Shares in Second Sight Medical (NSDQ:EYES) fell today despite the opthalmalogical device maker beating loss per share expectations on Wall Street with its second quarter earnings results.
The Los Angeles-based company posted losses of $8 million, or 12¢ per share, on sales of $1.9 million for the three months ended June 30, seeing losses grow 16.3% while shales shrunk 14.7% compared with the same period last year.
Losses per share were just ahead of the 14¢ consensus on Wall Street.
“I am pleased with the progress made during the past quarter with our Orion clinical and R&D programs. The technology is performing as expected and is generating spots of light via cortical stimulation with all subjects. Moreover, the stimulation parameters are within our expectations and we are now progressing with more complex testing involving real-time video input. One subject is close to being cleared for home use and we will start the critical artificial vision rehabilitation process shortly thereafter. The focus in coming months will be the collection of important clinical and performance data to support the safety and efficacy of this breakthrough device,” prez & CEO Will McGuire said in a press release. “Our confidence in Orion and its market potential continues to grow, as does our commitment to advance this revolutionary technology. As a result, the Orion clinical and R&D programs will be our top priority. With respect to our ongoing Argus commercial and clinical efforts, we will prioritize activities that maximize our return on investment or have strategic value. Finally, we are excited to start sharing details of research we are conducting in areas such as eye-tracking and object recognition that can be integrated with artificial vision to provide a more interesting and useful experience for our users.”
Shares in Second Sight have risen 7.3% so far today, at $1.55 as of 2:56 p.m. EDT.
In May, Second Sight said that it inked a stock purchase agreement worth approximately $10 million with businesses owned by board chair Gregg Williams.
