2019 Q4 Form 10-Q Financial Statement

#000156459019043531 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $497.0K $472.0K $2.246M
YoY Change -71.87% -78.98% 39.5%
Cost Of Revenue $120.0K $364.0K $1.784M
YoY Change -92.5% -79.6% 78.22%
Gross Profit $373.0K $108.0K $462.0K
YoY Change 123.35% -76.62% -24.14%
Gross Profit Margin 75.05% 22.88% 20.57%
Selling, General & Admin $4.290M $3.486M $5.372M
YoY Change -29.09% -35.11% 9.57%
% of Gross Profit 1150.13% 3227.78% 1162.77%
Research & Development $4.150M $3.379M $2.672M
YoY Change 70.08% 26.46% 46.33%
% of Gross Profit 1112.6% 3128.7% 578.35%
Depreciation & Amortization $110.0K $90.00K $110.0K
YoY Change 0.0% -18.18% -8.33%
% of Gross Profit 29.49% 83.33% 23.81%
Operating Expenses $8.440M $7.727M $9.008M
YoY Change -0.47% -14.22% 22.42%
Operating Profit -$8.126M -$7.619M -$8.546M
YoY Change -8.46% -10.85% 26.63%
Interest Expense $260.0K $40.00K $20.00K
YoY Change 1200.0% 100.0% -33.33%
% of Operating Profit
Other Income/Expense, Net $35.00K
YoY Change
Pretax Income -$7.870M -$7.580M -$8.520M
YoY Change -11.17% -11.03% 26.79%
Income Tax
% Of Pretax Income
Net Earnings -$7.868M -$7.584M -$8.522M
YoY Change -11.18% -11.01% 26.89%
Net Earnings / Revenue -1583.1% -1606.78% -379.43%
Basic Earnings Per Share
Diluted Earnings Per Share -$504.2K -$486.8K -$990.7K
COMMON SHARES
Basic Shares Outstanding 124.6M 124.6M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.33M $18.46M $4.970M
YoY Change 153.47% 271.43% -62.74%
Cash & Equivalents $11.33M $18.46M $4.972M
Short-Term Investments
Other Short-Term Assets $300.0K $370.0K $510.0K
YoY Change -78.57% -27.45% 10.87%
Inventory $1.029M $1.264M $3.604M
Prepaid Expenses
Receivables $455.0K $264.0K $1.194M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.11M $20.36M $10.28M
YoY Change 36.28% 98.07% -42.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.122M $1.125M $1.114M
YoY Change 9.46% 0.99% -16.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00K $20.00K $30.00K
YoY Change -25.0% -33.33% -25.0%
Other Assets
YoY Change
Total Long-Term Assets $3.489M $3.542M $1.143M
YoY Change 228.53% 209.89% -15.96%
TOTAL ASSETS
Total Short-Term Assets $13.11M $20.36M $10.28M
Total Long-Term Assets $3.489M $3.542M $1.143M
Total Assets $16.60M $23.90M $11.42M
YoY Change 55.39% 109.26% -40.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.093M $1.126M $1.546M
YoY Change -16.25% -27.17% 86.27%
Accrued Expenses $1.889M $2.082M $1.975M
YoY Change -24.53% 5.42% -62.16%
Deferred Revenue $335.0K $554.0K $111.0K
YoY Change 100.6% 399.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.959M $7.185M $7.528M
YoY Change -8.41% -4.56% 23.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.370M $2.430M
YoY Change
Total Long-Term Liabilities $2.370M $2.430M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.959M $7.185M $7.528M
Total Long-Term Liabilities $2.370M $2.430M $0.00
Total Liabilities $9.324M $9.612M $7.530M
YoY Change 22.72% 27.65% 23.24%
SHAREHOLDERS EQUITY
Retained Earnings -$304.8M -$296.9M -$260.6M
YoY Change 13.1% 13.93%
Common Stock $264.0M $263.7M $221.8M
YoY Change 15.28% 18.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.725M $14.29M $3.892M
YoY Change
Total Liabilities & Shareholders Equity $16.60M $23.90M $11.42M
YoY Change 55.39% 109.26% -40.15%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$7.868M -$7.584M -$8.522M
YoY Change -11.18% -11.01% 26.89%
Depreciation, Depletion And Amortization $110.0K $90.00K $110.0K
YoY Change 0.0% -18.18% -8.33%
Cash From Operating Activities -$7.390M -$6.450M -$7.460M
YoY Change -4.4% -13.54% 59.74%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$230.0K -$20.00K
YoY Change 400.0% 1050.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K -$230.0K -$20.00K
YoY Change 400.0% 1050.0% -33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 350.0K 0.000 4.970M
YoY Change -95.17% -100.0%
NET CHANGE
Cash From Operating Activities -7.390M -6.450M -7.460M
Cash From Investing Activities -100.0K -230.0K -20.00K
Cash From Financing Activities 350.0K 0.000 4.970M
Net Change In Cash -7.140M -6.680M -2.510M
YoY Change 1300.0% 166.14% -46.6%
FREE CASH FLOW
Cash From Operating Activities -$7.390M -$6.450M -$7.460M
Capital Expenditures -$100.0K -$230.0K -$20.00K
Free Cash Flow -$7.290M -$6.220M -$7.440M
YoY Change -5.45% -16.4% 60.34%

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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Organization and Business Operations</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Second Sight Medical Products, Inc. (&#8220;Second Sight,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;the Company&#8221;) was incorporated in the State of California in 2003. Second Sight develops, manufactures and markets implantable visual prosthetics to potentially enable blind individuals to achieve greater independence.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2007, Second Sight formed Second Sight Medical Products (Switzerland) S&#224;rl, initially to manage clinical trials for its products in Europe, and later to manage sales and marketing in Europe, the Middle East and Asia-Pacific. As the laws of Switzerland require at least two corporate stockholders, Second Sight Medical Products (Switzerland) S&#224;rl is 99.5% owned directly by us and 0.5% owned by an executive of Second Sight&#160;as of September 30, 2019. Accordingly, Second Sight Medical Products (Switzerland) S&#224;rl is considered 100% owned for financial statement purposes and is consolidated with Second Sight for all periods presented.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are currently developing the Orion<sup style="font-size:85%;line-height:120%;vertical-align:top">&#174;</sup> Visual Cortical Prosthesis System (&#8220;Orion&#8221;), an implanted cortical stimulation device intended to provide useful artificial vision to individuals who are blind due to a wide range of causes including retinitis pigmentosa (RP), glaucoma, diabetic retinopathy, optic nerve injury or disease, or forms of cancer and trauma. A feasibility study of the Orion&#160;device is currently underway at the Ronald Reagan UCLA Medical Center in Los Angeles (&#8220;UCLA&#8221;) and Baylor College of Medicine in Houston (&#8220;Baylor&#8221;).</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our commercially approved product, the Argus<sup style="font-size:85%;line-height:120%;vertical-align:top">&#174;</sup> II retinal prosthesis system (&#8220;Argus II&#8221;), entered clinical trials in 2006, received CE Mark approval for marketing and sales in the European Union (&#8220;EU&#8221;) in 2011, and received approval by the United States Food and Drug Administration (&#8220;FDA&#8221;) for marketing and sales in the United States in 2013. We began selling the Argus II in Europe at the end of 2011, Saudi Arabia in 2012, the United States and Canada in 2014, Turkey in 2015, Iran, Taiwan, South Korea and Russia in 2017, and Singapore in 2018. Given the limited addressable market of Argus II, we have made the decision to maximize capital efficiency with our Argus commercial and clinical activities and increase our investment of resources with our Orion clinical and R&amp;D programs. See Note 2 for discussion of Discontinued Operations.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Going Concern</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">From inception, our operations have been funded primarily through the sales of our common stock and warrants, as well as from the issuance of convertible debt, research and clinical grants, and limited product revenue generated from the sale of our Argus II product. Funding of our business since 2017 has been primarily provided by:</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &#160;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue of $2.9 million for the nine months ended September 30, 2019 and $6.9 million for the year ended December 31, 2018 generated by sales of our Argus II product.&nbsp;&nbsp;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock and warrants in a rights offering in February 2019, which provided net cash proceeds of $34.4 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock in securities purchase agreements in May, August, October and December 2018, which provided net cash proceeds of $22.0 million.</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock through our At Market Issuance Sales Agreement <font style="color:#000000;">(the &#8220;Sales Agreement&#8221;) </font>during the first quarter of 2018 which provided net cash proceeds of $4.0 million. <font style="font-size:12pt;color:#000000;">&#160;</font></p></td></tr></table></div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&nbsp;&nbsp;&nbsp;&nbsp; <font style="font-size:10pt;">On September 17, 2019, we received a $2.4 million, four-year grant from the National Institutes of Health (NIH) to develop spatial localization and mapping technology (&#8220;SLAM&#8221;). This grant involves a joint collaboration with the Johns Hopkins University Applied Physics Laboratory, and is intended to speed the integration of SLAM into future generations of Orion. The goal is to give Orion users the ability to localize objects and navigate landmarks in unfamiliar surroundings in real time.</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#160;&#160;&#160;&#160;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In a rights offering completed on February 22, 2019, we sold approximately 47.8 million units, each priced at $0.724 for gross proceeds of approximately $34.6 million. Each unit consisted of one share and one immediately exercisable warrant having an exercise price of $1.47 per share. Entities controlled by Gregg Williams, our Chairman of the Board of Directors, acquired approximately 41.4 million units in the offering for an aggregate investment of approximately $30 million.<font style="font-weight:bold;"> </font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.33%;font-weight:bold;;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:3.33%;font-weight:bold;;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2017, we entered into an At Market Issuance Sales Agreement with B. Riley FBR Inc. and H.C. Wainwright &amp; Co., LLC, as agents (&#8220;Agents&#8221;) pursuant to which we may offer and sell, from time to time through either of the Agents, shares of our common stock having an aggregate offering price as set forth in the Sales Agreement and a related prospectus supplement filed with the SEC. We agreed to pay the Agents a cash commission of 3.0% of the aggregate gross proceeds from each sale of shares under the Sales Agreement. During January and February 2018, we sold 2.2 million shares of common stock which provided net proceeds of $4.0 million under the Sales Agreement. No shares have been sold since February 2018 under the Sales Agreement.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 25, 2019, we received a letter from The Nasdaq Stock Market advising us that for 30 consecutive trading days preceding the date of the letter, the bid price of our common stock had closed below the $1.00 per share minimum required for continued listing on The Nasdaq Capital Market pursuant to listing rules, and therefore we could become subject to delisting if we did not regain compliance within the compliance period. Nasdaq has extended the compliance period for an additional 180 days through January 20, 2020 and we continue to monitor and evaluate our options including, if necessary, effecting a reverse stock split to cure this deficiency within this extended compliance period.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our financial statements have been presented on the basis that our business is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We are subject to the risks and uncertainties associated with a business with one product line and limited commercial product revenues, including limitations on our operating capital resources and uncertain demand for our product. We have incurred recurring operating losses and negative operating cash flows since inception, and we expect to continue to incur operating losses and negative operating cash flows for the foreseeable future. </p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We do not have sufficient funds to support our operations for the next 12 months from the date of issuance of these financial statements. Accordingly, these and other related factors raise substantial doubt about our ability to continue as a going concern. We anticipate that we will seek to additionally fund our operations through public or private equity or debt financings, grants, collaborations, strategic partnerships or other sources. However, we may be unable to raise additional capital or enter into such other arrangements when needed on favorable terms or at all. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development programs or any other approved product candidates, or we may be unable to expand our operations, maintain our current organization and employee base or otherwise capitalize on our business opportunities, as desired, which could materially affect our business, financial condition and results of operations. The accompanying financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.</p>
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