Detailed narrative
Interventional Dry Eye (IDE) Momentum
The Interventional Dry Eye segment achieved record revenue of $2.7 million, nearly doubling from Q1 FY26, driven by increased ordering accounts (from 96 to 176) and higher average utilization (18 SmartLIS per active account, up from 16). The company added approximately 4.1 million patient lives with access to appropriate reimbursement in Q2, bringing the total to 14.5 million, primarily due to Medicare Advantage plans publishing fee schedules. Management noted that approximately two-thirds of SmartList volume came from accounts that are also interventional glaucoma customers, demonstrating synergy.
Interventional Glaucoma (IG) Performance
The Interventional Glaucoma segment delivered $20.7 million in revenue, an 8% year-over-year increase, marking its fourth consecutive quarter of growth. Active accounts reached an all-time high, and utilization returned to its highest level since Q4 2024. Payer access expanded with Aetna covering Omni and Scion for approximately 25 million lives, securing access across all major national payers. The company continues to focus on driving growth and penetration in the combo cataract market and developing the standalone market.
OmniUltra Launch Preparation
Sight Sciences is preparing for the full launch of OmniUltra, its next-generation glaucoma technology, targeting AAO later this year, with broad utilization and training expected in 2027. OmniUltra incorporates surgeon feedback, offering a complete single-pass canaloplasty and TruSync Plus technology for automated viscoelastic delivery, aiming to improve surgical efficiency and confidence. An early release to close partners is planned before the full launch to gather additional feedback.
Operational Discipline and Cash Flow
The company demonstrated significant operational improvement, with total operating expenses decreasing 11% year-over-year to $25.3 million and adjusted operating expenses down 8% to $22.3 million. Cash used in the quarter, excluding a one-time📎 $5.4 million litigation payment and $1.6 million tariff refunds, was $1.4 million, an 81% reduction from Q2 2025. This progress positions the company to achieve cash flow break-even without the need to raise additional equity capital.
Alcon Litigation Update
The final judgment in the Alcon patent litigation case confirmed past damages and interest totaling approximately $55 million, plus ongoing royalties of 10% of HyDRIS revenue through patent expiration. While Alcon has filed an appeal and no cash has been received to date, Sight Sciences remains confident in its position as the judicial process continues. The company noted a one-time📎 $5.4 million payment related to a success fee in Q2.
Intersection of Intervention Strategy
Sight Sciences emphasizes the strategic advantage of the 'intersection of intervention,' where glaucoma and dry eye disease often affect the same patients and are treated within similar procedural workflows. This overlap creates opportunities to deepen customer relationships, increase account utilization, and drive durable growth. The established interventional glaucoma relationships are particularly effective in accelerating TierCare adoption and deepening customer engagement in interventional dry eye.