Sight Sciences, Inc.

Good day and thank you for standing by. Welcome to the Sight Sciences second quarter 2026 earnings results 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, please press star 1-1 on your phone and you will hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Tripp Taylor with 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 Site Sciences Chief Operating Officer, Ali Bauerlein. Earlier today, Site Sciences released financial results for the second quarter ended June 30th, 2026 and raised its revenue guidance and lowered 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, including statements about our projected financial results, including revenue and adjusted operating expenses, our product development plans, market acceptance of our products, changes in the reimbursement environment, and our ability to drive profitability and achieve cash flow breakeven. These statements are based on plans and expectations as of today. In addition, actual results could differ materially from projected results due to a number of risks and uncertainties. For a discussion of factors that may affect the company's future financial results in business, please refer to the earnings release issued prior to this call in 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. To your earnings release, for a 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 will now turn the call over to Paul.

Thanks, Tripp. Good afternoon, and thank you for joining us. We delivered a strong second quarter, with revenue growing 20% year over year. Our highest growth rate since 2023 and our second consecutive quarter of double digit growth. This performance reflected growth in both segments with interventional dry eye achieving record revenue as tier care adoption scaled in the reimbursed market and interventional glaucoma delivering its highest year over year growth rate since the fourth quarter of 2024. Importantly, we achieved this growth while significantly improving operating results and meaningfully reducing cash usage. As a result of this strong performance, we are raising our full year 2026 revenue guidance and reducing our adjusted operating expense guidance. At Sight Sciences, we are focused on advancing interventional eye care with innovative, minimally invasive technologies that address two of the most prevalent diseases in the anterior segment of the eye, glaucoma and dry eye disease. Across both categories, there is a growing interventional mindset, and we believe providers are increasingly seeking procedure-based treatment options that comprehensively address the underlying causes of disease in a minimally invasive manner and fit naturally into clinical workflows. We believe Site Sciences is differentiated by our focus on enabling earlier procedure-based care across these two large and complementary disease states. Both Omni and TierCare were purpose-built to support this evolution toward minimally invasive treatment options for providers and patients. Beyond the individual growth opportunities of each platform, we see a broader strategic advantage in what we call the intersection of intervention. Glaucoma and dry eye disease often affect the same patients, are treated within the same practices and fit within similar procedural workflows. This overlap creates opportunities to deepen customer relationships, increase account utilization, improve the patient care pathway, and drive durable growth while reinforcing site sciences leadership in interventional eye care. Now, turning to our segments, starting with interventional dry eye. We are pioneering the reimbursed interventional dry eye treatment market. We delivered another strong quarter with record revenue of $2.7 million, nearly doubling from the first quarter of 2026. As we build this significant category, the commercial signals continue to strengthen. We are also proud to have added approximately 4.1 million patient lives in the second quarter, during which certain insurance plans have published fee schedules in their provider portals that align with the updated Medicare pricing established in certain jurisdictions last year. This has increased our care care patient lives with access to appropriate reimbursement from approximately $10.4 million to $14.5 million. Based on this revenue and reimbursement momentum, we are raising our interventional dry eye guidance to a range of $9 to $11 million, up from the previous range of $6 to $8 million. The continued strong performance in our dry eye business was driven by strength in two key metrics. Account growth and utilization. Ordering accounts increased from 96 in the first quarter to 176 in the second quarter and included a healthy combination of new and reordering accounts. These accounts purchased more than 3,000 smart lids in the quarter, more than double our first quarter volumes. Importantly, even as the active account base nearly doubled, Average utilization also increased to approximately 18 smart lids per active account in the second quarter, up from 16 in the first quarter. We also saw meaningful evidence of the value created by the overlap between our two interventional segments. In the second quarter, approximately two-thirds of smart lids volume came from accounts that are also interventional glaucoma customers, and those overlapping accounts had significantly higher utilization and our interventional dry eye only accounts. This reinforces our view that our established interventional glaucoma relationships can help accelerate tear care adoption, deepen customer engagement and create a more efficient path to growth in interventional dry eye. The commercial traction we are seeing with tear care reinforces our conviction in the reimbursed procedural dry eye category. While we remain in the early stages of developing this market, We believe we are building a durable and efficient recurring revenue business model that can scale across additional territories as market access expands. Our commercial strategy remains focused on driving adoption in accounts with a history of significant dry eye prescription activity, coupled with an interventional mindset where we believe tier care can fit naturally into practice workflow and patient care. We added sales and clinic support headcount in the second quarter and will continue making investments in our commercial infrastructure to strengthen our team and equip providers with the support needed to adopt and grow their interventional dry eye practices. Over time, we see meaningful runway for growth as practices continue building patient funnels and integrating TierCare into their workflows. The adoption we are seeing also reflects TierCare's clinical outcomes, ease of use, Office Workflow Compatibility, and Value Proposition for patients, providers, and payers. Expansion of our interventional dry ice segment to its full potential will be enabled by additional market access. We continue to advance this priority through productive dialogue with multiple MACs and continue to anticipate that additional payers will establish fee schedules and or coverage policies this year. At the same time, We remain focused on executing within the currently serviceable market already in front of us. We believe continued execution in these regions can drive meaningful growth with additional positive payer decisions serving as important accelerators. Considering the encouraging care care adoption trajectory, ongoing payer engagement, and differentiated clinical profile, We remain very well positioned to continue pioneering the development of the reimbursed interventional dry eye category and drive meaningful long-term growth in this business. Turning to interventional glaucoma, Omni remains foundational to our interventional eye care platform and a key reason we are well positioned as the interventional mindset continues to expand across both glaucoma and dry eye. Since commercialization, Omni has enabled us to build deep relationships with surgeons and practices by offering a proven, minimally invasive, implant-free procedure that fits naturally into the glaucoma treatment pathway. This established base of customers, along with successful clinical experiences, procedural credibility, and strong partnership, all support continued growth in interventional glaucoma while also strengthening our commercialization within interventional dry eye. In the second quarter, we achieved our fourth consecutive quarter of year-over-year growth, with revenue of $20.7 million, up 8% versus the same period in the prior year. Growth was broad-based, with strength across all key metrics, including increases in active accounts, volumes, utilization, and pricing. Ordering accounts reached an all-time high in the quarter and increased 3% year-over-year. Importantly, utilization returned to its highest level since the fourth quarter of 2024, when LCDs began to adversely impact MIGS volumes. We are encouraged by the progress in the first half of the year, and the underlying trends support our expectation for continued interventional glaucoma growth in the second half of 2026. As a result, we are narrowing to the high end of the range for our interventional glaucoma revenue guidance to $79 to $81 million, up from our previous range of 77 to 81 million. We are also pleased to highlight that in July, coverage of Omni and Scion expanded with the addition of approximately 25 million covered lives from Aetna, one of the largest health plans in the United States. Aetna now recognizes certain implant-free glaucoma procedures as medically necessary for mild to moderate open angle glaucoma when specified clinical criteria are met. Our market access team has worked diligently to establish broad payer access for canaloplasty and goniotomy enabled by Omni and Scion, and we have now secured access across all major national payers. Additionally, we are preparing for the launch of OmniUltra, our next generation technology following its recent FDA 510 clearance. OmniUltra includes meaningful advancements that were informed by surge in feedback and designed to capture the voice of the customer, improve the surgical experience, and give surgeons even greater confidence throughout the procedure. Two notable features are the ability to perform a complete single-pass canaloplasty and the addition of TruSync Plus technology. The single-pass canaloplasty was designed to improve surgical efficiency and minimize intraocular procedural steps, while TruSync Plus technology enables automated, controlled viscoelastic delivery during both advancement and retraction of our microcatheter. We believe OmniUltra is an important enhancement within our glaucoma portfolio with the potential to deepen engagement with customers while reinforcing our leadership position in implant-free mix. Looking ahead, our interventional glaucoma strategy remains focused on driving growth and penetration in the combo cataract market while continuing to develop the standalone market. In combo cataract, We are focused on adding new surgeons, increasing utilization across our customer base, and continuing to take share with a differentiated implant-free technology. In standalone, our market development work continues to focus on helping practices implement a repeatable interventional glaucoma activation workflow. This workflow was designed with the cataract workflow in mind, a familiar and effective model for practices, and is intended to help move the standalone opportunity from physician education to practical activation. Over time, we believe this can help providers identify appropriate patients, integrate the procedure into clinic operations, and build more consistent adoption. The standalone market remains a large under-penetrated opportunity, and we believe the work we have done is beginning to contribute to growth today and is an important step toward expanding the role of interventional glaucoma in the treatment algorithm. To close, we delivered a strong second quarter with growth in both interventional segments, continued scaling care care in the reimbursed dry eye market, meaningfully improved operating results, and raised our full year 2026 revenue guidance while reducing our adjusted operating expense outlook. As we move through the remainder of the year, we remain focused on advancing both of our growing interventional platforms and capitalizing on the strategic opportunity created by the intersection of intervention. We will continue investing in growth while maintaining the operational and financial discipline necessary to improve operations and advance toward cash flow break even. We believe this balanced approach positions site science as well to drive sustainable growth and create long-term value for patients, providers, payers and shareholders. With that, I'll turn the call over to Jim to review our second quarter financial results and updated 2026 guidance in more detail.