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Sight Sciences Inc. (SGHT+0.42%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing a total revenue of $79.9 million, a slight decrease from $81.1 million in the previous year. This decrease is attributed to a decline in sales of the TearCare system, despite a slight increase in Surgical Glaucoma revenue.
Cost of goods sold was $11.6 million, down from $11.9 million in the previous year, resulting in a gross profit of $68.3 million. Gross margin slightly increased to 85.5% from 85.3% in the prior year.
Research and development expenses increased by 2.5% to $18.0 million, driven by higher personnel costs and professional services.
Selling, general, and administrative expenses decreased by 7.4% to $100.8 million, primarily due to reduced personnel and marketing expenses.
The company reported a net loss of $51.5 million, compared to a net loss of $55.5 million in the previous year. This reduction in net loss was aided by a decrease in interest expense and investment income.
Sight Sciences ended the year with $120.4 million in cash and cash equivalents and a total debt of $39.4 million. The company believes its current cash reserves and credit facilities will support operations for at least the next 12 months.
The filing also highlights the company's ongoing litigation with Alcon and Ivantis regarding patent infringement, with a jury trial awarding Sight Sciences $34 million in damages, though the judgment is subject to appeal.
Sight Sciences continues to focus on expanding its market presence and securing reimbursement for its products, particularly for the TearCare system, to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sight Sciences Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.