Sylmar, Calif.-based Second Sight said losses grew 127.1% to -$13.6 million, or -46¢ per share, on sales growth of 169.7% to $1.5 million for the 3 months ended Dec. 31, 2014. Adjusted to exclude 1-time items, earnings per share were -17¢, compared with -19¢ during Q4 2013.
For the full year, losses grew 53.3% to -$35.2 million, or -$1.41 per share, on sales growth of 117.1% to $3.4 million. Adjusted EPS were -77¢, compared with -76¢ during 2013.
The news sent EYES shares down 12.5% to a $13.97 close yesterday. The stock was down another 3.5% in pre-market activity today, to $13.48 per share.
President & CEO Dr. Robert Greenberg said more than 100 Argus II retinal prostheses have been implanted so far, including 15 during the 4th quarter (a company record). Second Sight said it’s focused on doubling the number of centers implanting the Argus II this year, which currently stands at 18.
Second Sight’s $36 million initial public offering at $9 per share last November gave the company the underpinnings to scale up production and advance R&D, including its next-generation Orion I cortical stimulator, the company said.
"We now have the capital to accelerate a number of key initiatives leading towards our ultimate goal of restoring vision to nearly every blind individual and improving their overall quality of life," Greenberg said in prepared remarks. "One of our core focuses is to accelerate certification of additional Centers of Excellence. At the end of 2014, we had 18 active implanting centers and are in ongoing discussions with more than 25 additional centers throughout the world. We are also gaining significant traction with respect to overall reimbursement in the U.S. and Europe."