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Second Sight reports $5.8 million net loss in first quarter

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Second Sight reported a net loss of $5.8 million, or $0.16 per share, in the first quarter compared with a net loss of $5 million, or $0.14 per share, in the same quarter of 2015, according to a press release.

Total revenue was reported at $1.1 million in the first quarter compared with $1.7 million in the same quarter of 2015. The decrease was attributed to a reduced number of U.S. Argus II implants due to the new Medicare outpatient payment rate, which became effective on Jan. 1. The company addressed this concern by temporarily reducing the price of the implant, with implant volumes expected to increase in future quarters.

Operating expenses were reported at $6 million in the first quarter compared with $5.4 million in the same quarter of 2015.