Sight Sciences, Inc. (SGHT) Stock

Sight Sciences, Inc. (SGHT) is a Healthcare stock trading at $8.13 (as of 2026-08-20), with a market capitalization of $447.87M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Sight Sciences, Inc. develops and commercializes ophthalmic technologies for surgical and nonsurgical treatment of eye diseases. Its offerings include the OMNI Surgical System for adult glaucoma therapy and the TearCare System for dry eye disease, which are sold through representatives and distributors to hospitals and eyecare professionals in the United States.

Understand Sight Sciences, Inc.: how it makes money

Sight Sciences makes ophthalmic medical devices and related treatment technologies, including the OMNI Surgical System for adult glaucoma and the TearCare wearable eyelid technology for dry eye, selling them through sales representatives and distributors to hospitals and eyecare professionals, with revenue tied to system adoption and TearCare disposable smart lid use.

The profit model is adoption and retention driven, with customer facility ordering for OMNI and disposable smart lid sales for TearCare, so growth depends on adding new ordering facilities and sustaining very high customer retention rates while keeping fixed costs under control.

Revenue by segment (latest quarter)
Surg Glaucoma	$0.0B
Interv Glaucoma	$0.0B
Dry Eye	$0.0B

Business quality (Weak): High gross margin (86.2%) alongside deeply negative operating margin (-63.0%) suggests the company is funding commercial and operating costs despite small reported revenue in the latest quarter.

Bull case

Very high retention across the platform: Developed Customer Retention Rate is 99%, Omni Developed Customer Retention Rate is 99%, and Base Customer Retention Rate is 99.7%.
OMNI adoption activity is measurable: Omni Facilities Ordering is 941 and New Ordering Facilities for Omni is 96.
TearCare shows ongoing usage signals: Disposable Smart Lids Sold is 1500 and the TearCare ecosystem includes Active Dry Eye Customers of 39 and Dry Eye Lid Treatment Units Sold of 1142.

Bear case

Operating profitability is currently weak: Operating margin is -63.0% in the latest quarter (gross margin is 86.2% but operating losses remain large).
Reported revenue is extremely small in the dataset: Total revenue is shown as 0.0B for the latest quarter, while segment revenue values are 0.02B for each glaucoma segment and 0.0B for dry eye.
Dry eye revenue is not showing up yet at the segment revenue level: Dry Eye Segment Revenue is 0.0B and Interventional Dry Eye Revenue is 0.0B in the latest quarter, even though unit and customer activity metrics are present.

Valuation — source: SEC EDGAR (first-party)
Price	$8.13
Market Cap	$447.87M
Price / Book	8.47
Price / Sales	5.37
FCF Yield	-5.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$77.36M
Net Margin	-49.7%
Revenue Growth (YoY)	19.5%
EPS Growth (YoY)	-65.2%
FCF Growth (YoY)	-26.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.13 (distress)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($15.45M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Paul Badawi
Employees	216
Country	US
IPO Date	2021-07-15

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.