Second Sight Medical Products Inc.; Nasdaq: EYES
The UK publicly-funded NHS system will fund blind patients with Retinitis Pigmentosa (RP) to receive treatment with the Argus® II Retinal Prosthesis System (Argus II) “bionic eye”. This news has sent shares of Second Sight Products, Inc. to $2.48 highs before settling back to a 13% gain at a price of $2.19. Second Sight Products, Inc. trades on the Nasdaq under the ticker EYES.
Will McGuire, President and CEO of Second Sight, said, “This is a major milestone for Second Sight because we are the only company able to demonstrate a favorable long-term benefit-to-risk statement up to five years after implantation for some RP patients. NHS England is known to be under significant financial pressure and also extremely selective in adopting innovative technologies – which must demonstrate sufficient value for money. We expect that this decision will be observed throughout the world by other healthcare agencies.”
Second Sight Medical Products, Inc., located in Sylmar, California, was founded in 1998 by Mr. Alfred Mann, Dr. Sam Williams and Gunnar Bjorg with the goal of creating a retinal prosthesis to provide sight to subjects blinded from outer retinal degenerations, such as retinitis pigmentosa. Second Sight currently employs over 85 employees and has a European office in Lausanne, Switzerland.
H.C. Wainwright initiated coverage of Second Sight Medical Products in June of 2015 and assigned EYES a rating of “Buy” with a price target of $21. Sales have increased year-on-year since 2012 when reported sales were $1.4 million. In 2015 reported sales were $9 million. EYES EPS have not performed as well however – Second Sight Medical Products has never posted a positive EPS and last year lost $0.56 EPS.
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|Last Price a/o 1:10 PM EST||$ 2.18|
|Market Cap||$81.9 million|
|Shares Outstanding||42.23 million|
|Share Float||24.36 million|
|Short Interest Ratio||11.5|