Sight Sciences' Q4 Earnings, FY22 Guidance Beat Street View

Sight Sciences Inc SGHT has treated the first patient in the TRIDENT trial evaluating OMNI Surgical System compared to Glaukos Corp's GKOS iStent injecting implantation in lowering IOP in open-angle glaucoma. 

• The OMNI study arms will use a next-generation OMNI Surgical System that dispenses a higher volume of viscoelastic fluid than the currently marketed OMNI Surgical System. 
• Study objectives include analyzing canaloplasty and trabeculotomy outcomes combined in one procedure and canaloplasty alone. 
• This superiority trial will enroll 459 subjects.
• Earnings: Sight Sciences reported Q4 FY21 sales of $14.7 million, +63% Y/Y, slightly ahead of the consensus of $14.17 million.
• Surgical Glaucoma revenue jumped 60% to $13.9 million, driven by the number of facilities ordering OMNI and utilization per ordering facility. 
• The gross profit margin improved from 74% to 87%, attributable mainly to lower OMNI manufacturing costs.
• The company reported a narrower EPS loss of $(0.34) than $(0.97) a year ago, beating the consensus of $(0.39).
• Guidance: Sight Sciences projects FY22 revenue of $67 million - $75 million, versus the consensus of $75.01 million.
• Price Action: SGHT shares closed 3.86% higher at $15.32 during after-hours trading on Thursday.