August 28, 2016 8:34 PM 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, Italy, France, Germany, Saudi Arabia, and the Netherlands. 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. The company sells its Argus II System to university hospitals, large medical centers, and distributors. The company was formerly known as Second Sight LLC. and changed its name to Second Sight Medical Products, Inc. Second Sight Medical Products, Inc. was fou...

Building 3

Suite 400

12744 San Fernando Road

Sylmar, CA 91342

United States

Founded in 1998

118 Employees

Phone:

818-833-5000

Fax:

818-833-5067

Key Executives for Second Sight Medical Products, Inc.

Chief Executive Officer, President and Director
Age: 53
Total Annual Compensation: $194.9K
Chief Financial Officer and Corporate Secretary
Age: 60
Total Annual Compensation: $266.4K
Vice President of European Operations
Age: 44
Total Annual Compensation: $234.2K
Vice President of Manufacturing
Age: 58
Total Annual Compensation: $219.4K
Consultant
Age: 47
Total Annual Compensation: $91.3K
Compensation as of Fiscal Year 2015.

Second Sight Medical Products, Inc. Key Developments

Second Sight Medical Products, Inc. Enters into an Exclusive Agreement with Orient Europharma Co, Ltd. and Arshia Gostar Darman Co, Ltd

Second Sight Medical Products, Inc. announced plans to expand into Taiwan with Orient Europharma Co, Ltd. and Iran with Arshia Gostar Darman Co, Ltd. through exclusive agreements to distribute the Argus II Retinal Prosthesis System. Each of the distributors will be responsible for executing in-country management of all aspects of Second Sight's technology, including sales, promotion, marketing, supporting national reimbursement, surgical, technical support and delivering rehabilitation.

Second Sight Medical Products, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016

Second Sight Medical Products, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported net sales of $1,037,000 against $2,661,000 a year ago. Loss from operations was $8,507,000 against $4,947,000 a year ago. Net loss was $8,504,000 or $0.23 per basic and diluted share against $4,922,000 or $0.14 per basic and diluted share a year ago. Non-GAAP net loss was $6,197,000 or $0.17 per share against $4,282,000 or $0.12 per share last year. For the six months, the company reported net sales of $2,090,000 against $4,361,000 a year ago. The decline in revenue was primarily driven by a reduction in U.S. implant volumes as a result of customer concerns that the new Medicare outpatient payment rate, which became effective on January 1, 2016, would be insufficient to cover costs of the Argus II and related surgical procedure. Loss from operations was $14,328,000 against $9,908,000 a year ago. Net loss was $14,320,000 or $0.39 per basic and diluted share against $9,879,000 or $0.28 per basic and diluted share a year ago. Non-GAAP net loss was $10,992,000 or $0.30 per share against $8,671,000 or $0.24 per share last year.

Second Sight Medical Products Announces Two Exclusive Distribution Agreements with Orient Europharma Co., Ltd. and Orient Europharma Co., Ltd. to Bring the Argus II Retinal Prosthesis to Taiwan and Iran

Second Sight Medical Products, Inc. announced plans to expand into Taiwan with Orient Europharma Co, Ltd. and Iran with Arshia Gostar Darman Co, Ltd. through exclusive agreements to distribute the Argus® II Retinal Prosthesis System (Argus II). Each of the distributors will be responsible for executing in-country management of all aspects of Second Sight's technology, including sales, promotion, marketing, supporting national reimbursement, surgical, technical support and delivering rehabilitation.

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