$SGHT
Sight Sciences, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023008526 Filed on March 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $18.82M $20.54M $71.33M
YoY Change 26.5% 39.89% 45.7%
Cost Of Revenue $3.048M $3.665M $12.36M
YoY Change 0.49% 88.72% 43.57%
Gross Profit $15.78M $16.88M $58.97M
YoY Change 33.15% 32.45% 46.16%
Gross Profit Margin 83.81% 82.16% 82.67%
Selling, General & Admin $28.68M $28.70M $120.1M
YoY Change 0.99% 24.29% 57.59%
% of Gross Profit 181.76% 170.03% 203.6%
Research & Development $4.669M $5.233M $22.86M
YoY Change -17.3% 19.78% 46.21%
% of Gross Profit 29.6% 31.0% 38.76%
Depreciation & Amortization $100.0K $153.0K $700.0K
YoY Change -50.0% -12.57% 16.67%
% of Gross Profit 0.63% 0.91% 1.19%
Operating Expenses $33.34M $33.93M $142.9M
YoY Change -2.05% 23.57% 55.65%
Operating Profit -$17.57M -$17.05M -$83.95M
YoY Change -20.84% 15.88% 63.09%
Interest Expense $1.276M -$1.223M $4.466M
YoY Change 21.99% 13.45% 2.29%
% of Operating Profit
Other Income/Expense, Net $1.791M $1.379M $2.225M
YoY Change -12040.0% -3234.09% -132.12%
Pretax Income -$17.05M -$16.90M -$86.20M
YoY Change -26.67% 6.69% 37.31%
Income Tax $14.00K $10.00K $47.00K
% Of Pretax Income
Net Earnings -$17.07M -$16.91M -$86.24M
YoY Change -26.63% 6.09% 36.98%
Net Earnings / Revenue -90.67% -82.3% -120.9%
Basic Earnings Per Share -$0.35 -$1.80
Diluted Earnings Per Share -$0.35 -$0.35 -$1.80
COMMON SHARES
Basic Shares Outstanding 48.42M 48.15M 47.85M
Diluted Shares Outstanding 48.41M 47.85M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $167.3M $185.0M $185.0M
YoY Change -29.86% -29.03% -29.03%
Cash & Equivalents $167.3M $185.0M $185.0M
Short-Term Investments
Other Short-Term Assets $2.822M $3.415M $3.415M
YoY Change 4.79% -17.99% -17.99%
Inventory $7.138M $6.114M $6.114M
Prepaid Expenses
Receivables $16.36M $15.15M $15.15M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $193.7M $209.7M $209.7M
YoY Change -24.15% -24.31% -24.31%
LONG-TERM ASSETS
Property, Plant & Equipment $1.393M $1.571M $3.185M
YoY Change -18.73% 8.05% 8.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $224.0K $211.0K $211.0K
YoY Change 17.28% 4.46% 4.46%
Total Long-Term Assets $2.989M $3.396M $3.396M
YoY Change -8.87% 7.78% 7.78%
TOTAL ASSETS
Total Short-Term Assets $193.7M $209.7M $209.7M
Total Long-Term Assets $2.989M $3.396M $3.396M
Total Assets $196.6M $213.1M $213.1M
YoY Change -23.96% -23.95% -23.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.501M $2.688M $2.688M
YoY Change 13.89% -19.79% -19.79%
Accrued Expenses $4.361M $5.307M $15.13M
YoY Change 23.96% 94.68% 49.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $15.15M $17.82M $17.82M
YoY Change 26.21% 31.94% 31.94%
LONG-TERM LIABILITIES
Long-Term Debt $33.46M $33.31M $33.31M
YoY Change 1.95% 2.01% 2.01%
Other Long-Term Liabilities $1.663M $1.867M $1.867M
YoY Change -10.69% -2.71% -2.71%
Total Long-Term Liabilities $35.12M $35.18M $35.18M
YoY Change 1.27% 1.75% 1.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.15M $17.82M $17.82M
Total Long-Term Liabilities $35.12M $35.18M $35.18M
Total Liabilities $50.27M $53.00M $53.00M
YoY Change 7.68% 10.23% 10.23%
SHAREHOLDERS EQUITY
Retained Earnings -$256.3M -$239.2M
YoY Change 45.38% 56.34%
Common Stock $402.7M $399.3M
YoY Change 3.74% 3.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $146.4M $160.1M $160.1M
YoY Change
Total Liabilities & Shareholders Equity $196.6M $213.1M $213.1M
YoY Change -23.96% -23.95% -23.95%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$17.07M -$16.91M -$86.24M
YoY Change -26.63% 6.09% 36.98%
Depreciation, Depletion And Amortization $100.0K $153.0K $700.0K
YoY Change -50.0% -12.57% 16.67%
Cash From Operating Activities -$17.38M -$15.50M -$75.97M
YoY Change -20.86% 44.58% 44.59%
INVESTING ACTIVITIES
Capital Expenditures $126.0K $129.0K $970.0K
YoY Change -44.49% -182.17% 19.31%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$126.0K -$129.0K -$970.0K
YoY Change -44.49% -17.83% 19.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -156.0K 812.0K 1.248M
YoY Change -269.57% 792.31% -99.51%
NET CHANGE
Cash From Operating Activities -17.38M -15.50M -75.97M
Cash From Investing Activities -126.0K -129.0K -970.0K
Cash From Financing Activities -156.0K 812.0K 1.248M
Net Change In Cash -17.67M -14.82M -75.69M
YoY Change -20.07% 37.37% -138.0%
FREE CASH FLOW
Cash From Operating Activities -$17.38M -$15.50M -$75.97M
Capital Expenditures $126.0K $129.0K $970.0K
Free Cash Flow -$17.51M -$15.63M -$76.94M
YoY Change -21.11% 47.95% 44.2%

Facts In Submission

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ProceedsFromStockOptionsExercised
576000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
355000
CY2022 sght Proceeds From Employee Stock Purchase Plan Purchases
ProceedsFromEmployeeStockPurchasePlanPurchases
672000
CY2021 sght Proceeds From Employee Stock Purchase Plan Purchases
ProceedsFromEmployeeStockPurchasePlanPurchases
0
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1248000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
252529000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-75687000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
199176000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260687000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61511000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
185000000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260687000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
3252000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
3105000
CY2022 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
103000
CY2021 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
162000
CY2022 sght Common Stock Issued On Conversion Of Convertible Preferred Stock
CommonStockIssuedOnConversionOfConvertiblePreferredStock
0
CY2021 sght Common Stock Issued On Conversion Of Convertible Preferred Stock
CommonStockIssuedOnConversionOfConvertiblePreferredStock
117331000
CY2022 sght Common Stock Warrants Issued On Conversion Of Preferred Stock Warrants And The Reclassification Of The Warrant Liability
CommonStockWarrantsIssuedOnConversionOfPreferredStockWarrantsAndTheReclassificationOfTheWarrantLiability
0
CY2021 sght Common Stock Warrants Issued On Conversion Of Preferred Stock Warrants And The Reclassification Of The Warrant Liability
CommonStockWarrantsIssuedOnConversionOfPreferredStockWarrantsAndTheReclassificationOfTheWarrantLiability
8973000
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-left:0.933%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:18.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 1. The Company and Nature of Business</span></p><p style="margin-left:0.933%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:6.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Description of Business</span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Sight Sciences, Inc. (the “Company”) was incorporated in the State of Delaware in 2010. The Company is located and headquartered in Menlo Park, California and has principal commercial offices in Southlake, Texas. The Company is an ophthalmic medical device company focused on the development and commercialization of surgical and nonsurgical technologies for the treatment of prevalent eye diseases.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company has two reportable operating segments: Surgical Glaucoma and Dry Eye. The product portfolio for the Surgical Glaucoma segment features the OMNI® Surgical System, a device that facilitates the performance of both canaloplasty and trabeculotomy with a single device and single corneal incision to reduce intraocular pressure in adult patients with primary open-angle glaucoma, as well as the SION™ Surgical Instrument, the first bladeless device used in goniotomy. The product portfolio for the Dry Eye segment consists of the TearCare® System ("TearCare") for ophthalmologists and optometrists. TearCare is a wearable eyelid technology that delivers highly targeted and adjustable heat to the meibomian glands of the eyelids in adult patients with evaporative dry eye disease due to meibomian gland disfunction.</span></p><p style="margin-left:0.933%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:6.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Initial Public Offering</span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In July 2021, the Company completed an initial public offering (“IPO”) of its common stock in which the Company issued and sold </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">10,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of its common stock, and sold an additional </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1,500,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of common stock upon the full exercise of the underwriters’ option to purchase additional shares of the Company's common stock. These sales occurred at the initial public offering price of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">24.00</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> per share. The Company received net proceeds of approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">252.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million from the IPO.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Immediately prior to the closing of the IPO, all then-outstanding shares of redeemable convertible preferred stock were converted into </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">25,534,404</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of common stock. Further, all outstanding redeemable convertible preferred stock warrants were converted into warrants to purchase </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">659,028</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> shares of common stock, which resulted in the reclassification of the convertible preferred stock warrant liability to additional paid-in capital.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:0.933%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:6.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Significant Risks and Uncertainties</span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Since inception, the Company has incurred losses and negative cash flows from operations. As of December 31, 2022, the Company had an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">239.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million and recorded a net loss of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">86.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million for the year then ended and expects to incur additional losses in the future. If the Company’s revenue levels from its products are not sufficient or if the Company is unable to secure additional funding when desired, the Company may need to delay the development of its products, scale back its business and operations, or change its business strategy.</span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least 12 months from the issuance of its financial statements. Any failure to generate increased revenues, achieve improved gross margins, or control operating costs could require the Company to raise additional capital through equity or debt financing. Such additional financing may not be available on acceptable terms, or at all, and could require the Company to modify, delay, or abandon some of its planned future expansion or expenditures or reduce some of its ongoing operating costs, which could harm its business, operating results, financial condition, and ability to achieve its intended business objectives.</span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Outbreaks of infectious diseases, including the COVID-19 pandemic, have impacted, and may in the future impact, demand for the Company's products, which are used in procedures and therapies that are considered elective. These incidents may cause the Company to experience reduced customer demand and may have an unfavorable impact on other areas of the Company's business including, but not limited to, supply chain, third party manufacturing, research and development costs and clinical studies. The full effect of these incidents on the Company's financial condition and results of operations is uncertain and cannot be predicted with confidence.</span></p>
CY2021Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
252200000
CY2021Q3 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
25534404
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-239200000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-86200000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:0.933%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:6.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. The most significant estimates related to the provision for doubtful accounts receivable, inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, and provisions for income taxes and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements. Actual results could differ from these estimates and such differences could be material to the Company’s financial position and results of operations.</span></p>
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1571000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1454000
CY2022 us-gaap Depreciation
Depreciation
700000
CY2021 us-gaap Depreciation
Depreciation
600000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1000000.0
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
600000
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q4 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P12M
CY2022 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<p style="margin-left:0.933%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:6.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Revenue Recognition</span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:6.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its arrangements:</span></p><div style="margin-left:5.602%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:6.0pt;margin-right:6.667%;min-width:2.796%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:2.9619271594737175%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Identify the contract with a customer,</span></div></div><div style="margin-left:5.602%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:6.0pt;margin-right:6.667%;min-width:2.796%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:2.9619271594737175%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Identify the performance obligations in the contract,</span></div></div><div style="margin-left:5.602%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:6.0pt;margin-right:6.667%;min-width:2.796%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:2.9619271594737175%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Determine the transaction price,</span></div></div><div style="margin-left:5.602%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:6.0pt;margin-right:6.667%;min-width:2.796%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:2.9619271594737175%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Allocate the transaction price to performance obligations in the contract, and</span></div></div><div style="margin-left:5.602%;text-indent:0.0%;display:flex;margin-top:0.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:6.0pt;margin-right:6.667%;min-width:2.796%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:2.9619271594737175%;">•</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Recognize revenue as the performance obligations are satisfied.</span></div></div><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Revenue recognized during the years ended December 31, 2022 and 2021 relates entirely to the sale of the Company’s products within the Surgical Glaucoma and Dry Eye segments. These sales are primarily to hospitals, medical centers, and eyecare professions ("ECPs") throughout the United States through sales representatives and distributors.</span><span style="color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company’s revenue arrangements consist of a single performance obligation. Revenue is recognized at the point in time when control of the promised goods transfer to the Company’s customers. Revenue is measured at the amount of consideration expected to be received in exchange for the transfer of goods. The amount of revenue that is recognized is based on the transaction price, which represented the invoiced amounts and includes estimates of variable consideration, such as discounted, where applicable. The Company does not offer right of return, except in the case where items are defective as manufactured, and the company does not typically provide customers with a right to a refund. The amount of variable consideration included in the transaction price may be constrained and is included only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Payment terms, typically 30 days, are offered to customers and do not include a significant financing component. The Company extends credit to customers based upon their financial condition and credit history and generally require no collateral. The Company does not have any contract balances related to product sales.</span><span style="color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:0.933%;text-indent:3.789%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:12.0pt;margin-right:0.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(35,31,32,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Shipping and handling costs incurred for the delivery of goods to customers are included in cost of goods sold. In cases where the Company bills shipping and handling cost to customers, the Company classifies those amounts in net revenue. As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset we otherwise would have recognized is one year or less. Sales commissions are recorded within selling, general, and administrative expenses in the statements of operations.</span></p>
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AdvertisingExpense
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CY2021 us-gaap Advertising Expense
AdvertisingExpense
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CY2022 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
These annual increases shall be equal to the lesser of (i) 5% of the aggregate number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Common Stock as determined by the Board, subject to certain limitations.
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CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
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1867000
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DebtInstrumentCarryingAmount
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2344000
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33313000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
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P2Y6M
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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200000
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Net
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CY2021Q4 sght Deferred Tax Liabilities Operating Lease Right Of Use Assets
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CY2022Q4 us-gaap Deferred Tax Liabilities
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CY2021Q4 us-gaap Deferred Tax Liabilities
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.05
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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0.01
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-0.26
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.24
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-0.01
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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-0.03
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
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189900000
CY2022Q4 sght Taxable Income Limitation
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0.80
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700000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
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600000
CY2022 us-gaap Interest Expense Other
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400000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
580000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
417000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
161000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
163000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
741000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
580000
CY2022 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
12361000
CY2021 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
8610000
CY2022 us-gaap Gross Profit
GrossProfit
58970000
CY2021 us-gaap Gross Profit
GrossProfit
40346000
CY2022 us-gaap Operating Expenses
OperatingExpenses
142924000
CY2021 us-gaap Operating Expenses
OperatingExpenses
91824000
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-83954000
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
-51478000
CY2022 us-gaap Interest Expense
InterestExpense
4466000
CY2021 us-gaap Interest Expense
InterestExpense
4366000
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2225000
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-6928000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-86195000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-62772000

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