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Second Sight Medical Products' (EYES) CEO Will McGuire on Q4 2017 Results - Earnings Call Transcript

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Second Sight Medical Products (EYES) Q4 2017 Earnings Conference Call March 7, 2018 4:30 PM ET


Lisa Wilson - IR

Robert Greenberg - Chairman

Will McGuire - President & CEO

Tom Miller - CFO


Dan Weston - Pinnacle

Amit Dayal - H. C. Wainwright & Co.


Ladies and gentlemen, thank you for standing by and welcome to the Second Sight Fourth Quarter 2017 Results Conference Call.

Now during today's conference, all telephone participants will start in a listen-only mode, but later we'll conduct a question-and-answer session. [Operator Instructions]. And a quick reminder, today's conference is being recorded, it's Wednesday, March 07, 2018.

All right. It's now my pleasure to introduce Lisa Wilson, Investor Relations. Please go ahead.

Lisa Wilson

Thank you, David. Good afternoon and welcome to Second Sight's fourth quarter and full year 2017 earnings call. This is Lisa Wilson, Investor Relations for Second Sight.

With me on today's call are Dr. Robert Greenberg, Chairman of the Board of Directors; Will McGuire, President and Chief Executive Officer; and Tom Miller, Chief Financial Officer.

At the close of market, the company issued a press release detailing financial results for the three and 12 months ended December 31, 2017. The press release can be accessed through the Investor Relations section of the Second Sight website at secondsight.com. You can also access the webcast of this call from there.

Before we get started, I would like to remind everyone that any statements made on today's conference call that express a belief, expectation, projection, forecast, anticipation, or intent regarding future events and the company's future performance, may be considered forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to Second Sight's management as of today and involve risks and uncertainties, including those noted in this afternoon's press release and

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Comments (4)

neals58 profile picture
The report showed great progress why would it go down from here. Seems to be accelerating except for Cash crunch. They can raise in small doses as they go if needed.
blahblahblahyodayodayoda profile picture
"Great progress" only because the YOY comparison was 2017 sales at full price versus 2016 when they had to discount Argus all year due to the CMS rate cut, which hurt sales. And the CMS once again cut the rate for all of this year, which may once again hurt sales.

Add in further dilution via the ATM to raise cash, with no meaningful data on Orion likely for months. They haven't even signed up just 5 folks for the feasibility trial, and then there's still the pivotal trials, so commercialization is way off.

Biggest takeaway was that Argus evidently failed to work with AMD patients, which would have quintupled their addressable market, and I don't think they can cut it with the small RP patient pool. Never mind that RP patients will still get the very crude vision offered, with next-gen improvements not coming until late in year or next.

They've said in past that they need to sell 350 Argus per year just to break even, but are selling only 1/3 that using their very best Q numbers, so they'll continue to burn cash and need to raise it via dilution, all the while waiting and praying Orion works, while the competitors with better tech keep making moves in RP and maybe AMD.

Bottom line: It's still a good swing trade if you can time the dips and rips, but nowhere near a true investment that should bring in droves of tutes. GL
They are years from putting anything to the bottom line.
FormerARC profile picture
they are, but market cap is only 100m. They have used ATM facility for additional 4M since year end, thus, they think they have enough for 1H 2018 - better than I thought.

Sold some warrants @ 0.74 and 0.79 today. Will look to re-buy at lower prices.
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