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Second Sight reports gross loss, higher net loss for third quarter

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Second Sight Medical Products reported a gross loss of $1.4 million in the third quarter compared with a gross profit of $1.5 million in the third quarter of 2015.

A company press release attributed the loss to lower revenues, production costs and excess inventory reserve adjustments.

Quarterly net loss was $8.5 million, or $0.20 per share, compared with a net loss of $4.7 million, or $0.13 per share, a year ago.

Net sales totaled $1.2 million compared with $2.2 million in the third quarter 2015.

Total operating expenses rose by $1 million to $7.1 million in the third quarter due to higher research and development costs and higher stock-based compensation and salaries, the release said.