$SGHT
Sight Sciences, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024090008 Filed on August 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $20.16M $21.37M
YoY Change 0.74% -8.95%
Cost Of Revenue $3.250M $3.025M
YoY Change 21.4% -10.53%
Gross Profit $16.91M $18.35M
YoY Change -2.45% -8.69%
Gross Profit Margin 83.88% 85.84%
Selling, General & Admin $23.39M $26.68M
YoY Change -11.75% -11.23%
% of Gross Profit 138.35% 145.43%
Research & Development $4.746M $4.316M
YoY Change 11.96% -17.33%
% of Gross Profit 28.07% 23.53%
Depreciation & Amortization $100.0K $100.0K
YoY Change -50.0% 0.0%
% of Gross Profit 0.59% 0.55%
Operating Expenses $28.14M $31.00M
YoY Change -8.48% -12.14%
Operating Profit -$11.23M -$12.65M
YoY Change -16.27% -16.7%
Interest Expense $1.151M $1.145M
YoY Change -19.62% -15.12%
% of Operating Profit
Other Income/Expense, Net $26.00K -$44.00K
YoY Change -98.62% -102.46%
Pretax Income -$10.90M -$12.31M
YoY Change -15.88% -16.49%
Income Tax $166.0K $15.00K
% Of Pretax Income
Net Earnings -$11.07M -$12.33M
YoY Change -15.11% -16.44%
Net Earnings / Revenue -54.9% -57.69%
Basic Earnings Per Share -$0.22 -$0.25
Diluted Earnings Per Share -$0.22 -$0.25
COMMON SHARES
Basic Shares Outstanding 50.31M 49.76M
Diluted Shares Outstanding 50.34M 49.90M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.6M $118.2M
YoY Change -17.95% -23.52%
Cash & Equivalents $118.6M $118.2M
Short-Term Investments
Other Short-Term Assets $2.885M $1.452M
YoY Change -0.52% -19.11%
Inventory $6.091M $6.781M
Prepaid Expenses
Receivables $12.93M $19.92M
Other Receivables $0.00 $0.00
Total Short-Term Assets $140.5M $146.3M
YoY Change -19.07% -19.74%
LONG-TERM ASSETS
Property, Plant & Equipment $1.448M $1.489M
YoY Change -6.94% 0.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $580.0K $640.0K
YoY Change -11.45% 74.39%
Total Long-Term Assets $3.128M $3.386M
YoY Change 1.49% 14.05%
TOTAL ASSETS
Total Short-Term Assets $140.5M $146.3M
Total Long-Term Assets $3.128M $3.386M
Total Assets $143.6M $149.7M
YoY Change -18.71% -19.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.297M $1.923M
YoY Change -63.31% -34.75%
Accrued Expenses $2.447M $3.772M
YoY Change -4.04% 40.48%
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 $13.80M $13.29M
YoY Change -3.71% -5.44%
LONG-TERM LIABILITIES
Long-Term Debt $34.15M $33.77M
YoY Change 1.15% 0.49%
Other Long-Term Liabilities $689.0K $1.019M
YoY Change -53.32% -31.98%
Total Long-Term Liabilities $34.84M $34.79M
YoY Change -1.14% -0.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.80M $13.29M
Total Long-Term Liabilities $34.84M $34.79M
Total Liabilities $48.64M $48.08M
YoY Change -1.88% -2.2%
SHAREHOLDERS EQUITY
Retained Earnings -$334.5M -$323.4M
YoY Change 17.74% 19.29%
Common Stock $429.4M $425.0M
YoY Change 4.44% 4.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $94.96M $101.6M
YoY Change
Total Liabilities & Shareholders Equity $143.6M $149.7M
YoY Change -18.71% -19.2%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$11.07M -$12.33M
YoY Change -15.11% -16.44%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change -50.0% 0.0%
Cash From Operating Activities $362.0K -$9.468M
YoY Change -103.68% -29.81%
INVESTING ACTIVITIES
Capital Expenditures $51.00K $80.00K
YoY Change -83.55% -17.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$51.00K -$80.00K
YoY Change -83.55% -17.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 76.00K 441.0K
YoY Change -36.67% -42.43%
NET CHANGE
Cash From Operating Activities 362.0K -9.468M
Cash From Investing Activities -51.00K -80.00K
Cash From Financing Activities 76.00K 441.0K
Net Change In Cash 387.0K -9.107M
YoY Change -103.86% -28.96%
FREE CASH FLOW
Cash From Operating Activities $362.0K -$9.468M
Capital Expenditures $51.00K $80.00K
Free Cash Flow $311.0K -$9.548M
YoY Change -103.07% -29.72%

Facts In Submission

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1033000
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5734000
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IncreaseDecreaseInAccountsReceivable
2995000
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2001000
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49000
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156000
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627000
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190000
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866000
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1909000
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-1328000
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158000
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-30872000
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PaymentsToAcquirePropertyPlantAndEquipment
197000
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223000
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35375000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
185000000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
118177000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
154515000
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InterestPaidNet
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us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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147000
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609000
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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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 patients with primary open angle glaucoma, 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 June 30, 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;">323.4</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;">28.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the six 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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us-gaap Depreciation
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us-gaap Operating Lease Expense
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annual increases 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
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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49903386
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Number Of Reportable Segments
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CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2024Q2 us-gaap Cost Of Goods And Services Sold
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CY2023Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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CY2024Q2 us-gaap Gross Profit
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CY2023Q2 us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Gross Profit
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CY2024Q2 us-gaap Operating Expenses
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us-gaap Operating Expenses
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us-gaap Operating Expenses
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CY2024Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2024Q2 us-gaap Investment Income Net
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InvestmentIncomeNet
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us-gaap Investment Income Net
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us-gaap Investment Income Net
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CY2024Q2 us-gaap Interest Expense
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CY2023Q2 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
2350000
us-gaap Interest Expense
InterestExpense
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CY2024Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2023Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1962000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 sght Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
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CY2024Q2 sght Non Rule10 B51 Arr Modified Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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