On October 9, 2018, Second Sight Medical Products, Inc. (the “Company”) implemented a corporate restructuring plan to rebalance its operations to more closely align operating expenses with the Company’s long-term strategic plan to focus on development of the Orion® Visual Cortical Prosthesis System (“Orion”) and other key research projects. Specifically, the Company will reduce expenses and personnel by 8 employees related to international commercial operations for the Argus® II Retinal Prosthesis System (“Argus II”) and focus on the markets and centers of excellence with the highest potential return on investment and limit expansion to new markets. The Company will maintain a team that will continue support of existing Argus II patientsand centers of excellence. The Company anticipates that the annual savings from the restructuring will amount to approximately $3 million per year and plans to reallocate savings to the Orion program and other related projects.

The Company expects to recognize approximately $0.6 million of pre-tax restructuring charges in the fourth quarter of fiscal year 2018 in connection with this restructuring, consisting of severance and other employee termination benefits, substantially all of which are expected to be settled in cash during the fourth quarter of 2018.

Forward-Looking Statements.

This Current Report on Form 8-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to the expected macroeconomic climate, anticipated timing for the reduction in the Company’s workforce, the costs and anticipated form of settlement of such expenses, including potential severance and termination benefits, that the Company anticipates will result from the restructuring plan and the expected benefits. These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Factors that could cause or contribute to the differences include, but are not limited to, risks and uncertainties associated with the impact of the restructuring plan on the Company's business, including a potential adverse effect on revenues and the Company's other financial results, unanticipated charges not currently contemplated that may occur as a result of the restructuring plan, the Company's ability to continue to attract and retain key employees and risks and other uncertainties more fully described in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Company’s Form 10-K for the year ended December 31, 2017, filed on March 20, 2018 and Form 10-Q, filed on August 7, 2018. The Company undertakes no duty or obligation to update any forward-looking statements or other information contained in this Current Report on Form 8-K, whether as a result of new information, future events, changes in its expectations or any other reason.

About SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES)

Second Sight Medical Products, Inc. is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight. It does not restore normal vision and it does not slow or reverse the progression of the disease. The Company’s Argus II System employs electrical stimulation to bypass degenerated photoreceptor cells and to stimulate remaining viable retinal cells thereby inducing visual perception in blind individuals. The Argus II System works by converting video images captured by a miniature camera housed in a patient’s glasses into a series of small electrical pulses that are transmitted wirelessly to an array of electrodes that are implanted on the surface of the retina.