Second Sight Medical Products, Inc. (EYES) saw its loss widen to $8.49 million, or $0.20 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.67 million, or $0.13 a share. On the other hand, adjusted net loss for the quarter widened to $6.48 million, or $0.15 a share from a loss of $3.72 million or $0.10 a share, a year ago.
Revenue during the quarter plunged 47.01 percent to $1.18 million from $2.23 million in the previous year period.
Operating loss for the quarter was $8.50 million, compared with an operating loss of $4.66 million in the previous year period.
"We are pleased with two positive recent developments regarding our U.S. reimbursement: the final rule yesterday for a calendar year 2017 outpatient reimbursement rate of $150,000, and the approval of two new Category III CPT codes, providing clinicians the ability to bill for programming and re-programming services, starting in July. In addition, as we evolve our commercialization strategy in the U.S., we are creating Centers of Excellence (COE) that are committed to ensuring competence in patient screening, post-surgery programming and rehabilitation. Ultimately, we expect our COE strategy to better serve patients and drive higher, more consistent volumes. Outside the U.S., we are advancing our reimbursement efforts in England and now Belgium, and have made good progress with our distribution partners in other new markets," stated Will McGuire, president and chief executive officer of Second Sight.
Working capital declines
Second Sight Medical Products, Inc. has witnessed a decline in the working capital over the last year. It stood at $19.02 million as at Sep. 30, 2016, down 17.61 percent or $4.07 million from $23.08 million on Sep. 30, 2015. Current ratio was at 4.36 as on Sep. 30, 2016, up from 3.63 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 149 days for the quarter from 907 days for the last year period. Days sales outstanding went up to 65 days for the quarter compared with 52 days for the same period last year.
Days inventory outstanding has decreased to 102 days for the quarter compared with 908 days for the previous year period. At the same time, days payable outstanding went down to 18 days for the quarter from 53 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
