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Second Sight reports 159% revenue increase in first quarter

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Second Sight Medical Products reported a 159% net revenue increase in the first quarter 2015 compared with the first quarter of the previous year, according to a press release.

Net revenue totaled $1.7 million compared with $0.7 million in the first quarter 2014.

Operating loss totaled $5 million compared with $4.5 million in the first quarter 2014.

Net loss was $5 million, or $0.14 per share, in the first quarter 2015, compared with a net loss of $6.4 million, or $0.28 per share, in the first quarter of the previous year.

Non-GAAP net loss in the first quarter 2015 was $4.4 million, or $0.12 per share, vs. $3.9 million, or $0.17 per share, in the first quarter 2014.

Gross profit was $0.4 million in the first quarter compared with a gross loss of $71,000 in the first quarter of the previous year.

Total operating expenses were $5.4 million in the first quarter 2015 vs. $4.4 million in the first quarter 2014. The increase was associated with a greater investment in sales, marketing, and research and development, and with costs related to being a publicly traded company.