The Sylmar, Calif-based company posted losses of $7.5 million, or 16¢ per share, on sales of $1 million for the 3 months ended March 31, seeing losses grow 29.8% while sales shrunk 4.2% compared with the same period during the prior year.
Analysts on Wall Street were expecting to see losses per share of 14¢, which Second Sight medical came in just above.
“With a focus on execution and our centers of excellence strategy, we had strong implant volume during the first quarter of 2017, including eight implants in North America and are seeing the momentum continue into the second quarter. We are pleased to have performed our first implants in three new centers and look forward to adding more COEs throughout the year. We remain committed to treating better-sighted individuals and those who are blinded by causes other than Retinitis Pigmentosa in order to expand our addressable market. We are moving forward with the development and patient testing of innovative retinal stimulation techniques and will be submitting clinical protocols in the UK and Germany to allow us to treat better-sighted individuals. Our R&D efforts remain on track for the first human implant of our Orion I Cortical Visual Prosthesis for direct cortical stimulation planned for this year,” CEO Will McGuire said in a press release.
Shares have dropped 6.3% today, down 8¢ at 4:00 p.m. EDT.