Second Sight Reports First Quarter 2017 Financial Results

SYLMAR, Calif.--(BUSINESS WIRE)--Second Sight Medical Products, Inc. (NASDAQ:EYES) ("Second Sight" or "the Company"), a developer, manufacturer and marketer of implantable visual prosthetics to provide some useful vision to blind patients, today reported financial results for the three-months ended March 31, 2017.

“With a focus on execution and our Centers of Excellence (“COE”

First Quarter 2017 and Recent Company Highlights:

• Increased implant volume to 14 Argus^® II Retinal Prosthesis Systems (“Argus II”) worldwide during the first quarter of 2017 compared to seven in the fourth quarter of 2016 and ten in the first quarter of 2016;
• Generated net sales of $1.0 million in the first quarter of 2017 compared to $1.1 million in the first quarter of 2016;
• The increased U.S. Center for Medicare Services (“CMS”) outpatient reimbursement rate for 2017 of $150,000 for Argus II and the associated procedure, became effective January 1st;
• First Argus II implants were performed at two new centers in Gainesville, Florida and Munich, Germany;
• Implanted the first Argus II patient in Asia at a center in Taipei, Taiwan; and,
• Completed an oversubscribed Rights Offering for existing shareholders, raising net proceeds of $19.7 million.

“With a focus on execution and our Centers of Excellence (“COE”) strategy, we had strong implant volume during the first quarter of 2017, including eight implants in North America and are seeing the momentum continue into the second quarter. We are pleased to have performed our first implants in three new centers and look forward to adding more COEs throughout the year,” stated Will McGuire, Chief Executive Officer of Second Sight.

“We remain committed to treating better-sighted individuals and those who are blinded by causes other than Retinitis Pigmentosa (“RP”) in order to expand our addressable market. We are moving forward with the development and patient testing of innovative retinal stimulation techniques and will be submitting clinical protocols in the UK and Germany to allow us to treat better-sighted individuals. Our R&D efforts remain on track for the first human implant of our Orion I™ Cortical Visual Prosthesis (“Orion I”) for direct cortical stimulation planned for this year,” added McGuire.