Sight Sciences, Inc. (SGHT) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to Sight Sciences fourth-quarter 2025 earnings results. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Sight Sciences 2025 年第四季財報結果電話會議。(接線員指示) 請注意，本次電話會議將被錄音。

Now it's my pleasure to turn the call over to Trip Taylor with Investor Relations. Please proceed.

現在我很高興把電話交給投資人關係部的 Trip Taylor。請開始。

Thank you for participating in today's call. Presenting today are Sight Sciences Co-Founder and Chief Executive Officer, Paul Badawi; and Chief Financial Officer, Jim Rodberg. Also in attendance is Sight Sciences' Chief Operating Officer, Ali Bauerlein.

感謝各位參與今天的電話會議。今天出席簡報的有 Sight Sciences 共同創辦人兼執行長 Paul Badawi，以及財務長 Jim Rodberg。同時出席的還有 Sight Sciences 營運長 Ali Bauerlein。

Earlier today, Sight Sciences released its financial results for the fourth quarter ended December 31, 2025, and initiated its revenue guidance and adjusted operating expense guidance for full-year 2026. A copy of the press release is available on our website at investors.sightsciences.com.

今天稍早，Sight Sciences 公布了截至 2025 年 12 月 31 日止第四季的財務結果，並提出 2026 全年營收指引與調整後營業費用指引。新聞稿副本可於我們網站 investors.sightsciences.com 取得。

I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements, including 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.

我想提醒各位，管理團隊今天的發言以及對提問的回答將包含前瞻性陳述，包括關於重大業務考量、2026 年展望與財務指引的陳述。這些陳述係基於截至今日的計畫與預期，並可能隨時間而改變。此外，由於多項風險與不確定性，實際結果可能與預測結果存在重大差異。

For a 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.

關於可能影響公司未來財務結果與業務的因素，請參閱本次電話會議前發布的財報新聞稿以及公司最新的 SEC 申報文件。除法律要求外，我們不承擔公開更新或修訂任何前瞻性陳述的義務。

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 that 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.

此外，在本次電話會議中，管理團隊將提及若干未依照美國一般公認會計原則（GAAP）編製的財務衡量指標，包括調整後營業費用。我們認為這些非 GAAP 財務衡量指標是公司營運表現的重要指標，因其排除與核心營運結果無關且可能無法反映核心營運結果的項目。

See our 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.

請參閱我們的財報新聞稿，以取得這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，以及我們採用非 GAAP 財務衡量指標的更多資訊。

I will now turn the call over to Paul.

現在我把電話交給 Paul。

Thanks, Trip. We ended 2025 with solid execution across our business, highlighted by fourth-quarter revenue growth in both segments, strong gross margins, and continued operating expense discipline and cash management.

謝謝你，Trip。我們以穩健的執行力結束 2025 年，亮點包括第四季兩大業務部門營收皆成長、毛利率強勁，以及持續維持營業費用紀律與現金管理。

In 2026, we're building on this momentum with a clear strategy to return to double-digit growth while maintaining our operational rigor and financial discipline. Before reviewing the quarter, I want to frame our discussion around the size and significance of the markets we serve and why we're confident in our long-term opportunity.

2026 年，我們將在此動能基礎上，透過明確策略在維持營運嚴謹與財務紀律的同時，重回雙位數成長。在回顧本季之前，我想先從我們所服務市場的規模與重要性切入，並說明為何我們對長期機會充滿信心。

Our flagship interventional technologies, OMNI and TearCare, address two of the most prevalent anterior segment diseases: glaucoma and dry eye disease. Glaucoma remains the leading cause of irreversible blindness globally and dry eye disease continues to be one of the most common reasons patients seek care from eye care providers.

我們的旗艦介入式技術 OMNI 與 TearCare，針對兩種最常見的前節疾病：青光眼與乾眼症。青光眼仍是全球不可逆失明的主要原因，而乾眼症也持續是病患向眼科照護提供者求診的最常見原因之一。

With proprietary minimally invasive technologies designed to comprehensively address the root underlying causes of disease, we are expanding both the role of interventional solutions in the markets we serve and the markets themselves. Together, these two increasingly interventional categories offer substantial runway for continued growth in the years ahead.

憑藉專有的微創技術，旨在全面處理疾病的根本原因，我們正在擴大介入式解決方案在所服務市場中的角色，同時也擴大市場本身。這兩個日益走向介入式治療的類別，為未來數年的持續成長提供了可觀的成長空間。

Consistent with that strategy, we've updated the way we describe our businesses. What we previously referred to as surgical glaucoma and dry eye, we now call Interventional Glaucoma and Interventional Dry Eye, reflecting our focus on elevating the standards of care with earlier procedure-based interventions. We believe this interventional focus positions us to participate in an important part of the treatment continuum and over time, creates multiple durable growth drivers across both Glaucoma and Dry Eye.

與該策略一致，我們更新了描述業務的方式。過去我們稱之為「手術型青光眼」與「乾眼」，現在改稱為「介入式青光眼」與「介入式乾眼」，以反映我們專注於透過更早期、以處置為基礎的介入來提升照護標準。我們相信，這種介入式聚焦使我們能參與治療連續體中的重要環節，並隨時間在青光眼與乾眼兩大領域創造多元且具持久性的成長動能。

We believe there is significant customer and patient overlap in these two categories that can unlock synergistic commercial value. Many patients who suffer from glaucoma also suffer from dry eye disease and meibomian gland dysfunction, which can be exacerbated by continued use of glaucoma medications, a known cause of ocular surface disease. In addition, many practices have dedicated eye care providers managing patients with both diseases, creating a natural synergy in care pathway and treatment.

我們認為這兩個類別之間存在顯著的客戶與病患重疊，可釋放協同的商業價值。許多罹患青光眼的病患同時也患有乾眼症與瞼板腺功能障礙，而持續使用青光眼藥物（已知會導致眼表疾病）可能使其惡化。此外，許多診所都有專責的眼科照護提供者同時管理這兩種疾病的病患，使照護流程與治療上形成自然的協同效應。

With strong collaboration between our Interventional Glaucoma and Interventional Dry Eye teams, we have the potential to enhance our customer engagement, support adoption across both businesses, and strengthen the scalability of our interventional eye care strategy. With proven technologies, experienced teams, strong customer relationships, and a track record of execution, we believe we are well positioned to drive meaningful value as we continue building a leading interventional eye care company.

透過我們介入式青光眼與介入式乾眼團隊之間的緊密合作，我們有機會提升客戶互動、支持兩大業務的採用，並強化我們介入式眼科照護策略的可擴展性。憑藉經驗證的技術、資深團隊、穩固的客戶關係與良好的執行紀錄，我們相信在持續打造領先的介入式眼科照護公司之際，已具備推動顯著價值的有利位置。

Now turning to our segments. I'll begin with Interventional Dry Eye, where we recently achieved a very important reimbursement milestone. In the fourth quarter, two MACs, Novitas Solutions and First Coast Service Options, established pricing for CPT code 0563T, the code associated with our TearCare procedure. This marks a turning point for our TearCare business model, and we are now executing our strategy with the goal of pioneering the reimbursed Interventional Dry Eye treatment market.

接著談我們的業務部門。我先從介入式乾眼開始，我們近期達成一項非常重要的給付里程碑。在第四季，兩家 MAC（Medicare 行政承包商）Novitas Solutions 與 First Coast Service Options，為 CPT 代碼 0563T（與我們 TearCare 處置相關的代碼）建立了定價。這標誌著我們 TearCare 商業模式的轉捩點；我們目前正執行策略，目標是開創可獲給付的介入式乾眼治療市場。

We were very encouraged by the commercial traction we generated with a variety of Dry Eye customers in the fourth quarter. As preannounced in January, Interventional Dry Eye revenue in the fourth quarter was $0.7 million, up both sequentially and compared to the prior year. Revenues were driven by the sale of approximately 700 SmartLids to approximately 80 accounts, roughly 30 of which were new account engagements.

我們對第四季在多元乾眼客戶中所取得的商業動能感到非常振奮。如同我們在 1 月預先公告，第四季介入式乾眼營收為 70 萬美元，較前一季及去年同期皆成長。營收主要來自約 700 個 SmartLids 的銷售，銷往約 80 個客戶帳戶，其中約 30 個為新客戶導入。

The sequential and year-over-year revenue growth in the quarter was largely driven by sales in the Novitas and First Coast regions, where customer engagement with TearCare has been strong and reflects positive momentum in the reimbursed business model. A portion of new customers are existing glaucoma customers of ours who are excited to partner further on the TearCare treatment opportunity.

本季營收的季增與年增，主要由 Novitas 與 First Coast 區域的銷售所帶動；該區客戶對 TearCare 的互動強勁，反映出可獲給付商業模式的正向動能。部分新客戶為我們既有的青光眼客戶，他們對進一步合作、把握 TearCare 治療機會感到興奮。

The increasing engagement across accounts as they establish their Interventional Dry Eye practices and validate successful processing and payment of their first claims is promising. This progress is particularly notable, given our small but growing sales team, and the limited time since our reimbursed launch. As part of our commercialization strategy, we are focused on high-volume Dry Eye prescribers where TearCare presents a clear and compelling clinical and economic value proposition.

隨著各帳戶建立其介入式乾眼門診並驗證首批理賠申請成功受理與給付，帳戶互動度提升的趨勢令人鼓舞。考量到我們的銷售團隊規模雖小但正在成長，以及自可給付上市以來時間仍短，這項進展尤其值得注意。作為商業化策略的一部分，我們聚焦於高量開立乾眼處方的醫師族群，在該族群中 TearCare 具備清晰且具吸引力的臨床與經濟價值主張。

In parallel, we are engaging new eye care providers in states where fee schedules have been newly established based on existing dry eye treatment activity. And we continue to expand our outreach to glaucoma customers in these markets, where TearCare is a natural complement to their current practice offerings. Early interest from new providers and renewed engagement from existing providers underscore growing demand for TearCare and Interventional Dry Eye procedures.

同時，我們也在那些因既有乾眼治療活動而新近建立費用表的州，接觸新的眼科照護提供者。我們也持續擴大在這些市場對青光眼客戶的觸及；在其現有診療服務中，TearCare 是自然的互補方案。新提供者的早期興趣，以及既有提供者重新提升的互動，凸顯市場對 TearCare 與介入式乾眼處置日益成長的需求。

In order to scale this business in [fuel] growth, we are making additional investments in our Interventional Dry Eye commercial organization. These investments are intended to strengthen provider engagement and expand commercialization in markets with established reimbursement. We added resources in the fourth quarter, and we'll continue building out our commercial infrastructure to drive growth in 2026.

為了在[燃料]成長中擴大這項業務規模，我們正在對我們的介入式乾眼商業組織進行額外投資。這些投資旨在強化醫療服務提供者的參與度，並在已建立給付（報銷）機制的市場中擴大商業化。我們在第四季增加了資源，並將持續完善我們的商業基礎設施，以推動2026年的成長。

Expanding market access also remains a critical pillar of our growth strategy. As we deepen our engagement with additional MACs and commercial payers throughout 2026, we believe we can accelerate adoption and expand access for patients. We have built a strong foundation on clinically differentiated technology, initial market access fee schedules and early commercial validation, positioning us to pioneer the reimbursed Interventional Dry Eye market for years to come.

擴大市場准入同樣仍是我們成長策略的關鍵支柱。隨著我們在2026年持續深化與更多MAC以及商業保險支付方的互動，我們相信能加速採用並擴大患者的可及性。我們已在具臨床差異化的技術、初期市場准入費率表以及早期商業驗證方面建立了堅實基礎，使我們得以在未來多年引領可給付的介入式乾眼市場。

Turning to Interventional Glaucoma. The fourth quarter marked an important milestone in 2025 as we fully lap the LCD changes, restricting multiple mix procedures in combination with cataract surgery. These LCDs reduce the number of devices used and caused meaningful headwinds to market growth in 2025. Despite these headwinds, our OMNI technology once again demonstrated its importance in the glaucoma treatment paradigm in this single MIGS environment.

接著談介入式青光眼。第四季是2025年的一個重要里程碑，因為我們已完全跨越（lap）LCD變更的影響，該變更限制了與白內障手術合併進行的多重混合手術。這些LCD降低了使用的器械數量，並在2025年對市場成長造成顯著逆風。儘管面臨這些逆風，我們的OMNI技術在此單一MIGS環境下，再次證明其在青光眼治療範式中的重要性。

In the fourth quarter, we built on our strong third-quarter performance and generated another quarter of growth compared to the prior year. Revenue was $19.7 million, up 5% year over year and flat sequentially. And at the top end of our preannounced revenue range provided in January. Ordering accounts increased 2% compared to the prior year, driven by a combination of reactivating accounts and adding new accounts.

在第四季，我們延續第三季的強勁表現，並再次實現相較去年同期的成長。營收為1,970萬美元，年增5%，季比持平。且位於我們1月預先公告之營收區間的上緣。下單帳戶數較去年同期增加2%，主要由重新啟用的帳戶與新增帳戶共同帶動。

Utilization remained healthy, down only slightly after a particularly strong third quarter. Additionally, we saw continued benefit from higher OMNI Edge utilization, which drove higher average selling prices in the quarter.

使用量維持健康，在第三季特別強勁之後僅小幅下滑。此外，我們持續受惠於更高的OMNI Edge使用率，帶動本季平均售價上升。

With the interventional mindset increasingly impacting the glaucoma treatment algorithm, we are focused on developing the stand-alone market with OMNI. We are investing in targeted commercial resources to drive pseudophakic education and activation with surgeons and clinic staff.

隨著介入式思維日益影響青光眼治療演算法，我們專注於以OMNI發展獨立（stand-alone）市場。我們正投資於具針對性的商業資源，以推動對人工晶體眼（pseudophakic）的教育，並促進外科醫師與診所人員的啟動與採用。

With similarities to the office-based cataract evaluation workflow that is familiar to most ophthalmic and optometric practices, we have designed an Interventional Glaucoma evaluation workflow that we believe represents a significant opportunity to expand OMNI adoption and stand-alone interventions, and support a meaningful source of revenue growth over time.

鑑於其與多數眼科與驗光診所熟悉的門診白內障評估流程相似，我們設計了一套介入式青光眼評估流程；我們相信這代表一個重大機會，可擴大OMNI的採用與獨立介入治療，並在時間推移下支持一個具意義的營收成長來源。

In 2026, our Interventional Glaucoma strategy focuses on disciplined execution to drive share gains, expansion of the combo cataract segment and further development of the underpenetrated stand-alone market. Driven by our experienced commercial team, clinically differentiated technology, our investments in our dedicated psuedophakic market development team, we are positioned for a return to sustainable growth in Interventional Glaucoma.

在2026年，我們的介入式青光眼策略聚焦於以嚴謹執行來推動市占提升、擴大白內障合併（combo cataract）細分市場，並進一步開發滲透率仍低的獨立（stand-alone）市場。憑藉我們經驗豐富的商業團隊、具臨床差異化的技術，以及我們對專責人工晶體眼（psuedophakic）市場開發團隊的投資，我們已具備條件使介入式青光眼重回可持續成長。

In closing, our strong fourth-quarter performance reflects consistent execution across the organization and reinforces the momentum we are carrying into 2026. We believe we are well positioned to return to durable revenue growth in both segments as we leverage our differentiated technologies, experienced teams and the synergies of these two opportunities to continue building a leading interventional eye care company.

最後，我們第四季的強勁表現反映了全組織一致的執行力，並強化了我們帶入2026年的動能。我們相信，透過運用我們具差異化的技術、經驗豐富的團隊，以及這兩項機會之間的協同效應，我們在兩個事業領域都已具備重回穩健營收成長的良好定位，並將持續打造一家領先的介入式眼科照護公司。

I will now turn the call over to Jim to discuss our financial results.

接下來我把電話交給Jim，請他說明我們的財務結果。

Thanks, Paul. Before I turn to the results, I want to emphasize that we're entering 2026 from a position of strength with the operating discipline and cost structure we need to support growth, and over time, we believe this positions us to achieve cash flow breakeven without the need to raise additional equity capital.

謝謝，Paul。在我進入結果之前，我想強調，我們正以強勢姿態邁入2026年，具備支持成長所需的營運紀律與成本結構；並且隨著時間推移，我們相信這使我們有望在無需額外募集股權資本的情況下達成現金流損益兩平。

Unless otherwise noted, my comments reflect results for the fourth quarter of 2025 and comparisons are to the same period in the prior year.

除非另有說明，我的評論反映的是2025年第四季的結果，並與去年同期進行比較。

In the fourth quarter, total revenue was $20.4 million, a 7% increase. Interventional Glaucoma revenue was $19.7 million, an increase of 5%, driven by increases in ordering accounts and average selling prices. Interventional Dry Eye revenue was $0.7 million up from $0.3 million, reflecting positive traction in our reimbursed Interventional Dry Eye business model.

第四季總營收為2,040萬美元，成長7%。介入式青光眼營收為1,970萬美元，成長5%，主要由下單帳戶數與平均售價提升所帶動。介入式乾眼營收為70萬美元，高於先前的30萬美元，反映我們可給付的介入式乾眼商業模式取得正向進展。

Gross margin was 87%, consistent with the prior year. Interventional Glaucoma gross margin remained strong at 88% compared to 87% with the increase primarily due to higher average selling prices and product mix, slightly offset by tariff costs. Interventional Dry Eye gross margin improved to 68% compared to 51%, primarily due to higher average selling prices.

毛利率為87%，與去年同期一致。介入式青光眼毛利率維持強勁，為88%，高於去年的87%；提升主要來自較高的平均售價與產品組合，但部分被關稅成本略為抵銷。介入式乾眼毛利率改善至68%，高於去年的51%，主要由較高的平均售價所致。

Total operating expenses were $21.5 million, a decrease of 25% compared to $28.5 million primarily due to lower personnel-related expenses and stock-based compensation. As a reminder, we conducted a reduction in force in August 2025 and the fourth quarter was the first full quarter of our lower cost structure. Adjusted operating expenses were $18.9 million, a decrease of 23% compared to $24.4 million. Net loss was $4.2 million or $0.08 per share compared to a net loss of $11.8 million or $0.23 per share.

總營業費用為2,150萬美元，較2,850萬美元下降25%，主要因人員相關費用與以股份為基礎的薪酬降低。提醒一下，我們於2025年8月進行了裁員（reduction in force），而第四季是較低成本結構的第一個完整季度。調整後營業費用為1,890萬美元，較2,440萬美元下降23%。淨損為420萬美元，或每股0.08美元；相較之下，去年同期淨損為1,180萬美元，或每股0.23美元。

We ended the quarter with $92 million of cash and cash equivalents compared to $120.4 million at the end of 2024. Cash usage was $0.4 million in the quarter the lowest cash usage quarter of the year, reflecting continued operational discipline. We ended the year with $40 million of debt, excluding unamortized discount and debt issuance costs from our 2024 year-end balance.

本季末我們持有現金及約當現金9,200萬美元，相較於2024年年底的1億2,040萬美元。本季現金使用量為40萬美元，為全年現金使用量最低的季度，反映我們持續的營運紀律。年末我們的債務為4,000萬美元（不含2024年年末餘額中的未攤銷折價與債務發行成本）。

Moving to our revenue outlook for full-year 2026. We are initiating revenue guidance of $82 million to $88 million, which reflects growth of 6% to 14% compared to 2025. This guidance includes revenue for our Interventional Glaucoma segment of $77 million to $81 million, representing growth of 2% to 7%. And our Interventional Dry Eye segment of $5 million to $7 million compared to $1.6 million in the prior year. This guidance reflects our philosophy of setting prudent targets and our focus on disciplined execution and the growth we believe we can deliver.

接著說明我們對2026年全年的營收展望。我們啟動的營收指引為8,200萬至8,800萬美元，較2025年成長6%至14%。此指引包含介入式青光眼事業營收7,700萬至8,100萬美元，代表成長2%至7%。以及介入式乾眼事業營收500萬至700萬美元，相較去年為160萬美元。此指引反映我們設定審慎目標的理念，以及我們對嚴謹執行與我們相信可交付之成長的專注。

Looking closer at the first quarter, we expect Interventional Glaucoma to grow low-single digits compared to the first quarter of 2025. We expect the first-quarter revenue to be the lowest quarter of the year in this segment. and expect the second half of 2026 to be higher than the first half. Interventional dry high revenue is expected to be approximately $1 million in the first quarter. And as we expand and scale our reimbursed TearCare care launch, we expect revenue to ramp throughout the year.

更聚焦第一季來看，我們預期介入式青光眼相較2025年第一季將呈現低個位數成長。我們預期該事業第一季營收將是全年最低季度，且預期2026年下半年將高於上半年。介入式乾眼第一季營收預期約為100萬美元。隨著我們擴大並規模化可給付的TearCare照護上市推進，我們預期營收將在全年逐步爬升。

We are also initiating our guidance expectations for full-year 2026, adjusted operating expenses of $93 million to $96 million. representing an increase of 6% to 9% compared to 2025. The expected increase is driven primarily by targeted market access and commercial investments in both Interventional Dry Eye and Interventional Glaucoma.

我們也開始提出 2026 全年指引預期：調整後營運費用為 9,300 萬至 9,600 萬美元，較 2025 年增加 6% 至 9%。預期增加主要來自於在介入式乾眼與介入式青光眼兩大領域的目標性市場准入與商業投資。

We're pleased with the operational and strategic progress achieved in the fourth quarter and throughout 2025. We remain focused on pioneering two significant categories in the Interventional Standalone Glaucoma and reimbursed Interventional Dry Eye markets. As we continue to execute against our long-term objectives, we're laying a strong foundation for sustainable growth and future success.

我們對第四季以及 2025 年全年所取得的營運與策略進展感到滿意。我們仍專注於在「介入式獨立式青光眼」與「可獲償付的介入式乾眼」市場中，開創兩個重要類別。隨著我們持續推進長期目標，我們正在為可持續成長與未來成功奠定堅實基礎。

Operator, please open the line for questions.

接線員，請開放提問線路。

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

(接線員指示) Lake Street Capital Markets 的 Frank Takkinen。

Great. Congrats on a strong finish to the year. I was hoping to start with one on guidance. Just curious if you could provide some color on kind of low-end versus high-end assumptions. And it'd be helpful to talk about Interventional Glaucoma and Interventional Dry Eye disease separately.

很好。恭喜你們在年末交出強勁表現。我想先從指引問起。想請你們多談談低端與高端假設大概是什麼。另外也希望能分別談談介入式青光眼與介入式乾眼疾病。

Yeah. Thanks, Frank. I can take that one. On Interventional Glaucoma, we're in a much more stable market and reimbursement environment than we saw a year ago. And we've got a couple of areas that we talked about in the prepared remarks, where we're focused on there, expanding the combo cataract segment as well as taking share there and expanding the standalone market opportunity.

好的。謝謝你，Frank。這題我來回答。就介入式青光眼而言，我們目前所處的市場與償付環境，比一年前穩定得多。而且我們在事先準備的講稿中也提到幾個重點方向：擴大白內障合併手術（combo cataract）區隔，同時在該區隔提升市占，並擴大獨立式市場機會。

So on the guidance there in a much more stable market and stable environment, it's an area where we've been a leader in implant-free MIGS and we've got a team that's had a proven track record of execution. And in a one MIGS world, OMNI performs quite well. So we feel good about getting back to growth here in 2026.

因此，在更穩定的市場與環境下，這是我們長期領先的領域之一：我們在無植入式 MIGS 方面居於領導地位，且團隊具備經驗證的執行紀錄。在「單一 MIGS」的市場情境下，OMNI 的表現相當不錯。所以我們對於在 2026 年重回成長軌道感到有信心。

On IDE, baked into that guidance, we're early. Q4 was a really critical milestone for us with the MAC fee schedules established. And you saw $0.7 million of revenue in the fourth quarter.

至於 IDE，在該指引中我們仍處於早期階段。第四季對我們而言是一個非常關鍵的里程碑，因為 MAC 費率表已建立。而你也看到第四季營收為 70 萬美元。

As we look ahead to 2026, our initial guidance here, we want to step prudent guidance. And then really within that, we haven't assumed additional market access wins within our guidance, but the team is certainly heavily focused on market access initiatives and moving that forward here in 2026. So overall, I think we're excited about getting back to growth with both of our segments here getting to growth in 2026, and looking forward to executing here in 2026.

展望 2026 年，這是我們的初始指引，我們希望採取審慎的指引步調。在此之中，我們的指引並未假設額外的市場准入勝利，但團隊確實會在 2026 年高度聚焦市場准入相關計畫並推進進度。整體而言，我們對於在 2026 年重回成長感到振奮，兩個事業區隔都將在 2026 年恢復成長，並期待在 2026 年持續落實執行。

Perfect. And then a follow-up on kind of both of those factors. What are you assuming for underlying market growth in Interventional Glaucoma?

非常好。接著針對這兩個因素追問一下。你們對介入式青光眼的基礎市場成長率假設是什麼？

And then, saw the ASP a little bit over 1,000 for Dry Eye. Does that feel like a sustainable ASP rate? Or is that maybe a little bit high for how we should be thinking about it?

另外，看到乾眼的 ASP 略高於 1,000。這樣的 ASP 水準你們覺得可持續嗎？還是說，這可能偏高，不應該用這樣的方式來看待？

Yeah. On the glaucoma market, Frank, we think it's in the low- to mid-single-digit market growth there.

是的。就青光眼市場而言，Frank，我們認為市場成長大約是低到中個位數百分比。

And then, Ali?

然後，Ali？

Yeah. Happy to take the ASP question. So remember, when you look at the IDE revenue, that includes a mix of SmartLids sold as well as SmartHub sold. So that -- the ASP would be reflective of that mix within those segments.

好的。我很樂意回答 ASP 的問題。請記得，當你看 IDE 的營收時，其中包含 SmartLids 的銷售以及 SmartHub 的銷售組合。因此——該 ASP 會反映這些區隔內的產品組合。

And we don't provide specific ASP information of our products. But that is certainly a factor that you should think about when you're building out your IDE model and considering the different components of revenue.

我們不提供產品的具體 ASP 資訊。但在你建立 IDE 模型、並考量不同營收構成時，這確實是你應該納入思考的一個因素。

Danielle Antalffy, UBS.

UBS 的 Danielle Antalffy。

Sorry for my voice. I'm a little sick. Just a question on the standalone glaucoma market. I'm just curious what you see or how you see this evolving in the near term? I was at AO back in October, it seems to be very much a focus. And I'm a big believer in the standalone glaucoma market. But from a percentage penetration perspective, like how quickly can this ramp?

抱歉我的聲音。我有點生病。我想問一個關於獨立式青光眼市場的問題。我很好奇你們怎麼看這個市場在短期內的演變？我在 10 月回 AO 的時候，感覺這會是非常重要的焦點。而我也非常相信獨立式青光眼市場的潛力。但從滲透率的角度來看，這個市場能以多快的速度爬升？

And the second part of the question, what are the obstacles to getting there? And what are you guys doing to help break down some of those obstacles?

第二部分是，要達到那個目標的障礙是什麼？你們正在做些什麼來協助拆解這些障礙？

Danielle, this is Paul. Happy to take that one. Yeah, it's an exciting time in Interventional Glaucoma. For the past several years, Sight Sciences as well as a handful of other industry players have been spending a lot of time working with our eye care provider partners in educating the field on the benefits of earlier intervention with minimally invasive procedural-based solutions for glaucoma.

Danielle，我是 Paul。我很樂意回答。是的，介入式青光眼正處於令人振奮的時刻。過去幾年，Sight Sciences 以及其他少數產業參與者投入大量時間，與我們的眼科照護提供者夥伴合作，教育臨床端了解：對青光眼採用以微創、以處置為基礎的解決方案進行更早期介入，所帶來的益處。

I think we're moving -- we're excited to be making some targeted investments in activating the standalone market. So moving beyond an interventional mindset, moving beyond education. I think most glaucoma surgeons today do genuinely believe that intervening earlier with proven procedural interventions, whether that's pharmaceutical or medical device, pure procedure is better for patients over the long term. And now the goal is how to activate, how to turn that understanding of interventions being better earlier into actual cases.

我認為我們正在推進——我們也很期待能投入一些目標性投資來啟動獨立式市場。也就是說，從「介入式思維」再往前走一步，從教育再往前走一步。我認為如今大多數青光眼手術醫師確實相信：以已被證實的處置型介入更早介入，無論是藥物、醫療器材，或純手術處置，長期而言對病患更好。而現在的目標是如何啟動、如何把「更早介入更好」的理解，轉化為實際病例量。

And we spent the last year at Sight Sciences really trying to understand how to activate the standalone opportunity. I talked about it a bit in the prepared remarks.

過去一年我們在 Sight Sciences 一直在努力理解，如何啟動獨立式的機會。我在事先準備的講稿中也稍微提到。

We're modeling our stand-alone activation after something that's so well understood in ophthalmology, that's cataract surgery. Cataract surgery is a wonderful procedure. It's the number one procedure by volume in all of medicine. And there's a well understood patient workflow for cataract surgery.

我們正在以眼科領域非常成熟的模式來建構獨立式啟動策略，也就是白內障手術。白內障手術是一項非常好的處置。它是全醫療領域按量計算的第一大手術。而白內障手術有一套大家都很熟悉的病患流程。

So a patient understands that they need to get cataract surgery, what happens next, they come back to their eye care provider for a dedicated visit to really understand what are the available cataract options. And then from there, they get a surgery schedule.

也就是說，當病患知道自己需要做白內障手術後，接下來會發生什麼？他們會回到眼科照護提供者那裡，進行一次專門的門診，深入了解有哪些白內障選項。然後再由此安排手術時間。

And we're finding, in 2025, when we do that with a handful of accounts when we bring -- when we work with our providers to help them follow this workflow where they bring back an Interventional Glaucoma patient candidate for an Interventional Glaucoma dedicated consult, that consult results in a much higher level of procedural activation.

而我們發現，在 2025 年，當我們在少數客戶端採用這樣的做法——當我們與提供者合作，協助他們遵循這個流程，讓介入式青光眼的候選病患回診進行「介入式青光眼專門諮詢」時，這樣的諮詢會帶來顯著更高的處置啟動程度。

That activation might be OMNI. It might be some other interventional procedure. But if we do that well and our industry partners do that well, and we convert this market from eye drops to intervention, whether that's OMNI or other procedures. It's good for patients. It's good for providers and ultimately, it will be great for Sight Sciences as well.

那項啟動可能會是 OMNI。也可能是其他介入性處置。但如果我們把這件事做好、我們的產業合作夥伴也把這件事做好，並且把這個市場從點眼藥水轉換為介入治療，不論是 OMNI 或其他處置。這對病患有利。這對醫療提供者有利，而最終也會對 Sight Sciences 非常有利。

In terms of percentages, I think, Danielle, your other question, we believe we estimate that the current MIGS market is approximately like in terms of revenue cases, maybe 90% combo cataract, 10% standalone. We believe we have a slightly higher percentage of mix of standalone. We estimate mid-80s combo cataract, mid-teens standalone.

就比例而言，我想，Danielle，你的另一個問題，我們相信並估計目前的 MIGS 市場大約是——以營收病例來看，可能 90% 是白內障合併手術，10% 是單獨手術。我們相信我們的單獨手術組合占比略高一些。我們估計大約是 80% 中段為白內障合併手術、10% 中段為單獨手術。

And we believe that mix for us is going to shift. Again, we've made some dedicated pseudophakic market development commercial investments, about half a dozen market development focused professionals at Sight Sciences right now, who are working across the country with our eye care providers and customers to activate the standalone market, to follow that Interventional Glaucoma console playbook that we arrived at in 2025 and actually implementing it to drive standalone case volume.

而且我們相信，對我們而言這個組合將會改變。再次強調，我們已在人工水晶體（pseudophakic）市場開發上做了一些專注的商業投資；目前 Sight Sciences 約有半打專注於市場開發的專業人員，正在全美各地與我們的眼科照護提供者與客戶合作，啟動單獨手術市場，遵循我們在 2025 年形成的「介入性青光眼」診間（console）打法，並實際落地執行，以帶動單獨手術病例量。

So we're excited about it. It takes time to develop significant markets, but we believe that this will continue to be an area of growth for us over the years ahead.

所以我們對此感到很振奮。建立顯著的市場需要時間，但我們相信，這將在未來幾年持續成為我們的成長領域。

Steve Lichtman, William Blair.

Steve Lichtman，William Blair。

Apologies for any background noise, I'm in the car. Congrats on the progress. I wanted to ask first actually on the operating expenses. 4Q performance and the 2026 outlook were both better than our thinking. So as you think about this year, how are you balancing the opportunity you see on both sides of your business, but in particular, on Dry Eye, with keeping the level of spend in check. Are you focusing really on the two MAC areas for now in Dry Eye? Any color there would be helpful.

如果有任何背景噪音先說聲抱歉，我在車上。恭喜你們的進展。我想先問一下營運費用。第四季表現以及 2026 年展望都比我們原先想的更好。所以當你們思考今年時，如何在把握你們在兩大業務面向看到的機會——尤其是乾眼——與控制支出水準之間取得平衡？你們目前是否主要聚焦在乾眼的兩個 MAC 區域？如果能提供一些說明會很有幫助。

Yeah. Thanks, Steve. It's Jim. So as we look at investments in 2026, yeah, the bulk of them are on commercial infrastructure, and you nailed it on our Interventional Dry Eye. We're going to be placing investments in that space, and both on the market access side and driving market access progress and then also on the commercial infrastructure side. So if and when we get additional market access wins, we're ready on the commercial side to drive traction.

是的。謝謝，Steve。我是 Jim。我們看 2026 年的投資時，沒錯，大部分會放在商業基礎建設上，而你也點出了我們的「介入性乾眼」。我們會在那個領域投入，包含市場准入端——推動市場准入的進展——以及商業基礎建設端。因此，如果以及當我們取得更多市場准入的勝利時，我們在商業端就已準備好推動動能。

Our thinking is we want to have a mind -- we have an eye on breakeven and financial discipline. Like we've done over the past couple of years, we've proven we can really manage OpEx and manage spend. And now we're in a position with a strong balance sheet to go fuel that growth. And we're going to invest -- we're going to learn a lot and invest and potentially pivot quickly, but invest where it makes sense to go fuel that growth, in both Dry Eye as well as on the Interventional Glaucoma, particularly the standalone opportunity.

我們的想法是要把損益兩平與財務紀律放在心上——我們也一直關注。就像過去幾年所做的，我們已證明我們確實能管理營運費用並控制支出。而現在我們在強健的資產負債表支持下，有能力去為成長加油。我們會投資——我們會學到很多、投資並可能快速調整方向——但會在合理之處投入，以推動成長，包含乾眼以及介入性青光眼，特別是單獨手術的機會。

Yeah. Just to add to that, I mean we see the Interventional Dry Eye opportunity as such a compelling large market opportunity, and the early traction that we're seeing with accounts has validated that with us. So the investments that we already have in commercial infrastructure appear to be seeing good returns on those investments. and we do expect to grow that team as we move forward, both in the areas where we already have fee schedules established and then also over time as we have additional reimbursement wins.

是的。補充一下，我們認為介入性乾眼的機會是一個非常具吸引力、規模龐大的市場機會，而我們在客戶端看到的早期動能也驗證了這一點。因此，我們既有的商業基礎建設投資看起來正在帶來良好的投資報酬，而且我們確實預期隨著推進會擴編團隊——不論是在我們已建立費率表（fee schedules）的區域，或是隨著時間推移、在我們取得更多給付（reimbursement）勝利之後。

So we are very excited about that, and that was something that we wanted to make sure we accounted for when putting out our operating expenses guidance.

所以我們對此非常興奮，而這也是我們在提出營運費用指引時，想確保納入考量的事項。

Great. And then just double-clicking on that. In terms of the Dry Eye revenue for this year, it sounds like you're really laying out guidance essentially in those two MACs predominantly. And can you remind us, obviously, you're looking to get more wins, but just in those two MACs alone, what you see the revenue opportunity is for Dry Eye?

很好。那再深入追問一下。就今年的乾眼營收而言，聽起來你們的指引基本上主要是建立在那兩個 MAC 上。你能提醒我們一下，當然你們希望取得更多勝利，但僅就那兩個 MAC，本身你們看到的乾眼營收機會有多大？

Yeah, sure. So it's still an incredible opportunity just with those two MACs. They have 10.4 million covered lives. Our estimate, because there is a higher prevalence of dry eye disease in a Medicare age population, that there's about 700,000 patients in those markets with moderate to severe MGE. So still a very large market opportunity when you think about in Q4, we sold [700-ish] SmartLids, we're still at 0.1% of the market. So very early in terms of adoption curve here.

好的，當然。即使只看那兩個 MAC，仍然是非常驚人的機會。它們涵蓋 1,040 萬名受保人。我們的估計是，因為乾眼疾病在 Medicare 年齡族群中的盛行率更高，那些市場中約有 70 萬名中度至重度 MGE 病患。所以當你想到第四季我們賣了約 [700 左右] 台 SmartLids，我們仍只占市場的 0.1%。因此在採用曲線上仍非常早期。

And when we think about guidance, even the revenue opportunity in those areas is quite significant. Our bigger constraint is our own commercial infrastructure and resources to go activate those accounts and work with customers to set up their Interventional Dry Eye practices.

而當我們思考指引時，即便僅在那些區域，營收機會也相當可觀。我們更大的限制其實是我們自身的商業基礎建設與資源，去啟動那些帳戶，並與客戶合作建立他們的介入性乾眼門診/治療流程。

So we do have a small team that is growing, but we also wanted to be careful to that prudent guidance, even taking into account the two states. So we won't be providing today kind of what's the full revenue opportunity of those markets, but it is quite compelling, and we think we've put guidance in a very prudent and reasonable place to start the year. And as we learn more and as we expand the team, we will provide updates as we go.

所以我們確實有一個正在成長的小團隊，但我們也希望謹慎，給出審慎的指引，即使把那兩個州納入考量也是如此。因此我們今天不會提供那兩個市場「完整的」營收機會規模，但它確實非常有吸引力；我們也認為我們把指引放在一個非常審慎且合理的位置，作為年度起點。隨著我們學到更多、以及擴編團隊，我們會在過程中提供更新。

Tom Stephan, Stifel.

Tom Stephan，Stifel。

Great. First one on TearCare. I know it's early and this may be a difficult question. But as coverage and reimbursement starts to take hold, can you talk to us a bit about sort of how you think about the peak sales potential of TearCare, the inputs, the framework, et cetera?

很好。第一個問題關於 TearCare。我知道現在還早，這可能是個難題。但隨著保險涵蓋與給付開始落地，你們能否談談你們如何思考 TearCare 的峰值銷售潛力、關鍵輸入、分析框架等等？

And as a figure, I'll take a stab here, is the figure of at least $100 million a reasonable starting point as we think about TearCare peak sales? And then I have a follow-up.

作為一個數字，我先試著猜一下：當我們思考 TearCare 的峰值銷售時，至少 1 億美元作為起點是否合理？然後我還有一個追問。

Yeah. Thanks, Tom. I'll take that. So first of all, obviously, dry eye disease is a prevalent problem here in the United States. And if you look at the people who have moderate to severe MGD, there are 7 million to 8 million people who suffer from dry eye disease.

好的。謝謝，Tom。我來回答。首先，很明顯，乾眼疾病在美國是一個盛行的問題。如果你看中度至重度 MGD 的族群，大約有 700 萬到 800 萬人受乾眼疾病所苦。

Obviously, TearCare is a procedure that has been proven through the [Hera] data to show real benefits to signs and symptoms of those patients with dry eye disease. And so we think it's a compelling opportunity for patients who need procedural intervention and want procedural intervention versus regular daily or multiple times a day drop.

很明顯，TearCare 是一項已透過 [Hera] 數據證實的處置，能為乾眼疾病患者的體徵與症狀帶來實質改善。因此我們認為，對於需要、且希望採取程序性介入的病患而言——相較於每天規律點藥水或一天多次點藥水——這是一個很有吸引力的機會。

And so in terms of the opportunity from a market potential, it's obviously very large. What is critical in that is our ability to gain market access to patients being able to get interventional procedures using their insurance benefits. And obviously, we are still very early in the curve of adoption there with $10.4 million covered lives, and we do look to expand that over time to be able to really make procedural intervention a standard of care.

因此，就市場潛力所帶來的機會而言，顯然非常龐大。其中關鍵在於我們能否取得市場准入，讓病患能夠透過其保險給付來接受介入性處置。而且很明顯地，我們在採用曲線上仍處於非常早期的階段，目前覆蓋人數為 1,040 萬名受保生命（covered lives），我們也希望隨時間推進擴大覆蓋，真正讓處置介入成為標準照護。

In terms of your question of peak sales, we see this as a very large market opportunity. We aren't going to quantify that today. But you can very quickly do some math that shows this is an incredible opportunity for us from a revenue perspective. But more importantly, this is also an opportunity that is better for patients in terms of having a procedural intervention versus regular eye drops with proven clinical results.

就您關於峰值銷售的問題而言，我們認為這是一個非常龐大的市場機會。我們今天不會對此進行量化。但您可以很快做一些簡單計算，就會發現從營收角度來看，這對我們而言是個令人難以置信的機會。但更重要的是，與規律使用眼藥水相比，採用具備臨床證據的處置介入，對病患而言也是更好的選擇。

It's also better for the eye care providers because the eye care providers get to participate in the economics since they are doing a procedural intervention versus drops where there's no incremental reimbursement for them. And we've also proven that it's better for the payers with our budget impact and cost utility analysis that shows that this is a better economic outcome for the payers as well.

這對眼科照護提供者也更有利，因為眼科照護提供者在執行處置介入時可以參與經濟效益；相較之下，使用眼藥水並不會為他們帶來額外的報銷。我們也透過預算影響（budget impact）與成本效用（cost utility）分析證明，對付款方而言同樣更好，因為結果顯示這對付款方也是更佳的經濟結果。

So we really think that this is a win for all. We're very, very early in terms of market adoption and penetration. So we aren't going to get out ahead of that today. But to us, this is one of the most compelling opportunities in eye care today.

所以我們確實認為這對所有人都是雙贏。我們在市場採用與滲透方面仍非常、非常早期。因此我們今天不會超前去做過多推測。但對我們而言，這是當今眼科照護領域最具吸引力的機會之一。

And Tom, I would just add to that. Obviously, we've spent a lot of time together in the MIGS category where you've got several thousand MIGS trained surgeons, several thousand surgeons who are trained on OMNI. In particular, when you think about procedural dry eye opportunity, not only are there more patients suffering from dry eye disease but there's also many more eye care providers and customers that will be our customers for TearCare across the country. That includes, obviously, in surgery, it's just ophthalmology.

Tom，我想再補充一點。很明顯地，我們在 MIGS 類別上一起投入了很多時間；那裡有數千名受過 MIGS 訓練的外科醫師，也有數千名受過 OMNI 訓練的外科醫師。特別是當你思考處置型乾眼的機會時，不僅有更多乾眼症病患，同時全國也有更多眼科照護提供者與客戶會成為 TearCare 的客戶。其中在手術端，當然就是眼科醫師（ophthalmology）。

In Interventional Dry Eye, we have both the ophthalmic customers as well as the optometric customers. So there's thousands of ophthalmologists who can be customers for TearCare and there's many, many more optometrists who can be and will be customers for TearCare. So that's another way to think about the TAM.

在介入性乾眼（Interventional Dry Eye）方面，我們同時擁有眼科客戶以及驗光（optometric）客戶。因此，有數千名眼科醫師可能成為 TearCare 的客戶，而能夠、也將會成為 TearCare 客戶的驗光師則更多、更多。所以這也是思考 TAM（總可服務市場）的一種方式。

We'll obviously prove it as we go. We're excited to prove it commercially and generate the traction and deliver the results quarter after quarter. But I think you're going to see a different kind of business model, one, because there's so many more patients. Two, there are so many more eye care providers. And lastly, the model, the model becomes more interesting over time because unlike surgery and unlike MIGS, where the goal is a single treatment and hopefully, that treatment keeps pressure under control for as many years as humanly possible, we know that's not the case with dry eye treatments drop or procedure.

我們會在推進過程中逐步證明這一點。我們很期待在商業化上證明它，建立動能，並且一季接一季地交付成果。但我認為你會看到一種不同的商業模式：第一，因為病患數量多得多。第二，眼科照護提供者也多得多。最後，這個模式會隨時間變得更有意思，因為不同於手術、也不同於 MIGS（其目標是一次治療，並希望該治療能在可行的情況下盡可能多年維持眼壓控制），我們知道乾眼治療不論是點藥或處置，都不是這種一次性就結束的情況。

And in this model patients should stay in the model, getting one to two treatments per year. So we think that the TAM is super interesting for all of those reasons.

在這個模式下，病患應該會留在這個模式中，每年接受一到兩次治療。因此，基於所有這些原因，我們認為 TAM 非常有意思。

Got it. Really appreciate the color. And then maybe to pivot to glaucoma, and just on the first-quarter outlook, up low-single digit year over year. I would presume maybe is a bit below market and it's against an easy comp.

了解。非常感謝這些補充說明。接著也許把話題轉到青光眼，關於第一季展望，年對年是低個位數下滑。我猜這可能略低於市場，而且去年同期基期也比較容易。

So can you talk a bit about just what you're seeing in the first quarter that supports that near-term view. Anything we should be cognizant of from maybe a headwind standpoint that's driving that outlook?

所以你們能否談談第一季你們看到哪些情況支撐這個短期觀點？從可能的逆風角度來看，有沒有什麼我們需要留意、導致這個展望的因素？

Tom, it's Jim. I'll take that one. I would say the only thing to really call out that's impacted us here in the first quarter as well as many others are the storms across the US in January and February. So that's one piece. Otherwise, we don't see any other meaningful things to call out here in the first quarter.

Tom，我是 Jim。這題我來回答。我會說第一季影響我們、也影響許多其他公司的，唯一真正值得點出的就是 1 月與 2 月美國各地的風暴。這是一個因素。除此之外，我們在第一季沒有看到其他需要特別指出的重大事項。

Adam Maeder, Piper Sandler.

Adam Maeder，Piper Sandler。

Two for me, one on Dry Eye and one on Interventional Glaucoma. On Dry Eye, I was hoping just to get some additional color around your conversations that you're having with the other MACs as well as commercial payers. Just trying to get a sense for when we could start to see some of those other payer domino's fall.

我有兩個問題，一個關於乾眼，另一個關於介入性青光眼（Interventional Glaucoma）。在乾眼方面，我希望能多了解一些你們與其他 MAC（Medicare 行政承包商）以及商業付款方的對話細節。我想掌握我們何時可能開始看到其他付款方的「骨牌」陸續倒下（跟進）。

And would love just to better understand what exactly is -- are they pushing back on anything? Maybe it's just a matter of time and bureaucracy, but you have 24-month randomized controlled trial data. So what do we kind of need to get those additional payers over the goal line? And then I had an additional question.

也希望更清楚了解他們究竟在什麼地方——是否有任何反對或疑慮？也許只是時間與官僚流程問題，但你們已有 24 個月的隨機對照試驗數據。那我們還需要什麼，才能讓更多付款方跨過終點線、完成採納？然後我還有一個追加問題。

Yeah, I'll take that one. And we've continued to be very active engaging with the other MACs, having great conversations discussing their own review processes of the clinical and economic data as well as establishing pricing. And I will say that those conversations are continuing to progress. We do expect to have more MACs join and have more MACs establish fee schedules. And we would expect that to happen this year. So that's kind of our expectation.

好的，這題我來回答。我們持續非常積極地與其他 MAC 接觸，進行很好的對話，討論他們對臨床與經濟數據的審查流程，以及定價的建立。我可以說，這些對話仍在持續推進。我們確實預期會有更多 MAC 加入，並有更多 MAC 建立費用表（fee schedules）。我們預期這會在今年發生。這就是我們的預期。

More granularity, it's always hard to predict exact timing with MACs. But I will say that, as you pointed out, there is very strong clinical evidence and economic data, and we are showing demand and interest from constituents in their market. They are ECPs and patients are wanting access to this technology.

至於更細的時間點，MAC 的確總是很難精準預測。但我會說，正如你所指出的，我們有非常強的臨床證據與經濟數據，而且我們也在展示其市場內利害關係人的需求與興趣。他們的 ECP（眼科照護專業人員）與病患都希望能取得這項技術。

And because we do have fee schedules already established in First Coast and Novitas, that is creating tightened pressure on other MACs to also allow access to their Medicare beneficiaries to have a fee schedule established. So we are happy with the progress there.

而且因為 First Coast 與 Novitas 已經建立了費用表，這也對其他 MAC 形成更大的壓力，促使他們同樣允許其 Medicare 受益人取得使用權並建立費用表。因此我們對目前的進展感到滿意。

Again, we won't speculate on exact exactly who will be the next one to establish a fee schedule or when that will be. But I will say that those conversations have continued to move forward, and that's really what we expected at this point.

再次強調，我們不會推測下一個會建立費用表的是誰，或會在何時發生。但我可以說，這些對話持續向前推進，而這也正是我們在此時點所預期看到的情況。

Okay. Fantastic. And for the follow-up, I actually wanted to ask a reimbursement question on the Glaucoma side. And I saw recently that AMA elected to move forward with the new goniotomy codes with an effective date of January 2028.

好的。太棒了。至於追問，我其實想問一個青光眼端的報銷問題。我最近看到 AMA 選擇推進新的房角切開術（goniotomy）代碼，生效日期為 2028 年 1 月。

So I guess what is Sight's expectation for kind of where reimbursement ultimately shakes out with those new codes? Can you level set us on the percentage of revenue tied to goniotomy for your business? And how are you thinking about any potential impact either positive or negative?

所以我想請問，Sight 對於這些新代碼最終的給付（reimbursement）結果大概會落在什麼水準，有什麼預期？能否幫我們校準一下，你們業務中與房角切開術（goniotomy）相關的營收占比大約是多少？以及你們如何看待任何潛在影響（不論正面或負面）？

Adam, yeah, we are aware of the potential read rock of goniotomy. We believe it's going to be -- the code will be split into an adult goniotomy code and a pediatric goniotomy code. Pediatric goniotomy, as you might expect, is more intensive procedurally and has more follow-up requirements. And so we would expect that the pediatric goniotomy economics might be maintained, but the adult goniotomy when it's revalued, everyone -- all experts in this area are saying they would expect it to be unfortunately reduced.

Adam，是的，我們注意到房角切開術可能面臨的重新估值風險。我們認為該代碼將會被拆分為成人房角切開術代碼與小兒房角切開術代碼。小兒房角切開術如你所料，在手術流程上更為繁複，且有更多術後追蹤要求。因此我們預期小兒房角切開術的經濟性可能得以維持，但成人房角切開術在重新估值時，該領域的所有專家都表示，他們不幸地預期其給付將會下調。

If and when that happens, it would be in effect January 2028. A fee reduction would obviously put pressure on the utilization of that procedure.

如果且當這件事發生，將自 2028 年 1 月起生效。費用下調顯然會對該手術的使用量造成壓力。

OMNI, our flagship Interventional Glaucoma technology, it performs canaloplasty followed by trabeculotomy, or AKA goniotomy. It's built either two canaloplasty or two goniotomy. We would expect if there's pressure on goniotomy alone as a procedure from an OMNI perspective as the leader in implant-free MIGS, and the leader in ab interno canaloplasty that, that could actually be a tailwind at that time.

OMNI 是我們的旗艦介入性青光眼（Interventional Glaucoma）技術，它先進行 Schlemm 管成形術（canaloplasty），接著進行小梁切開術（trabeculotomy），也就是所謂的房角切開術（goniotomy）。它可用於兩次 canaloplasty 或兩次 goniotomy。我們預期，若 OMNI 的角度來看，單純的 goniotomy 作為一項手術因給付而承壓，作為無植入式 MIGS 的領導者、以及 ab interno canaloplasty 的領導者，這在那個時間點反而可能成為一股順風（tailwind）。

Obviously, we believe, hopefully, the valuation of goniotomy is fair and reasonable. It's an important procedure in glaucoma. We hope that the assessment is acceptable to all stakeholders, mainly eye care providers.

當然，我們希望、也相信房角切開術的估值是公平且合理的。它是青光眼治療中一項重要的手術。我們希望評估結果能被所有利害關係人接受，尤其是眼科照護提供者。

David Saxon, Needham & Company.

Needham & Company 的 David Saxon。

Two for me, one on both of the businesses. First, just on Interventional Dry Eye, I think you talked about in the script, you're selling to some OMNI customers. And I think in the past, you've talked about something like 200 OMNI accounts in those two MAC regions.

我有兩個問題，分別關於兩個業務。首先是介入性乾眼（Interventional Dry Eye），我記得你們在講稿中提到，你們正在向一些 OMNI 客戶銷售。而且我記得過去你們提過，在那兩個 MAC 區域大約有 200 個 OMNI 帳戶。

So just wanted to get an understanding, like is the selling approach to ophthalmologists any different than what you would do with optometrists either in terms of the length of the sales cycle or clinical education or any other dynamics like that?

所以我想了解的是：對眼科醫師（ophthalmologists）的銷售方式，和對驗光師（optometrists）的做法是否有任何不同？例如銷售週期長短、臨床教育，或其他類似的動態？

Yeah, I'll take that. So first of all, I'd say we're still very much in early days with this. So the accounts that we're engaging with now truly are the early visionaries. They're the ones that are seeing procedural dry eye as real opportunity for them, an important part of their procedure practices and are looking to be leaders in this area. And so I do think that, that profile of account is already different than what we'll see kind of at scale, especially with coverage density.

好的，我來回答。首先我要說，我們目前仍然非常處於早期階段。因此我們現在接觸的帳戶，確實是真正的早期先行者。他們把程序性乾眼治療視為一個真正的機會，是其手術型業務的重要組成，並希望成為這個領域的領導者。所以我確實認為，這類帳戶的輪廓已經不同於我們未來在規模化、尤其是覆蓋密度提高時會看到的樣貌。

Obviously, right now, it's a very targeted density associated with those accounts that have traditional fee-for-service Medicare beneficiaries. And so that also influences the accounts that are primary targets right now. So right now, we are seeing a lot of synergies with ophthalmology practices that are existing Interventional Glaucoma accounts because they do have a high mix of Medicare beneficiaries already, and they have a lot of experience with parts with Sights Sciences.

顯然，目前的覆蓋仍非常集中，主要與那些擁有傳統按服務計費（fee-for-service）的 Medicare 受益人相關。因此這也會影響我們當下的主要目標帳戶。所以目前我們在眼科診所端看到很多綜效，特別是那些既有的介入性青光眼帳戶，因為他們本來就有較高比例的 Medicare 受益人，同時也與 Sight Sciences 有很多合作經驗。

That said, when we look at kind of our revenue mix, we are continuing to see new -- both a mix of new accounts and existing accounts order. So both accounts that already believed in the benefits of procedural dry eye and had adopted the product in -- without reimbursement and then those that are now coming on board.

話雖如此，當我們看我們的營收組合時，我們仍持續看到新增——同時包含新帳戶與既有帳戶的下單。也就是說，既包括那些早就相信程序性乾眼治療效益、在尚未有給付時就已採用產品的帳戶，也包括那些現在才開始加入的帳戶。

So I think it's too early for us to call out specific trends or dynamics here just because it is a unique market environment, but we are very encouraged that our OMNI customers also have a serious problem with dry eye within their patient population, and they're looking for options to treat those. So that has been a great synergy for us and one that we expect to continue to grow on in 2026.

因此我認為現在要我們點出明確趨勢或動態還太早，因為這是一個獨特的市場環境；但我們非常受到鼓舞的是，我們的 OMNI 客戶在其病患族群中也面臨嚴重的乾眼問題，並正在尋找治療選項。這對我們而言一直是很好的綜效，我們也預期在 2026 年會持續擴大。

Okay. And then on the IG business, it looks like ordering facility count was down sequentially. Any color there?

好的。另外在 IG 業務方面，看起來下單的機構數量（ordering facility count）較前一季下降。這部分有什麼可以補充的嗎？

And then since you rolled out on the edge, you've been seeing a benefit from some pricing. I think you have Ultra the next iteration coming out shortly. So like anything baked into the guide around kind of additional pricing uplift there?

另外，自從你們推出 Edge 之後，你們在定價上似乎看到一些好處。我想你們下一代產品 Ultra 也即將推出。那麼在指引（guidance）中，是否已經納入 Ultra 帶來的額外價格上調（pricing uplift）？

Thanks, David. On the utilization or account question, utilization has been fairly strong and from Q3 to Q4, relatively flat. On the account side, we did have year-over-year growth, Q3 to Q4 down slightly, but Q3 was particularly strong in 2025. So as we look ahead, we continue to have a balance of reengaging accounts as well as adding new accounts. So our growth will come from a balance of accounts and adding new accounts as well as reengaging existing accounts and utilization at those.

謝謝你，David。就使用量或帳戶的問題而言，使用量一直相當強勁，從 Q3 到 Q4 大致持平。在帳戶端，我們年對年仍有成長，但從 Q3 到 Q4 略有下降；不過 2025 年的 Q3 特別強勁。因此展望未來，我們會持續在重新啟動（reengaging）帳戶與新增帳戶之間取得平衡。所以我們的成長將來自帳戶面的平衡：一方面新增帳戶，另一方面重新啟動既有帳戶，並提升其使用量。

In terms of pricing, we did have some favorable pricing from Edge in 2025. And as we look ahead to launching Ultra here at some time in two we don't have specific uplift baked in for Ultra ASPs into the guidance.

就定價而言，2025 年我們確實因 Edge 而有一些有利的定價表現。而展望接下來，我們預計在今年某個時間點推出 Ultra，但在指引中，我們並未把 Ultra 的 ASP（平均售價）上調明確納入。

And this concludes our Q&A session. I will pass it back to Paul Badawi for his closing comments.

以上為我們的問答環節。我將把電話交回給 Paul Badawi，請他做結語。

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

感謝各位參加今天的電話會議。我們感謝各位對 Sight Sciences 的關注，並期待未來向各位更新我們的進展。謝謝。

And with that, we conclude our conference. Thank you for participating, and you may now disconnect.

至此，我們的會議結束。感謝各位參與，現在可以掛線。