Q3 FY2026
Filed Nov 4, 2026Sight Sciences reports Q3 2026 revenue of $24.9 million, up 25%, with record IDE revenue, and raises full-year 2026 revenue guidance to $92 million to $93 million
Revenue grew 25% year over year to $24,923 thousand, IDE revenue reached a record $3,877 thousand, and the net loss narrowed to $(6,810) thousand. Offsetting this, Q3 adjusted operating expenses rose 21% to $23,991 thousand, GAAP SG&A rose 14%, and cash and equity declined over the nine months.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026GAAP | $24.92M | – | 25% |
| Interventional Glaucoma (IG) revenue, Q3 2026GAAP | $21.05M | – | 7% |
| Interventional Dry Eye (IDE) revenue, Q3 2026GAAP | $3.88M | 45% | – |
| Cost of goods sold, Q3 2026GAAP | $3.50M | – | – |
| Gross profit, Q3 2026GAAP | $21.42M | – | – |
| Total gross margin, Q3 2026GAAP | 85.9% | – | – |
| IG gross margin, Q3 2026GAAP | 87.2% | – | – |
| IDE gross margin, Q3 2026GAAP | 79.0% | – | – |
| Research and development expenses, Q3 2026GAAP | $2.71M | – | 19% decrease |
| Selling, general and administrative expenses, Q3 2026GAAP | $24.84M | – | 14% increase |
| Total operating expenses, Q3 2026GAAP | $27.55M | – | 10% increase |
| Adjusted operating expenses, Q3 2026non-GAAP | $23.99M | – | 21% increase |
| Loss from operations, Q3 2026GAAP | −$6.13M | – | – |
| Investment income, Q3 2026GAAP | $692K | – | – |
| Interest expense, Q3 2026GAAP | −$1.31M | – | – |
| Provision (benefit) for income taxes, Q3 2026GAAP | $11K | – | – |
| Net loss, Q3 2026GAAP | −$6.81M | – | 17% improvement |
| Net loss per share, basic and diluted, Q3 2026GAAP | $(0.12) | – | – |
| Total revenue, nine months 2026GAAP | $68.01M | – | – |
| Interventional Glaucoma (IG) revenue, nine months 2026GAAP | $60.10M | – | – |
| Interventional Dry Eye (IDE) revenue, nine months 2026GAAP | $7.91M | – | – |
| Gross profit, nine months 2026GAAP | $59.77M | – | – |
| Total gross margin, nine months 2026GAAP | 87.9% | – | – |
| Research and development expenses, nine months 2026GAAP | $7.76M | – | – |
| Selling, general and administrative expenses, nine months 2026GAAP | $74.44M | – | – |
| Loss from operations, nine months 2026GAAP | −$22.43M | – | – |
| Adjusted operating expenses, nine months 2026non-GAAP | $67.48M | – | – |
| Net loss, nine months 2026GAAP | −$24.24M | – | – |
| Net loss per share, basic and diluted, nine months 2026GAAP | $(0.44) | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $77.4M | – | – |
| Total debt (excluding unamortized discount and debt issuance costs), September 30, 2026other | $40M | – | – |
| Cash used, Q3 2026other | $2.4M | – | 74% decrease |
| Interventional Glaucoma active customers, Q3 2026other | 1,253 | – | – |
| Interventional Dry Eye lid treatment units sold, Q3 2026other | 4,581 | – | – |
| Interventional Dry Eye active customers, Q3 2026other | 222 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Interventional Glaucoma (IG)Company describes IG as strengthening its foundation. Active customers 1,253 vs 1,197 in Q3 2025. Nine-month IG revenue $60,105 thousand vs $56,063 thousand. | $21,046 thousand (Q3 2026); gross margin 87.2%; gross profit $18,358 thousand | – | 7% |
| Interventional Dry Eye (IDE)Release describes a record quarter and a significant increase from $0.2 million in Q3 2025. Lid treatment units sold 4,581 vs 271; active customers 222 vs 50. Q2 2026 revenue printed as $2.7 million. Nine-month IDE revenue $7,905 thousand vs $915 thousand. | $3,877 thousand (Q3 2026); gross margin 79.0%; gross profit $3,062 thousand | 45% | – |
FY2026 outlook
- Revenue$92 million to $93 million, representing year-over-year growth of 19% to 20%; raised from prior revenue guidance of $88 million to $92 million
- Operating expensesAdjusted operating expenses (non-GAAP) $92 million to $94 million, representing an increase of 5% to 7% compared to 2025; maintained
- NoteInterventional Glaucoma revenue $80 million to $81 million, representing growth of 6% to 7%
- NoteInterventional Dry Eye revenue of approximately $12 million, compared to the previous range of $9 million to $11 million and compared to $1.6 million in 2025
Capital returns
- No share repurchases or dividends are reported in the documents.
- Common shares issued and outstanding rose to 55,219,266 at September 30, 2026 from 53,493,711 at December 31, 2025, and additional paid-in capital rose to $458,041 thousand from $448,611 thousand.
What drove it
- CEO attributes results to increasing adoption of the company's technologies and disciplined execution, per the release.
- CEO states that IG is strengthening the foundation and IDE is rapidly developing into a meaningful growth driver.
- Nine-month adjusted operating expenses ($67,482 thousand) were lower than the prior-year nine months ($68,881 thousand), while Q3 adjusted operating expenses rose 21%.
- Nine-month operating expenses include a litigation success fee of $(5,393) thousand, a reconciling item in the non-GAAP table; the release does not describe its nature further.
- OMNI Ultra Surgical System launched at the AAO annual meeting, described as an expansion of the ab interno canaloplasty platform.
Concerns
- Q3 2026 adjusted operating expenses grew 21% versus revenue growth of 25%, and GAAP SG&A grew 14%.
- Cash and cash equivalents declined from $91,965 thousand at December 31, 2025 to $77,402 thousand at September 30, 2026, and total stockholders' equity declined from $63,942 thousand to $49,137 thousand.
- Total debt is $40.0 million (excluding unamortized discount and debt issuance costs), and the balance sheet shows $6,063 thousand of short-term debt, net, that was nil at December 31, 2025.
- IG revenue grew 7% in Q3 2026, and FY2026 IG guidance of 6% to 7% growth implies IDE carries most of the revenue raise.
- Release forward-looking statements cite reimbursement changes, pricing pressure, tariffs, and supply chain concentration with a limited number of suppliers as risk factors.
What to watch
- Whether adjusted operating expenses for Q4 2026 stay within the maintained FY2026 guidance of $92 million to $94 million, given nine-month adjusted operating expenses of $67,482 thousand.
- IDE revenue trajectory against the raised FY2026 guidance of approximately $12 million, with Q3 2026 at $3,877 thousand.
- Cash balance and debt structure, including the short-term debt classification at September 30, 2026.
- IG revenue growth against the FY2026 guidance of 6% to 7%, given Q3 growth of 7%.
- Adoption of OMNI Ultra following its launch at the AAO annual meeting, as described in the release.
Balance sheet and cash flow
- Cash and cash equivalents $77,402 thousand at September 30, 2026 vs $91,965 thousand at December 31, 2025.
- Cash used in Q3 2026 totaled $2.4 million vs $9.1 million in Q3 2025, a 74% decrease as printed.
- Short-term debt, net $6,063 thousand and long-term debt, net $34,966 thousand at September 30, 2026; short-term debt was nil at December 31, 2025 and long-term debt, net was $40,300 thousand.
- Total assets $104,948 thousand at September 30, 2026 vs $115,300 thousand at December 31, 2025.
- Total stockholders' equity $49,137 thousand at September 30, 2026 vs $63,942 thousand at December 31, 2025.
- Accounts receivable, net $13,380 thousand vs $9,745 thousand at December 31, 2025; inventory, net $6,502 thousand vs $7,767 thousand.
- Operating cash flow and free cash flow are not presented in the documents; the cash used figure above is the only cash flow measure printed.
Analysis
Sight Sciences reported Q3 2026 total revenue of $24,923 thousand, up 25% from $19,906 thousand in Q3 2025. The growth was split between Interventional Glaucoma, at $21,046 thousand and up 7%, and Interventional Dry Eye, at $3,877 thousand against $188 thousand a year earlier and up 45% from the $2.7 million printed for Q2 2026. Nine-month revenue reached $68,010 thousand against $56,978 thousand, with IDE contributing $7,905 thousand against $915 thousand. The release describes IDE revenue as a record and characterizes it as rapidly developing into a meaningful growth driver, a description the reader can test against the lid treatment units sold (4,581 vs 271) and active customers (222 vs 50).
Margins held in the IG business and rose sharply in IDE. IG gross margin was 87.2% against 86.9%, and IDE gross margin was 79.0% against 37.8%. Total gross margin was 85.9% against 86.4% in Q3, and the nine-month total was 87.9% against 85.8%. The release describes the Q3 total margin as in line with the prior-year period. Because the IDE mix is now larger, the reader should note that the segment margins differ widely from each other.
Operating expense growth outpaced the prior-year pattern in Q3. GAAP total operating expenses rose 10% to $27,548 thousand, GAAP SG&A rose 14% to $24,842 thousand, and R&D fell 19% to $2,706 thousand. Adjusted operating expenses, the company's non-GAAP measure, rose 21% to $23,991 thousand. Over the nine months, adjusted operating expenses were $67,482 thousand against $68,881 thousand, and the reconciliation shows a $(5,393) thousand litigation success fee in nine-month operating expenses that is excluded from the non-GAAP figure. The net loss narrowed to $(6,810) thousand from $(8,169) thousand, and loss from operations narrowed to $(6,128) thousand from $(7,905) thousand, so the Q3 improvement reflects gross profit growth outrunning the operating expense increase.
On capital, cash and cash equivalents were $77,402 thousand at September 30, 2026, against $91,965 thousand at December 31, 2025, and the company reports Q3 cash used of $2.4 million against $9.1 million a year earlier. Total debt was $40.0 million at both September 30 and June 30, 2026, while the balance sheet shows short-term debt of $6,063 thousand that was nil at year end. Stockholders' equity fell to $49,137 thousand from $63,942 thousand, and total assets fell to $104,948 thousand from $115,300 thousand. No share repurchases or dividends are reported.
On guidance, the company raised FY2026 revenue to $92 million to $93 million, growth of 19% to 20%, from $88 million to $92 million. Within that, IG is guided at $80 million to $81 million and IDE at approximately $12 million, up from $9 million to $11 million. Adjusted operating expenses guidance was maintained at $92 million to $94 million. No prior outlook was supplied with this filing, so no guidance comparison against actual results is made here.
Management, verbatim
We delivered another strong quarter with 25% total revenue growth, record IDE revenue, continued IG revenue growth, and a significant reduction in cash burn. These results demonstrate increasing adoption of our technologies, disciplined execution across our organization, and our growing impact on patients with glaucoma and dry eye disease,
Paul Badawi, Co-Founder and CEO, Sight Sciences
Not in the filing
stated, not guessed- Total revenue for Q2 2026 is not printed, so the quarter-over-quarter change for total revenue is not available.
- Year-over-year percentage change for gross profit and for the gross margin change in basis points are not printed.
- Prior-year figures for nine-month segment revenue lines are printed in the table and are included; percentage changes for nine-month lines are not printed.
- Operating cash flow, free cash flow and a full cash flow statement are not included in the documents.
- Gross margin and tax rate guidance for FY2026 are not provided.
- No prior-period outlook was supplied, so the vs_prior_guidance comparison is empty.
- Share price reaction, consensus estimates and analyst expectations are not in the documents.
- Nature of the litigation success fee of $(5,393) thousand is not described beyond the reconciliation line.
- Q3 2026 total gross margin and IG gross margin year-over-year changes are described as in line in the release but no basis-point change is printed.
- Q4 2026 implied figures are not computed from the guidance ranges.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.