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Second Sight Medical Products (EYES)

Participants
Lisa Wilson Investor Relations
Will McGuire President & Chief Executive Officer
John Blake Chief Financial Officer
Andrew D'Silva B. Riley
Amit Dayal H.C. Wainwright
Jeb Terry Aberdeen Investment Management
Call transcript
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Operator

Ladies and gentlemen, thank you very much for standing by. And welcome to the Second Sight Q4 2018 Results Call.

During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded today Wednesday, March 13, 2019. to for conference Second like Wilson, to now Relations Investor Sight. would turn over the Lisa I Please go ahead.

Lisa Wilson

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

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

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

call this weeks. the after A telephone two statements for obligation will update the forward-looking law. as intent next except required or any disclaims of shortly call by completion be available specifically to Sight Second of replay these

release. secondsight.com. in be the today's webcast website month one The find will You'll on the company's information archived dial-in for available press

announcements of Sight call XX, related webcast, For made recorded the then, may those XXXX. Since Second or held listening to was discussed. topics be March who this replay have benefit may to and the the archived on

So turn SEC press most the Sight's releases that, with I'll call please the to McGuire. company's Second and reference Will recent over filings. And CEO,

Will McGuire

Lisa, to in focus clinical you, afternoon. population patient joining and moving all order Orion Thank took In reposition resources our company to key thank vision long the and this all like update on ultimate unmet call R&D artificial significant our our achievements to believe a of large on shareholder the virtually building and this meaningful steps with we programs the value years. goals individuals. to forward programs term. R&D goal Orion need. large progress XXXX, XXXX over create enable for and delivering a for outline our the We has and future call, to achieve this of deliver On blind potential recent on benefits in useful the us as value from significant opportunity business and we I'd to you you focus XXXX, market will clinical review to

offering, our technologies given XXXX. the quarter activities second Sight current to by stage. Second to offering, announce Before U.S. that our development several additional raising furthered efforts the our to sheet for his to Once move Orion, participating the and Chairman, Williams clinical efforts believe related and allow completing feasibility us efficacy approximately research into few balance in evaluation our Gregg be successfully ago again, XXXX, early several pleased rights related study advance key we strengthened forward believe million. the sufficient we was in our will by -- move to Orion funds a and I of reviewing data in financing $XX.X plans, to our research these This a complementary to safety will weeks gather programs and strategy commitment support

success. talk let's focus a positions year on for XXXX. of which Orion, including resources future of about better completed to us initiatives number a important We reprioritization last Now

on II similar granted committed II and publication one-year were a that results procedures enhance studies. will with six, depth-based devices we Some clinical first we are along great include, study Number later XXXX results Number the good. technologies completed Argus announced four, Medicare R&D U.S. key we dialogue of subjects two, advanced have average multiple $XXX,XXX but we very market hold be an users and decluttering. clinical Argus one, considers associated three, in achievements with Orion. part methodology to number validation five the imaging safety localization, our various constructive subjects Number surgical continue with the five, outpatient we agency's in considerably started Orion of of to U.S. enrollment for IIs the our to initial performance completed years potential discussions favorably with that international this very we and complementary includes: of CMS externals Number regulatory next-generation Orion rate-setting a user now from subject and efforts which Argus the enrollment users on other the data. an post eye-tracking, experienced to December. in pathway a work experience payment on new five current for feasibility technologies and and to we post-market our breakthrough FDA seven, compared year overall recognition that and procedure rate low-volume in seeking the program. study early for publications These of Number for and their Orion. thermal Argus completed feasibility and extremely the is as Number Argus average limited first dollars Argus not with profile research

We and and with We these great of Number Orion. an training data existing for it that operating access This this corporate patients. become senior with to then expense visual the foundation management expected the full new of to reimbursement overall team Blake has as they serve initiatives a began CFO. become market deliver as team our a full-time integral in a finally, the are growing subjects potential strategy. functional developed to benefit, million vision as of feasibility vision in-stage that of and our during we and key into pleased home company's COO operations restructuring study I to completed Pat Ryan of specialists this of study showing moment with get increasingly as believe Number will results savings year. our will members post-approval population. realignment we align proficient hired beginning result we in in patients Orion blind an significant team; $X outside new to approximately blind rehabilitation work develop This in added two annual patient assisting and for future prosthesis body eight, part use. the commercial a North is rehab America And their John to as nine;

to like to I'd provide turning recent XXXX business Now, updates few a relative objectives. our to before

previously Also has Houston successfully As in College the this since feasibility January use. a subject we Texas. of subject Medicine been subject of activated. cleared during been Orion for has a now study fifth in This year enrolled sixth disclosed, home at Baylor

vision safe clearance have use that home and a process effective established two believe stimulation for one, As training critical been important subject; can is two reasons; parameters begin. we artificial reminder, that for the

the Argus several subjects. by Orion's the experiences average These positively performance encouraged compare of user. are We to

the the subject's on then balls expected a most strike as larger identify and varied adverse light all our Based previously down the dark vision no Orion us vision that of serious walking profile candles. course, have Orion very subjects pool and Of to parked ball increase study. good artificial I'm blow while reported. to to the The used proficiency in on top single artificial Safety cake performance rehab working driveways the with the the queue to that additional since birthday current expected, coming self-reporting, sidewalk will the rehab Orion from while months we and remains and Orion in continue events system with better has priority subject. system, define and the our identify laundry, their the candles subjects with subjects sessions table, safety report pleased identify specialist performance successfully and is the event further on out sort the by cars recently allowing

Over our with past continued dialogue program. the Orion several the for months, constructive we have steps FDA the regarding next

endpoints plan the program The breakthrough and to of finalize enrolling more additional the criteria well future, previously, data additional larger more is commercial approval. safety In that the for enrollment for confidence a before concerning performance frequent approach productive collect regulatory subjects. devices the starting added near stated FDA's Orion. allows pivotal and feasibility further to study. for it pivotal provide inclusion will as FDA study we we as our the expensive and in and pathway data for selection The is fantastic rationale of exclusion As subjects the as develop interactions clinical

We we timeline. significantly enroll also overall without subjects think project the impacting that the additional can

are restructure and did Argus Now, performance to implants to the next-gen our validation users. encounter turning We business II international feedback current few plan we full given consistent completed to The received regulatory passed from issues adds gain move XX implants focus approval. core XXXX. the business. the was QX externals with quarter. study currently year and the to XX resolved, full completed that expectations our was validation in the -- Once -- Argus forward we II with addressing. issues are and The Argus worldwide for actions We this the year II earlier for our markets. for positive clinical technical a We Argus on are submissions our QX

efforts Orion of development ensure will maximum and effectiveness to continue is our as the capital to allocated monitor make and to necessary commercial changes programs. Argus clinical We

key to include Now, forward the following. goals XXXX our initiatives and looking

of analysis the feasibility from XX-month subjects. five early the complete study First, Orion first data

feasibility subjects further early data. additional our in enroll U.S. safety performance Second, and together study

experience capital concerning and will testing to the prototype And estimates Third, the the pathway with of decluttering reach delivery eye-tracking Orion with important research regulatory commercialization This reach milestones. to to thermal technology enable or Orion. the for total to clinical of advance projects including agreement us intended finally, distance clear imaging. suitable enhance the develop for Orion patient required eyewear and the filtering Argus ultimately FDA user

dedication in over quarter call XXXX in Sight review and thank I'd hard the the With now XXXX. have Their company our entire work positioned results. John their like and fourth turning Before success at for that, team Second XXXX financial achievements beyond. John, will the John? for to to

John Blake

to due Thank compared our quarter fourth you, XXXX $X.X units sales in on recognized of quarter compared is compared quarter. XXXX. restructured On Will. to period million of and quarter XXXX fourth as in in for for a international experienced we activities the fourth CMS to XXXX. basis, recognized basis year million of GAAP GAAP average XX a XXXX. a This the revenue in prior due sales decrease the XXXX $XXX,XXX units international fourth of reimbursement per lower mainly revenue rate XX Revenue was per Net implant $X.X in were the the set lower the lower XXXX, the of quarter we as and commercial $XXX,XXX same approximately to was implant by to in

North were and in in in Europe, During performed the quarter, Asia. XX five and implants one America,

consists of remaining XXXX quarter the quarter to an implants of outside of profit to compared $X.X XXXX. unit reserve million quarter North America the of fourth by profit in of Cost funded inventory $X.X performed a million cost quarter. in the in fourth from related during $X.X produced million year activities and XXXX fourth million be small to included was of and NIH of compared year for for fourth primarily XX services of received increase in year in of fourth expenses of Xs million. gross deferred Gross the cost the which verification $X.X quarter the R&D million of increase prior to million. North costs, by XXXX. $X.X in For $X.X sales from reserve the of outside XXXX million internally and of grants quarter $X.X to the lower America. in in XX decrease volume was a partially were sales due markets the net was grant. the inventory our the Argus were offset to in primarily fourth quarter of validation increased Cost funding decrease was our by million The prior compared prototypes of as The sales $X.X XXXX driven in are headcount $X.X and of expected with

five of compared the of associated regulatory with quarter. during from last of million million to study expenses a fourth was XXXX As feasibility offset $X.X market a years Clinical The fund reminder, a and over we in $X.X NIH $X.X for studies year Orion post year the intent the prior by Argus. million to for cost quarter increase development. the million increased received to grant $X.X Orion primarily million with to related $X.X completion clinical

decrease services the primarily outside We The $X.X attributable increase Selling activities as million Orion $X.X $X.X conduct assess expenses expect were expenses in development to expenses. $X.X in fourth we in clinical market and XXXX including costs. products. costs quarter The of XXXX to marketing such clinical XXXX. is is to million additional to as quarter General new decreased of to existing compared quarter were the and to lower products enhancements to the decrease of regulatory and million future trials attributable in million fourth the the compensation fourth XXXX. administrative compared quarter fourth of during and

As of quarter $X.XX $X.XX Will approximately $X.X of loss million of and compares the employee million previously we will America. $X.X other anticipate a million commercial loss share. XXXX benefits. the loss fourth a the quarter We of restructuring beginning per to fourth severance annual termination result fourth of or This or in XXXX share $X XXXX. year. an million, Net $X.X business of was consisting of loss per completed in for net quarter a our of in of this mentioned, restructuring savings North of expense this charges announced operating the incurred We in outside

Our non-GAAP of per-share per changes per loss both for excludes the inventory non-cash net of end earnings our quarter net in the to items XXXX. non-GAAP in a reconciliation excess be reserve was found XXXX compared in the reconciliation at loss share quarter fourth share stock-based loss and a A of compensation including our net can net non-GAAP $X.XX of $X.XX full which the GAAP of release. loss tables fourth our to our

no related December we XXXX required in as and proceeds Finally to a Gregg offering cash entities of Williams. In XXXX, million. that $X.X million cash us with February units debt. $XX of our were have this provided by Approximately gross Chairman, and XX, $XX.X of million had we controlled completed by rights equivalents offering

I'll second Operator, please the quarter expect into of call We current cash for this to XXXX. With operations that, up fund our questions. the ahead. open go

Operator

sir. of Andrew much, first question line very Riley. B. with you the Instructions] Thank comes The D'Silva [Operator from

Your line open. is

Andrew D'Silva

Hey. on Good and afternoon. Thanks for taking my questions congrats getting that raise done.

out ones. quick figure XXXX? I try it as just to compares of couple a Basically, and Just want to how and volumes really XXXX Argus should we about to think

John Blake

are I'll one. Hi, take that how you? Andy,

Andrew D'Silva

you. Hi. Good. Thank

John Blake

Thanks.

forward. about on So give can going you while unit color we're volumes some that business Argus, the how any providing I guidance specific not thinking we're on for

Orion commercial and Given R&D to savings programs. the into limited and addressable our the resources year – and with we sort activities Argus, of efficiency market our the Argus decision of made increase investment and last capital redeploying maximize clinical

no with and Turkey, in of U.S. have business markets. of we going commercial we're in restructuring the Russia. Iran, new to in personal, longer healthy Argus in Singapore European and the But implants key support So the activities international a

reduce incremental be capital our side want negative situation those we So mood But a were to address clear that with I designed we commercial of cash implant prior sales. a not development for if more the incremental to deploying where changes were significant and than while the or are made margin produce would really we're on and generating we market to a require burn if volume doing sales. in contribution maximizing investment so

to success as patients I'll importantly to committed finish our that servicing be competencies important vision may remain Argus such we to to develop Orion and -- essential rehab. our are of and -- the continue most So artificial with

So there. pause I'll

Andrew D'Silva

just I year what you look segue that was yeah, may Okay, to burn that? previous I differences cash achieve a good from like? start modeling. to next At you the be then to to committing that with have, or without be standpoint the year-over-year very what be currently question. about a anything with and would thinking good And could we expect maybe in the think useful versus guess able variance my do least milestones when XXXX about guidance when sales color, cash

John Blake

perfect. Yeah,

with that now $XX.X are quarter So we you raised offering, the rights can way. guiding the million into our the we raise get the sense that second XXXX, a so in runway burn for of

for to more downs, clinical. and continue Some to we're dollars of and certainly deploy the ups R&D going

can You of out of of savings what gross out shake then otherwise in some marketing and line of reflect million, sales from the margin. we'll $X our the roughly and restructuring terms Europe

to in key safety Orion with respect as it gives and us milestones runway, technologies. that described, our FDA reaching our data. advance on have Will be performance XX-month we're the and pathway clinical to to projects this continue complementary the to agreement in clinical capture going terms research milestones to we'll our and for of the then subjects, regulatory enrolling we'll So And Orion, ability feasibility commercialize study additional with year the

Andrew D'Silva

And you and and just great. could -- that? and out take figuring out question in sales methodologies. for relates start okay, having to about different actually Argus it marketing me, that Have then to learned to as away what the anything apply you last learned commercially you think from Okay, channels you've when launching Orion market

Will McGuire

in think I a Hi, help channel field, that learned the we've is commercial everything Andy the Orion quite in bit Will. this almost will I think with learned Yeah, eventually. or we've us

most things of some happens surgery the before happens what the that important think are and I what are say the surgery. And after

individuals do bit many in cases In blind how of now and for looking interested referral find a quite them. physician and there's period and there that not of the another be them natural blind not to ophthalmologist to from is time for can are people because our ophthalmologist probably and Orion, really for would who not cases before completely most been from with do we actively we're a in because an channel a the technology. time spent much they've So outreach the are seeing surgery, learning

learned So patient U.S. to do build we've a there. learned outreach database. We've to how how

in be fact up already could that of given our candidates now matter Argus outreach a day. built As we've database over people X,XXX one Orion on potential that

a the lot are subsequently very need we to after that out. provide happy the And actually lot we what we provide done so consistent good and that to rehab it and probably benefit all and and we're we're thing to is second the that Now, patients most haven't then have also ourselves the to fall will surgery get artificial them screened of who all those But that database. rehab is building that now vision do closely so surgeons work a be again doing rehab patients. has then and and happy of to the have

So of learned things on to do it. to how those of not do all it how we've and kind

much they screening sure a after think proficient maximum get then surgery we're question. making I patients patients the ultimately finding So and more for technology. Thanks on on benefit from the

Andrew D'Silva

best Thank and much Okay, forward. of very great. you going luck

Will McGuire

you. thank Hey,

Operator

the Wainwright. Amit our line question comes next with Dayal And H.C. from of

line Your is open.

Amit Dayal

John. Hi Thank Hi you. Will.

Will McGuire

Amit. Hi

Amit Dayal

relative patients use your with some progress are provide the are provided doing on home? Orion. any expectations more You with details Can the how to at in in you much of terms color making patients how

Will McGuire

more comments. Sure. Yes, be may just a I few could

the most probably progress. that but provided do continue they to color of can, we we So

that And that tell or couple you so we've measure seen. we that a maybe I of ways what can

more square within about measure a screen go ability to I'd see better performed most more talked One visual and then user rehab. past try before it's that which quite average testing as more boundaries to well the than say and to square. First safe performing we they Argus the there and subjects square is in more with testing home that localization touch get the some technology localization say square and the have then of acuity. the it the And the from on benefit on subjects they get of the does. Orion is going their of several I've them day in But home, the

continuing allowing Orion provide subjects of So it's to and we living. and for to are services incorporate them these just daily what do rehab they better to many

one and I what on later of impact examples doing thing of will are many or And mild it so positive now. daily some Amit impact but the neutral on gave that a living kind will to type positive on is and the they that to the is representative we are those subjects report we what in is or script their measure do,

others can to As to comment I up, can driveways around around cars seeing or had that time the he years, identify one me he independence years being said, XX the seeing and it edge walking I block, same get an block and a was getting sidewalk the or the individual felt in the walk so freedom that the after are and made of able and most think XX feeling.

house, get So doing they around in more things technology. laundry, that that said will and would the the the and the training finding the cases anticipate rehabilitation performance as from it I And sorting that. like more that provide better the birthday candles utility stuff we we their out more blowing most for

Amit Dayal

if to to how -- guys out, market. I Have how we think thought then that? experience, might launched it's this longer-term that this cost of should of patients, cetera? through go little the given sort successfully you a product as it's terms for in become eventually mean, you just and you become Will any know training bit will factor of but the a these I et this So is about play question, introduced

Will McGuire

provide providing rehab. enough we up. various me and this even found let train we getting practice areas few though out that in could eventually weren't experience specialist there Argus, patients have enough with low-vision Right didn't to think there back have we so just -- in speaking I relatively some are they now geographic if enough rehab, the have they

expect or ourselves. we would people patient kind it means And we that to of Orion, able we've to I maybe basically XXx over then the that larger that move the When in users we various are we number Orion be four significantly it one take And have trainer. just should three train us right we that geographies population. said felt to would for So enough dedicated a better now this. was

So that we could Orion to would go have expectation or to people out would would our and do and training that the do be vision their users essence would would specialist. be just we that. train and local handle They it in rehab would low-vision it be And in and that rehab specialists start they other could be practice area enough they effective and enough team proficient.

us sure some what And considering probably when So and near looking as something we we transition, these as how related the all to and then need access, various and are one other to would reimbursed. strategy term see early to in we're reimbursement would -- there's comment be others make at we're on that that but yes, thinking we ultimately do. expense our about now market would for certainly we that do overall that activities

here, Does your our piece being in rehabilitation strategy want to have for markets and example of part some answer So that in address to the point. other as the would question? at U.S. key reimbursed we

Amit Dayal

Yes, That's Thank you. very helpful.

Will McGuire

Sure.

Amit Dayal

the is on discussions about? part And How this your coming this? to looking the organically? you is highlighted additional Or you through is of You FDA from that many planning add? to are this And timing enroll this coming is subjects. maybe what

Will McGuire

give wise. that the problem that Yes, that that we're something just this a I could It's more us criteria right of with additional should patients now we we've final do to we use because set good unhappy the and and data. data pivotal, probably And us. the the subjects in mean, enroll thing the make mean, FDA. and that subjects the to be the we're looked number think from with we would data it's see could be question. form and selection smartest not finalization I endpoints of even maybe think use to would data that maybe point we when we inform us should our additional we give selection or first I then receiving enroll to we some think we it's a with at or

the inclusion, significant is impact line. exclusion overall Our enroll project on time additional are appropriate without can criteria? what some So the having a subjects we expectation that

utilize that We Amit we feasibility subjects. that some grant think these potentially we additional NIH last of cost year of also could to the announced the offset

So success in trial. and driven increase in would the additional of end the odds by it's us some belief by that data the pivotal our being

the the agreement have course the to the probably would the forward. FDA. doubles approvals could would very discussion would have be we to the And sites then and do and to be As with go that the have do number with FDA. we with to still far a couple you We is of the get specific clear if what have have data I that as logic with near so we the right not of mean, future. steps if will an four some to FDA up of would to haven't you're we even now it discussion we be thinking have very, before appropriate subjects explain the still that agreement One opened not And finalized that on six need have. timing and number. accomplish say I of our if would hope we to only But and amount IRB this. thinking we at happen do in FDA we six

to maybe far the but before it, would I as sometime guidance these think to start say of it be to a timing. could closer So as subjects. And in then start we what summer Once give we it's should you enroll, -- hard the a enrolling could from quickly. the enroll we get enrollment, on some expect little we to could fairly time

Okay?

Amit Dayal

Got have, you. will that's you follow-up I Thank all afterwards. it. I with great. And

Will McGuire

great. Thanks. Okay,

Operator

Aberdeen the question next Our Instructions] Terry with from Jeb line [Operator of Investment comes Management.

Your open. is line

Jeb Terry

Hello, Will.

Will McGuire

Jeb. Jonathan,

John Blake

Jeb. Hi,

Jeb Terry

addressed, How and and -- giving the with relative enrollment giving breakthrough the there with just dialogue the well be reasonably but just been understand in that. device the -- to have to you surprises have companies six about adding I'm status comfort -- that and also the govern about. your always endpoints be patients of study? is don't those curious amount that and but criteria Relative that dialogue future I questions curious, that my know in four I'm a FDA might which the I'm you that or have as we of designated the as being I example -- FDA, kind worry and what us of many that agreement things of relative FDA those many are degree you're some So, and to say of confidence to might pivotal to therefore what couple

Will McGuire

question. Yeah, so, good that's a

me one. Let that take

the First the agency the communication is of in say interactions FDA. one and device all, program, or about frequent being designated as of have with a to things of unique I'd the one breakthrough hallmarks do it get you

two. sometimes exchange quite be mind like -- dialogue. a allows much phone feedback to to get efficacy sometimes they sending productive per be mean, still as or answers same more then call in environment. but keep and and It's get I as having goals quick they have a and have -- conversation completely or straightforward a an the that, week but you to safety -- in just a can e-mail within patient, it to it always of have can or it still So, easy not an as making a

we is we called it's document. after -- the kind It's going a that testing clinical a describes and we is first to it's And develop So back up or of really post validation to data all accepted, of it. development through we early the preclinical do plan got and the that expect just a maybe thing from do way DDP, through we call document market. and pivotal, that feasibility

layout testing thoughts to thoughts entire document. questions. some bench And trial their then as comment of to that the kind on preclinical in we testing, pivotal will all comments the as well be cases we're market. so, looks many we maybe FDA of endpoints, what And with initial like post on the And do what on do on need our going testing will a

generate questions. questions. We those some go or ask so will back of and their on our questions side we'll answer will comments then questions them And and

things. on back go these forth of we many So, and

So, on we've feedback lot. already a received

Now, any the post our like. feedback though, still are doesn't It but lot is we we design here already completely trial few trying mean so that get it big a the criteria have -- things this Jeb, what maybe things down is then -- as what this be it pivotal for safe hope clear, look to assume but endpoints along there, think surprises a to patients market to nailed comment. thoughts on we mean that doesn't eliminate I major what it does inclusion/exclusion the way. year. everything, one big Again, as does and because program many we will be resolve as year, what we haven't, many study also we some resolve more But possible way have the items gotten such later how along that is to be this trial, the the we've resolved only would that to would later do

So, they major as shouldn't be and we we progress. shouldn't surprised in a be way surprised

Jeb Terry

Okay.

with Orion endpoints, -- the vis-à-vis have relative FDA they currently your how to And what then of patients would Argus study? been so, expectations impact once what that happy through the really with relative be what patient process -- you patients endpoints? to Argus, make would already the you've some Argus achievable Where site. and And the your functional or for degree might would obviously you this

Will McGuire

That's good through. still we're a it's working question. one Yeah,

have we say or so favorably, with Argus users some what be. said of additional are of that to -- would we users. closer a we'd overall, compares things. performance of patients Orion overall if performing they enroll some course, We've that I us of subjects we Jeb. what several Orion couple that, there very performing patients said data is what comparable more be get said, average on would would to performance that, is best would of help we've We've think that said the the favorably, to I with very we Argus But our also

are there some that on their outstanding have we So testing. doing

would us means radically with is, approval that in endpoints, we're Argus. to proposing pleased toward different in What studies we endpoints we've studies than when with look post-market are that that. be don't So think done we what we either or

daily in more And what measurement so, them that subject user, probably have impact we technology there the that. then, which, to daily tries the probably of FLORA also be a we'd with a similar be And then similar looking our like what we the their quantify third-party living goes to measurement, a for independent at out call, used type where would frankly, and type or with quality-of-life observes potentially we and some impact spends some sort measurement, on and of visual of think is technology. we to the time an that acuity on localization measurement something be square would Argus, living. And better or

it that thing. of or to expect that we life again, what making or that, And great to a think, are like positive really is thing impact have we tool a is on some subject's have positive, So real in life. impact we'd negative neutral, which demonstrate or sort moderately to sort of

Jeb Terry

your mentioned point, that systems. you've you've for to of And full-time a got team vision --

these think, all Help put how understand focus, Or relative I filtering, and sitting me in the how me did means. the or Help rehab? that distance home mentioned for side et training works people? you visiting it testing I it. tracking, the by also way the software post-operative that that's enhancements, you eye there side with is to together prototype Does cetera. your and think eyewear R&D stated understand what -- hardware that mean patient someone is you've or suitable

Will McGuire

Yes, so question. good

things, separate they're but two together So they come in could some point at definitely time.

rehabilitation they both do they want with have the artificial out state on and is, vision go and to training, now Orion it, there we or subjects a however do with Argus you do what So group vision to their homes.

out, So Argus or what subject achieve could or from home. design that Argus they past them they'll them either discussion the in kind meet life. hope what to Orion, they a their the Typically, the think about it -- from design, with about have to go you you could get help to And Orion go do they things program things their in would would a that that user try important the they you helps not of are would that many cases, do. change how in

the will will and on meet regular their them And meeting but to go out we basis. them week, a I can't with we with homes so, with even it's a on we them basis that learn Orion, say every regular teaching cetera, are from get basically results, to possible system, to how et it, to how the with and how et interpret what to use and working them best seeing, cetera. they're more how

monthly how an or are we is talk how one. thing subjects of months And and a weekly observed, that's it's blinded going we we good We study about feeling. things basis. not XX where One that interaction. real how We a we've or have we know the they're we on lot When then know get know So have like they're We Orion things answer. are we wait performing. that, how because a X it's months progressing. know the

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would things things So room. on help find in it the find them or table the

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Jeb Terry

R&D And next that is say map the largest how the of component over spend XX so R&D -- Or spend? your that is your how out does months?

Will McGuire

four largest partner or called to those going component with and is out in the cases Orion-related Jeb. we've calls, guess technologies most to of The investor things, actually the we cases a money cases, grant also have those. in our that far we're pursuing Yes I attached by be all some in in

the look burn low in advancing you on things at relatively some a world if you technologies, that And I'm of us. asked technologies. have without the that. are various we those are So glad those

example technology lot out technology there on object so We can is reader. And need object to to find or imaging us with technology. artificial integrate demonstrate being And creating work of that's original there. that have for then vision for thing or important recognition do thermal creating that to a we don't our developed we the

that an it doesn't information overload kind them. provide there's to users our a from So much of and get too seamless easy it. And stimulation integration for or frustrates it's of benefit

effective us, and and about for technology, it them it's then it to then integrating So making more and easy finding use. for a the partnership forming

Jeb Terry

you. got I

What's easy now? headcount right one. really One your Okay.

John Blake

of XX. December XXX as

Jeb Terry

Well, like busy thanks got lot year. got a you've It good. Very -- a gentlemen. sounds

Will McGuire

a We Thanks do. question. the Thanks for lot.

John Blake

Jeb. Thanks

Operator

sir. And gentlemen remarks, closing no waiting. McGuire, with your there further are Mr. and continue questions please presentation

Will McGuire

for year. additional updates your call providing our Have day. and later forward today. everyone again great thanks I look to a joining Yes, support for this

Operator

We disconnect conclude and thank conference that you gentlemen, lines. does you ask call the today. and for please participation your Ladies your that for