SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) Files An 8-K Results of Operations and Financial Condition
Item 9.01 Results of Operations and Financial Condition
On January 7, 2019, Second Sight Medical Products, Inc. (“Second Sight” or the “Company”) issued a press release announcing a business update for its fourth quarter 2018. The Company implanted 16 Argus® II Retinal Prosthesis Systems worldwide in Q4 2018, for a total of 69 implants in 2018. Second Sight estimates net sales to be in the range of $6.5 – $6.9 million for the full year 2018. As of December 31, 2018, Second Sight had $4.5 million in cash and cash equivalents. The Company continued good progress with the Orion feasibility study: five subjects are implanted, a sixth subject is scheduled to be implanted in January 2019 at Baylor Medical Center in Houston, TX, at six months post implant, performance of the Orion subjects appears comparable overall to the performance of Argus II users, the safety profile remains very good with only one reported Serious Adverse Event (SAE). The Company completed the previously announced restructuring of operations outside of North America to align with the company’s overall corporate strategy, for expected annual savings in operating expenses of approximately $3 million. The Company announced a rights offering on January 7, 2019, to raise approximately $40 million to support several important ongoing corporate initiatives.
A copy of the Company’s press release entitled “Second Sight Reports Fourth Quarter 2018 Business Update” is furnished as Exhibit99.1 to this Current Report on Form8-K.
Item 9.01Financial Statements and Exhibits
(d)Exhibits
SIGNATURES
SECOND SIGHT MEDICAL PRODUCTS INC Exhibit
EX-99.1 2 ex_132527.htm EXHIBIT 99.1 ex_132527.htm Exhibit 99.1 FOR IMMEDIATE RELEASE Second Sight Reports Fourth Quarter 2018 Business Update — Full Year 2018 net revenue estimated to be in the range of $6.5-$6.9 million — — 6th Orion patient scheduled for implantation at Baylor Medical Center — Los Angeles,…
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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.
