Second Sight Medical Products Inc. has reported a bigger loss in its first quarter.
The Sylmar medical device manufacturer on Thursday reported a net loss of $5.8 million (-16 cents a share) for the first quarter, compared to a net loss of $5 million (-14 cents) for the same quarter a year earlier.
The adjusted net loss for the quarter was $4.8 million (-13 cents a share), compared to a loss of $4.4 million (-12 cents) in the prior year.
The company makes a device that helps some blind patients regain limited sight. It said it implanted 10 of its Argus II retinal prostheses during the quarter, which is almost half as many as implanted in the first quarter of 2015. The company attributes the decline primarily to patient concern that the new Medicare outpatient payment rate wouldn’t cover costs for the seeing device and its related surgery.
“In late February, we began temporarily discounting the Argus II in the U.S. to continue to make our life-changing technology available to qualified patients,” Second Sight’s chief executive, Will McGuire, said in a statement. “We are confident that this decision will allow implant volumes in the U.S. to rebound over the next several quarters.”
Shares closed Friday down 33 cents, or 6.5 percent, to $4.73 on the Nasdaq.