Start here if you're new
what it is
It sells eye-surgery tools for glaucoma and a device for dry-eye treatment.
how it gets paid
Last year Sight Sciences made $77M in revenue. OMNI platform was the main engine at $44.0M, or 57% of sales.
why growth slowed
Revenue fell 3.1% last year. Sales jumped 186% vs. prior year, but the company still lost money.
what just happened
Revenue hit $57M, but EPS was still -$0.66 and gross margin was 85.8%.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.03 fy2024 eps est
$2B fy2026 rev est
48.0% operating margin
1.7 beta
xvary composite: 55/100 — below average
What they do
It sells eye-surgery tools for glaucoma and a device for dry-eye treatment.
OMNI is handheld and single-use, and SION is bladeless. Your surgeon gets a clean workflow, not a machine project. Sight still pulled $75.7M from Interventional Glaucoma with 216 employees, so the operation is tiny and the product is sticky.
How they make money
$77M
annual revenue · their business grew -3.1% last year
OMNI platform
$44.0M
flat
SION platform
$31.7M
flat
TearCare system
$1.7M
3.1%
Other revenue
$0.0M
flat
The products that matter
glaucoma procedure device
OMNI Surgical System
$75.7M · 98% of revenue
It generated $75.7M last year and was flat from the prior period. If you are underwriting SGHT, you are mostly underwriting this one device getting back to visible growth.
98% of revenue
dry eye treatment device
TearCare System
$1.7M · -78%
It contributed just $1.7M of revenue after a 78% drop. The concept may still matter strategically. Financially, it barely moves the page.
2% of revenue
Key numbers
$77.4M
annual revenue
You are looking at a small base. One weak quarter moves the whole year.
85.8%
gross margin
The product is not the problem. The spending line is.
48.0%
operating margin
For every $1 of sales, about 48 cents disappears before interest and taxes.
$40M
long-term debt
That debt is 17% of capital, so losses do not get to stay theoretical.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $40M (17% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for SGHT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $57M, but EPS was still -$0.66 and gross margin was 85.8%.
Sales jumped 186% vs. prior year, but the company still lost money. That is what happens when a healthy margin gets buried under spending.
$57M
revenue
-$0.66
eps
85.8%
gross margin
gross margin
85.8% gross margin matters because the hardware is healthy, but the company still posted -$0.66 EPS.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
The main risk is simple and company-specific: OMNI has to restart growth before the cash cushion and investor patience do the opposite.
med
single-product concentration
OMNI generated $75.7M of the company’s $77.4M revenue last year. That is roughly 98% of sales tied to one device family.
If OMNI slips, almost every important line on the income statement feels it immediately.
med
TearCare has not become a second engine
Dry Eye revenue fell 78% to $1.7M. That leaves the diversification case thin and reduces room for mistakes anywhere else.
A second product this small does not change valuation math or risk concentration much.
med
high gross margin, weak operating discipline
An 85.8% gross margin should create room to scale. Instead, SGHT still posted a $77.4M net loss on $77.4M of revenue.
If revenue improves but losses do not narrow, the stock stays a financing question instead of becoming a compounding business.
OMNI is 98% of revenue, TearCare is 2%, and the company still lost $77.4M on $77.4M of sales. That is not a wide bridge. It is a narrow execution plank.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
whether OMNI stops being flat
OMNI did $75.7M last year and drove 98% of revenue. If you only watch one operating number, watch this one.
calendar
the $82–$88M 2026 guide
Management set a 6–14% growth target for this year. Every quarter now doubles as a credibility check.
risk
whether losses actually narrow
High gross margin is only useful if operating losses shrink. You cannot keep matching revenue with losses forever and call it progress.
trend
any sign of life from TearCare
After a 78% revenue drop to $1.7M, stabilization would at least restore the idea that SGHT can sell more than one thing successfully.
Analyst rankings
coverage depth
thin
Consensus ranking and long-range target data are limited here. In human-speak, there is not much Wall Street scaffolding to lean on.
volatility profile
1.7 beta
Beta measures how hard a stock tends to move relative to the market. At 1.7, SGHT usually moves with extra drama.
data quality
mixed
You have enough to understand the business model and risk. You do not have enough analyst coverage to outsource the thinking.
source: institutional data
Institutional activity
institutional ownership data for SGHT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive