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EYES Second Sight Medical Products

Second Sight Medical Products, Inc. (NASDAQ: EYES) develops, manufactures and markets implantable visual prosthetics that are intended to deliver useful artificial vision to blind individuals. A recognized global leader in neuromodulation devices for blindness, the Company is committed to developing new technologies to treat the broadest population of sight-impaired individuals. The Company's headquarters are in Los Angeles, California.

Company profile

EYES stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

13 Aug 21
25 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 73.85M 73.85M 73.85M 73.85M 73.85M 73.85M
Cash burn (monthly) (positive/no burn) (positive/no burn) 765.33K 667.92K 1.4M 657.83K
Cash used (since last report) n/a n/a 2.95M 2.58M 5.38M 2.54M
Cash remaining n/a n/a 70.89M 71.27M 68.46M 71.31M
Runway (months of cash) n/a n/a 92.6 106.7 49.1 108.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Jun 21 Larson Alexandra Common Stock Grant Acquire A No No 6.225 500 3.11K 500

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 48 30 +60.0%
Opened positions 25 16 +56.3%
Closed positions 7 6 +16.7%
Increased positions 9 8 +12.5%
Reduced positions 7 3 +133.3%
13F shares
Current Prev Q Change
Total value 162.97M 150.08M +8.6%
Total shares 76.97M 73.14M +5.2%
Total puts 622.6K 100 +622500.0%
Total calls 194.3K 23.9K +713.0%
Total put/call ratio 3.2 0.0 +76483.3%
Largest owners
Shares Value Change
Pixium Vision 69.79M $122.83M 0.0%
Empery Asset Management 3.3M $20.96M NEW
Vanguard 1.16M $5.74M +89.0%
BLK Blackrock 454.74K $2.25M +20.3%
Hudson Bay Capital Management 380.4K $1.88M -62.0%
Altium Capital Management 373.87K $1.85M NEW
Susquehanna International 273.96K $1.35M +56.5%
NewGen Asset Management 200K $988K NEW
Sabby Management 174.9K $864K -81.0%
Geode Capital Management 146.53K $723K +36.5%
Largest transactions
Shares Bought/sold Change
Empery Asset Management 3.3M +3.3M NEW
Sabby Management 174.9K -747.29K -81.0%
Hudson Bay Capital Management 380.4K -619.6K -62.0%
Vanguard 1.16M +547.33K +89.0%
Altium Capital Management 373.87K +373.87K NEW
NewGen Asset Management 200K +200K NEW
Paloma Partners Management 139.08K +139.08K NEW
Kepos Capital 100K +100K NEW
Susquehanna International 273.96K +98.94K +56.5%
STT State Street 92.39K +92.39K NEW

Financial report summary

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Risks
  • The activities of competitive medical device companies, or others, may limit our revenue from the sale of the Orion system.
  • We may face substantial competition in the future and may not be able to keep pace with the rapid technological changes which may result from others discovering, developing or commercializing products before or more successfully than we do.
  • Clinical development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and initial trials may not be predictive of future trial results.
  • Interim “top-line” and preliminary results from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • We have not been profitable to date and expect our operating losses to continue for the foreseeable future; we may never be profitable.
  • Our financial statements have been prepared assuming we are a going concern.
  • Sales, or the availability for sale, of substantial amounts of our common stock could adversely affect the value of our common stock.
  • There may be future sales or other dilution of our equity, which may adversely affect the market price of our common stock.
  • Materials necessary to manufacture Orion may not be available on commercially reasonable terms, or at all, which may delay development, manufacturing and commercialization of our products.
  • Any failure or delay in completing clinical trials or studies for new product candidates or next generation of our products and the expense of those trials could adversely affect our business.
  • We have lost key management and staff personnel because of Covid-19 pandemic. If we fail to recruit highly skilled personnel to replace employees who have left the Company, our ability to identify, develop and commercialize new or next generation product candidates will be impaired, could result in loss of markets or market share and could make us less competitive.
  • We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws.
  • If we or our licensors are unable to protect our/their intellectual property, then our financial condition, results of operations and the value of our technology and products could be adversely affected.
  • Litigation or third-party claims of intellectual property infringement or challenges to the validity of our patents would require us to use resources to protect our technology and may prevent or delay the development, regulatory approval or commercialization Orion system or new product candidates. Further, the validity of some of our patents has been challenged.
  • If we fail to comply with our obligations in the agreements under which we license development or commercialization rights to products or technology from third parties, we could lose license rights that are important to our business.
  • If we are unable to protect the intellectual property used in our products, others may be able to copy our innovations which may impair our ability to compete effectively in our markets.
  • Third-party claims of intellectual property infringement may prevent or delay our development and commercialization activities for Orion.
  • Product liability lawsuits could divert our resources, result in substantial liabilities and reduce the commercial potential of our products.
  • Legislative or regulatory reform of the health care system in the U.S. and foreign jurisdictions may adversely impact our business, operations or financial results.
  • We are a “non-accelerated filer” and a “smaller reporting company” for SEC filing purposes and we cannot be certain if the reduced disclosure requirements applicable will make our common stock less attractive to investors.
  • Fluctuations in our quarterly operating results and cash flows could adversely affect the price of our common stock.
  • We need additional capital to support our operations and growth. Additional capital may be difficult to obtain restricting our operations and resulting in additional dilution to our stockholders.
  • We have incurred operating losses since inception and may continue to incur losses for the foreseeable future.
  • Our business is subject to international economic, political and other risks that could negatively affect our results of operations or financial position.
  • We are subject to stringent domestic and foreign medical device regulation and any unfavorable regulatory action may materially and adversely affect our financial condition and business operations.
  • Our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any.
  • We are also subject to stringent government regulation in European and other foreign countries, which could delay or prevent our ability to sell our products in those jurisdictions.
  • Even if we obtain clearance or approval to sell our products, we are subject to ongoing requirements and inspections that could lead to the restriction, suspension or revocation of our clearance.
  • To establish our sales and marketing infrastructure, we will need to grow the size of our organization, and we may experience delays or other difficulties in managing this growth.
  • We may acquire additional businesses or form strategic alliances in the future, and we may not realize the benefits of such acquisitions or alliances.
  • Our ability to utilize and benefit from our net operating loss carryforwards and certain other tax attributes may be limited.
  • Although we believe that our strategy to (i) leverage proven Argus II technology to develop the Orion visual cortical prosthesis and (ii) significantly expand our addressable market to include a portion of the almost six million patients who are blind from eye trauma, optic nerve disease and injury, diabetic retinopathy, glaucoma and other untreatable causes is more likely to address a better and faster way to treat many causes of blindness, we will incur material near term losses, market uncertainty and our stock may experience significant fluctuations as we continue to focus exclusively on Orion.
  • If our development activity, regulatory efforts and substantial investments related to Orion do not result in a commercial product or if our company never achieves profitability or positive free cash flow, our stock price will decline, we will not be able to sustain operations and our stockholders may incur a complete loss of their investment in our company. The price of our common stock has been and may continue to be volatile and the value of your investment could decline.
  • If shares of our common stock cease to be listed on a national exchange we will not be subject to compliance with rules requiring the adoption of certain corporate governance measures and as a result our stockholders may experience reduced protections.
  • If shares of our common stock cease to be listed on a national exchange they will become subject to the “penny stock” rules of the SEC and the trading market in our securities may become limited, which will make transactions in our stock cumbersome and may reduce the value of an investment in the stock.
  • Delisting of our common stock from national exchange can cause material dilution of our stock in future financings which can erode shareholder value.
  • Sales of substantial amounts of our common stock in the public or private markets could reduce the price of our common stock and may dilute your voting power and ownership interest in us.
  • We do not intend to pay dividends for the foreseeable future and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
  • Future sales and issuances of our equity securities or rights to purchase our equity securities, including pursuant to our equity incentive plans, would result in dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
  • The public market for our common stock has been volatile since completion of our initial public offering in November 2014. This volatility may affect the ability of our investors to sell their shares as well as the price at which they sell their shares.
  • Substantial future sales of shares of our common stock in the public market could cause our stock price to fall.
  • We have the right to issue shares of preferred stock. If we were to issue preferred stock, it is likely to have rights, preferences and privileges that may adversely affect the common stock.
  • We may be assessed penalties and fines under California’s board gender diversity statute which required publicly held companies to have a minimum of one female on boards of directors as of the end of 2019.
  • A pandemic, epidemic or outbreak of an infectious disease, such as COVID-19, a novel strain of coronavirus, may materially and adversely affect our business and our financial results.
  • The combined company may be unable to successfully integrate the business of Pixium and Second Sight or realize the anticipated benefits of the Business Combination.
  • The Memorandum of Understanding contains provisions that limit our ability to pursue alternatives to the Business Combination, could discourage third parties from submitting alternative transaction proposals to us, including proposals that may be superior to the arrangements contemplated by the Memorandum of Understanding, and provide that, in specified circumstances, we would be required to pay a termination fee.
  • We are subject to business uncertainties and contractual restrictions while the Business Combination is pending, which could adversely affect our business and operations.
  • We expect to incur substantial expenses related to the completion of the Business Combination and the integration of Pixium’s and our businesses.
  • Lawsuits may be filed against Second Sight challenging the Business Combination and an adverse ruling in any such lawsuit may prevent the Business Combination from being completed or from being completed within the expected time frame.
Management Discussion
  • Net sales. Our net sales consisted of revenue primarily from the sale of our Argus II product which is no longer marketed. We have discontinued sales of this product to focus on development of Orion.
  • Cost of sales. Cost of sales includes the salaries, benefits, material, overhead, third party costs, warranty, charges for excess and obsolete inventory, and other costs required to make the Argus II system at our Los Angeles, California facility. Our product involves technologically complex materials and processes. We record cost of sales when products are implanted, which may differ from the period we are able to record revenue. Such timing differences may cause our reported results of operations to be difficult to compare from period to period.
  • Operating Expenses. We generally recognize our operating expenses as incurred in four general operational categories: research and development, clinical and regulatory, sales and marketing, and general and administrative. Our operating expenses also include a non-cash component related to the amortization of stock-based compensation for research and development, clinical and regulatory, sales and marketing, and general and administrative personnel. We have received grants from institutions or agencies, such as the National Institutes of Health, to help fund the some of the cost of our development efforts. We have recorded the amount of funding received from these grants as reductions to operating expenses.
Content analysis
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Readability
H.S. sophomore Good
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Removed: amounted, collateral, meeting, Mine, paid, Qualitative, Quantitative, reevaluate, regain, senior, typically, Unregistered