Sight Sciences Issues Q3 View, Cuts FY23 Revenue Outlook Below Market; Stock Down In Premarket

(RTTNews) - Sight Sciences, Inc. (SGHT), an eyecare technology company, on Tuesday issued a third-quarter revenue guidance, and trimmed its revenue outlook for fiscal 2023, below market estimates.

In pre-market activity, shares of Sight Sciences are trading at $4.46, down 31.49% on Nasdaq.

For the third quarter, the company expects revenue to be in the range of $19.0 million to $20.0 million.

On average, five analysts polled by Thomson Reuters expect the company to report revenues of $26.26 million for the third quarter. Analysts' estimates typically exclude one-time items.

"We typically see a strong second quarter followed by a slower start to the third quarter given traditional seasonality patterns. While we had a strong second quarter prior to the LCD proposals, we have faced a lower cadence of new account additions and relatively flat utilization and we have not experienced the expected increase in commercial activity thus far in August and early September," said Paul Badawi, Chief Executive Officer.

The company plans to discuss its third quarter results in early November.

Looking forward to the full year, the company now expects revenue to be in the range of $80.0 million to $82.0 million, compared to previous range of $89.0 million to $94.0 million. The revised outlook reflects a growth of around 12 percent to 15 percent compared to 2022.

The Street estimate for revenue is $92.12 million.