Sight Sciences, Inc.

Good day, and thank you for standing by. Welcome to the Sight Sciences First Quarter 2026 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Hannah Jeffery, Investor Relations. Please go ahead.

Thank you for participating in today's call. Presenting today are Site Sciences co-founder and chief executive officer, Paul Badawi, and chief financial officer, Jim Rodberg. Also in attendance is SiteSciences Chief Operating Officer, Allie Bauerlein. Earlier today, SiteSciences released financial results for the first quarter ended March 31, 2026, and raised its revenue guidance and maintained its adjusted operating expense guidance for full year 2026. A copy of the press release is available on our website at investors.sitesciences.com. I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements about material, business considerations, 2026 outlook, and financial guidance. These statements are based on plans and expectations as of today, which may change over time. In addition, actual results could differ materially from projected results due to a number of risks and uncertainties. For discussion of factors that may affect the company's future financial results and business, please refer to the earnings release issued prior to this call and the company's most recent SEC filings. We undertake no obligation to publicly update or revise any forward-looking statements except as required by law. Also on this call, management refers to certain financial measures that were not prepared in accordance with generally accepted accounting principles in the United States, including adjusted operating expenses. We believe these non-GAAP financial measures are important indicators of the company's operating performance because they exclude items that are unrelated to and may not be indicative of its core operating results. See our earnings released for reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, as well as additional information about our reliance on non-GAAP financial measures. I'll now turn the call over to Paul.

Thanks, Hannah. Good afternoon and thank you for joining us. We delivered a strong start to 2026 with first quarter results that demonstrated a return to double-digit revenue growth, continued strength in gross margin, and disciplined operating expense and cash management. We drove solid execution across both segments, interventional glaucoma and interventional dry eye. This included a third quarter in a row of revenue growth in interventional glaucoma and continued positive commercial traction in interventional dry eye, where revenue nearly doubled from the fourth quarter, representing early validation of our procedural in-office recurring revenue business model. Based on our performance and outlook, we are raising our full year 2026 revenue guidance while maintaining our adjusted operating expense guidance. We are continuing to build an interventional eye care company focused on two significant anterior segment diseases, glaucoma and dry eye disease, where we believe procedural options can play a larger role in the treatment paradigm. Our two flagship technologies, Omni and TierCare, are designed to address the root underlying causes of disease and can efficiently integrate into established practice workflows. They each support our focus on earlier procedure-based care while helping providers deliver consistent clinical outcomes for patients. We believe there is meaningful customer and patient overlap in our two business units, particularly in high volume cataract and mixed practices where ocular surface disease is common and where physicians are increasingly incorporating procedural options in their treatment algorithm. Glaucoma and dry eye disease are often present in the same patient, and eye care providers often want to address both as part of the patient's treatment plan. We're already seeing this overlap where we are driving new tier care adopters from our existing glaucoma customer base. As we continue to drive earlier procedure-based care across these two significant market opportunities, Omni and TierCare can fit naturally along the same patient journey, supporting consistent clinical outcomes for patients, as well as practice efficiency for providers. Over time, that broader portfolio participation can help deepen account penetration and support our efforts to scale both of these businesses and drive sustainable growth long term. Our strategy is to help advance interventional care earlier in the treatment paradigm of both glaucoma and dry eye disease, and to accelerate these efforts by leveraging the overlap of our two interventional business segments that we call the intersection of intervention. We began to drive momentum from this unique intersection in the first quarter. As we build on this progress, we remain focused on delivering sustainable growth and creating long-term value for our stakeholders. Now, turning to our segments, I'll begin with interventional dry eye. In our first full quarter following initial market access, we drove expanded traction in our reimbursed dry eye business and increased customer adoption of our TierCare technology. We are increasing our interventional dry eye revenue guidance by $1 million, at the midpoint based on our strong results ahead of expectations and our confidence moving forward. We are very pleased by the commercial traction we generated with our dry eye customers in the first quarter, where we delivered revenue of 1.4 million, nearly doubling our fourth quarter revenue. The majority of this revenue was from our disposable smart lids, and we sold approximately 1,500 in the first quarter, up from approximately 700 in the fourth quarter of 2025. more than doubling the volume. This includes sales to 96 accounts made up of a balanced mix of new accounts and reordering accounts. Average smart list utilization increased from approximately 9 per active account in the fourth quarter to approximately 16 per active account in the first quarter. Our strong dry eye performance is primarily in the First Coast and Novitas regions where fee schedules were recently established. We are pleased with the early validation of our reimbursed business model and solid customer engagement with TierCare. In addition, we are driving encouraging cross-selling dynamics with approximately half of all active accounts coming from our existing Glaucoma customer base and with higher utilization in those accounts versus the interventional dry eye only customers. These early indicators demonstrate the depth and value of our established relationships and the synergies that exist between our two business segments. Importantly, early utilization trends are improving, with a growing number of accounts reordering and increasing procedure volumes. For accounts that reordered in the first quarter, utilization more than doubled from fourth quarter volumes. In addition, new accounts onboarded in the first quarter are ramping at higher initial levels than those in the prior quarter. Together, these dynamics point to improved customer targeting and enhanced office workflow training, strengthening adoption and early momentum for scaling this business. We are also focused on supporting practices as they incorporate tier care into their workflow. A growing number of accounts have successfully completed reimbursed procedures and reordered smart lids, which we view as a positive early indicator of repeat utilization. This adoption reflects the effectiveness of our targeted commercial approach, prioritizing high volume dry eye practices with significant Medicare patient volumes. These efforts are translating into meaningful traction, with increasing interest from both new and existing accounts, supporting the broader shift towards interventional dry eye care. To build on this foundation, we have continued to expand our commercial team in the first quarter, adding resources in both our sales rep and clinic support functions to enhance execution and deepen provider engagement. Our focus remains on scaling efficiently within established reimbursed markets while positioning the organization to drive meaningful growth as we move through 2026. In parallel, we are also focused on expanding market access through engagement with additional MACs as well as commercial payers. We are actively engaged in discussions with multiple MACs including detailed reviews of our clinical and economic data and submitted tier care claims reviews. Based on these activities and discussions, we expect additional payers to establish fee schedules this year. We are encouraged by our continued progress and view expanding tier care market access as an important catalyst to support long-term growth. Building on a foundation of clinically differentiated technology, initial reimbursement in select markets, ongoing reimbursement discussions, and strong commercial traction, we are excited about our opportunity to drive the development of this large and under-penetrated reimbursed interventional dry eye market. Turning to interventional glaucoma, our Omni technology continues to demonstrate its clinical value within the evolving glaucoma treatment paradigm and its increasing importance as a differentiated technology and durable growth driver in the expanding field of interventional glaucoma. In the first quarter, we delivered strong performance and generated the third consecutive quarter of year-over-year growth. Revenue was $18.3 million, up 7% versus the prior year period. Ordering accounts increased 6% compared to the prior year period, driven primarily by reactivating dormant accounts and adding new accounts. The revenue growth was primarily driven by increased volume and price, and partially offset by slightly lower utilization per account. We finished the first quarter with a strong March, with procedure volumes increasing from a slower than typical start in January and February. Additionally, we drove continued strong adoption of OmniEdge, which helped in reactivating accounts and adding new accounts. OmniEdge includes a higher capacity viscoelastic delivery feature while maintaining the trusted safety, efficacy, and usability of the Omni technology platform. For 2026, our interventional glaucoma strategy is anchored in consistent execution as we work to expand the combo cataract market and capture additional share, as well as further unlock the standalone market opportunity. In the combo cataract market, we are focused on adding accounts through training new surgeons, capturing share in existing accounts, expanding adoption and penetration with MIGS-naive surgeons, and increasing combo cataract volumes through interventional glaucoma activations. In standalone, we have hired a dedicated market development team and are encouraged by the early progress they are making in activating standalone glaucoma interventions. Together with our differentiated technology and experienced commercial organization, we are in a strong position to deliver our growth targets in 2026 in interventional glaucoma. Looking closer at the standalone opportunity, as the shift toward earlier interventional treatment continues to shape the glaucoma treatment landscape, our effective market development team has been instrumental in partnering with surgeons and their staff to help them introduce a streamlined and actionable interventional glaucoma patient workflow that is modeled after the well-known and proven cataract patient workflow. This differentiated approach is helping practices identify patients and support increased procedural interventions in those practices adopting this workflow. We believe this new interventional glaucoma patient workflow partnership with our customers represents an important driver of market development and a growing contributor to long-term revenue growth. Before turning the call over to Jim, I want to briefly touch on the latest regarding our patent infringement case against Alcon. In April, the court issued its final judgment which upheld the jury's finding of willful infringement by Alcon and confirmed past damages and interest totaling approximately $55 million, as well as ongoing royalties of 10% of HIDRIS revenue through patent expiration. This ruling is subject to appeal and no cash has been received to date. To close, we delivered a strong start to 2026 in both our interventional glaucoma and interventional dry eye business segments. and the progress we made in the first quarter reinforces our confidence in the year ahead, including our decision to raise revenue guidance while maintaining our adjusted operating expense guidance. In interventional glaucoma, we generated our third consecutive quarter of year-over-year growth and remain focused on expanding our leadership position in the combo cataract segment while continuing to activate standalone intervention. In interventional dry eye, We are encouraged by increasing customer adoption and utilization, and we remain focused on scaling efficiently in markets where reimbursement is in place, while working to expand market access over time. We are also excited about the increasing recognition within the eye care community that there is strong patient overlap between interventional glaucoma and interventional dry eye. We are uniquely positioned to leverage this synergy with two leading interventions for these two large and overlapping disease categories as we build something bigger, a leading interventional eye care company. Across the company, we are investing to support growth while maintaining the operating and financial discipline needed to improve cash usage and advance our path toward cash flow breakeven. With that, I'll turn the call over to Jim to walk through the financials.