Sight Sciences, Inc. (NASDAQ:SGHT) Q1 2024 Earnings Call Transcript

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Importantly, we recognized that there’s still a large number of opportunities for competitive conversions. I think we have historically talked about having trained about 50% of the available MIGS surgeons on OMNI. Not all of those have fully adopted OMNI to the extent we believe they could. And so you really see a really large opportunity to continue to grow on this space that we’re talking about, and this goes back to the comment I made a few minutes ago, we are excited to get back to investment into the sales force and driving incremental resources as the business justifies and warrants to continue this growth trajectory. It’s not just going to happen on the sales force we have today, but what we will invest in the future. And so again, we talked a lot about at the end of last year and the beginning of this year in Q1, how prudently we managed our dollars and resources in the face of the uncertainty of the LCDs. I know that I speak for everyone, when we say we’re a lot more excited to talk about getting back to investment in the organization to scale and sustain the double-digit growth that we’re looking towards the back half of this year and into early next year.

Thomas Stephan: That’s great color. Congrats again.

Matthew Link: Thank you.

Operator: Thank you so much. One moment for our next question. Our next question comes from the line of Matthew O’Brien with Piper Sandler. Your line is now open.

Unidentified Analyst: Hey, this is Phil on for Matt. Thanks for taking our questions. And congrats on the great quarter. I guess my first one on the trial and patent infringements on those three patents relating to the canicular scaffold. I was curious as far as future infringement goes with regard to Hydrus and their ability to continue to sell that product. And I understand you might not be able to say much there, but is that perhaps low-hanging share that you could capture in MIGS given similarities?

Alison Bauerlein: Yes, we really can’t comment on ongoing patent litigation matters about our patent litigation strategy at this point, or what that could potentially mean. Obviously, we were happy to see the results of the Jury verdict associated with tax damages and royalties. But the go-forward remedies and those things are all pending future hearing. So those will have to let play out in the court process over time.

Unidentified Analyst: That’s fair. I figured I’d ask. And then shifting gears, maybe you could just touch on the pipeline you have within the Surgical Glaucoma specifically. Any milestones or launches that investors should be made aware of over the next, call it, 12 to 18 months?

Paul Badawi: Yes. Hi, this is Paul. Obviously, very excited about our pipeline. Products we have commercialized today, OMNI, SION and TearCare were all developed internally. We’ve proven our ability to innovate effectively and then commercialize effectively as well. So on the pipeline front, we can’t share too much at this time, but we have shared in the past and we’re continuing to work on intracanalicular scaffold, the Helix stent. That’s in animals as we speak. We’re excited about that. We’ll share more in due course. We are in earlier stages of sustained release as well. Hopefully later this year, we’ll hit some milestones that we’ll be ready to share with everybody. But excited about what we’re working on. I think we’ve proven our ability to innovate in a differentiated manner in a way that can elevate the standard of care and eye care and love what we’re doing and looking forward to sharing more later this year.

Unidentified Analyst: Great, thanks so much.

Operator: Thank you. This concludes the question-and-answer session part. I would now like to turn it back to Paul Badawi for closing remarks.

Paul Badawi: Thank you for attending today’s call. We appreciate your interest in Sight Sciences, and we look forward to updating you on our progress in the future. Thank you all.

Operator: Thank you for your participation in today’s conference. This does concludes the program. You may now disconnect.

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