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April 25, 2015 12:58 AM ET

Healthcare Equipment and Supplies

Company Overview of Second Sight Medical Products, Inc.

Company Overview

Second Sight Medical Products, Inc. develops, manufactures, and markets implantable prosthetic devices to restore functional vision to blind patients in the United States, Canada, Europe, and Saudi Arabia. It offers Argus II System, an implantable neurostimulation device that uses electrical stimulation of the retina to replace the function of the defunct photo-receptors in retinitis pigmentosa patients. Second Sight Medical Products, Inc. sells its Argus II System to university hospitals, teaching hospitals, medical centers, and ambulatory surgical centers. The company was formerly known as Second Sight LLC. Second Sight Medical Products, Inc. was founded in 1998 and is headquartered in Syl...

12744 San Fernando Road

Building 3

Sylmar, CA 91342

United States

Founded in 1998

121 Employees

Phone:

818-833-5000

Fax:

818-833-5067

Key Executives for Second Sight Medical Products, Inc.

Chief Executive Officer, President and Director
Age: 46
Total Annual Compensation: $377.5K
Chief Financial Officer
Age: 58
Total Annual Compensation: $144.4K
Vice President of Business Development
Age: 45
Total Annual Compensation: $207.6K
Vice President of European Operations
Age: 42
Total Annual Compensation: $220.6K
Vice President of Clinical and Regulatory Affairs
Age: 44
Total Annual Compensation: $219.5K
Compensation as of Fiscal Year 2014.

Second Sight Medical Products, Inc. Key Developments

Second Sight Medical Products, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Second Sight Medical Products, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $1,520,220 against $563,631 a year ago. Loss from operations was $5,565,045 against $4,336,031 a year ago. Net loss was $13,577,118 or $0.46 basic and diluted per share against $5,978,001 or $0.27 basic and diluted per share a year ago. Non GAAP net loss was $5,138,728 or $0.17 per share against $4,169,725 or $0.19 per share a year ago. The increase in net revenue was primarily due to a higher number of implanted Argus II retinal prostheses in the fourth quarter of 2014 when compared to the year-ago quarter. For the year, the company reported net sales of $3,397,852 against $1,564,933 a year ago. Loss from operations was $21,233,460 against $17,997,529 a year ago. Net loss was $35,201,247 or $1.41 basic and diluted per share against $22,968,925 or $1.02 basic and diluted per share a year ago. Non GAAP net loss was $19,400,925 or $0.77 per share against $17,185,411 or $0.76 per share a year ago. The increase in net revenue reflects volume growth in the number of implanted Argus II retinal prostheses.

Second Sight Medical Products, Inc. Announces Successful First Implants of the Argus® II Retinal Prosthesis System at Two New Centers in Italy

Second Sight Medical Products, Inc. announced that two newly approved centers, located in Camposampiero and Florence, have successfully completed their first commercial implants of the ArgusII Retinal Prosthesis System (Argus II) in patients with outer retinal degeneration. Outer retinal degeneration is the deterioration of the outer layer of the retina caused by progressive death of the cells in this region of the retina. An important type of outer retinal degeneration is Retinitis Pigmentosa (RP), which is a rare, hereditary disease that causes a progressive degeneration of the light-sensitive cells of the retina, leading to significant visual impairment and ultimately can lead to blindness. There are an estimated 2,200 people in Italy, and 167,000 persons across Europe with RP in total. To date, the Argus II has been implanted in more than 100 individuals worldwide, and is the first approved retinal prosthesis in the world. Currently, the treatment is offered at approved centers in Canada, France, Germany, Italy, Netherlands, Saudi Arabia, Spain, Switzerland, Turkey, United Kingdom and the United States. The system induces visual perception in blind individuals by providing electrical pulses to stimulate the retina’s remaining cells, resulting in a perception of light patterns in the brain. The Argus II has the potential to offer life changing visual capabilities to those with little or no remaining functional vision. The Argus II implant can positively impact a blind person’s ability to conduct routine daily activities, such as recognizing shapes or large objects, locating people, identifying the location of doorways, and following lines or edges. Ultimately, this is meant to allow Argus II users to live their daily lives with more confidence. Second Sight’s Argus II System provides electrical stimulation that bypasses the defunct retinal cells and stimulates remaining viable cells inducing visual perception in individuals with severe to profound retinitis pigmentosa. The Argus II works by converting images captured by a miniature video camera mounted on the patient’s glasses into a series of small electrical pulses, which are transmitted wirelessly to an array of electrodes implanted on the surface of the retina. These pulses are intended to stimulate the retina’s remaining cells, resulting in the perception of patterns of light in the brain. The patient then learns to interpret these visual patterns, thereby regaining some visual function. The system is controlled by software and is upgradeable, which may provide improved performance as new algorithms are developed and tested.

Second Sight Medical Products, Inc. to Report Q4, 2014 Results on Mar 11, 2015

Second Sight Medical Products, Inc. announced that they will report Q4, 2014 results After-Market on Mar 11, 2015

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