Company overview

Sight Sciences supplies surgeons with OMNI and SION for glaucoma procedures, which account for nearly all its revenue. OMNI helps restore the eye’s natural fluid drainage to lower pressure without leaving an implant. Ambulatory surgery centers and hospital outpatient departments buy the instruments, then bill Medicare or private health plans for the procedures. The business is concentrated in the United States, where its direct sales team also provides training and customer support.

Its smaller dry-eye business sells TearCare and related components to optometry and ophthalmology practices. TearCare applies controlled heat to eyelid glands, followed by manual expression to clear blockages, for adults whose dry eye stems from those glands. Practices pay Sight Sciences for the system; payment for treatment comes from patients or insurers, depending on coverage.

Sales depend heavily on whether providers receive enough reimbursement to offer these treatments. Medicare continues to cover procedures using OMNI and SION in the jurisdictions that adopted revised coverage rules, but those rules exclude combining certain glaucoma surgeries with a shunt or stent procedure in the same eye at the same time. TearCare has established Medicare pricing through Novitas and FCSO; outside those jurisdictions, meaningful insurance coverage remains limited and patients typically pay out of pocket. The company’s marketing and training must stay within authorized product uses.

Sight Sciences outsources all manufacturing and relies on a limited supplier base. PTCS, the Chinese subsidiary of Taiwan-based Peter’s Co., Ltd., produces most OMNI and SION products and TearCare’s SmartLids, making this supplier central to product availability.