Sight Sciences downgraded on ‘disappointing’ guidance at William Blair

William Blair downgraded Sight Sciences to Market Perform from Outperform without a price target after the company preannounced a Q3 miss and lowered its full year outlook. Management attributed the 17% sequential sales decline in the quarter to impacts from the proposed local coverage determinations on June 2 that classified other tissue-removal devices as investigational for the treatment of glaucoma, the analyst tells investors in a research note. The firm says the newly issued lower guidance this quarter is “disappointing and suggests that Sight Sciences is already seeing a pronounced impact on demand.” Though this dynamic should start to reverse should the proposed local coverage determinations not be finalized, visibility is limited, contends Blair.