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

And there are 3 very distinct subsets, again, they’re not, the subsets don’t overlap with OMNI. One is the high volume cataract surgeons that’s prioritizing speed of procedure and efficiency. Number two are MIGS fellows in training. So think about academic institutions where fellows are learning MIGS for the first time goniotomy is kind of known as the training wheels of MIGS. So SION’s got a really nice offering for those folks who are in training. And then the last subset is facility profitability, right? I think about the private equity owned type facilities, where profitability is one of the main drivers; goniotomy is one of the more profitable procedures. So in those distinct subsets of the market, OMNI doesn’t have the strongest product market fit.

OMNI does have the strongest product market fit, where comprehensive procedures and differentiated efficacy are paramount. We believe that SION customers, they open up €“ they open the door for us to new surgeon customers. And we have the opportunity then when we’ve got the SION relationship to them sell OMNI over time. So we think that actually SION can expand our OMNI market by opening doors that today aren’t the easiest doors open.

Cecilia Furlong: Thank you. And if I could follow-up to, I appreciate the commentary on OpEx. Just curious if you provide a bit more color in terms of R&D priorities, both near-term as well as over the intermediate-term you talked about previously next gen OMNIs and other pipeline products as well as clinical trials just as we’re thinking about 2023. How we should be thinking about just the contributions from an R&D standpoint across those initiatives?

Paul Badawi: Yeah. So, Cecilia, on pipeline, we’re obviously €“ we love innovation at Sight, I think, we’ve proven that we’re good at it. And we’re excited about next year releasing next gen OMNI in the first quarter early feedback from some surgeons, who we’ve received feedback from has been very positive. We think that’s going to be a very nice welcome addition to the MIGS market next year. We also have an exciting next generation of TearCare, TearCare MGX that we’re excited to get out next year. And then beyond that, beyond MIGS and MGD procedures we do as we’ve discussed in the past, we are in deep R&D and do intend to bring to market a broad pipeline of innovative products that hopefully one day we’ll address every step of the way for the patient journey and the eye care provider journey taking care of these patients.

These are chronic diseases, lifelong diseases, they don’t have a cure, and we expect to innovate. Just like we’ve done with OMNI with TearCare, and now with SION, I think we’re fortunate, I think we’re three for three here, and we’re looking forward to sharing more about the stuff that we’re working on next year.

Jesse Selnick: And Cecilia, half of the R&D line item, right, that you see for us is clinical, right? So other major products €“ projects that will be in our R&D investment envelope next year are SAHARA and PRECISION those trials, right, which are obviously very important to us.

Cecilia Furlong: Great. Thank you for taking the questions.

Paul Badawi: Thanks, Cecilia.

Operator: Thank you. And the next question will come from David Saxon of Needham & company. Your line is open.

David Saxon: Hi, good afternoon, Paul and Jesse, thanks for taking my questions. Maybe, one for Paul, one for Jesse. Paul to Cecilia’s question around SION, you talked about the SION launch strategy 3-pronged, just wondering if you could tell us, which buckets are seeing the most traction launch today. And based off, the script it sounds like some SION users are being introduced to OMNI, which is great to hear, especially, so early on. Are you seeing anything about the reverse where OMNI users are starting to bridge some of their volumes to SION?