$SGHT
Sight Sciences, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023018865 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $23.47M $18.82M $14.88M
YoY Change 36.23% 26.5% 72.33%
Cost Of Revenue $3.381M $3.048M $3.033M
YoY Change 23.57% 0.49% 31.81%
Gross Profit $20.09M $15.78M $11.85M
YoY Change 38.62% 33.15% 87.05%
Gross Profit Margin 85.59% 83.81% 79.62%
Selling, General & Admin $30.06M $28.68M $28.40M
YoY Change -4.37% 0.99% 95.15%
% of Gross Profit 149.61% 181.76% 239.66%
Research & Development $5.221M $4.669M $5.646M
YoY Change -11.9% -17.3% 64.13%
% of Gross Profit 25.99% 29.6% 47.65%
Depreciation & Amortization $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 100.0%
% of Gross Profit 0.5% 0.63% 1.69%
Operating Expenses $35.28M $33.34M $34.04M
YoY Change -5.57% -2.05% 89.22%
Operating Profit -$15.19M -$17.57M -$22.19M
YoY Change -33.58% -20.84% 90.4%
Interest Expense $1.349M $1.276M $1.046M
YoY Change 26.67% 21.99% -3.51%
% of Operating Profit
Other Income/Expense, Net $1.790M $1.791M -$15.00K
YoY Change 1784.21% -12040.0% -102.72%
Pretax Income -$14.75M -$17.05M -$23.25M
YoY Change -38.13% -26.67% 90.79%
Income Tax $8.000K $14.00K $9.000K
% Of Pretax Income
Net Earnings -$14.75M -$17.07M -$23.26M
YoY Change -38.12% -26.63% 90.06%
Net Earnings / Revenue -62.86% -90.67% -156.33%
Basic Earnings Per Share -$0.30 -$0.35 -$0.49
Diluted Earnings Per Share -$0.30 -$0.35 -$489.0K
COMMON SHARES
Basic Shares Outstanding 48.46M 48.42M 47.59M
Diluted Shares Outstanding 48.54M 48.41M 47.57M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $154.5M $167.3M $238.6M
YoY Change -29.8% -29.86% 393.69%
Cash & Equivalents $154.5M $167.3M $238.6M
Short-Term Investments
Other Short-Term Assets $1.795M $2.822M $2.693M
YoY Change -11.79% 4.79% 158.94%
Inventory $7.907M $7.138M $4.082M
Prepaid Expenses
Receivables $18.10M $16.36M $9.949M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $182.3M $193.7M $255.3M
YoY Change -23.25% -24.15% 343.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.477M $1.393M $1.714M
YoY Change -13.98% -18.73% 8.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $367.0K $224.0K $191.0K
YoY Change 55.51% 17.28% -86.45%
Total Long-Term Assets $2.969M $2.989M $3.280M
YoY Change -7.31% -8.87% 9.48%
TOTAL ASSETS
Total Short-Term Assets $182.3M $193.7M $255.3M
Total Long-Term Assets $2.969M $2.989M $3.280M
Total Assets $185.3M $196.6M $258.6M
YoY Change -23.04% -23.96% 327.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.947M $3.501M $3.074M
YoY Change 8.15% 13.89% 2.13%
Accrued Expenses $2.685M $4.361M $3.518M
YoY Change -23.83% 23.96% -44.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $14.05M $15.15M $12.00M
YoY Change -1.01% 26.21% 29.06%
LONG-TERM LIABILITIES
Long-Term Debt $33.61M $33.46M $32.82M
YoY Change 1.89% 1.95% 2.16%
Other Long-Term Liabilities $1.498M $1.663M $1.862M
YoY Change -17.19% -10.69% -27.86%
Total Long-Term Liabilities $35.11M $35.12M $34.68M
YoY Change 0.9% 1.27% -0.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.05M $15.15M $12.00M
Total Long-Term Liabilities $35.11M $35.12M $34.68M
Total Liabilities $49.16M $50.27M $46.68M
YoY Change 0.34% 7.68% 6.08%
SHAREHOLDERS EQUITY
Retained Earnings -$271.1M -$256.3M -$176.3M
YoY Change 35.48% 45.38%
Common Stock $407.2M $402.7M $388.2M
YoY Change 3.91% 3.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.1M $146.4M $211.9M
YoY Change
Total Liabilities & Shareholders Equity $185.3M $196.6M $258.6M
YoY Change -23.04% -23.96% 327.19%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$14.75M -$17.07M -$23.26M
YoY Change -38.12% -26.63% 90.06%
Depreciation, Depletion And Amortization $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 100.0%
Cash From Operating Activities -$13.49M -$17.38M -$21.97M
YoY Change -26.31% -20.86% 70.68%
INVESTING ACTIVITIES
Capital Expenditures $97.00K $126.0K $227.0K
YoY Change -128.36% -44.49% 118.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$97.00K -$126.0K -$227.0K
YoY Change -71.64% -44.49% 118.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 766.0K -156.0K 92.00K
YoY Change 384.81% -269.57% -143.81%
NET CHANGE
Cash From Operating Activities -13.49M -17.38M -21.97M
Cash From Investing Activities -97.00K -126.0K -227.0K
Cash From Financing Activities 766.0K -156.0K 92.00K
Net Change In Cash -12.82M -17.67M -22.10M
YoY Change -30.66% -20.07% 67.64%
FREE CASH FLOW
Cash From Operating Activities -$13.49M -$17.38M -$21.97M
Capital Expenditures $97.00K $126.0K $227.0K
Free Cash Flow -$13.59M -$17.51M -$22.19M
YoY Change -24.37% -21.11% 71.06%

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22101000
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
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
167335000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
238586000
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InterestPaidNet
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CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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10000
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
418000
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;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;min-width:fit-content;">Note 1. Company and Nature of Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:6.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;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:10.373%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:6.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;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 and is headquartered in Menlo Park, California. 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></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;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="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;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 March 31, 2023, 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;">256.3</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;">17.1</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 three months 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="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;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>
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;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="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;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 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 expenses during the reporting period. The most significant estimates related to the provision for doubtful accounts, 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>
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1379000
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CY2023Q1 us-gaap Depreciation
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CY2022Q1 us-gaap Depreciation
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2917000
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32083000
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CY2023Q1 us-gaap Long Term Debt
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P1Y3M18D
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CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
173000
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CY2022Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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127000
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CY2023Q1 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
nnual increases under the evergreen provision are 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.
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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9.76
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Gross Profit
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CY2022Q1 us-gaap Operating Expenses
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-23254000

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R9.htm Edgar Link pending
report.css Edgar Link pending
sght-20230331.htm Edgar Link pending
sght-20230331.xsd Edgar Link pending
sght-ex10_1.htm Edgar Link pending
sght-ex31_1.htm Edgar Link pending
sght-ex31_2.htm Edgar Link pending
sght-ex32_1.htm Edgar Link pending
sght-ex32_2.htm Edgar Link pending
Show.js Edgar Link pending
sght-20230331_cal.xml Edgar Link unprocessable
sght-20230331_def.xml Edgar Link unprocessable
sght-20230331_pre.xml Edgar Link unprocessable
sght-20230331_lab.xml Edgar Link unprocessable
sght-20230331_htm.xml Edgar Link completed