Sight Sciences (NASDAQ:SGHT) revised its revenue expectations for the year due to uncertainties surrounding the Medicare coverage for its products. Shares plummeted more than 46% intra-day today.

As a consequence of this uncertainty and a subsequent decrease in demand, the company now anticipates its full-year revenue to range between $80 million and $82 million. This is a decrease from their earlier projection of $89 million to $94 million.

Furthermore, for the third quarter, their revenue is estimated to be in the range of $19 million to $20 million, compared to the Street estimate of $23.7 million.

Sight Sciences plans to provide a comprehensive report on its third-quarter results in early November. Alongside this update, the company has announced the appointment of Matt Link as its Chief Commercial Officer.