Second Sight Stock Pops on New Medicare Pricing

Second Sight Medical Products Inc. on Thursday saw an uptick in its stock price — up more than 20 percent — after the federal government established a proposed Medicare reimbursement rate of approximately $150,000 for the Argus II implant and its associated surgical procedure. This is a significant increase of almost 58 percent from its 2016 rate of $95,000 for the Sylmar company’s system, which uses an implant and camera mounted on a pair of eyeglasses to restore some vision to blind patients. On Wednesday, the Centers for Medicare & Medicaid Services posted its proposed rules for the 2017 Medicare Hospital Outpatient Prospective Payment System. However, this is not the final determination, which could vary significantly from the proposed rates. Second Sight shares closed up 72 cents, or 21 percent, to $4.10 on the Nasdaq.