Second Sight Reports Second-Quarter Results and Highlights Progress for Orion Visual Cortical Prosthesis System

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LOS ANGELES—Second Sight Medical Products Inc. (NASDAQ: EYES), a developer, manufacturer and marketer of implantable visual prosthetics designed to create an artificial form of useful vision for blind individuals, on Wednesday reported that net sales totaled $1.3 million in the second quarter. This compared with net sales of $1.9 million in the year-ago period, according to the announcement. Second Sight noted that revenue was recognized for 10 implants on a GAAP basis with an average selling price of $128,000 in the second quarter, compared with 17 implants with an average selling price of $112,000 in same period of 2018. 

The company’s net loss for the quarter ended June 30 was $8.4 million, which compares with a net loss of $8.0 million in the year-ago quarter.

Among the non-financial highlights of the quarter, Second Sight said it continued to make progress on development of the Orion Visual Cortical Prosthesis System, and that it met with the FDA in July to provide an update on the "Orion Early Feasibility Study" and to discuss pivotal study design and post-market requirements.

“We continue to make excellent progress with the development of the Orion platform and are working closely with the FDA to define pivotal study and post-market requirements,” president and chief executive officer Will McGuire said in the announcement. “We commend CMS for creating a streamlined reimbursement pathway for innovative devices such as Orion with an FDA Breakthrough Devices Designation. In preparation for Orion’s potential commercial launch, we are beginning to engage CMS and private payors in order to define the appropriate reimbursement pathways,” he added.

McGuire said Second Sight continues to pioneer the development of neuromodulation technology for artificial vision, and he noted that the interim data from the Orion Visual Cortical Prosthesis Early Feasibility Study compares favorably to Argus. The data “further support[s] our belief in Orion’s potential to treat nearly all forms of blindness,” McGuire added.