Sight Sciences (SGHT) 2 May 242024 Q1 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Sight Sciences First Quarter 2024 Earnings Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Philip Taylor, Investor Relations and Financial. Please go ahead.

in participating for you today's call. Thank are Paul Badawi; today Sight Ali Sciences Officer, Executive Chief and and Co-Founder Bauerlein. Presenting Chief Officer, Financial Link. of Commercial Also Sciences Matt attendance in Sight Officer, Chief results today, for XX, Earlier and and full guidance revenue operating reaffirmed released year Sciences its XXXX. XXXX, the months ended Sight X March expense for adjusted financial

today reimbursement, results strategic questions A our the of and expectations company's press results. that company's include financial I'd investors.sightsciences.com. business clinical at strategy, regarding strategy, remind within copy of release everyone opportunity the the to products; the account momentum and statements of regaining strategy the laws. and position, product current like made commercial statements comments and forward-looking statements engagement and objectives, management performance, federal by website utilization to related coverage will market These is trial available answers and include and long-term to operating meaning efficacy and on forward-looking anticipated commercial litigation, liquidity ongoing securities

from by based Commission. guarantees and Securities XX-Q. Exchange description risks call on Form on cause report found on actual nor of and expressed some are on results as today results estimates of quarterly to in in with cause and differ uncertainties differ the assumptions and implied reports Form indicated Factors by can A could section of be this the annual that public and materially forward-looking statements the promises from actual to materially XX-K the company's are those its that Risk filings including to or may are neither uncertainties these subject and statements. statements risks the those of Forward-looking

may except including generally the to in revise to publicly with refer prepared accordance this operating undertakes as financial accepted management update call, adjusted company statements, in United accounting or The that States, by not measures law. required were On forward-looking expenses. no any obligation principles

earnings may about indicative the financial operating they See are the measures financial its its are a be reliance information not measures GAAP operating most well non-GAAP believes company and important additional the performance of of because non-GAAP financial core that of company's items these to exclude these The indicators results. non-GAAP financial company's release measures directly as measures. on to for as comparable reconciliation unrelated

the now to will I turn call over Paul.

Thanks, Trip.

people continue to eye that interventional care transformative, the mission to seeing. elevate our developing procedurally empowering of allow We to advance providers standards of technologies keep care,

quarter, increase compared and with of demonstrate the the we the technologies first and In and disciplined an as quarter quarter to the in of previous expense margins strong saw gross operational utilization first Surgical XXXX our management. excellence Glaucoma our to continue

equitable segments. executing and We initiatives on evidence access portfolio and clinical our are our to expand in market strategic both appropriate facilitate

over the opportunities increases our commercial performance long-term compelling portfolio the quarter multibillion-dollar Our durable tremendous about and coming profitable only front first XXXX into clinical strategies to created a robust of believe supporting team interventional opportunity excitement our in us. efficacy We growth have differentiated drive management experienced and opportunities, and our years. that market

We $XX.X to same of quarter XXXX. the first quarter the our the a and first significantly At cash in total first of of quarter compared the million in XXXX. generated first XXXX representing usage the X% quarter our of Growth from quarter $XX.X fourth to X% revenue million million first to quarter, of sequentially compared $XX.X time, we was in decreased record XXXX, period. the for

of now segments, segment. Surgical more drivers taking commercial R&D and our quarter our Glaucoma detailed our a turn payments. starting into bonus business debt While first account value still discussion in and and payments our will restructuring investing after typical I with to

surgeons X% in year. important expectations. prior compared is the same fourth that of revenue and We growth with MIG growth quarter of technology to as an XXXX to performance of trajectory X% quarterly OMNI treat of $XX.X positioned to on representing our to our compared are their rely Glaucoma the our recovery Surgical the with attracting sequential pleased period and glaucoma million, patients

confident in cataract the We and our to continue remain uses. position stand-alone ability for market our both expanding Glaucoma Surgical combination in uses

have long-term critical our few strategically segment. We build within Glaucoma focused to on drivers a success Surgical

LCD accounts priorities to and accounts, ceased utilization orders reengage Our during surgeon are decreased who across all the main uncertainty their or increase period.

first driven to and surgeons utilization be and was existing both SION, on efforts increasing focus period when OMNI growth the had increased of Growth from pipeline compared year. trained our to in to the accounts prior quarter the the continue also which same primarily sequential new XXXX by We of OMNI SION. in growth on and of

open-angle testament both clinical the set is a and part to in demonstrates of the at lowering IOP of profile glaucoma This reducing OMNI patients. primary which large leading efficacy medications, for broad OMNI, of a IOP

have withdrawn actively that or during December XXXX. In second the accounts during late uncertainty before XXXX, in ceased orders LCDs are we the their with were parallel, of LCD reengaging the period, decreased half

As a during the approximately primarily in period. same caused we experienced was uncertainty X% due the to we period, reminder, LCDs which believe by of net that the account attrition

second prior and versus further of second drive half the the double-digit to the from XXXX the help in accounts the double-digit comparable contribute toward year. momentum the We growth in to growth low expect period toward quarter regaining sequential of quarter first returning in year

on of our our trained technology. by of Another funnel core be strategy building our to aspect surgeons OMNI procedures enabled is

to expect months We of to are past has increased XXXX. this and see pleased the funnel we strengthen our that remainder few throughout funnel continue to the over

piece sustained X reduction a from adoption and results critical of drive X of data reduction use. The OMNI. robust study compelling Producing our increased clinically utilization also prospective GEMINI of of and IOP-lowering and strategy IOP remains multicenter XX% significant years clinical the at significant clinically medication to demonstrated

XX% As medication-free of at patients X study were years.

largest as MIGS large-scale by of a publication eye Registry, technologies treated the open-angle evaluated demonstrated OMNI's clinical first AJO specialty alone. inject OMNI, States, outcome primary disease clinical the among MIG the of further cataract study real-world the strong U.S., efficacy in the X surgery, Academy most with treated data American iStent results Society patients International. cleared of outcomes The with well common announced comprehensive in of devices clinical cataract glaucoma medicine, this large-scale registry patients used all MIG and approved X with X-year, long-term United surgery we AVInterno profile. Ophthalmology's combined Using and Most in most study as registry in the the recently, or IRIS postsurgical Hydris the for Microstent commonly FDA

that comprehensive our outflow performed were effective was IOP evidence durable medication with reported the lowering studies. and published study OMNI years. this prior with were Surgical System results further the procedure reducing at OMNI many at from The the results procedure X efficacy The IOP consistent X Technology of at years both use and

see the reduction clinical to further enabled of standard OMNI's of and enabled are outflow to MIG continues procedure supporting comprehensive glaucoma procedure associated is outflow comprehensive our of the that by real-world critical OMNI belief elevating that medication care the field of strengthen reduction, evidence excited We continuing the by is OMNI. large-scale provide expand, the robust in with a standards care. efficacy The that of to studies procedure IOP evidence of body

We we future. and results compelling will anticipate in delivering long-term the additional continue prioritizing the data, production of clinical powerful

including GEMINI proud and studies. long-term very of high-quality, are our We the X IRIS data, published

population. proposed today want for new for along believe Should to our of I OMNI the by clinical the we patient support high belief will sufficient LCDs body evidence is to the drive of data these appropriate coverage growth. OMNI existing profile with to emerge, enabled continue our that emphasize procedure reimbursement

same better of there payers payment align we procedure commercial with at profiles our OMNI''s to At opportunities by efforts our continued to the equitable value look the time, forward part technology. improve actually clinical enabled market surgeons the when our maintain glaucoma stakeholders, their for as of delivers. to procedures coding patients to ongoing the coverage engagement and OMNI and the by the technology, and other enabled with MACs, are appropriate clinical we and access We CMS, look OMNI believe profile and

To close concluded trial the Delaware. I our patent on in Surgical that to week Glaucoma want from the discussion, recent results comment last

earlier past Microstent that Sciences awarded profits infringed asserted in week, Sight and damages X in patents willfully the $XX.X our noted release commercial million trial. infringement. and The found Hydrus in this launch for for damages lost damages $X.X monetary of we As the monetary jury were million royalty through from press included sales its

by remedies. appeal. And respect briefings As far the damages and subject the including with enhancements be will to other Court's to will District both post-trial final Court steps, judgment parties to as the entertain next potential

striving technologies, invested considerable new novel capital treatments for research create innovative have eye to and chronic disease. We development to pioneer and and

to access patient expand to patient that mission our underscores and investments these to outcomes. technologies commitment Our interventional transformative enhance

we surgical we our have Given on and a our customers innovations, behalf glaucoma our with our substantial of the patients, safeguard the pleased duty surgeon we stakeholders jury's have portfolio, to intellectual property investments verdict. are to in made in

and Our Dry attention Eye long-term growth and efficacious on on technologies eye Surgical executing providers care in with steadfast Glaucoma our remains strategy equipping disease.

turn Eye care will standard transformative TearCare technology treatment. a the Dry System Now elevate our We that represents I Dry for of to will evaporative business. disease Eye the believe

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on TearCare a the comprehensive, eye and the market-leading superiority showed and Clinical endpoint, time, durable evidenced our drop SAHARA breakup RESTASIS. patients versus provided that trial hear RCT primary objective has treatment with fast-acting data consistent, prescription

patients, XX which opportunity. are creates billion could procedure, an addressable think believe There core market from $X.X U.S. benefit approximate we over who diagnosed we the million

and of Over develop with the meaningful landmark achieved the opinion results TearCare relationships XX,XXX SmartLids, Dry years, have leaders, we successful key RCT. X XX-month Eye sold X- important last SAHARA and our over

foundation These critical to market were to a build access. equitable seeking prior developments

we the toward cash commercialization the segment, away part access, while overall are TearCare we Technology. the access As efforts strategy, some for infrastructure long-term equitable commercial procedures from Dry coverage resources by have We now benefit and enabled our can our wins. in market that until market reducing shifted of focused on patients Eye original driving from pay spend our

payers we with of discussions the XXXX. have starting in coverage with year, goal decisions begun This receiving

of shortly, our economic of on TearCare an the these based for detail combination and clinical data both discussed be for We findings cover Our is value the health treatments our strategy perspectives. performed at case discussions from and analysis strong of articulating in reimbursement the believe TearCare clinical budget appropriate SAHARA impact to the payer from level. more create a with compelling RCT to payers

from over We recently dry showed previously of X treated improved crossed the eye who symptoms SAHARA RCT, RCT the RESTASIS. April, X the signs further and for crossover with Phase of presented at were and statistically RESTASIS results in The improvements of taken XX-month in SAHARA TearCare of and RESTASIS and the a of months ASCRS off eye treatment, for TearCare disease. dry symptoms disease the demonstrating Conference signs subjects significant subsequently experienced then single received patients

X or study TearCare patient with had phases as secondary and The to is effectiveness the X first for similar suggest SAHARA expected that RCT, that or endpoints eye be month dry prior XX TearCare treatment appeared be when and of a same, the whether could RESTASIS, primary the a results treatment of used month disease. not

RCT final goal pleased phase strong to be total baseline period clinical XX for X the treatment of of the from RCT, a treatments of again, treatment with demonstrates We the TearCare according protocol-specified of understanding as the cohort SAHARA procedure. the needed that TearCare efficacy are repeat the of frequency. TearCare from the with months will followed Phase In Patients extremely

RCT We published of from the XXXX. final phase expect results this in SAHARA to be

The believe we on dry TearCare treatment approach. regimen patient supports reliant prescription-based noncompliance there risk with to interventional a that like associated in-office of the treatment addition, with adherence. avoid is benefits over the further an drop ability eye In case technology for a not the are patient prioritizing

be anticipate a We conference. model the coverage International month this clinical health which with conversations savings payers leading work data, tool for SX, showcasing analysis, impact for establish to economic the TearCare as broad our and addition Research, Society TearCare. health that we versus will Outcomes impact a be for drops, will In compelling include and Pharmacoeconomics at powerful presented to the prescription our economics budget

for part TearCare positive achieve coverage to of payers our in appropriately decisions claims reflects properly for is Another the the our of to to value procedure. manner that submit strategy customers treatments a

this customers' are we expect to momentum we traction to are early We happy continue. report seeing positive with that efforts, and our

coverage decisions clinical will positive articulate of is the diligently and begin payers until Again, working benefits to economic from And we starting our then, goal TearCare receiving technology. to in XXXX. continue

and our we a of our position we our on execute with double-digit to the to business growth our XXXX. second of stand-alone the of to In upcoming the cataract segment, in on capture market the lead to as Surgical to return are in share believe OMNI to market. and intent rest Glaucoma and into we continue scale Looking half expect we the MIGS XXXX, ahead capitalize development combo priorities XXXX strategic in catalysts procedures

the ahead value stakeholders. also right Dry and continue foundation deliver along procedures to to us, our committed we opportunity Eye believe OMNI. of the producing market with patients with to lay team for TearCare. We remain for We clinical our right evidence the and execute segment, have will for long-term interventional we and incredible to access In an strategy ILEC

now will to call turn over our the to Ali I financials. discuss

Paul. Thanks,

first turn support well the I financial are and strategic reiterate feel want and execution quarter. pleased we I both the for the to quarter goals financial throughout positioned that operational our to results, to commercial we future with Before our are and

flow achieving long-term our and need without additional opportunity. growth excited cash to We equity the breakeven about plan capital raise are on

first back quarter compared XXXX, decline X% driven quarter the SION. revenue. quarter. Moving the the by the offset of Total Dry to first increased to And and first an reflects $XX.X expected This in of for utilization million. revenue increase OMNI of Eye partially by was primarily

period the in products the customers year. X,XXX quarter, prior of quarter of from and quarter X% quarter first X% X% the accounts ordered about up quarter quarter in for X% first of XXXX. the was to And Glaucoma XXXX. first compared from the up XXXX the Surgical XXXX versus fourth was Glaucoma comparable million, $XX.X ordering revenue of Surgical of fourth Utilization of the quarter the up fourth from and about XX% XXXX. up X% the up from first

to improved of importance the their is utilization SION patients. to testament OMNI a this believe and We unique surgeons and and benefits

of towards reduced of Eye million, to fewer revenue strategy sales infrastructure Our October XXXX. and achieving and Hub for market as focus commercial $X was related the down Dry phase a our the our decline on the after for Eye XX% due primarily sales, expected was quarter This result restructuring next segment in the of XXXX, Dry to of new access. Smart the our first first accounts quarter compared

active first quarter increase Dry XXXX. XXXX, of versus a the had quarter Eye customers, the X% XXX For we of first

by quarter We also first margin sold X% in period the to the about Surgical gross year. X,XXX in primarily increase margin, lower eye in Dry the Gross prior Eye The was was period gross which treatment dry the compared gross was prior in lids decrease same in for offset margin. partially XX% driven the higher year. margin XX% the a first comparable by versus Glaucoma quarter

year, quarter first margin the year XX% same prior onetime inventory glaucoma driven scrap the primarily of to in the in XXXX XX% period in a to prior expense. compared gross Surgical increased by

and in margin $XX.X of the in improved quarter of compared first administrative per declined primarily XXXX to period as reflects the the a prior same overhead general expense to the in reduced and quarter of in year. operating production selling, Total compared to quarter Dry XXXX, to primarily due the costs year, $XX.X million, compared million quarter decrease which the XX% the first to X% period were XXXX, first in period prior the expenses of same leverage XX%, operating current unit first in the lower in to for due expenses Eye operating volumes. gross higher

compensation quarter, XX% and to partially expected the lower to $XX.X prior increased the due were expenses million primarily by expenses of offset period the Adjusted operating the decrease stock-based personnel-related for year. in same legal million a was decrease first expenses. expenses, The in $XX.X compared

Our the of loss of was XXXX. million to for quarter a operations first million, compared from in first $XX.X loss the $XX.X quarter

per quarter million million of share $XX.X a first share was compared $XX.X the loss of per quarter, XXXX. $X.XX for or $X.XX loss first net net Our or to in the

operating substantial equivalents million quarter of ended higher refinancing, first used discounts our $XX.X bonus debt, reflecting cash $XX quarter of and the and issuance payment with used a associated had $XXX.X excluding included with costs. cash of million cash discipline, This quarter, million improvement We debt million debt amortized and from annual continued which $X.X We first cash legal a and million the payments debt was the of expenses. of XXXX. $XX.X in in

our full the to for year Moving XXXX. outlook

growth are We to X% XXXX. $XX to our compared approximately representing $XX X% of reiterating revenue guidance million million, to of

comparable to be LCDs period following XXXX year, the the XXXX. in of than of We lower in revenue impact prior second quarter the half expect the second the

sequential the However, primarily quarter utilization. XXXX we do revenue first second growth driven expect quarter low XXXX, the double-digit versus of increased by OMNI in of

expect base. We year the period momentum versus will by the the prior followed utilization regained customer our commercial in be expand and of and as this the growth we in year double-digit comparative second half

expect fourth team. towards for access and quarters than full We decline the in year the strategy typical XXXX first activities significantly expect market commercial have our tend quarters. evolution of XXXX the XXXX, to seasonality third second our year still utilization and due Eye Dry of We restructuring to revenue in full the Eye and compared Dry stronger to to

We revenue presence. and coverage XXXX, commercial accelerated expect Dry expanded Eye have growth an to reimbursement in with

in In we gross to gross terms mid-XXs. continue margin, the overall expect to be of margin

unit to larger impact both planned Dry anticipate the segment. cost incurring production lower the builds we in Eye per However, for due segments, overhead increased XXXX in

compared decrease a to of double-digit we in our of to are XXXX. and expense approximately million, of XXXX. into growth operating X% guidance XXXX half second year revenue full adjusted XXXX believe return We X% the to We representing $XXX to reiterating will million $XXX

penetrating on and as we line questions. long-term markets, expanding focused build our for and our deliver Operator, goals open future. please execute Surgical the remain further We Dry the Glaucoma and on and Eye for

first Saxon Instructions] [Operator Our with question the of comes David line Needham & from Company.

double-digit end and start all just sequential mean, guidance. growth. against I should the the pretty I top up the easily then I bumping year-on-year double-digit get in second the quarter guidance. second want comments, So to on growth half the of see

the Why risk So Is question you're what anything seeing you a just raise guidance? given my there guide? as to year-to-date? the you're seeing that is view not material

question. And And quarter set point, while is I'm that what one utilization, XXXX. based seeing see to as consistent We're to Yes, take that only want make traction into targets the continuing to momentum on achievable well general we're regaining great happy sure we've we through this we improve seen our to guidance approach in as accounts. new success seeing with to that business.

But particularly we've in point happy we are what Glaucoma very our in this Surgical time, with seen, segment. at

appropriate what as we year, out look we'll starting we've obviously but we to think we So QX farther into at is, guidance. the And important achievable very are guidance it's results saw to we QX. seen get pleased continue with that in put the into and

my sense. Okay. question, for Eye. Dry switch gears to second That I'll Maybe makes

could about I'd seeing reimbursement So terms in the think level expectations and a love with to Is level hear claims you what procedure? of get TearCare doctors you're at excited far? the of in line so

kind a lot I is requires that, of and marketing. secondarily very Eye promotional to mean market all we know the of And Dry drop then

have awareness, the promotional patient device, Dry economics. of in like you I see the guess, on help to drop do spend Eye category? build you heavily reimbursement kind need Eye and we think to marketing But Dry to the activities would -- Your doctors

Matt. parts. in take is X I'll that This one,

very as days premature the claims. very, are to Obviously, early claims, model, And impact the his to say would it anything, SAHARA. economic in at publication still very excited from our we Paul on referenced of relates preparing but as for the time. about First, this we're really it comments, data be

which around on favorable both believe and level we that be based is we reimbursement perspective from to from impact standard a too relative work of reimbursement, their the model there's the to compared a the say current payer perspective procedure be reasons level also provider's we within can we to the What have, favorable economics of TearCare and optimistic economic and making care, of practice the

encouraged forward date. It and process, this we're eye. that a fully market-creating state are generic So promotional to in This relates again, in from a of medication a the here. on activity conversations certainly other seeing look feedback a and the but I understand available we is early lot what to believe opportunity differentiate that to provide these the the in that in space it market. we relates stage, as claims appreciate by more marketing, to That that highly drops is hearing later we're at early dry pharmaceutical differentiated. is isn't of a treatment the on disease at

create opportunity entire unique got new gland intervention we've to And mybomian procedural surface to category ocular specifically in this very an disease. due disease, for

opportunity equally, absolutely not if we an to think so is I opportunity there know education And providers. marketing that a important, outreach and there's more

These clinics seen and being in States. undertreated. patients across are are that We underdiagnosed know United the they

of beginning for there to to favorable patients very the outreach us. at when education with certainly, we and that clinic, in their so think and an already that reimbursement, them is for will very opportunity the are for this, opportunity we a providers be supported And identify believe

continue evaluate opportunities conjunction to in we'll expand are with promotional to moving reimbursement. sustainable forward, in market what the broader patient then And access, population that

question from comes of Blair. James William with the Our Beers second line

say, the on Or into the in sort rate Could Awesome. Are that raising you yet? to historical obviously, to of gating exit is start maybe utilization? QX. of Maybe in growth just you to I factor levels you confidence more great double-digit saying the to know guide? QX. low speak sequentially improving utilization, into, terms you're giving near see things

Yes.

high utilization first versus trends, period when quarter at would a QX the think typically, higher about utilization see period. you the we level, So seeing

traditional quarter higher third the second year said in remarks, in versus with sales trend in So the the our first as and we in typical see something seasonality year, quarter. quarter the that's quarter and our we the also fourth that's in that expect this business and we industry this a prepared expect

So from terms half that to a perspective. belts that is of in see our of well having quarter us and happens we're in trend another confidence what under increasing number of utilization about the what in accounts with seeing as utilization more think as do that will consistent the expect year, those business, we certainly across give I our back both accounts.

So at that the where we business business see critical predict order those future. look are as metrics to the going we in in a the

reevaluate So Did of as you continue we have ... course, you will that to we get a further year. into the question? Are follow-up

market popping thought been have might on. I

the lost saying In I terms back possibly maybe accounts -- of than first -- or adds adds expected year. may factored little the And of of the a for the you you're those saying most into of the account the guidance account half I XXXX. accounts quarter, in lighter guess maybe second where in less know we be bit the half

on upbeat maybe bit more little it you're like sounds a that. But

how the expect the could in you quarter to account then to just the the and transition you the speak of second then rest quarter adds year? maybe that So first and throughout into

Yes.

call, As our metrics account last the first addition. we in in increased see we to core utilization earnings versus expected the the be improvement said to

we throughout to That's So expect active XXXX. focus our a of do accounts us. increase key

we're ordering already ordering period, post reps back activities. getting rebuilding value includes those we and accounts LTV early these that in uncertainty were highest on focusing stages our the up. But the And on focusing patterns of that

customers utilization existing mix same. increasing still customers, of strategy with our So the training It's new is a and of long-term reengagement customers. lost the

mix. So a it's kind of

all And focused that in the was when to intended and quarter, we to look we But That back we and what planned. contributors going getting first into double-digit further utilization primarily those of to X XXXX, were at was our are on growth. growth do.

Our with question Joanne comes Wuensch from Citi. the next of line

is on Philippe Joanne. for This

is you're -- like to converting the Just maybe that biggest to back with are how accounts I period. wondering And was conversions? hurdle for withdrawal what going? are using LCD I your looking again? your reengage conversations OMNI guess, those from just And for what expectations quickly those for accounts

take engagements overall very that This positive. been is Matt. our I'll Look, one. have

been procedures accounts the those of I think engaging and engagements material real has conversations recovery on withdrawal, has seen and There's heels the overall no terms limitation the of and the MIGS market volumes those -- and are in ongoing. LCD.

utilization. said, the beginning very the in recovery from increased form year, the of Ali coming the of anticipated As we

Our has think of LCDs to a done engagement a accounts. demonstrated indicated job, core level was the and force with the in phenomenal I as remain our sales high face of

But here. capacity consideration there's also a

did moved As last reduce back second we talked continue attrition within organization. count sales about some in we saw half the would -- about materially we modest We backfill. that headcount. didn't spoke head reinvestment of build in year, we how the we immediately into to And QX, to

really than we of that about So think terms in capacity more so infrastructure.

company. is And so a Sciences a lot Sight of this is capacity. about building growth

extent, utilization a that and our QX, see year second of gives been we'd in the been the think see to And was then that's the And not factor LCDs. half in some but that's as we in of early as recovery QX, company. rate We to engagement surgeon key last through demonstrated interrupted, active the And accounts confidence obviously, of new with some just new increasing growth measure as a we uncertainty of about well have within continue us as surgeon investment. that new certainly training. accounts,

Our the comes Stephan line next Thomas from Stifel. question with of

There's a can lot your of competition. glaucoma. competition is well. how guidance as and qualitatively mix innovation obviously Maybe into a elaborate outlook guess, Congrats bit factored long-term in I with happening on you

near in I the So Wondering I just can you is if and long-term a have both follow-up. term guess, view? this contemplated And the talk about how then

to that take their and I'll thoughts add jump sure. well. Yes, let others as in

period. to to of put were was coming guidance out here as the we approach LCD targets overall a uncertainty prudent capable be and Our out

we those on Eye the business as dynamics given this for as think the well the right have company, the dynamics set the we So year. bar Dry side of

There's great more from mindset. is healthy market In procedures, right innovation that what the and now. is market. happening, we market competitive the dynamics, stand-alone brings of we MIGS to doing more and It expanding a interventional attention growing terms think see a

of that, clinical to shape All will we glaucoma we and products we us of the provide, great patients. this that our when continue the is grow that think industry in continue efficacy for profile us look others and future help and that at to

the longer-term term really be those But XXXX. It's the focused core the to for back the are the the in guidance on term. back for with medium long accounts with term and and short work, of So, dynamics in and competitive reengaging terms see our success accounts. our dynamics we momentum getting OMNI's foundational favorable

we So see to you Okay. to that. guys that? are Anything want to add happy

Great. able And look, utilization on there narrow or be volume That's see my bit, just driving about be I you this then spread on but of expand sort recovery Any would trends? sales I'd guess, are Al, accounts? follow-up Really further maybe lower utilization. helpful. a across and your the surgeon encouraging year-over-year a you to Maybe those can color base of move been trends to those these has little would force how how quarter-over-quarter. talked the trends in helpful. into sort utilization

a facilities. across customer. important within utilization characterize that. broadly surgeons But take think And the are talk there's really many trends the aware, to utilization, thing Yes. the the in we endpoint Tom, I about instances, you all Look, is we Matt. through RESTASIS, are those the as sell I'll the we in organization. multiple as facility good is is other news this to see

surgeons is per as increased utilization best And facility. a can within surgeon utilization is a mix so we the between but also tell basis, also on higher the coming

gives our some for markets business volume so opportunity earlier, start healthy dynamic key and comments really across is an within the to this through really our sales increased us to really and within underlying density think force, drive and volumes. a And we efficiency leverage the

Importantly, that for conversions. there's we competitive recognize large a opportunities number still of

fully extent I MIGS have about of OMNI Not about of talked the think historically all OMNI. trained surgeons we on adopted the we believe have available could. XX% those having they to

force trajectory. made goes a to get to so justifies warrants few the we're to continue resources you to driving minutes growth into business a grow about, as on excited to that I to we really ago, investment the this opportunity the see are and this large this really sales continue talking and incremental comment back back space And and

It's will in we but not the the to happen today, going just we future. have on what invest force sales

talked we LCDs. in of end QX, face about the how the year a dollars of the the at managed we this and resources beginning uncertainty the again, last and so our of And lot year of in prudently

and I the we back say double-digit of about to into lot that everyone towards when a early to the to scale year for growth more we're organization speak half looking that year. this know back getting we're in the investment sustain I talk next and excited

Sandler. of question with Piper next from O'Brien line Our comes Matthew the

on for be far the I able given sell on is great you understand with But regard infringements might to that to continue scaffold. patent much Matt. share This product. not and X you there. Hydros perhaps infringement goes in to one to Congrats canicular say future the the low-hanging and on trial curious is their I could on as ability those similarities? capture first Phil quarter. MIGS that as And that to I my guess relating was patents

Yes. results with royalties. litigation and damages verdict We this what really But can't patent happy could strategy tax associated and the things litigation or pending point, future we at are comment potentially mean. our Obviously, to were see remedies hearing. all go-forward the that patent of those matters about on ongoing jury the

let will in out time. have the those over So to play process port

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

very is SION then we pipeline. OMNI, Obviously, Products Paul. and TearCare today. This effectively well. commercialized developed innovate all effectively have We've our about and as proven excited commercialize our ability to Yes. were internally.

Helix too the in stent. That's in work on course. past, speak. scaffold, we excited the as animals pipeline that. to front, time, this we're due we So continuing we more share on share at We're We'll but in much about have the intracanalicular shared can't and

with release working this stages year, excited ready to Hopefully about are share we're well. We that of on. some in we'll earlier as milestones we'll what everybody. sustained be But later hit

to and care innovate our of differentiated manner we're I think can and elevate way this in standard in year. more a care the sharing forward to a looking and doing ability proven we've later that eye love what

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

call. for our attending you We you today's future. and Sciences, we Site you Thank in the on Thank appreciate interest your in forward all. updating look progress to

in today's does This program. Thank you conclude conference. for the participation your

may disconnect. now You