SYLMAR, Calif.—Second Sight Medical Products, Inc. (NASDAQ:EYES) reported $1.7 million of revenue for the first quarter of 2015 which ended March 31, 2015, up 159 percent compared with $0.7 million in the first quarter of 2014. The increase was primarily due to a higher number of implanted Argus II retinal prostheses in the first quarter of 2015 when compared to the year-ago quarter, the company said. There were 19 Argus II retinal prostheses implanted in the first quarter of 2015, compared to six in the first quarter of 2014.

Gross profit was $0.4 million in the first quarter of 2015, compared to a gross loss of $71,000 in the year-ago period. The improvement reflects the higher levels of production to meet demand during the first quarter of 2015, which allowed the company to spread manufacturing overhead across more units, lowering the overall cost per unit.

Total operating expenses in the first quarter of 2015 were $5.4 million, compared with $4.4 million year-ago, reflecting Second Sight's increased investment in sales, marketing, and research and development, as well as costs associated with being a publicly traded company. Operating loss in the first quarter of 2015 was $5.0 million, compared to an operating loss of $4.5 million in the first quarter of 2014.

Net loss in the first quarter of 2015 improved to $5.0 million compared with a net loss of $6.4 million in the prior year quarter. The company recorded non-cash charges of $0.6 million during the first quarter, compared with non-cash charges of $2.6 million during the first quarter of 2014.

Non-GAAP adjusted net loss in the first quarter of 2015, excluding non-cash expenses, was $4.4 million compared to a non-GAAP adjusted net loss of $3.9 million in the first quarter of 2014.

As of March 31, 2015, Second Sight had $29.7 million in cash, cash equivalents and investments, compared to $34.6 million as of Dec. 31, 2014. In November 2014, the company raised $34.2 million in net proceeds from its initial public offering.

“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. We currently have 25 active implanting centers, and are in ongoing discussions with more centers around the world.

“We are also gaining traction with respect to overall reimbursement in Europe and the Middle East, and continue to focus on securing additional coverage wins throughout the U.S. by educating physicians and patients who are seeking coverage, publishing of new clinical trial outcome data in peer reviewed literature, and submitting claims to gain coverage on a case-by-case basis,” he said.