well to our SAHARA clinical data. It is a two-year RCT in dry eye against the standard of care, so I think that has been very well received. I think the health economics publications have been very well received. The story makes sense. I think it is a matter of time. We continue to believe that. We continue to have great conversations. It is hard to predict these things, when you can actually get from the red zone into the end zone. But we feel like, and we have said it before, we will say it again, we feel like we are within quarters of getting additional coverage and/or fee schedules.