Second Sight Shares Rise Following Q1 Results

Shares of Second Sight Medical Products Inc EYES jumped more than 3 percent in after-hours trading after the company reported financial results for the first quarter. The Sylmar, California-based company posted a quarterly net loss of $5.0 million, or $0.14 per share, versus a year-ago net loss of $6.4 million, or $0.28 per share. Second Sight recorded non-cash charges of $0.6 million in the latest quarter, versus non-cash charges of $2.6 million in the year-ago quarter. Excluding items, the company's non-GAAP adjusted loss came in at $0.12 per share, versus a year-ago loss of $0.17 per share. Its net revenue rose 159 percent year-over-year to $1.7 million from $0.7 million. Its gross profit came in at $0.4 million in the first quarter, versus a year-ago gross loss of $71,000. Total operating expenses in the first quarter increased to $5.4 million from $4.4 million. Operating loss was $5.0 million in the first quarter, versus an operating loss of $4.5 million in the year-ago period. As of March 31, 2015, the company had $29.7 million in cash, cash equivalents and investments, versus $34.6 million as of December 31, 2014. "This was a strong quarter, highlighted by our record revenue of $1.7 million and 19 Argus II device implants," said Dr. Robert Greenberg, President and CEO of Second Sight. "These significant gains versus the same period last year were driven by the addition of new implanting centers, notably in Italy and France, where major reimbursement wins last year enabled 10 new Argus II implants to occur in the first quarter." Second Sight shares gained 3.18 percent to $12.00 in the after-hours trading session.