Sight Sciences, Inc. (NASDAQ:SGHT) Q3 2022 Earnings Call Transcript

Yeah, this surgeon education initiative is prescriptive in nature gives our surgeons with glaucoma treatment triage algorithm helps them make a strong recommendation for when OMNI surgical intervention is right for the patient. So, all in all, when you combine patient education and identification initiatives, with surgeon training and patient counseling initiatives, and you coupled that with a growing library of really compelling standalone clinical data like the TREY data we just discussed, you end up with a really viable playbook that enables our eye care professionals to better treat more patients with OMNI, whether that’s at the time of cataract surgery or as a standalone procedure.

Unidentified Analyst: Great. Thanks, guys.

Paul Badawi: Thanks.

Jesse Selnick: Thank you.

Operator: Thank you. Our next question will come from Cecilia Furlong of Morgan Stanley. Your line is open.

Cecilia Furlong: Great. Good afternoon. Thanks for taking the questions and congrats on the quarter. I wanted to start just with the implied 4Q guidance, if you could talk through really what’s the underlying structure includes from Surgical Glaucoma OMNI versus SION contribution starting to ramp? And then, as you think about 2023, you’ve talked about previously kind of a 30% or so outlook for the business from a growth standpoint, but how are you thinking about that today, and then really just the contributions OMNI versus SION as we think about 2023?

Jesse Selnick: Yeah. Hi, Cecilia, it’s Jesse. And I’ll take the second part of that first. It’s really in the launch to provide sort of much specific feedback like particularly in a form like this, like on SION’s contribution. So we’re being conservative about it. We indicate we’ve trained over 120 surgeons on it just in the third quarter, which is really kind of like 5 weeks of a soft launch. So that’s shows a very healthy amount of interest, and we think that the physician feedback on the instrument is pretty tremendous. So we are excited, but we €“ it’s kind of called a new segment for us a bit, and so we’re just being sort of conservative in our perspectives, and then providing any real specifics on what the contribution of that might be.

So, at the end of the day really what’s embedded in the fourth quarter to be a little boring, but like is really the continuation of the trends that we see dominated by OMNI in terms of new customer acquisition, there was nice utilization uplift in the third quarter and customer retention, Right. It was €“ Q3 is a funky quarter, right, like July and most of August are generally a bit soft, but it’s really just based on what we saw, called second half of the quarter and really like throughout the whole quarter, right, and that continuing into Q4 and beyond. And then on the 30%, Cecilia, we’re not providing guidance at this point, but that is a number we remain very comfortable with. There are a number of growth drivers as we’ve discussed that with real momentum heading into next year, SION included.

And we think sort of the core are leading indicators of growth in terms of trained surgeons, ordering facilities, and retention stats were all quite positive in the third quarter.

Paul Badawi: Hi, Cecilia. And just add to that on the OMNI and SION question time. Just to be crystal clear, OMNI remains our flagship makes device, and I think that will always be the case, it’s got a very, very compelling efficacy profile. And the reality is the vast majority of the MIGS mark, and certainly, all of the MIGS expansion opportunities. Those are going to be efficacy driven, that’s where OMNI’s got a very tight and product market fit. SION is very distinct. It serves very separate and distinct subsets of the market things, parts of the market where OMNI frankly doesn’t have the best product market fit areas where efficacy might not be the top priority and things like efficiency, and ease, and speed may take priority.