Sight Sciences (SGHT) Stock Forecast & Price Target

Sight Sciences is supported by improving fundamentals in both growth engines, with Q3 revenue of $24.9 million up 25.2% year over year, interventional glaucoma revenue rising 6.7%, and interventional dry eye jumping 45% sequentially to $3.9 million on stronger utilization and more active customers. The outlook is strengthened by raised FY26 revenue guidance to $92 million to $93 million, high gross margin of 85.9%, and visible catalysts from the AAO launch of Omni Ultra and expanding TearCare reimbursement that could extend growth into FY27. Additional upside comes from a large addressable market, more than 400,000 combined OMNI and SION procedures, and the $55.4 million Alcon judgment plus ongoing 10% royalties, which validates the company’s intellectual property and could augment cash generation.

Sight Sciences is burdened by persistent cash burn, with operating cash flows of ($12.7 million) in 1H26 versus ($19.1 million) in 1H25, no disclosed path or target date to breakeven, and a $38.4 million net loss in FY2025 against a $402.1 million accumulated deficit. Its revenue base is highly concentrated in Interventional Glaucoma, which produced 97.9% of FY2025 revenue, while FY2026 guidance implies only 4% to 7% IG growth and management admits limited commercial experience in converting surgeons to standalone procedures. The outlook is further weakened by reimbursement and legal risk, including restrictive Final LCDs, limited dry eye coverage, a $40.0 million secured term loan with amortization starting February 1, 2027, and supply-chain and patent uncertainties that can pressure margins and constrain growth.