Second Sight Medical Products, Inc. (EYES) saw its loss widen to $10.37 million, or $0.24 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.47 million, or $0.15 a share. On the other hand, adjusted net loss for the quarter widened to $7.40 million, or $0.17 a share from a loss of $4.61 million or $0.13 a share, a year ago.
Revenue during the quarter plunged 69.73 percent to $0.72 million from $2.36 million in the previous year period.
Operating loss for the quarter was $10.38 million, compared with an operating loss of $5.48 million in the previous year period.
"As a result of our revised and newly implemented U.S. Centers of Excellence (COE) strategy, we expect to see a strong first half of 2017. Our COE strategy enables us to deliver a full range of high-quality services critical to better patient outcomes, including patient recruitment and surgery, and post-surgical programming and rehabilitation. We’ll measure our success by the number of centers that conduct implants on a regular basis," stated Will McGuire, chief executive officer of Second Sight.
Working capital drops significantly
Second Sight Medical Products, Inc. has witnessed a decline in the working capital over the last year. It stood at $9.62 million as at Dec. 31, 2016, down 48.78 percent or $9.16 million from $18.78 million on Dec. 31, 2015. Current ratio was at 2.70 as on Dec. 31, 2016, down from 3.35 on Dec. 31, 2015.
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