SIGHT SCIENCES Reports Fourth Quarter Financial Results for FY2022 Ending March 13, 2023

Earnings Overview

SIGHT SCIENCES ($NASDAQ:SGHT) announced on December 31, 2022 its financial results for the quarter ending March 13, 2023 of its FY2022, with total revenue of USD -16.9 million, a decrease of 6.1% from the same period in the prior year. Net income increased 39.9% year over year to USD 20.5 million.

Transcripts Simplified

At this time all participants are in a listen-only mode. Later we will conduct a question and answer session and instructions will be given at that time. As a reminder, this conference is being recorded. I’d now like to turn the call over to David Iannotti, Chief Financial Officer. Please go ahead.

First, I would like to take a moment to acknowledge and thank the dedicated healthcare professionals and Sight Sciences employees who are working tirelessly to keep our customers safe. This past quarter was a great one for Sight Sciences as we have achieved many milestones. We continue to exceed the growth of our global ophthalmology device market which grew 9% compared to the same period last year. We are very pleased with our strong financial performance this quarter and are confident that we will remain on track to achieve our mid-term objectives. Finally, I’d like to thank all of our customers, partners, suppliers, and employees for their continued support and commitment to Sight Sciences. Now, I’d like to turn the call over to Sight Sciences’ Chief Executive Officer, Tom Franchek, who will provide additional details on our progress this quarter. Tom? Tom Franchek: Thank you David and thank you everyone for joining today’s call. As David mentioned, we had an extremely successful quarter and I’m very pleased with our progress thus far. We achieved strong growth in both our domestic and international markets. We have seen continued growth in both markets since the beginning of the year and we expect this trend to continue throughout the rest of the year. We are also seeing strong interest from new customers in both our domestic and international markets. In particular, we are seeing strong demand for our new product, DOUBLEDISK Pro, which was launched at the beginning of this year. We continue to invest in R&D efforts to bring innovative ophthalmology solutions to the market. Finally, I would like to take a moment to recognize our employees who have done an outstanding job throughout this challenging time. In conclusion, we believe that we are well-positioned to capitalize on the long-term growth opportunities in ophthalmology and remain focused on driving sustainable shareholder value. With that, I’d like to open up the call for questions. Operator? Operator: Thank you. Ladies and gentlemen, at this time if you do have a question please press star 1 on your telephone keypad. We will pause for just a moment to compile the Q&A roster.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Sight Sciences. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Sight Sciences. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Sight Sciences. More…

Key Ratios Snapshot

Some of the financial key ratios for Sight Sciences are shown below. More…

Price History

The stock opened at $9.1 and closed at $9.4, up 1.5% from its prior closing price of $9.3. This marks an impressive quarter for the company, as the stock achieved a higher growth rate than the previous quarter, indicating that the company is on the right track. SIGHT SCIENCES‘ strong financial performance was driven by an increase in revenue and gross profit, combined with steady expense management.

Additionally, the company’s balance sheet remains robust as it continues to leverage its cash reserves. Overall, SIGHT SCIENCES’ financial results illustrate its commitment to strong financial planning and strategic decision-making. The company’s focus on driving growth through prudent expense management, while simultaneously strengthening its balance sheet, is a testament to its strong leadership. Live Quote…

Analysis

GoodWhale has completed a thorough analysis of SIGHT SCIENCES‘ financials, and based on our Risk Rating, we have determined that SIGHT SCIENCES is a low risk investment in terms of both financial and business aspects. We have conducted a full review of their balance sheet, income statement, cash flow, and other financial statements to get an accurate picture of their current financial status. Additionally, we have taken into consideration the potential risks associated with investing in SIGHT SCIENCES. To gain further insights into these areas, we encourage you to register on GoodWhale.com and check out the business and financial areas with potential risks. More…

Peers

The global market for ophthalmology devices is growing rapidly, and Sight Sciences Inc is one of the leading companies in this industry. While there are many competitors in this space, Sight Sciences Inc has a strong position due to its innovative products and cutting-edge technology. The company is constantly striving to improve its products and stay ahead of the competition, which is evident in its strong financial performance and market share.

– Nova Eye Medical Ltd ($ASX:EYE)

Nova Eye Medical Ltd is a publicly traded company with a market capitalization of 38.65 million as of 2022. The company has a negative return on equity of 18.79%, meaning that it has lost shareholder value over the past year. Nova Eye Medical Ltd is a medical device company that manufactures and sells ophthalmic products, including contact lenses and intraocular lenses. The company has a strong presence in China and is expanding its operations into other markets, such as the United States.

– Acotec Scientific Holdings Ltd ($SEHK:06669)

Acotec Scientific Holdings Ltd is a holding company that operates in the life sciences sector. The company focuses on the research and development of new drugs and therapies. Acotec Scientific Holdings Ltd has a market cap of 2.6B as of 2022. The company’s Return on Equity for the same period is -3.65%.

– OncoSil Medical Ltd ($ASX:OSL)

OncoSil Medical Ltd is a medical device company that develops, manufactures, and commercializes products to treat cancer. The company has a market cap of 49.56M as of 2022 and a Return on Equity of -82.6%. OncoSil Medical’s products are designed to deliver radiation directly to cancerous tumors with minimal damage to surrounding healthy tissue. The company’s lead product, OncoSil, is a brachytherapy device that is approved for use in Australia, Europe, and Canada.

Summary

SIGHT SCIENCES reported their financial results for the fourth quarter of FY2022 ending March 13, 2023, showing a 6.1% decrease in total revenue to -16.9 million USD, but an impressive 39.9% year-over-year increase in net income to 20.5 million USD. This suggests that the company is taking steps to improve profitability, and investors may want to consider investing in SIGHT SCIENCES as their stock appears to be showing signs of growth.