Second Sight Medical Products (EYES)

Lisa Wilson IR
Jonathan McGuire CEO, President and Director
John Blake CFO & Corporate Secretary
Amit Dayal H.C. Wainwright & Co.
Dallas Salazar Atlas Consulting
Call transcript
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Ladies and gentlemen, thank you for standing by. Welcome to the Second Sight Q2 Results Call. [Operator Instructions].

As a reminder, this conference is being recorded, Tuesday, August 7, 2018. And now, I would now like to turn the conference over to Lisa Wilson, Investor Relations for Second Sight. ahead. go Please

Lisa Wilson

on Good Chief XX, Quarter release of Scott. Sight. of welcome Second Officer; At With to Communications, the President Will company Thank Chief be and release Earnings press a results afternoon the Second Call. Second Executive section me Sight. the Second XXXX Relations for John Wilson the call Investor press secondsight.com. This Sight's Officer of Sight are detailing Investor months three XXXX. McGuire, Blake, accessed through you, and for and June today's the Financial is In-Site ended issued can website close of The financial Relations market, Lisa at Second

call from there. also can You this access the of webcast

would available filings events remind statements to on future Such get the statements as Before this in uncertainties, Actual performance. are materially These Securities those press forward-looking are expectation, guarantees differ in from everyone call express Litigation of I Second forward-looking future we Reform those information on Act. performance, made involve be SEC. defined forecast, forward-looking a started, projected risks the based regarding Sight and and Second today Private including any projection, and intent that statements release the future belief, of conference afternoon's with noted to the statements Sight's and as management not forward-looking today's results considered may by company's may or that anticipation, like statements.

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Jonathan McGuire

our the confidence Thank you significant since cortical call you, Lisa this last and for program progress thank grow. afternoon. creating made investor stimulation our with artificial Orion vision our call all We to in continues via and joining

Before QX reviewing the the business. of Argus review disappointing last Argus will we QX We II of held our investor was This let's details momentum exciting implants million completed when XX details quarter we the more happened what given Orion, during in the experiencing call. in with John $X.X revenue. were later. resulting in provide

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I will data of vision expansion this with the point, in believe We label clinical additional be RP continue required the by label. to support FDA a At dialogue to our to have patients. a concerning the better U.S. agency the expansion include

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in from our In database. implanted QX during U.S. patients X the fact, of were X

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II-S Argus CPU camera. the and new reminder, features including a eyewear, a new a As

end addition schedule. and to those we and Argus Argus users, implanting on feasibility I'd we study procedure, enrollment go our inspire completing the with much more amongst year. We update in pleasing. completed be you II-S with to of At being II-S our believe designed ahead is centers when filings regulatory fifth clinical Argus ahead and subsequent upgradable clinical After the to a proceed database. comfortable our patients with and met currently Orion. the with enthusiasm like this weighing be potentially platform, they locations, now and will several of in launch with the aesthetically May, expect U.S. In later to validation initial the powerful subject including more progress patients should work at validation

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this technology We efficacy I subjects evaluate their safety breakthrough and are of clinical to are participation All this trial. very diligently data enthusiastic technology. and gathering about the

input over of include subjects by very using system from over cleared The being without are maps seeing use, various stages generally home Observations subjects X and they of on spatial parameters start X the and ranges supervision. and the for maps testing Spatial to progressed are to early within electrodes. generally subjects. time. at virtually stable have One close expected and following. devices have subject home Stimulation our vary can all the first meaning stable time. of video The real-time are five out subject all report with their for is using spots activated light we creation at is

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has reliability been performance. device device Finally, has good as

to experienced SAE. from we seizure one algorithm. and adverse safety an subjects our as and the when top serious adverse and the while in clinical experienced the after implanting was participating One resolved front, a have for priority On the by continue study the Seizures our the safety were The the continue in each committee subject closely. we and in committee stimulation subject study was institution. at protocol clinic video event is without clinic was the allowed to or released seizure subject event, listed specific event are a we of reviewed subject for the quickly a the a evaluating safety monitor need hospitalization. anticipated The will

and start appropriate. their daily a their first soon our to with look to coming the gather understanding home. interpret from rehabilitation will Orion and use In we updates in the I Looking is forward deploying representatives benefits work as educate forward, in much U.S. system. subjects This on in to the vision Orion ultimately and begin gen potential data life. system the providing provide team what the we more months, we of vision critical with the can level optimize around order will subjects to to step how

the nicely. discussions Our FDA proceeding are with

program, As breakthrough is device to discussed Orion pathway calls, in program. also expedited referred the part as past of the access

feedback responses. FDA the very with interactions have been productive with or timely Our

market more upcoming firm U.S. expected the and us engaged We the pathway the details help assess as will Orion. year, a we increases. party calls certainty commercialization provide our clinical to on potential timeline regulatory around Last in third for

technology the approximately we or estimates the multibillion U.S. XXs, the include our XXX,XXX by could As The light in robust individuals given are potentially expected, Based research estimates Orion over to for advanced lives. legally third bare of better the market and market treatable nerve our the glaucoma, there dollar could party data from population a younger, market significantly over whose also with Argus, vision loss this label. of the older than trauma. U.S. treat of bare eye perception younger additional eye conducting that as or no with is II average on expand with patients be actual research, and course the in indicating a the individuals their would XX,XXX gained market U.S. of validated The Orion this with These experiencing with potentially the that the impacted more worse. lifespan, insights the patients. criteria Moreover, our only appears diabetic individuals disease, published the current addressable this vision Prior as progressed who than does pricing to X,XXX population. had medical in limit from U.S. population The assumptions, patients data utilizing of believe and is an could three light by Those are the trauma population. market a research at market. tend larger vision the age treated stage and their market the the eligibility segment is for of been the of Orion had regions conservative five to number no largest of analysis, patient be market the populations to population we Orion and to process conditions to estimates, on RP world. the In U.S. the U.S. research blind trauma believe some represent times opportunity. other to their also benefit retinopathy, due potential not patients research, expanding RP RP with research defined valuable optic suggests who opportunity our in in the perception. be that Again, generally light case Argus not in may a many market these this label

but some These are I'd believe efforts with important may are very some exciting conjunction research we become as research internally in in like treating in the partners. populations. to some cases, still Next, highlight or we large start we phase, conducting patient research projects

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looking Argus would hear another For that looking example, patient hear eventually at a the would phone, a or phone, Orion, word person's individual name. when or at using

developing As this a with see to technology is potential you vision. artificial we great know, rapidly integrate and

times the underway and several been evaluate to One calls that work vision continuing provided. stimulation to strategies is improve several various Finally, we has our acuity have internally. of effort new additional develop past and discussed efforts in the

experience. the during improve artificial still is this effort the vision no the increase these process. process reality and outcomes. could research assurance of the virtual in use are We in there's projects Another evaluation think rehab engagement rehab clear, technology To phase believe vision the usefulness of be and cases, complementary in provide, and usage moving early that commercialization. act we technology to development being quality artificial as improves some improve these the the many potential technologies have or or that user great With of or we significantly of said, in a to overall that

described the users as above benefit Argus would All of as Orion technologies well users.

priorities the our call speak Before over I'd turning like to John, to focus to moving forward. and

clinical as and Second and well confidence, continued size, top Orion will efforts market Orion for the R&D as priority the progress given First, our Sight. remain

in to are of necessary the us convinced the and is committed resources. technology We front with advancing Orion opportunity are a huge

given Argus market, to R&D We have RP maximum clinical we resources this efficiency decision Second, capital the commercial our apply made limited the faced to and maximize the activities. and given is the prudent challenges continued we in think need programs. with our Orion clinical to

allowing patients the of label efforts top field the without more for to centers Some bar vision a of and we deployment costly this expand include Argus markets resources the strategy business other continuation to In U.S. conducting financial potentially need implications Argus to short-term a markets of geographically. include be higher of trial. or excellence in strongest efficient U.S. of those focus increased and better RP to words, our new for IDE and our our convinced entering a payback markets on expanding

continue research will we the projects advancing exciting described earlier. Third,

the will our for hold see coworkers hard and results. goal now all now the John priority In talented ahead the and quarter stimulation moving huge evaluation. breakthrough development continued over the confidence incredible of research company our start in technologies, the Second promise and I'd treating like second that, my review since opportunity Orion blindness the company at the IPO. most We financial as the to of transform John? and the them support. the As Sight and to want to opportunity which been for closing, a progresses, with to I before toward turn the we grows cortical has clinical forms prioritize our materializes. to an technology thank for shareholders call With dedication market work the

John Blake

Will. Thank you,

XX during the Our units implant volume during to quarter. the compared second year XX was prior quarter XXXX of

and During the the Middle implants performed Europe, nine North Asia. remaining America eight East, quarter, were in with the in

for a the during As basis $X.X prior higher $X.X half were last quarters, of sales compared of XXXX experienced the we the XXXX. surgeries second number the compared quarter Net in rescheduled million to GAAP to of quarter. million second of a on quarter

in for ASPs we GAAP we and year which and with Revenue ASC of to quarter our was expense in marketing for activities was of differences XXXX. recognize of based geographies. be recognized for that will the new the XX XX We call. implant units application of reporting marketing such implant of for sites as On differ number commencing and units will on revenue sales the to units in prior or the XXXX that accounting and the a revenue Please on in implants are the and second number XXX GAAP a $XXX,XXX units note units basis this basis rules recognized volume used a GAAP development the record as approximately quarter. basis, compared quarter XXXX both second in per as on

mix margin XXXX on remainder for both $X.X of We expect in XXXX our second the to of unit depending per for $XXX,XXX and geographic $XXX,XXX average implant quarters was the of the be implants. million. of range the XXXX revenue recognized to Gross

with progress our a per efforts basis. making cost are on We reduction unit

our for unit higher degree overhead a reminder, production of on variability subject are a absorption based As costs rate volumes. to

XXXX. increased $X.X compared of year The $X.X is loss The the second next Net quarter XXXX net of feasibility produced quarter during certain compared second were cost second the the $X.X per reconciliation share expense. headcount, quarter to $X.X The the will primarily quarter our is million the transitions. the products. quarter $X.XX second the primarily of million of increase associated prior loss lower was for Orion our non-GAAP reserve quarter compared to tables The executive funding charges per due and quarter cost in to the the the in GAAP the due as be loss per our materialize during excludes XXXX expenses increased internally Selling XXXX per-share second our net in marketing $X primarily prior and development expenses XXXX. XXXX. grants to second prototypes second net million end $X.XX in or second of including to the increase to non-GAAP million attributable quarter second expenses items this of $X.X $X.X with to net million quarter. in for million million increased to We Clinical million share of a share. compared earnings stock-based in of loss activities share and of of expense in to compared $X.X was to compensation to second of of for to per year. monitor The million in due and at of the reflects decrease was regulatory or General, loss million $X.XX a for million excess XXXX to $X.X This $X.XX $X.X year loss or compares our loss loss, net $X.X second market XXXX. development million the net $X.X inventory a continue administrative the were can were a of quarter $X.X of full A of of quarter and of increase release. non-GAAP and generation including of quarter or services, non-cash study. Research XXXX. million of in $X.X from reconciliation, activities, compensation XXXX the XXXX million received found sales a and from obsolete outside net

the balance Moving onto sheet.

Operator, questions. please the XXXX, and $X.X Are With of and call open cash debt. there? no carry million had XX, proceed I June you that, we cash for instructions. we of equivalents the As will with


Instructions]. [Operator

Difficulty] question Amit from [Technical with We have a Dayal

Amit Dayal

et terms ... resources of cetera. in

for know of on I go or things on. getting lay these we expect of out are but most to efforts, here the circumstances, from do from Given you you're out growth lines, along we terms those how your expectations areas where and this Argus here? implant should in focusing of where

Jonathan McGuire

Good question, Amit.

still U.S. much there as change First There's think in we've I which past would time. is than I about all, in U.S. not way, to it it. to or this large think investment to I greatest I as that the about the return it's given the work team be in and done guidance on believe the the a evolving think most that that investment, And is on as the a certainly organization probably offers strategy. we of think far return the developed how have far as such some as over strategy on implement homogenous market. different But the

So so would markets the indirect would see I've strength past, U.S., a forward, because that And in markets. going point, it's at as mix said then it's some outside markets then also U.S. expect I and expect many well small little just to growth be different and between the variable could the some this I continued in as more a as direct

modeling then going business, up and So should thinking to continued bit say, down a would I would be the more just variable outside U.S. little or growth in a of business the America, again, North good I or and forward. from U.S. outside and the expect about variable expect the or I

Amit Dayal

So not centers. any really resources you're eliminating or

You're have... in not the maybe going or center might to new just as grow expand

Jonathan McGuire

dedicated maintaining we it's to it point, look business even think at business resources we just have you the and resources this well have that not as people. as growing should at there out sales Yes, when now, the I

to new to lot to of markets. into a work and have develop We grow markets additional do

geographies. investment markets going to going and think that we to that geographically, incremental additional bar expand is So or a incremental that what solid have for return a markets or saying really we're we're resources in we're just before each higher sure not units going into after make go the or deploy on to of these get revenue, I to we're required

Amit Dayal

efforts, in changed this anything In because your event, seizure relation has of [indiscernible] this? the to process

Jonathan McGuire

for anticipated, happen. it that clinical by going our We're experiencing would could and so. would say, protocol we'll done understand to want don't seizures. do patients I which about that continue a what that the it I we've event, create not expected any adverse still in that kind these each to knew of patient. to safe the better past. don't it patient, course shall are to we we provide way doing conditions just had was stretch think a which zone what parameters seizure of listed we as we, the what where seizures call or of say a of situation and what imagination we is in the And try the would again, meaning We an in in we stimulation But is same we're Amit, we happen. of lot want could create a I

want the zone. monitor So we to want be parameters. how change in this be patients to understand to it parameters, want stimulation safe those clearly the can we We the we We various closely. but effective

zone. And is be that place And we home our clearly as very that to needs we so to for prepared ever safe clear very think use. patient use. really, home something remarks, clearing for each example, would in And understood, close identifying and for the patient I we're we're in now for before that's first a said that's what right doing patient

Does So understand answer what question? can think parameters the how sending that we that are, we're that means them and your where we're to where use advancing very to patient, the we we and home system. them the comfortable allowing stimulate point

Amit Dayal

Yes, that's helpful.

Jonathan McGuire

with understanding protocol. It patient I still by didn't had the required an what the to said, a and why happened. The safety whatsoever. happened It as and participating, still sure the of make protocol change just is proceeding review it committee, we

Amit Dayal

just right? check, for Orion, is use for patient first this home And double to

Jonathan McGuire

I'm use the Orion use, it's system. - be moving the it full right. home and to When about talking That's to would home someone

of camera, and protocols use. there We're controlled where various it some on to are to or Houston per institution now okay, the East So be We'll the eyewear, where day. that the guidance a team move from there at out what's laboratory obviously, through Baylor at and is we been the L.A. has in right stimulation to say, to we're going and that we a the the either patient now implant setting pretty able they're can of they'll maybe they their home. go free daily it home system it learning have can use you up going home you're so and for cleared time give amount But the use them and how to task. that set home using around start should incorporate into it

Amit Dayal

And on it is at when or [indiscernible]. use they home, this XX hours

Jonathan McGuire

Think of it want they more tasks, will activate do as Amit. and use certain when to they it it

some reading. they are So get they it sleeping, if and the on of on. putting no. system, that for the should visual amount activities for or want They'll to certain else understanding got eyeglasses really give for anything something use example, certain input from guidance to no. like something to, house, or in around time will if per and grandchildren the resting that, or not that turn days, use It's the day. again, on on, them you television only maybe they've like it start it Maybe a like, But their probably closer doing interesting how over, we'll early then

Amit Dayal

the doing patients terms what color in additional any these conducting these of with seeing Orion? patients on or you're are And are tests how

Jonathan McGuire

initial the we to I'm still I going mentioned parameters. stimulation It's still feel the date. early, about data some the to progress good and good. learning. feel comments. We're but make We

produces that and safe not optimal get And spatial parameters efficiency spatial only and the each clearly more light. in we want the relationship are. where between learning a what each the effective improve regarding to - can We're electrode we're parameters amount, we different but also build patient of again, want to stimulation amount I So they in but for kind patient's said, also as the also they're spot this translate that amounts, learning the these we each each still spatial zone. the amount they draw comfortable with electrode patient They're accuracy for spatial patient. field patient's and of a visual of a each in which are

converting said, a into no learn. or This through certainly for we've one that So cortical made done essential scenes progress. stimulation. to objects - they're great patient. quite to a video very has input We have With is still a this bit before, the

of learning lot. we on kind So realize and a that the edge here cutting we're still

as the the that how specifics, we of we quality really vision, far yet. can't would at look As predict

Argus, Argus, do electrodes expect Also, users. our as similar could have potential create than with type many said of a And to of a could from we the vision. expect with pixels addresses field which As XX diseased a XX request retina larger have visual in or very we we a though, you to advantage bypassing we're Orion be so I that vision.

support So maybe that. Again, it leads to data to more consistency of results. we don't any have

will. Just a hypothesis if you

vision we're need all to using cleared going forward the type going getting them real-time stimulation. which their teaching life. video and how from start need in really we're to it of understand get and So the get for to to them what provide, most of of providing the is signals truly to then the probably patients looking use home they're daily use what and vision rehab, to how interpret system, to key We'll artificial for

So still schedule. we're a work little to but there progress and of bit making we're do on

Amit Dayal

any up Both the Orion are for related the next opportunity milestones steps last coming with questions in terms for the time the then this regards well, to of what better my discussions is RP in or as your or [indiscernible]? And FDA. and sighted around

Jonathan McGuire

the without clinical expansion Let collecting and hope were that of the had label FDA doing Better We've Vision me And with we additional we up hoping concerning forth first. to yet. several given take completely RP get haven't interactions or that and back a data.

think a data We to if not, see to some agency's to response if I a patients last IDE the show some do the expensive in have prepared in expanding. performs of for U.S. Argus were, of these put a gather, that And them remarks are to gather going having additional questions without we to and acceptable what position be will vision. data we'd like and I potentially it the prospectively with that provide probably together said do round conducting possible, in we're If how system then better study.

option label with a one share there, what the U.S. where the have see to some collect be outside is that performance data the markets FDA. and So and would we broader go to

would about a then collect is next what say days. So we in response XX response right data. we how we'll decision position We'll the I now, a to back the forward to be and go see how FDA to probably XX a in make the

For great It's it responses device is to and reviewing interactive, provide Orion, in from the them information clear responding been a breakthrough we it's program that real-time. the This been process. quickly they're very agency. It's that great.

agreement move need we what again, be know get in to before appropriate we it's it's going reasonable final FDA to number the some productive them we but on then forward. to our the so then I of a and kind to right reach discussion once endpoints a of to and in But actually court to have of in think the we type the a then the to we ball to task will then this very get additional perform. back trial. provide of go are In discussion. trying want we'll first Amit, also, endpoint in right what And get found again, data our patients now and We vision to court, are, propose with we think what will with of Orion. then them we need for move next the into better know that very discussion our far, now, is patients kind finalize And other a we that, words, vision with them. been feel how again to around


[Operator Instructions].

with We question have Dallas a from Salazar Atlas Consulting.

Dallas Salazar

I how here, handful had just next Can manage to over your the talk important. few being quick a most first guys you one you position plan cash of the guys the questions probably about quarters?

John Blake

that Blake, John I'll This Dallas, is one. take

let first, to shareholder commitment So share me value. creating my

plan, the where opportunity better value multibillion to of outweighed the we we're Orion continues incremental develop a grow where market with be study accretive potentially dilution dollar As we progress our the data for and would the in an business confidence Orion unlock that have feasibility working opportunity. the Orion we one now any have addressable market, to by

value that's, analyzed as basis. a just risk-adjusted, So on you know, present

with plan regarding that community with program. potential details soon Orion through share milestones I timelines So the cash the and key to requirements investment said, of

Of near term course, and though we able will company. be the to fund confident we're evaluating our for best options we on cannot specifics that, are continue with the board the comment to of the financing

Dallas Salazar

that. No, can I appreciate

how how a I'll press sort on line and then Orion of It guys, maybe mapped looks or away a generations. what kind have Argus the from apparent like? with the and don't And And of moving Argus a bit map, the little though, from guys in if of you you it you it. out, you're maybe a like me it you roadmap into talk and can the this product have that, move improve development correct wrong, kind because to just dev that move bit to strategically I'm seems away and Orion, strategic potential in what's of but get you about that's specifically, the map but can future little strategic for you if or

Jonathan McGuire

Sure, this is Will.

not say from both experience market We're our Orion I analysis right commercial business. and And very the and Argus The first not and we did a the capital clearly walking strategic resources nor consider that. use given be every said our strategy from not data, should the should then we strategic to take but chase strategy me but with perspective. of decide Argus. - from evaluate smart we moving from then the in Let is a all, financial would to moving of we're forward, away also implant, away

So the which when then essentially market some and of as path around patient risky. lower artificial we especially of where we with will areas world. with where regions, well Orion Orion financially we the consider that the not return the rehab, meaningful And into more customer clear is spending also same from both with kind Argus in means our Argus vision a label we'll perspective, for strategic be outreach infrastructure one launch, an as as that paves move development work an focus a relationships return money required us It's the can expect expansion to and day. in contribute outlined or

Orion, where ourselves goes as that. do say size forward. some that first about at for kind And that from I sheer some going four the really obviously it's opportunities far a look We We add share validate of But here more of is that headroom just we've years, space roadmap more electrodes. the little our from are with beliefs. experience array example, which we say technology As means actually we large, out the that roadmap working see we it's quite the need and years. to for I'd significant the with, out mapped to for improve the X a or really opportunity improve too we're today. any X think to looking the see Orion our exciting us some to means array, safe of brain at can to early

we've work already allow electrodes. array here us early increase fact, XXX that done some internally on the electrode from count the to electronics the would In to over

the allow like that in and increase So to time. I'd expand of nice from and opportunities have market through differently Orion position out we're and Argus, roadmap iterations say which improvements, lots adoption do frequent we'd we a that we when and us to also doing laid be would a launch


call at questions Will. There I the time. further turn are to back will no this now

Jonathan McGuire

Have you Thank you on speaking for I to forward in your great day. our a with today. the future. participation look call


gentlemen, your We ask for that please disconnect participation concludes you and you the line. today. call thank for Ladies that and your