$SGHT
Sight Sciences, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024053572 Filed on May 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $21.37M $19.27M
YoY Change -8.95% 2.34%
Cost Of Revenue $3.025M $2.793M
YoY Change -10.53% -8.37%
Gross Profit $18.35M $16.47M
YoY Change -8.69% 4.41%
Gross Profit Margin 85.84% 85.5%
Selling, General & Admin $26.68M $26.56M
YoY Change -11.23% -7.38%
% of Gross Profit 145.43% 161.24%
Research & Development $4.316M $4.636M
YoY Change -17.33% -0.71%
% of Gross Profit 23.53% 28.14%
Depreciation & Amortization $100.0K $192.0K
YoY Change 0.0% 92.0%
% of Gross Profit 0.55% 1.17%
Operating Expenses $31.00M $31.20M
YoY Change -12.14% -6.44%
Operating Profit -$12.65M -$14.72M
YoY Change -16.7% -16.19%
Interest Expense $1.145M $1.204M
YoY Change -15.12% -5.64%
% of Operating Profit
Other Income/Expense, Net -$44.00K -$8.000K
YoY Change -102.46% -100.45%
Pretax Income -$12.31M -$16.25M
YoY Change -16.49% -4.71%
Income Tax $15.00K $17.00K
% Of Pretax Income
Net Earnings -$12.33M -$16.27M
YoY Change -16.44% -4.69%
Net Earnings / Revenue -57.69% -84.43%
Basic Earnings Per Share -$0.25 -$0.33
Diluted Earnings Per Share -$0.25 -$0.33
COMMON SHARES
Basic Shares Outstanding 49.76M 49.55M
Diluted Shares Outstanding 49.90M 49.49M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.2M $127.3M
YoY Change -23.52% -23.93%
Cash & Equivalents $118.2M $127.3M
Short-Term Investments
Other Short-Term Assets $1.452M $2.291M
YoY Change -19.11% -18.82%
Inventory $6.781M $6.871M
Prepaid Expenses
Receivables $19.92M $15.64M
Other Receivables $0.00 $0.00
Total Short-Term Assets $146.3M $152.1M
YoY Change -19.74% -21.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.489M $1.550M
YoY Change 0.81% 11.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $640.0K $624.0K
YoY Change 74.39% 178.57%
Total Long-Term Assets $3.386M $3.471M
YoY Change 14.05% 16.13%
TOTAL ASSETS
Total Short-Term Assets $146.3M $152.1M
Total Long-Term Assets $3.386M $3.471M
Total Assets $149.7M $155.6M
YoY Change -19.2% -20.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.923M $1.666M
YoY Change -34.75% -52.41%
Accrued Expenses $3.772M $3.570M
YoY Change 40.48% -18.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $13.29M $11.69M
YoY Change -5.44% -22.79%
LONG-TERM LIABILITIES
Long-Term Debt $33.77M $33.70M
YoY Change 0.49% 0.72%
Other Long-Term Liabilities $1.019M $961.0K
YoY Change -31.98% -42.21%
Total Long-Term Liabilities $34.79M $34.66M
YoY Change -0.9% -1.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.29M $11.69M
Total Long-Term Liabilities $34.79M $34.66M
Total Liabilities $48.08M $46.35M
YoY Change -2.2% -7.79%
SHAREHOLDERS EQUITY
Retained Earnings -$323.4M -$311.1M
YoY Change 19.29% 21.38%
Common Stock $425.0M $420.3M
YoY Change 4.38% 4.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $101.6M $109.2M
YoY Change
Total Liabilities & Shareholders Equity $149.7M $155.6M
YoY Change -19.2% -20.89%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$12.33M -$16.27M
YoY Change -16.44% -4.69%
Depreciation, Depletion And Amortization $100.0K $192.0K
YoY Change 0.0% 92.0%
Cash From Operating Activities -$9.468M -$9.786M
YoY Change -29.81% -43.7%
INVESTING ACTIVITIES
Capital Expenditures $80.00K $117.0K
YoY Change -17.53% -7.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$80.00K -$117.0K
YoY Change -17.53% -7.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 441.0K -942.0K
YoY Change -42.43% 503.85%
NET CHANGE
Cash From Operating Activities -9.468M -9.786M
Cash From Investing Activities -80.00K -117.0K
Cash From Financing Activities 441.0K -942.0K
Net Change In Cash -9.107M -10.85M
YoY Change -28.96% -38.61%
FREE CASH FLOW
Cash From Operating Activities -$9.468M -$9.786M
Capital Expenditures $80.00K $117.0K
Free Cash Flow -$9.548M -$9.903M
YoY Change -29.72% -43.44%

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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1. Company and Nature of Business</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:6pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Description of Business</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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. The Company’s mission is to develop transformative, interventional technologies that allow eyecare providers to procedurally elevate the standards of care—empowering people to keep seeing.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company's product portfolio aligns with its two reportable operating segments: Surgical Glaucoma and Dry Eye. The products for the Surgical Glaucoma segment include the OMNI® Surgical System ("OMNI"), which is an implant-free, handheld, single-use, therapeutic technology that enables ophthalmic surgeons to perform a comprehensive procedure to reduce intraocular pressure in adult glaucoma patients, the world's leading cause of irreversible blindness, and the SION® Surgical Instrument ("SION"), a bladeless, manually operated device used in ophthalmic surgical procedures to excise trabecular meshwork. The product portfolio for the Dry Eye segment consists of the TearCare® System ("TearCare") for ophthalmologists and optometrists. TearCare is a proprietary, interventional, dry eye device designed to melt and facilitate the comprehensive removal of meibomian gland obstructions and restore gland functionality and healthy oil production for adult patients with evaporative dry eye disease due to meibomian gland dysfunction (“MGD”) when used in conjunction with manual expression of the meibomian glands, enabling clearance of gland obstructions by physicians to address the leading cause of dry eye disease.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Significant Risks and Uncertainties</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since inception, the Company has incurred losses and negative cash flows from operations. As of March 31, 2024, the Company had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">311.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and recorded a net loss of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 unaudited condensed consolidated financial statements. Any failure to generate increased revenue, 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>
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the unaudited condensed consolidated 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 credit losses, inventory excess and obsolescence, 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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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0000950170-24-053572-index-headers.html Edgar Link pending
0000950170-24-053572-index.html Edgar Link pending
0000950170-24-053572.txt Edgar Link pending
0000950170-24-053572-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
sght-20240331.htm Edgar Link pending
sght-20240331.xsd 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-20240331_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable