William Blair has resumed analyst coverage of Sight Sciences Inc. and assigned an Outperform rating, highlighting several company developments in 2025 that the firm believes should accelerate top-line growth and improve operating leverage.
The stock is trading at $6.15 and has returned roughly 107% over the past 12 months, even as it has experienced intermittent volatility. William Blair flagged a reimbursement win in the company’s dry eye disease business and the launch of a new pilot program in surgical glaucoma as key catalysts emerging during 2025.
Analysts also pointed to the company’s balance sheet strength. Commentary accompanying the coverage restart noted that Sight Sciences holds more cash than debt and that its liquid assets exceed its short-term obligations, a position that the analysts view as supportive while the company scales commercial initiatives.
On reimbursement and coverage dynamics, William Blair cautioned that combo-cataract microinvasive glaucoma surgery (MIGS) reimbursement remains a variable that requires monitoring. Nevertheless, the firm observed that headwinds from new local coverage determinations in 2025 now appear to have stabilized, reducing some immediate uncertainty around procedure reimbursement.
Looking at consensus forecasts, William Blair characterized 2026 sales estimates as broadly reasonable. The firm sees upside risk to those numbers driven by two specific areas: further reimbursement adoption in the dry eye franchise and standalone MIGS commercialization progress. Based on the firm’s view, sales could run ahead of consensus in 2027.
From a valuation standpoint, Sight Sciences currently trades at a multiple below its small- and mid-cap device peers. William Blair notes a 2026 enterprise value-to-sales multiple of 3.1x for SGHT versus a peer average of 4.8x. At the same time, model-based analysis suggests the stock may be slightly overvalued on a proprietary fair-value framework, and the company’s Price-to-Book ratio was cited at 5.06.
Operationally and clinically, the company provided preliminary fourth-quarter 2025 revenue expectations in a recent update. Management estimated Q4 revenue between $20.3 million and $20.4 million, representing a 7% increase year over year. The Surgical Glaucoma segment was projected to contribute between $19.6 million and $19.7 million, up about 5% from the year-ago quarter. Dry Eye revenues were estimated at roughly $0.7 million, an increase of approximately 130% compared with Q4 2024.
Market and analyst responses have been mixed-to-positive. Piper Sandler upgraded Sight Sciences from Neutral to Overweight and lifted its price target to $9.00, attributing the change in part to optimism about the company’s TearCare opportunity. Needham, after seeing a third-quarter earnings report that exceeded revenue expectations and prompted a raise in full-year 2025 revenue guidance, maintained its Hold rating.
Clinical data also played into the outlook: Sight Sciences reported positive study results for its OMNI device, showing sustained reductions in intraocular pressure and decreased dependence on medication among glaucoma patients in the cited study.
On the leadership front, the company named Alison Bauerlein as Chief Operating Officer and James Rodberg as Chief Financial Officer, with both appointments effective November 5, 2025. Bauerlein had joined Sight Sciences in April 2023 as chief financial officer and previously co-founded Inogen, serving as its CFO from 2009 to 2021.
Taken together, the new coverage by William Blair and recent company disclosures frame a story of commercial execution coupled with balance sheet resilience. The analysts see reasonable near-term consensus expectations with identifiable upside levers in reimbursement and standalone procedural adoption, while valuation and lingering reimbursement monitoring remain part of the investment thesis.
Key points
- William Blair resumed coverage with an Outperform rating, citing 2025 reimbursement and pilot program progress as growth drivers.
- Preliminary Q4 2025 revenue is expected at $20.3 million to $20.4 million, up 7% year over year; Surgical Glaucoma and Dry Eye both showed growth.
- Shares trade at a 2026 EV/sales multiple of 3.1x versus a peer average of 4.8x; model analysis indicates slight overvaluation with a Price-to-Book of 5.06.
Risks and uncertainties
- Reimbursement dynamics in combo-cataract MIGS could shift and require ongoing monitoring, potentially affecting procedural adoption and revenue recognition.
- Valuation tension exists — while the stock trades at a discount to peers on EV/sales, model-based fair-value analysis suggests it may be slightly overvalued, which could limit near-term upside.
- Execution risk around commercialization of standalone MIGS and further adoption of dry eye reimbursement remains; outcomes of pilot programs and broader payer reception will influence results.