Stock under pressure: Second Sight Medical (NASDAQ: EYES)

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Second Sight Medical (NASDAQ: EYES) stock fell 3.52% on January 6th, 2020 and continued its fall on January 7th, 2020 (-5.6% as of 10:46 am GMT-5; Source: Google finance) after the company in order to regain compliance with Nasdaq’s $1 minimum bid priced listing requirement, EYES has executed a 1:8 reverse split of its common stock effective at the open today.

On the other hand, the company’s key objectives for 2019 were advance Orion R&D implant and externals projects, finalize the agreement with the FDA regarding Orion’s clinical and regulatory path, engage and expand discussions with CMS and private payors while developing a comprehensive reimbursement strategy for Orion in the U.S., Submit Argus 2s, the company’s next-gen externals, to the FDA for U.S. regulatory approval by end of the year 2019 and to add key talent to underpin the Orion programs and develop a plan for high-volume manufacturing.

Moreover, the company at the end of September, 2019, EYES had generated $18.5 million in cash and cash equivalents. The Company continues to anticipate its cash to fund operations into the second quarter of 2020. The company for the third quarter 2019 has reported the non-GAAP net loss, excluding certain non-cash items, of $6.9 million, or $0.06 per share, compared to a non-GAAP net loss of $7.5 million, or $0.11 per share, in the third quarter of 2018. The company had delivered net sales on a GAAP basis of $0.5 million for the third quarter of 2019 compared to $2.2 million in the third quarter of 2018. The company had recognized the revenue for four implants on a GAAP basis hand has posted an average selling price of $118,000 in the third quarter of 2019 compared to 22 implants with an average selling price of $102,000 in the same period of 2018. The company has reported the gross profit for the third quarter of 2019 of $0.1 million compared to a gross profit of $0.5 million in the third quarter of 2018. Cost of sales had fallen to $0.4 million in the third quarter of 2019 compared to $1.8 million in the prior year period. The Company anticipates to record cost of sales for any remaining Argus II inventory that is sold and a majority of the expenses related to production capabilities and fixed overhead to be reported as research and development expense in future periods. Furthermore, the Company expects clinical and regulatory costs to increase in the future as it conducts additional clinical trials to assess Orion and related enhancements to the user experience.

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