- Needham initiated coverage on Sight Sciences Inc (NASDAQ:SGHT) with a Hold rating and no price target.
- The analyst warns that the recent competitive launches in the minimally invasive glaucoma surgery (MIGS) market will be a headwind to Sight Sciences’ revenue growth and limit the stock’s near-term upside.
- SGHT’s OMNI system, which generated 95% of 2021 sales, is used to treat glaucoma by targeting the drainage channels in the eye. Needham believes most OMNI procedures are for mild- to moderate-glaucoma patients, which is estimated currently as a ~$350 million market.
- Related: Sight Sciences Posts Long-Term Safety, Effectiveness Data For Glaucoma Surgical System.
- The analyst expects continuous adoption and utilization of OMNI to be the primary revenue growth driver in the near- to intermediate-term. Needham expects the recently launched SION goniotomy device to build momentum through 2023 but thinks it could potentially cannibalize OMNI volume.
- Sight Sciences’ Dry Eye business addresses a large total addressable market and could become a significant revenue growth driver. Still, its market development will require time and further investment, Needham analyst writes.
- Price Action: SGHT shares are up 7.08% at $6.89 on the last check Tuesday.
EXCLUSIVE: e-Commerce Marketplace Gaucho Group To Divest Real Estate To Maximize Stockholder Value
Gaucho Group Holdings Inc (NASDAQ: VINO) is planning to list two of its retail properties in Argentina, in San Rafael and Cordoba, for sale, priced at $2 million and $0.7 million respectively.
The company is considering the strategic move in order to accelerate the stockholder value.
