Second Sight shares down despite Q2 earnings beat

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...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat Second Sight Source Type: news